Category Corporations

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 …

11
Nov

S Corp Tax Status Targeted Again

While recent deals have postponed financial disasters such as the “Fiscal Cliff”, “Default”, and “Government Shutdown”, each of these monsters are once again waiting just around the corner.  As a result, Congress is back to the drawing board in an attempt to strike up a grand bargain to prevent the next scheduled crisis.  The grand …

17
Oct

Florida Re-Employment Changes for Employers

You may have noticed a change in the quarterly payroll taxes you file with the State of Florida.  They are no longer for Unemployment Compensation Tax.  They are now for Re-Employment Tax.  That might help you feel a little better about the higher rates you’ve been paying. Florida Form UCT… er… RT-6 Fortunately, the State …

1
Oct

IRS Offices, Call Centers Closed… Taxpayer Requirements Unaffected

The IRS offices and call centers are closed! But don’t get excited yet… it’s not going to be a tax holiday. If you call the IRS, you’ll hear the following greeting: “Due to the current budget situation, all IRS offices are closed. We will resume normal operations as soon as possible. All tax payment and …

25
Sep

FAQ on the ACA Forms and Deadlines

We have been receiving a lot of questions in our office about the ACA forms due October 1 to be distributed to all employees.  We would like to take a moment to answer those questions and others with our own FAQ on the ACA forms and deadlines: 1. Do these forms need to be distributed …

20
Sep

QuickBooks 2014 Has Arrived: What You Need To Know

Well, that time of year has come once again… the QuickBooks Model Year-End, as some of us like to think of it.  QuickBooks 2013 is now the “old” version and 2014 has been released.  For some clients, that may portend a software purchase if they haven’t upgraded in a while. GunnChamberlain, P.L.’s official policies support …

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