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 [...]
No major changes for the year, but keep these thoughts in mind as we near the end of 2015. Congress is expected to revive key breaks including bonus depreciation to allow writing off 50% of cost of qualifying assets put in service this year. The higher ceiling on expensing assets is likely to be reinstated. [...]
The Affordable Care Act means big changes for your small business. We at Franty & Company want to make sure you’re prepared for the new health care requirements. Self-Employed: Eligible to purchase health insurance coverage through the Individual Health Insurance Marketplace Individual Shared Responsibility (ISR) provision of the ACA requires each individual in a household [...]
As we start the 2014 Tax Season in McMurray, we’d like to share some significant tax developments for the year: IRS announced proposed rules to the taxation of floating-value money market funds IRS revised guidance on IRA rollovers Supreme Court ruled that closely held corporations do not have to comply with the contraception mandate under [...]
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 [...]
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