Watch Out for a New Insurance Tax Form Scam

A NEW WARNING FROM THE IRS > > > WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cyber-criminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers … [Read more...]

Flexible Spending Plans (FSA) Can Benefit Both Employees and Employers

Although the future of the Affordable Care Act (ACA) is still unclear, it’s likely that health insurance costs will continue to increase in the future regardless of the outcome. Business owners are finding that they are requiring greater employee contributions or needing to offer reduced coverage as costs increase. In addition, the ACA has made it more difficult for … [Read more...]

Tax Relief for Victims of Hurricane Harvey

WASHINGTON –– The IRS announced on Monday that Hurricane Harvey victims in the path of the storm will have extra time to file and pay certain individual and business taxes. Due dates for some returns and payments will be postponed until January 31, 2018 for qualified taxpayers.  The IRS is offering relief to any area designated by the Federal Emergency Management … [Read more...]

5 Important Tax Tips For New Businesses

Tax tips from the IRS for new businesses, including information on business structures, taxes, Employer Identification Numbers, accounting methods, and employee health care. When you start a business, one key to success is knowing about your federal tax obligations. From choosing the structure of your business to handling payroll taxes, here are five basic tax … [Read more...]

New Alert from the IRS – Watch Out for Business Email Compromise Scams

The Internal Revenue Service has issued a warning to businesses today about a new email scam. It involves scammers impersonating company executives in emails to gain access to W-2 forms, wire transfers, and other potentially damaging information. Read on to see how you and your business can protect yourself.   WASHINGTON – The IRS, state tax agencies and the tax … [Read more...]

Outlining the Trump Tax Plan

As a candidate in 2016, Donald Trump promised significant tax reform. A few months after becoming President, Trump released a one-page outline of his goals in that area. As the year goes on, we will see many discussions and changes to the plan. This is a review of the original outline, showing the major areas that will be addressed.  Taxes on Businesses President Trump … [Read more...]

How to Account for Employees Under the Affordable Care Act

With the recent defeat of healthcare reform in the US Senate, it is important to remember that businesses are still bound by the rules and regulations of the Affordable Care Act. We will be reviewing the basics of how the ACA affects small businesses, large corporations, and individuals. Today's topic - how to account for your employees under the Affordable Care … [Read more...]

The Affordable Care Act – How it STILL Affects Large Businesses

With the recent defeat of healthcare reform in the US Senate, it is important to remember that businesses are still bound by the rules and regulations of the Affordable Care Act. We will be reviewing the basics of how the ACA affects small businesses, large corporations, and individuals.    More than 50 employees? Here’s how the Affordable Care Act affects … [Read more...]

The Affordable Care Act – How it STILL Affects Small Businesses

With the recent defeat of healthcare reform in the US Senate, it is important to remember that businesses are still bound by the rules and regulations of the Affordable Care Act. We will be reviewing the basics of how the ACA affects small businesses, large corporations, and individuals. First up - small businesses.   Less than 50 employees? Here’s how the … [Read more...]

Solo 401(k) Plans Available for Companies Without Employees

Retirement benefits like 401(k) plans have become common in many businesses with employees. But even the smallest of businesses can have a 401(k) plan for retirement. One-person 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some business owners and self-employed people, a Solo 401(k) may offer a chance to save more for retirement with … [Read more...]