March 5th, 2015 by Kim Chen
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 […]
February 20th, 2015 by Kim Chen
Tax season is finally here. The deadline for calendar-year corporations to file a return (or an extension) is Monday, March 16. The deadline for individuals to file their income tax returns (or an extension) is Wednesday, April 15. As businesses and individuals start gathering financial records to give to their tax professionals, they should know […]
February 10th, 2015 by Kim Chen
The Florida Department of Revenue has mailed businesses New Re-Employment ( Unemployment ) Rate Notices effective for 2015. Our payroll clients should send us a copy of the notice. If you prepare your own payroll, then your accounting software should be updated and if you use a payroll provider then provide the rate information to […]
November 10th, 2014 by Kim Chen
Whether you’re setting up a new company or you’ve been in business for years, you need to evaluate which legal structure is best for your enterprise. No one option is best for every type of operation. The right choice depends on several factors including the number of owners, taxes and your business goals. Be Reasonable […]
August 20th, 2014 by Kim Chen
Thanks to current tax law, the federal income tax rates for individuals remain historically low for single taxpayers with taxable income below $400,000 ($450,000 for married couples filing jointly). That’s the good news. The bad news: The rates for C corporations remain at the same levels that have been in place for years. So you […]
August 5th, 2014 by Kim Chen
Under the Internal Revenue Code, some tax breaks seem to be a good deal — but later, you find there are strings attached. The ability to claim Section 179 deductions for qualified real property is a good example. New IRS guidance explains that there could be future negative tax consequences when businesses opt to claim […]
June 26th, 2014 by Kim Chen
© 2014 Thomson Reuters/Tax & Accounting The issue of whether workers should be classified as employees or independent contractors for federal employment tax purposes has been a source of controversy for decades. The saga continues. This article summarizes a recent Tax Court decision on the classification of a manager in the home care industry. Seven […]
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