Category Corporations


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 …


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 …


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 …


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 …


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 …


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 …


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 …


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 …


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 …


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 …

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