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...]

Is an employee stock ownership plan good for your business?

Small businesses have many retirement plan options they can offer to their workers.  Employee stock ownership plans (ESOP) can be an effective way to provide retirement benefits to your employees. An ESOP is a process for transferring company ownership to employees. How does that work as a retirement plan? In some ways, an ESOP is like a profit-sharing plan based on … [Read more...]

How to Deal With an IRS Audit – Don’t Go it Alone!

According to the IRS, less than 1% of all individual income tax returns are audited each year. While that is good news for most people, some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that’s where larger amounts of underpaid taxes might be found. The latest numbers from the IRS … [Read more...]

IRS Warns of New Phone Scam

IRS warns of new phone scam involving bogus certified letters; reminds people to remain vigilant against scams and schemes this summer. The IRS has published a warning about new tax scams that are circulating this summer. Most of the scams still involve phone calls from people pretending to be IRS reps, but there are new twists this summer.  Contact Carpenter, Evert and … [Read more...]

Capital Gains and Losses – What you Need to Know at Tax Time

When you sell a capital asset, the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 important facts you should know about capital gains and losses: Capital Assets.  Capital assets include property such as your home or car, as well as investment property, such as stocks and … [Read more...]

Important Tax Deadlines for Businesses and Individuals

Between now and April 18, there are a number of tax deadlines that businesses and individuals need to put on their calendars. MARCH 15 Partnerships. File a 2016 tax return (Form 1065). Provide each partner with a copy of Schedule K-1 of Form 1065. To request an automatic 6-month extension of time to file the return and provide Schedules K-1, use Form 7004 to extend … [Read more...]