Unreimbursed partnership expenses revisited

Posted Leave a commentPosted in Accounting, Employee Benefits, Law firm, Small Business, Tax Planning

The Tax Cuts and Jobs Act triggers changes to the tax treatment of unreimbursed partnership expenses for 2018. Partnerships should revisit their policies to ensure that partners and employees maximize tax savings under the new law. Under former law a partner could deduct the expenses of the partnership on his or her individual income tax […]

Overview of post-ACA federal health insurance law affecting small businesses

Posted 1 CommentPosted in Affordable Care Act, Employee Benefits, Small Business

After the sweeping changes brought by the Affordable Care Act of 2010 that were phased in over the following several years, these federal actions then further molded small business health benefit plans: IRS Notice 2013-54 – restrictions on employer health care reimbursements not coordinated with ACA insurance plans. IRS Notice 2015-17 – restricts an employer […]

The latest on small business health plans

Posted Leave a commentPosted in Affordable Care Act, Employee Benefits, Health Insurance, Small Business

With all of the tax hubbub lately small business owners and their advisors have had a tough time keeping up with all of the changes. Small business health plans have evolved through a rapid succession of changes over the past year and a half. Yet relatively few employers have taken the time to sort through […]

Small business employee benefits under the Tax Cut and Jobs Act

Posted Leave a commentPosted in Employee Benefits, Small Business, Tax Planning

This is the one version of an opening to a group of articles that I am preparing for specific industry or professional groups in my area of concentration: small business employee benefits planning. This version is for CPAs but other versions of the article will be appropriate for small business audiences. In the final weeks […]

Top 7 EASY Tax Saving Strategies for 2018

Posted Leave a commentPosted in Employee Benefits, Tax Planning

The Tax Cuts and Jobs Act of 2017 brought many changes and new opportunities to legally cut the amount of tax that we pay. Just as before, the largest savings are available to those who take deliberate tax saving actions designed to arrange their financial and legal affairs to lower taxes. The tax planning strategies considered […]

2018: The year for a Health Reimbursement Arrangement (HRA)

Posted Leave a commentPosted in Accounting, Affordable Care Act, Employee Benefits

Summary: Closely held small businesses with middle-income employees may use a HRA to cover out-of-pocket medical costs as one of the easiest ways to cut 2018 taxes at minimal administrative and setup cost. (This is not a strategy for sole proprietors or partners). The brand new federal tax law increases the incentive for middle-income workers to […]

Graduate students outraged by tax change

Posted Leave a commentPosted in education, Employee Benefits, Taxes

The tax reform process has triggered uncertainly and angst while final negotiations are worked out. Many groups, including graduate students, have good reason to be concerned. The proposals that passed by Republicans in both the House and Senate change the tax treatment of employer-provided educational benefits. Scholarships that are now tax-free for employees would be […]

How to save money on workers compensation insurance costs

Posted 1 CommentPosted in Employee Benefits, Small Business, Tax Planning

Three primary and effective strategies are available to help small business owners reduce the cost of workers compensation insurance: Qualify for an exemption from coverage Qualify employees for a better rating category Arrange employee benefits to be specifically excluded from taxable wages. (This strategy reduces both wage taxes and workers compensation insurance costs). The details […]

Odd experience with employee benefit documents

Posted Leave a commentPosted in Employee Benefits, Small Business

Over the years I’ve collected sample employee benefit documents from former employers, the IRS, insurance and investment companies, members of Employee Benefits Institute of America Inc., and my own clients. They’ve been loaned back and forth and changed, mashed, updated and reviewed many times. They used to be posted in an online library but I don’t […]

Effect of election on NJ small businesses

Posted Leave a commentPosted in Accounting, aquaculture, Employee Benefits, News and Politics

New Jersey is now the seventh state where Democrats control both the executive and legislative branches. What does that mean for us with small businesses here? This is more than just a local wall against trumpism. It directly translates to increased tension and a lack of coöperation between the federal and state government. The news […]