Category Corporations

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 …

26
Aug

2014 Small Business Healthcare Changes

2014 is a big year for changes in the health insurance world.  The Affordable Care Act was set up to implement slowly over time and 2014 will see a lot of small business healthcare changes.  Some of those changes will affect the Small Business Health Care Tax Credit.  Currently, the credit is available for companies …

15
Aug

IRS Denies Pizza Deduction

In a recent tax court case, the IRS has successfully denied a “pizza deduction” for wages paid out in, well, pizza (Ross, TC Summ. Op. 2014-68).  In this case, a small business owner who prepared taxes and did business consulting had “hired” her kids to do small jobs around the office and paid them in pizza.  Rather than …

28
Jul

Section 179 Limits and Planning

It’s the end of July.  Do you know where the Section 179 limits renewal is?  As of right now, it sits in limbo.  For the last couple years, companies have been able to use Section 179 expensing as a planning opportunity to write off up to $500,000 in new asset purchases rather than depreciating them …

30
Jun

Hobby Lobby Decision

On June 30, 2014, the Supreme Court offered their Hobby Lobby decision related to the Affordable Care Act.  In their decision, they limited the scope of their findings to closely held corporations.  This may cause some confusion over who the ruling covers and who it affects. The Hobby Lobby case focused on the mandate in …

4
Jun

Standalone Health Reimbursement Arrangements Fail to Comply with Obamacare for Employee Coverage

A Health Reimbursement Arrangement is an account funded by an employer to reimburse employees for medical care expenses.  In the past, these arrangements have also been available to reimburse employees for purchasing their own private health insurance in lieu of having a company plan.  In light of Obamacare, an important question arises: Does an Employer Funded Health Reimbursement …

22
May

Performance: Spot Checking Inventory

It’s year end, do you know what your inventory number is?  It is not uncommon to finish the year end inventory count and find that the company needs to make a significant adjustment to their books.  While the year end inventory count is a valuable internal control, only checking inventory once a year can lead …

30
Jan

Who is MyRA and why is Everyone Talking about Her?

In his recent State of the Union Address, President Obama introduced America to MyRA (or, “My Retirement Account”) for people who lack employer-sponsored retirement plans. He signed a presidential memorandum in Pennsylvania to make America’s new Savings Sweetheart official. The concept behind a MyRA is relatively simple: Taxpayers can sock away up to $15,000 into …

21
Jan

ACA Update Affects QuickBooks Users

The recent ACA update is poised to affect QuickBooks users in several ways. If you are one of many QuickBooks users who runs payroll through QuickBooks, there are some additional steps you may need to take to ensure your payroll is operating correctly.  First, some background: The Affordable Care Act (ACA), also known as Obamacare, …

19
Dec

Tax Filing Season Delayed to January 31

A 16-day shutdown of the government in October has resulted in the IRS delaying the tax filing season to January 31.  This will create some of the same headaches taxpayers and preparers endured last year when a last minute fiscal cliff deal delayed the opening of tax season.  The people it will hurt the most …

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