Archive for 'Accounting Advice for Businesses'

For California limited liability organizations, it’s vital that you review your current operating agreements. New California legislation which governs limited liability companies becomes effective on effect Jan. 1, 2014. Notably, the law may have a negative impact on limited liability partners who own companies in California. Essentially, this law can effectively rewrite the terms of your current operating agreements. To avoid any negative repercussions in the future among partners, members of California limited liability companies should seek a professional review ...

ATRA & Adjustments for 2014

Alas, inflation is put to good use– taxpayers will be seeing its benefits in the form of tax relief in 2014. The mandatory annual inflation-adjustments as provided under the Tax Code should provide relief. According to George Jones, JD, LLM and CCH Senior Federal Tax Analyst:

Indexing for inflation has become an established part of our tax system, and it’s likely to be a part of the tax law for the foreseeable future – even as ...

ACA Deadlines Approach

As most Americans know by now, health care reform – the Patient Protection and Affordable Care Act (PPACA)– will make it mandatory beginning in January 2014 for individuals to carry health insurance. As part of the Affordable Care Act (ACA), states must also choose to opt into a health insurance exchange by October 1, 2013. The idea of the exchanges is that they make the insurance companies compete for your business. Insured individuals (as well as their ...

What’s Your IRS Payment Responsibility for Joint Income?

People who are in receipt of money—whether by gift or for business purposes—often erroneously assume that if it’s split among other recipients, then the tax liability is on the final figure not the original dollar amount. Not so in some cases, says the IRS. You could be taxed on the entire amount if you were originally in receipt of the whole dollar payment and you cannot prove a partnership or “community” property relationship. ...