Category Corporations

26
Jan

New Email Phishing Scam Targeting QuickBooks Users

On January 25, the Better Business Bureau issued a warning about a new email phishing scam that targets the users of Intuit’s QuickBooks accounting software programs.  The scam email contains a subject line of “QuickBooks Support: Change Request” and looks like a legitimate email from Intuit.  The body of the email requests a confirmation about …

1
Sep

Upcoming Deadlines

Can you believe it is September already?  As we head towards the fourth quarter, it’s time to start thinking about the upcoming deadlines remaining this year.  There are tax deadlines coming up, and the deadline for implementing new Department of Labor regulations. September 15th: Third quarter estimate – If you have business income, investment income,  1099 income, or …

18
May

Overtime Regulations Have Passed!

The new overtime regulations for full-time workers have passed.  Employers will now be required to pay time and a half for overtime if a full-time worker makes less than $47,476 per year.  While this is less than the originally proposed amount of $50,400, it it about double the previous threshold of $23,660.  If an employee works …

4
Jan

Capitalization De Minimis Safe Harbor

A common question we deal with is when to capitalize and depreciate assets rather than expensing them.  It is often advantageous for a client to be able to expense smaller purchases rather than setting them up in depreciation schedules and either dealing with Section 179 rules or delaying the full deduction.  The IRS has provided …

18
Dec

Tax Extender Bill Passed

The $680 billion tax extender bill has passed.  It seems that every December, taxpayers and business owners are anticipating the tax extender bill nearly as much as the holidays.  The Protect Americans from Tax Hikes (PATH) Act of 2015 has arrived gift-wrapped and just in time.  This year there was a major change from prior …

27
Aug

Labor Department Guidance on Worker Classification

The Federal Labor Department has offered some new guidance on the difference between contractors and employees.  The Labor Department has authority to do so under the Fair Labor Standards Act, although some argue that the new guidance contradicts previous court rulings. There has always been tension between employers and regulators when it comes to worker …

8
Jul

The NYSE Shut Down… and It Was a Big Non-Event

Late this morning, the NYSE shut down due to an IT malfunction. The SEC, FBI, the Treasury Department, and the White House have released statements indicating that this was not an act of cyber terrorism. All of the agencies continue to monitor the situation. The glitch was solely due to an internal malfunction of the …

25
Jun

SCOTUS Rules on Obamacare Subsidies

We have received the SCOTUS ruling on the Obamacare subsidies. The Supreme Court handed down a 6-3 ruling in favor of the Affordable Care Act in the King v. Burwell case. The case centered on the question of whether the law provided assistance to individuals purchasing health insurance through the federal exchanges as well as …

29
Dec

Sales Tax Oddities

As more states seek a bigger piece of the tax base pie, businesses are quickly discovering that every state has its own little quirks. Sales taxes are often the worst. Everything from the taxability of services to exemptions vary from state to state. Some states have tricky rules that make it difficult to determine where …

30
Sep

Cash is King

The 2014 income tax filing season is almost in the books.  The corporate extension deadline has passed and the individual extension deadline is nearly here.  Of course, this means it’s time to start doing tax planning for this year.  As usual, there are some tax changes to be aware of as well as new strategies …

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