July 25, 2019
It’s a well-known truth that running a small business is considered an audit risk for taxpayers. Auditors have found that self-employed people often claim too many deductions and write-off expenses that aren’t strictly related to business purposes. Even if you’re keeping everything on the up and up, you’re lumped in with all the other sole […]
December 3, 2018
If your business is involved in transferring money in some way (so, virtually every business out there), chances are you’ve written a check that the payee never cashed. Did you know that you’re responsible for reporting and submitting those outstanding checks to your state? That’s right—even though your recipient never cashed the check, those funds […]
October 19, 2018
If you find yourself running a business, you should really put a ring on it—that is, make it official by choosing the right legal structure. Your designation is only about 2% less of a major, long-term commitment than a marriage. So choose wisely. 1. Learn about your options. When it comes to legal structure, you […]
October 8, 2018
If you’re like most entrepreneurs, you want to start a business because you’re passionate about something. Maybe you’ve found a new way to solve an age-old problem, or you have an incredibly creative and unique product. Maybe you’ve identified a gap in a market you’re dealing with every day and know the best possible way […]
June 13, 2018
If you’ve decided to start a business, you’re going to find yourself focusing on your creative idea—the thing you’re so passionate about doing that you’ve decided to make it your livelihood. That’s where you’re the expert. There are, however, a whole mess of other things you should do if you’re really serious about running a […]
October 31, 2017
One of the most important financial statements your small business has is a profit and loss statement. As a start-up, your P&L statement is critical for analytical reasons, but it can also be used to assist you in getting the loan you need to finance your idea. It gives investors a clear overview of your […]
August 27, 2015
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 […]
June 4, 2014
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 […]
July 2, 2013
It is no secret that states are hurting for money. At the same time we are seeing an increase in the amount of interstate commerce that can be accomplished without ever setting foot in a state. From online colleges to direct seller websites to nationally known contractors, businesses are taking mobility to new levels. The […]
November 26, 2012
One of the aspects of the Patient Protection and Affordable Care Act that is set to go into effect in 2014 is the additional penalty tax on businesses who do not offer affordable health insurance and have 50 or more full-time employees. As a result of this pending implementation, many larger businesses are working now […]
September 28, 2012
We are all used to sending checks to the health insurance company. So what do you do when you start getting health insurance rebate checks back from them? This is happening in some cases because of a provision in the Affordable Care Act that says insurance companies can’t have too much profit. Employers who receive […]
May 7, 2012
The IRS is increasing scrutiny on small businesses. The shift in focus is not a new approach but a reallocation of resources that have already been stretched extremely thin. With limited resources and a shrinking budget the IRS has to determine the most cost effective and beneficial allocation of their resources. Several factors have led […]
July 18, 2011
The IRS is eliminating the high low method of per diem for substantiating lodging, meal and incidental expenses incurred while traveling away from home. The IRS will soon publish new guidance providing rules for substantiating these expenses without the high low method. The IRS had requested public comment on the continuing need for the high-low method, […]
February 4, 2011
Unfortunately, the unemployment compensation bills you received in the mail from the State of Florida is not another scam. Florida has had to borrow from the Federal Government to fund unemployment benefits. Now all Florida businesses who employ workers and pay wages are being billed for the interest. Florida businesses who pay unemployment taxes are […]
June 8, 2010
Accidents happen. More often, mistakes happen. In some cases, you just didn’t know. In other cases, maybe you did and need to come clean. Beginning soon, Florida embraces debt forgiveness, along with several states who are now offering a window of forgiveness. From July 1 through September 1, Florida will be offering amnesty to help bring […]
June 2, 2010
We have discussed whether you you qualify for the HITECH Medicare and Medicaid credits and what type of Electronic Medical Record program will qualify you. No doubt you are left with that all important question of “How do I get started?” In this final blog of the series, we will help you answer that question. […]
November 12, 2009
For those who travel for their job, the solution to your shoebox full of receipts just got a little sweeter. The IRS allows standard reimbursement amounts for travel, Per Diem, to simplify record keeping for businesses, and in 2009 these Per Diem deductions increased. As of October 1, the IRS is increasing the amount businesses […]
September 25, 2009
After years of studying Scripture, Hebrew, Greek, history, theology, and a wide variety of other spiritual subjects, clergy members sometimes find that they could have used a business tax course or two as well. This is especially true for smaller ministries. Fortunately, the IRS offers guidance in Publication 517 on complicated pastor payroll issues such […]
August 25, 2009
Signing up with a payroll service is a great way to facilitate the sometimes complicated payroll process with a minimum exposure to IRS and state penalties. Payroll companies are able to track your payroll in real-time, help with any audits, and provide accurate and up to date records to you and your accountant as needed. […]