NEWS
IRS Changes for 1099-MISC Forms
If you haven't already heard, the government has reversed their decision and 1099s will remain as they have in the past years.
MATP Eligibility Made Easy
Just when you thought the MATP module couldn't be any more efficient, Horizon makes adjustments to further stream line its processes in regards to checking a consumer's eligibility. Horizon has eliminated the steps of going to the BES website or using the state's Provider Electronic Solutions Software and has enables users to check eligibility statuses from within the MATP software. Simply type in the consumer's information, click a button and within seconds a report is generated showing the eligibility information for that consumer.
Do you want to confirm the statuses of multiple consumers? No Problem! The automated EDS software will send all batch files containing the consumers' information. No need to waste your office time sending information because all files can be sent after hours. Then, the next morning, the software will download all eligibility information. When you arrive that morning, simply run the eligibility reports. It's quick. It's easy. It's eligibility.
Local Tax Changes
With the enforcement of Act 32, it will be less complicated to submit local taxes to tax collectors. As of January 1, 2012, all individual tax collectors will be eliminated and only a few, key collectors will be authorized to collect local taxes.
By only having a few collectors strategically placed throughout the state, businesses will need to submit local taxes for all employees to only one collector. Also, businesses with multiple locations may opt for two ways to submit local taxes. The first option is to submit the local taxes of each location to the allocated collector in that area. The second option is to submit all local taxes to one collector in one of the business's locations. As a result, this will greatly reduce the amount of time and paperwork the payroll department allots to the submissions of withheld local taxes.
Because of these changes to the way local taxes are collected, Horizon will be on hand to help all users get prepared. We recommend that the Payroll program be set up to withhold local taxes from all employees before the January 1, 2012 payroll run. Never fear-instructions on how to accomplish this will be circulating shortly and feel free to call with any questions.
Breaking News About VMS Reporting
For those who manage VMS reports for voucher-holding tenants, HUD has decreed that housing authorities now separately report restricted current equity from unrestricted current equity. According to HUD, restricted current equity is calculated by HAP revenues minus HAP expenses, but you might want to review this calculation with your fee accountants. And, unrestricted current equity is other revenues minus other expenses. Since the government has deemed these revenues and expenses important enough to require individualized calculations, Horizon has some suggestions for altering your Financials module in order to accurately reflect their totals.
The first recommendation pertains to monthly reports. If your company has already created a balance sheet through Financial Statements in the Financials module, it is possible for the balance sheet to be altered in order to reflect two totals for current equity rather than just one total. As it stands now, the balance sheet probably has one total for the equity section titled something like P&L or Current Net Equity. By creating account ranges and separate calculations for each range, the equity can be broken down into two totals named; you guessed it, Restricted Current Equity and Unrestricted Current Equity.
The second recommendation pertains to closing the fiscal year. Most housing authorities use one closing account per fund but more than one closing account may be used. In the GL Account Master, another closing account may be added to the Revenue and Expense closing accounts, namely the HAP Revenue and HAP Expense accounts. By adding a new closing account, the balances from the HAP Revenue and HAP Expense accounts can both close to the Restricted Equity account.
With these two small changes, the information will be available and ready when you need to send it to HUD. Please call the Horizon Financials Help Desk for any assistance with these changes.
