Archive for August, 2009

The 81^st Legislature made significant changes to Texas tax laws.

The changes include the following:

• a new exemption from state and local sales and use taxes for certain school supplies during the annual August Sales Tax Holiday
• revisions to the collection and allocation of local sales and use taxes
• a new exemption for crude oil and natural gas taxes
• a new method for calculating the tax on tobacco products other than cigars
• a revised payment process for losses covered by the Texas Windstorm Insurance Association
• a revision to the motor vehicle orthopedic handicap exemption
• a new Prepaid 9-1-1 Emergency Service Fee

For more information about these changes to Texas tax laws and how they may affect you, please see the Legislative Update at www.window.state.tx.us/taxinfo/taxpubs/st_update.html

There are many good reasons to have an employee handbook.

It is a lot of work to put one together, right?  Not as much as you think and having one can be a life saver for your business.  Having a written policy can be the determining factor in an employment dispute from an unemployment claim to a lawsuit.

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Robberies are an all too common occurrence. These tips are provided to help you protect yourself when using ATM’s and night deposit boxes.

For drive-up ATMs and night depositories:

• Check your surroundings; do not attempt a transaction if you see anyone loitering near the ATM or night depository.
• Drive close enough to the ATM or night depository so that you can reach through the car window and do not leave your car.
• Keep your doors locked, your car running, and your windows not in use closed.
• Have your bankcard or deposit ready.

For walk-up ATMs and night depositories:

• Park near the ATM or night depository.
• Check your surroundings; do not attempt a transaction if you see anyone loitering near the ATM or night depository.
• Have your bankcard ready before getting out of your car.
• When you are making a deposit, fill out the envelope before getting out of your car.
• Always turn off and lock your car while you are at the ATM or night depository.
• When entering your identification code, shield the keyboard from anyone who may be in line behind you or observing from a distance.
• If you are in the middle of a transaction and become uncomfortable, press cancel, take your card and leave.
• Before leaving the ATM, make sure you have your card, receipt and cash.
• Do not count currency in view of others; pocket your cash and ATM card before leaving the ATM.
• Have your keys ready before you get to your car.

And, of course, report lost or stolen ATM cards or suspected misuse of a card to your bank immediately.

Manage your receivables, manage your cashflow

Here are some useful tips to help manage your company’s losses in the recession.  Although the downturn has changed normal payment patterns, when you see any of these signs, you should act before it is too late.

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Is Physical Presence Still the Standard?

Calculating sales tax. What's the standard?

For years, businesses have had the false confidence that if they don’t have an office in another state, they are not subject to that state’s excise and sales taxes, but as states become more desperate to close growing deficits, they are expanding the definition of “nexus” or “contacts”—i.e., your company’s presence in the state.

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Weights & Measures

You have a great idea for a retail business. You do a business plan, secure financing, find a location, buy inventory, hire employees, and open the doors.  By what method do you sell your commodity?  How must it be labeled? It’s easy to run afoul of regulations you didn’t know existed and didn’t know applied. A piece of ready to eat candy, a donut, a beverage, a piece of meat, clothing, a length of silver chain, all these commodities have regulations for packaging, labeling and methods of sale.  Is it sold by weight (gram, pound, ton), measure (foot, square yard, meter), or unit (piece, pair, dozen), etc?  This defines the method of sale.

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