Month: September 2016

New Warning: Watch Out for Fake ACA-Related Tax Bill E-mails

In a new alert, the IRS warned taxpayers to be on guard against bogus emails telling recipients that they owe money for taxes related to the Affordable Care Act (ACA). The IRS has received numerous reports from around the country about scammers sending a fraudulent version of CP2000 notices for tax year 2015. The scam usually […]

Posted In: ACA, ACA Mandate, Tax Advisor

Beware of a 100% Personal Liability Penalty

A “100% penalty” can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government. This Trust Fund Recovery Penalty got its informal “100% penalty” moniker from the fact that the entire unpaid amount can be assessed against a responsible person (or […]

Posted In: Tax Advisor

Don’t Overlook Miscellaneous Itemized Deductions

Many people itemize deductions on Schedule A of their tax returns, rather than taking the standard deduction. Your tax preparer will generally advise you to do so if your allowable itemized deductions exceed the standard deduction. Most itemized deductions are well known and fairly well-understood. Examples include property taxes, home mortgage interest, state and local income […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Coping with the In-Law Challenge

You may have started your family business as a small venture and didn’t give much thought to nepotism. Then, you brought the kids on board and your brothers and sisters signed on. Perhaps the business continued to flourish with little conflict. A Dozen Questions to Ask When considering whether to bring an in-law into the business, […]

Posted In: Business, Family

Loan Applications: Put Your Best Foot Forward

Need a loan to start or expand your business? Nearly a decade after the financial crisis of 2008, many banks remain hesitant about loaning money to start-ups and small business owners. Stricter lending policies often make applying for financing a nerve-wracking and time-consuming process. Here are some ways to give your loan application a leg up […]

Posted In: Business

Retaliation Rule and Other Changes Coming from OSHA

The Occupational Safety and Health Administration (OSHA) has been busy. The agency recently clarified the definition of “retaliation” in a provision that will take effect in November. Also, earlier this year, OSHA finalized a new set of rules governing how you track and report workplace injuries and illnesses. Here are some details about the changes to […]

Posted In: Business

Are You Ready for the New Overtime Rules?

The deadline for the Department of Labor’s (DOL’s) new final overtime rule is December 1, 2016. While CFOs at most large U.S. companies have been working overtime themselves to prepare for the changes, many small and midsize firms haven’t been as quick to react. Current Overtime Rule The Fair Labor Standards Act (FLSA) is the federal […]

Posted In: Business

Using Dual Monitors Saves Paper and Time

If you and your employees spend hours a day working at computers, here is an easy way to save time and resources, as well as increase productivity. It may sound excessive, but most people who have tried it, can’t imagine working any other way. It involves using dual monitors. By adding a second monitor to your […]

Posted In: Business

Cash In — Cash Out

When referring to Accounts Receivable or Accounts Payable, terms relates to the time frame in which you expect to receive payment from a customer or your vendor expects to receive a payment from you. Some terms even allow for a discount for early payment. A list of commonly used terms is automatically supplied when you create a new […]

Posted In: Business, Quickbooks

It’s Time to Review Your Financial Planning Options

Fall is a good time to pause and review your financial planning strategy. A lot can happen in a year. If your personal life, market conditions or tax laws have changed, you may need to revise your long-term financial plans. Here are some retirement and estate planning considerations that may be worthwhile. IRS Proposal Threatens Discounts […]

Posted In: Finances

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