IRS Warns Taxpayers of Summer Surge in Automated Phone Scam Calls

On Tuesday, the IRS issued a new warning about recent phone scams. Read the details in this press release from the IRS. WASHINGTON — The Internal Revenue Service today warned taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards. The … [Read more...]

Small Business Week – Helpful Resources for Entrepreneurs

It's National Small Business Week! Sponsored by the Small Business Administration, this week celebrates the American entrepreneurial spirit with events throughout the country and access to vital information that every small business owner needs. Whether you’re starting a new business or managing an existing one, you need as many resources as possible to help you … [Read more...]

Important Tax Considerations During Health Insurance Open Enrollment

On Tuesday, the IRS published three important tips for tax payers who will be eligible for the premium tax credit through the Health Insurance Marketplace.  When you apply for assistance to help pay the premiums for health coverage through the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim.  … [Read more...]

Tax and Accounting News for Small Businesses

A Dozen Deductions for Your Small Business By Dana Dratch at Small-business tax rule No. 1: Don't mess with the IRS. But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget.?>>> Read More 5 Tasks Entrepreneurs Are Better Off … [Read more...]

Don’t Forget About Changes That Could Affect Your Premium Tax Credit

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year checkup to see if you … [Read more...]

IRS offers relief to small businesses that haven’t filed their retirement plan returns.

News from the IRS this week: WASHINGTON —The Internal Revenue Service today encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance. The program is designed to help small businesses that may have been unaware of the reporting … [Read more...]

The Affordable Care Act – How to Account for Seasonal Workers

When determining if your organization is an applicable large employer, you must measure your workforce by counting all your employees.  However, there is an exception for seasonal workers. If an employer’s workforce exceeds 50 full-time employees for 120 days or fewer during a calendar year, and the employees in excess of 50 who were employed during that period of no … [Read more...]

How many full-time employees do you really have?

The Employer Shared Responsibility provisions of the Affordable Care Act are based on the number of employees a business has. A business with over 50 full-time (or full-time equivalent) employees has certain responsibilities to provide group health insurance or make shared responsibility payments. Read more about the Employer Shared Responsibility Provisions It’s … [Read more...]

Obama Proposes Big Changes to Overtime Pay

On Monday, President Obama announced a proposal to extend overtime benefits to an additional 5 million workers in the U.S. Currently, anyone working 40 hours a week and making less than $23,660 a year must be paid overtime, regardless of their employment status. This rule includes salaried employees, and discourages the practice of employers calling their workers … [Read more...]

The Affordable Care Act – How it Affects Larger Businesses

Some of the provisions of the Affordable Care Act (ACA) apply only to large employers, which are generally those with 50 or more full-time equivalent employees. These employers are considered applicable large employers (ALEs) – and are subject to the employer shared responsibility provisions and the annual employer information return provisions of the ACA. For example, in … [Read more...]