IRS Eases New Reporting Requirements for Small Businesses
I am a happy guy right now. And all of you small business owners should be as well. For much of the last three days, I have been pouring over new regulations the IRS finalized in 2014 and late 2015 …...
View ArticleTurboTax in the News Again for Potential Fraud Concerns
Once again, TurboTax has found itself in potential trouble with the Minnesota Department of Revenue for potential fraudulent activity. On February 6, 2015, it posted this notice on their website: Some...
View ArticleIndependent Contractors – How to Classify Workers
NOTE: This issue has been receiving increased IRS scrutiny in recent years and we expect the trend to accelerate. One of the steps we recommend to clients who use independent contractors and who...
View ArticleReporting Payments Made to Vendors
One of the areas we see the most confusion concerning reporting compliance among businesses is that of reporting payments made to vendors for services performed for the company. In summary, you are...
View ArticleHealth Insurance Premium Reimbursements to Employees
There have been some significant changes to what can be done by employers in reimbursing insurance premiums for their employees. In prior years, employers were allowed to either pay for, or reimburse,...
View ArticlePersonal Use of Auto
When providing an employee (including shareholder/employees in corporations) the use of a company-provided vehicle, a value representing the personal portion of usage of the vehicle must be included in...
View ArticleClosing the Books for Year-End
The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that you can do to help ensure your books are accurate. Perform...
View ArticleYear-End Bonuses
Any additional compensation to your employees over and above their standard salary or hourly rates is considered to be taxable compensation. The bonus is considered wages and must be reported as...
View ArticleStandard mileage rates for 2015 announced
The IRS announced that standard mileage rates for use of a vehicle will increase slightly. With gas prices dropping considerably in the last few months, this is great news for business owners. For...
View ArticleDon’t Overlook the Credit for Small Employer Health Insurance Premiums
Article Highlights Small employers get a tax credit for providing a health insurance plan. Credit can be as much as 35% of the premiums paid. A small employer is one with no more than 25 full-time...
View Article16 Tax Issues Facing Small Business Owners in 2014
2014 will be a challenging tax year for businesses and higher-income taxpayers. The following issues are concerns that may impact you and your company’s tax liability in the new year. Small Business...
View ArticleDid You Collect the Needed W-9s?
Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid...
View Article8 Important Steps to Closing Your Books for 2013
The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that can do to help ensure your books are accurate. 1....
View ArticleSomething to do before it’s too late
Do you use mileage to calculate business usage of your vehicle? It’s always a good idea to document your odometer at the end of each year. This will help you determine the total number of miles driven...
View ArticleIRS Releases 2014 Mileage Rates
The IRS announced that 2014 mileage rates for use of a vehicle for business, medical and moving purposes will decrease by one-half cent beginning in January. The new rates beginning January 1, 2014...
View ArticleIRS Announces Simplified Option for Claiming Home Office Deduction Starting...
The IRS just released the following update about deducting the home office deduction. This will allow eligible home-based businesses to a simplified deduction to deduct up to $1,500; overall this is...
View ArticleTaxation of Christmas Bonuses for Your Employees
Are you thinking of giving your employees a holiday bonus? What’s the best way to handle these year-end bonuses? Can they be handled ‘under the table’? Do you have to include them as wages on their...
View ArticleStandard Mileage Rates for 2013
The Internal Revenue Service recently issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving...
View ArticleRecently Enacted Tax Breaks for Small Businesses
Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a...
View ArticleHow a Change in 1099 Reporting Will Cause Headaches for Business Owners and...
As part of new legislation passed during 2011, Congress has mandated new reporting for payments made by credit card processors and banks. This new reporting requirement is sneaking up on the general...
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