Employees

IRS: Partners Cannot be Employees

The IRS issued temporary regulations intended to halt the practice some partnerships have adopted of treating partners as employees of a disregarded entity owned by the partnership so they can be included in employee benefit plans and receive other benefits. However, the IRS is also asking for comments on when it might be appropriate to… Read more »

Could Your Business Benefit from the Work Opportunity Credit?

If you plan to hire new employees this year, you’re not alone. Employment statistics ended 2015 on a positive note. In addition, roughly 242,000 new jobs were added in February and the unemployment rate fell to 4.9%, its lowest level in eight years. Several recent studies indicate that the hiring momentum will continue in 2016. Hiring… Read more »

10 Elections That Can Save Money on Your 2015 Federal Taxes

This year’s presidential election has drawn significant attention, but the elections you make on your 2015 personal tax return can be just as important to your financial welfare. Here’s a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers… Read more »

Must Joint Activities Be Treated as Partnerships?

For federal income tax purposes, an unincorporated joint venture or other contractual or co-ownership arrangement under which several participants conduct a business or investment activity and split the profits is generally treated as a partnership. by

5 Signs That It’s Time to Hire a Consultant

Many companies struggle with the decision of whether or not they should hire a consultant. It’s hard to know when to ask for help. And it’s even harder trying to determine whether or not hiring a consultant is a financially sound decision. The bottom line is that consultants have the capability of adding an unprecedented… Read more »

Why Smaller Accounting Firms Give Your More Bang for Your Buck

It’s easy to feel lost in large accounting firms. You find yourself leaving messages for Tim, that are returned by Anne three weeks later. Your emails seem to go unanswered. And scheduling an appointment for a quick consultation keeps getting pushed back another month. It’s frustrating, yes, but more than that, it’s a problem your… Read more »

3 Goals Every Small Business Owner Should Set

Business goals are bigger than simple New Year Resolutions you set in January. In fact, we believe that it is crucial for small business owners to set and reevaluate their business goals with each new quarter that arises. How else will know whether or not your business is meeting its true potential? As we enter… Read more »

LAST MINUTE PERSONAL TAX FILING REMINDERS

Have you filed you 2014 tax return or an extension yet? The due date for filing your personal tax return or  extension is Wednesday, April 15.   Small business owners, self-employed individuals and anyone who owes the IRS money may wait until the last minute to file. But haste could lead to omitted income, transposed Social Security numbers… Read more »

HOW WILL YOUR SMALL BUSINESS HEALTH CARE TAX CREDIT BE AFFECTED?

Historically, companies that wanted their employees to be protected with health coverage, but didn’t want the hassle of having a company health plan, could simply give employees an amount of money sufficient to reimburse them for the cost of buying that coverage or some portion of it. As long as the individuals provided evidence that they… Read more »