Archive for 'Accounting Advice for Businesses'

ESR Provisions Delayed for Employers Until 2015

ESR Provisions Delayed for Employers Until 2015

On July 2nd, the U.S. Department of the Treasury announced a one year delay in the enactment of the Employer Shared Responsibility (ESR) provisions of the Affordable Care Act until January 2015.

 The ESR provisions, also known in the press as the “Employer Mandate,” state that the responsibility of applicable large employers—that is, employers who have 50 or more full-time employees and full-time equivalent employees—must provide qualified and affordable health insurance to their full-time employees and dependents or face a financial ...

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12
JUL
0

Categories: Accounting Advice for Businesses, Corporate Accounting

Revised Version of Form I-9

Revised Version of Form I-9

On March 8, 2013, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of Form I-9, Employment Eligibility Verification. It is required that employers use Form I-9 to verify the identity and employment authorization eligibility of their employees.

Employers should begin using the new version of Form I-9 (with a revision date of “03/08/13 N”) immediately.

The USCIS will allow a 60-day grace period, so after May 7, 2013, the only acceptable version will be the newly released form.

The revised Form I-9 includes ...

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22
MAR
0

Categories: Accounting Advice for Businesses

Any Port in a Storm: Behind the New IRS ‘Safe Harbor’ Method

Any Port in a Storm: Behind the New IRS ‘Safe Harbor’ Method

The IRS has announced a new optional safe harbor method, effective for tax years beginning on or after January 1, 2013, for individuals to determine the amount of their deductible home-office expenses. Hailed by many as a long-overdue simplification, taxpayers can now determine their deduction by simply multiplying a prescribed rate by the square footage of the home office.

Over three million taxpayers in recent years have claimed home-office deductions, which normally require a 43-line form.  Now, a significantly simplified form is ...

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6
MAR
0

Categories: Accounting Advice for Businesses, Tax Preparation

Review Your Options for Comfortable Retirement

Review Your Options for Comfortable Retirement

Have you thought about your retirement options? Have you reviewed all of your options? Do you know what your pension and health will be? Following is a basic review of some of the pertinent questions you should be asking and some relevant solutions for a comfortable retirement plan..

Social Security

  • Do you qualify for Social Security benefits? If you have been in the work force, you probably have received that letter from the IRS telling how much you are eligible for if ...
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25
FEB
0

Categories: Accounting Advice for Businesses, Personal Finance, Tax Preparation

Cloud Computing: Autonomy or Mutiny

Cloud Computing: Autonomy or Mutiny

Cloud computing is now not only becoming a standard but increasingly very popular as a mode of storing data. Here is how it works. Instead of tying all of your data to an in office system, cloud computing services are delivered through a Web browser remotely. This way of storing data has many perks. Here is the up side if you are on the fence. There is never a need to install computer software and you never have ...

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12
FEB
0

Categories: Accounting Advice for Businesses, Business Planning

The 2012 Taxpayer Relief Act Extension

The 2012 Taxpayer Relief Act Extension

The American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act) provides a one-year extension of the exclusion from income for the forgiveness of debt on a principal residence. The exclusion is applicable to discharges of qualified principal residence indebtedness which occurred on or after January 1, 2007, and before January 1, 2014. During this exclusion period, taxpayers who are entangled in the current subprime mortgage crisis do not have to pay taxes for debt forgiveness on their troubled home ...

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24
JAN
0

Categories: Accounting Advice for Businesses, Tax Preparation

The New Tax Act

The New Tax Act

The Senate and House have passed a new federal tax law known as the American Taxpayer Relief Act of 2012 (“New Tax Act”).

But now with the swearing in of new Congress members, it is likely that they will be tackling the federal deficit during 2013. In light of this there will certainly be additional tax law changes in the new year.

Some of the more important provisions of this New Tax Act are listed below.

1. Income Tax Rates

The New Tax Act ...

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4
JAN
0

Categories: Accounting Advice for Businesses, Business Planning, Corporate Accounting, Personal Finance, Tax Preparation

Optimal Gifting Strategies for Tax Purposes

Gifting Strategies for Property to Be Valued Later

If you plan on gifting property before the year’s end and determine its value later, there are several strategies that are important to know. The following will explain all the processes that are involved in gifting property that will be valued later. First there is a formula that works in terms of valuing a gift. Additionally, addressed below is an explanation of how to gift cash that is later used to purchase property ...

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27
DEC
0

Categories: Accounting Advice for Businesses

Year-End Acceleration/Deferral Techniques

Year-End Acceleration/Deferral Techniques

You may be considering accelerating or deferring income or deductions now that we’re here at the end of the year, but if you don’t have the right techniques it can be frustrating since many tax law provisions are deliberately uncertain, particularly this year-end. It is more crucial this year than ever to have increased tax knowledge and understand certain tax techniques. Because the “fiscal cliff” talks are leaving the raising of tax revenues ambiguous, the timing of these techniques in ...

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10
DEC
0

Categories: Accounting Advice for Businesses, Business Planning, Corporate Accounting, Personal Finance, Tax Preparation

The 2013 IRS Standard Mileage Rate Deductions

The 2013 IRS Standard Mileage Rate Deductions

Standard Mileage Rates Released for 2013

As we near the end of 2012, it is once again time for the IRS to release its tax codes for 2013. There are some promising changes in the area of allowable mileage deduction rates that I thought important to share with you as we approach the end of another year. All individuals who drive for business purposes, either self employed or for a company, will appreciate the newly released changes.

IRS 2013 Standard Mileage ...

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28
NOV
0

Categories: Accounting Advice for Businesses, Corporate Accounting, Personal Finance, Tax Preparation

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