Tax and Accounting News for Small Businesses

A Dozen Deductions for Your Small Business By Dana Dratch at Bankrate.com 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...]

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...]

IRS Warns of Charity Scams After Disasters

After recent disasters like the devastating typhoon in the Philippines and deadly tornadoes in the midwest, it is not uncommon for charity scams to appear. Fake charities pop up online, through social media, and even over the phone. It is important to help people in need, but it is equally important to pay attention to the charities that take your money. In a recent press … [Read more...]

IRS WARNING – TELEPHONE SCAM

From the IRS Newswire comes a warning about a telephone scam that targets taxpayers. The scammers tell victims that they are from the IRS and they owe money that needs to be paid immediately. The whole story: IRS Warns of Pervasive Telephone Scam WASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, … [Read more...]

DOMA SUPREME COURT DECISION – Tax and Legal Implications

Washington, D.C. – Yesterday, the U.S. Supreme Court overturned a key part of the Defense of Marriage Act, also known as DOMA. The original purpose of DOMA was to federally define marriage as a union between a man and a woman. By overturning DOMA, legally married same-sex couples now have access to the same federal benefits as married heterosexual couples. The federal … [Read more...]