The IRS announced that it will close a loophole that previously allowed employers to offer lower cost health plans that exclude coverage for physician services, inpatient hospitalization (or both). These plans are classified as “substandard” under the Affordable Care Act of 2010. Such plans currently qualify as “minimum value” plans, which employers are allowed to […]
IRS Closing “Substandard” Plan Loophole for Obamacare Read More »
If you are operating any kind of business with employees, you will need to apply for a federal Employer Identification Number (EIN). If you are not planning on hiring direct employees within the next 12 months, you may still be required to apply for an EIN depending on the type of entity you form. Even
EIN: Three Letters You Need to Know Read More »
In the wake of the Bitcoin craze, the IRS has released some clarifications for its rules surrounding virtual currencies. If you are someone that engages in Bitcoin “mining” or any other form of virtual currency trading, it is important to understand how the federal government views your transactions from a tax standpoint. Virtual Currencies NOT
IRS Clarifies Rules on Virtual Currency Trading Read More »
The health insurance marketplace (also known as the exchanges) opened for business on October 1. Although the rollout has not been as smooth as most of us hoped, the technical glitches will eventually be fixed and this will be the only place for many Americans to purchase insurance. Amidst all the confusion surrounding the Affordable
What is the Premium Tax Credit? Read More »
This year, 2013, is fading fast and there are now less than 60 days remaining in the calendar year. Time to think about last minute tax preparation and structuring before the year expires. For small businesses, there is one deduction they should strongly consider taking advantage of this year; bonus depreciation. Here is how it
2013 May Be the Final Year for Bonus Depreciation Read More »
When a new business decides to incorporate, there are some things to decide early in the process. One of the issues companies need to consider is whether or not to file their entity as an S Corporation as opposed to a standard C Corporation. S Corporation Requirements: Before considering this option, it is important to
What Does It Mean to Take the S Corp Election for Your Company? Read More »
If there is a fear business owners have over most others, it is an audit from Uncle Sam. Small businesses are highly susceptible to an IRS audit because of the extensive itemization of the returns they typically file. To avoid an IRS audit, a business needs to structure their tax paying and filing activity in
How Small Business Owners Can Avoid an IRS Audit Read More »
The Alternative Minimum Tax (AMT) was introduced back in 1969 and acts as a method for the government to tax wealthy people who would normally have ways of lowering their tax burden through special channels. People who end up paying the AMT learn that they cannot deduct common things such as property taxes, investment advisory
How the Fiscal Cliff Deal Affects the AMT Read More »
It is estimated that there are more than eight million individuals claiming the independent contractor status for tax filing and of those, close to 90% are not paying the correct amount of taxes according to the IRS.
Protect Yourself From IRS Fines: Independent Contractor Versus Employee Differentiations Read More »
With the week of September 17 having been designated as “National Love Your Files Week” we wanted to pass along information on which files/records to love and keep and for how long. As accountants we understand the need to not only properly keep and store records, but the need to get rid of paperwork that
What Financial Records Should You Keep And For How Long? Read More »
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