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...]

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...]

Small Business Owners – What’s Keeping You Up at Night?

Employees, cash flow, rules and regulations, taxes, competition, burnout. The list of concerns for a small business owner can seem endless. Carpenter, Evert and Associates is gathering data about these concerns so we can give you the information you really need. Click on the link below to give us your opinions on the biggest concerns that small business owners have … [Read more...]

25th Anniversary of the Americans With Disabilities Act: Four Important Tax Benefits

This week is the 25th anniversary of the Americans with Disabilities Act, and the IRS is marking the occasion by spotlighting a number of tax benefits that can help taxpayers with disabilities and their employers. 1. ABLE Accounts. This new program was passed by Congress in December. Under the law, states can offer specially designed, tax-favored Achieving a Better Life … [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...]

S Corporation or LLC – which is right for your company?

Many business owners structure their companies as S corporations or limited liability companies (LLCs). On the surface there are several similarities. Both types of entities avoid corporate income tax. Instead, business income is taxed only once, on the tax return of the S corporation shareholder or the LLC member. Moreover, both S corporation shareholders and LLC … [Read more...]

What is reasonable compensation for S Corp owners?

For regular C corporations, “reasonable compensation” can be a troublesome tax issue. The IRS doesn’t want shareholder executives to inflate their deductible salaries while minimizing the corporation’s nondeductible dividend payouts. For S corporation owners, the opposite is true. If owner employees take what the IRS considers “unreasonably low”compensation, the IRS may … [Read more...]

Business Meal Tax Deductions

Champagne and caviar on the IRS? Typically, the answer is no. Nevertheless, there are times when you can go out to eat—perhaps to the best restaurant in town—and recoup some of your costs through business meal tax deductions. It's not always easy to know if meal expenses are deductible, so we have outlined some examples of the less obvious ways to take a meal … [Read more...]