Category: Small Business
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Email scams about small business accounting
Small business accountants who provide online services report an increase in the number and level of sophistication of various attempted scams presented as business service emails. The emails are typically a purchase confirmation or a request for information about services. I have received a variety of these myself and find it increasingly difficult to separate…
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Fall is the best time for financial planning
Early fall is often the best time for small business owners to review their finances and tax strategies. A small investment of time typically pays off in big and almost immediate savings. I am available by telephone or in person to discuss the best ways to: Cut accounting and compliance costs Incorporate tax shelter strategies…
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11 tax traps for small business health plans
The issue starts out innocently enough: a small business employer simply wants to help employees pay for the cost of health care. So the employer voluntary offers to make a payment for that purpose. That’s where the simplicity ends and the tangle of tax laws comes into play. It is far too easy for an employer…
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Retroactive termination of employee benefit plans
Don’t believe everything you read on the Internet! Lately I’ve written that the general rule is that you can not retroactively terminate or amend an employee benefit plan but that under certain circumstances it may be better to do so than not. This is not a topic that lends itself well to a blog post.…
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What options are available to employers who wish to help employees afford the cost of health care?
Provisions of the Affordable Care Act dramatically changed the tax treatment of employer-paid health benefits. Some of the most popular traditional health plans of the recent past now trigger an extremely harsh tax on the employer. Taxes of up to $36,500 per employee per year kicked in on July 1, 2015 for businesses with less than…
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How to compare financial service companies
What are the key differences between your bank and its major competitors? What about your insurance company, payroll service provider or investment company? Would one of them offer you a better deal if you had specific information to make that request? The financial services industry is fiercely competitive and each firm is impressively skilled in promoting…
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Do readers want an accountant’s emotions?
I made an interesting observation this past month: my most popular business writing in the month of September had nothing to do with the many important legal issues in the news that affect small businesses, tax deadlines or money saving tips. The two most popular posts were about my personal feelings and emotions. My first reaction…
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1099 and W2 penalties are higher this year
The Trade Preferences Extension Act of 2015 doubled the amounts of penalties for businesses that mishandle filing of W2 forms for employees and 1099 forms for contractors and customers. W2 is the primary tool for tracking wages and benefits. Form 1099 is one of the IRS’s main weapons in fighting under-reporting by self-employed taxpayers. The recently…
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An easy but overlooked payment solution to avoid credit card risk and fees
It seems that suddenly with less than a week until the new credit card risk policies go into effect, small businesses are finally talking about the issue. I’ve covered the topic with my clients a couple of months ago and posted on LinkedIn and this blog on the topic from a low volume small business…
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Notes on 2015 taxation of small business health plans
INCOMPLETE/UNEDITED – This post consists of notes and a rough draft of an article to be published in early 2016 at the beginning of tax filing season. The article covers the tax liabilities and tax reporting requirements of small businesses that provide employee health benefits in 2015. The requirements for a small business fall into to categories:…