Now is the time for 1099s!

Over the past few years, the IRS has taken an aggressive step to ratchet up its ability to enforce business compliance with annual 1099 income reporting regulations. We would like to discuss Form 1099-Misc and these enforcement changes. We will also share the potential consequences for not filing these annual reports and how to stay [...]

Management Tips – Motivate employees

Here’s our third post in the Management Tips series. To read the earlier posts, click HERE and HERE. Summer weather is here, the sun’s shining, birds are chirping, and you can hear lawn mowers humming down the street. Are you starting to notice that you and your employees seem more interested in getting outside than focusing on [...]

January 2015 Newsletter

Time For Taxes!!!! Our 2014 Tax Organizers and Engagement Letters were recently sent to our individual clients.  Please review the Organizer and enter relevant information where applicable.  In addition to the information you provide in the Organizer, please provide any of the following documents that may apply to your tax situation: Original Form(s) W-2; Schedule(s) [...]

February 3, 2015|Management Tips|

Expense Reimbursement Guidelines

How do you distinguish expense reimbursements from disguised compensation? Establish an accountable plan! Accountable vs. Nonaccountable If a company’s arrangement meets the accountable plan requirements, expense reimbursements to employees are 100% deductible by the company (50% for most meals and entertainment). Also, the reimbursements are excluded from the employees’ taxable income and are not subject [...]

January 10, 2015|Businesses|

Record Keeping Series (Post 4 of 4)

Series 4: Here is our fourth and final message in a series designed to help you handle the basics of sound business record keeping.  Our previous messages addressed checking accounts, logs and receipts & records retention. You may hate the ‘records keeping’ part of the tax system, but it’s critical to your tax health. It’s also important the health [...]

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