On March 29, 2011, the Internal Revenue Service issued Notice 2011-28 providing guidance that significantly reduces the information reporting requirement for employer sponsored health insurance plans. Under the new guidance, reporting is voluntary for ALL employers in 2011 and is voluntary for small employers (less than 250 W-2’s issued) in 2012. The following are a [...]
In response to rising gasoline prices, the IRS has raised the standard mileage rate for business use of an automobile from 51 cents per mile to 55½ per mile, effective July 1 (Announcement 2011-40 (http://www NULL.irs NULL.gov/pub/irs-drop/a-11-40 NULL.pdf)). The medical and moving standard mileage rate is increasing to 23½ per mile, also on July 1. [...]
Small businesses owners should consider the potential for fraud in their business. According to a recent study conducted by the Association of Certified Fraud Examiners (ACFE), the per employee losses from fraud in the smaller businesses are 100 times greater than those at their largest counterparts. There are three big reasons why small businesses are [...]
Taxpayers are reportedly being targeted by a new phishing scheme in which emails purporting to be from the Electronic Federal Tax Payment System (EFTPS) actually take the recipient to a website which prompts the recipient to provide personal information that may be used for identity theft. Be advised that the IRS and other agencies do [...]
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to [...]
Cost segregation is quite simply the process of breaking up construction costs, for tax depreciation purposes, and supporting the re-classifying of those costs. Also dubbed “Cost Seg” the process is best provided by engineers and construction experts. This tax deduction can also be applied to acquisitions. Knowledge of construction, tax accounting, depreciation and valuation are [...]
On March 18, 2010, the President signed into law the HIRE Act, which gives incentives through a tax exemption and tax credit to eligible businesses for qualified new hires. Eligible businesses include: Taxable businesses Tax-exempt organizations Businesses in U.S. territories that are subject to FICA Agricultural employers Tribal governments Public colleges and universities [...]
On March 2, 2010, the President signed into law the Temporary Extension Act of 2010. One of the provisions in the act is the extension of the COBRA 65% subsidy deadline from March 31, 2010 to May 31, 2010. How the subsidy works: If a company has a group health plan that is subject to [...]
Recently there has been a lot of buzz about President Obama’s plan to help small business and individual taxpayers. With all the tax law changes recently, it’s difficult to keep up with which provisions are beneficial and which ones are not. You may be asking yourself what it all means to you as a taxpayer. [...]
We have compiled the following document to assist our clients in determining proper document retention periods: Business Record Retention Guide
