Monthly Archives: September 2013

Use Care With Outsourced Payroll or You May Be on the Hook for Penalties and Taxes

Many businesses do not have the expertise to process and prepare payroll for their employees.  And logic would cause one to think that using outsourced payroll would remove the risk of penalties and taxes.  Maybe not. To reduce exposure to penalties and the complications of proper withholding of taxes  and...
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IRS Issues Final Tangible Property Regulations – Repair v. Capitalize Property Improvements

The IRS has issued the much anticipated final tangible property regulations, and can be reviewed here,  and are expected to be published in the Federal Register on 9/19/13 .  New rules now guide taxpayers as to whether to repair v. capitalize improvements to property.  Covering 222 pages, and considered by many...
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Expect IRS Correspondence Audits of Small Business and Self-Employed to Expand into Multiple Year IRS Audits

The IRS itself is audited by the Treasury Inspector General for Tax Administration (TIGTA).  And in the most recent audit, TIGTA suggests that IRS Correspondence Audits should be expanded to  audit taxpayers for multiple years if it discovers that additional taxes are owed in one year.  WHAT TIGTA DID The...
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The Importance of Keeping Meeting Minutes for Your LLC or Corporation

Forming an LLC or Corporation is a typical strategy to protect your personal assets from claims of creditors for a business.  One of of the requirements for maintaining the LLC or corporation legal  existence (and the liability protection that it affords) is that the members/shareholders and the Board of Managers/Members/Directors...
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Obama Care Required Notice To Your Employees by October 1, 2013

Employers Required Notice to Employees Regarding Health Insurance Coverage.  Obama Care’s primary purpose was to expand access to affordable health care insurance. Central to this is the creation of new Insurance Exchanges (often referred to as the Marketplace). The Exchanges are intended to provide a competitive private health insurance market...
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September 2013 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2013. September 5 Employers. Semi-weekly depositors must deposit employment taxes...
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FAQs-What important provisions are taking effect under the Affordable Care Act?

The Patient Protection and Affordable Care Act (PPACA)-the Obama administration’s health care reform law-was enacted in 2010 and many of its provisions have taken effect. But other important provisions will first take effect in 2014 and 2015. These provisions of the law will require affected parties to take action-or at...
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IRS issues new rules on small employer health insurance credit

Small employers will be able to purchase health insurance for their employees for 2014 and subsequent years, having small employer health insurance now through Small Business Health Options Program (SHOP) Marketplaces. Many of these small employers may also be eligible for the Code Sec. 45R tax credit that helps to...
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Congress returns to work after recess with busy tax agenda

After a five-week break, Congress has returned to work with a full agenda. Proponents of comprehensive tax reform are hoping to build momentum for passage of a bill before year-end. However, before taking up tax reform, Congress has some immediate issues to address, including sequestration for fiscal year (FY) 2014,...
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