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Dear Client, Even if Congress were to somehow solve its tax extender problems and kick all the EGTRAA and JGTRRA sunsets down the road for another year, the fact remains that under the Affordable Care Act (the Patient Protection and Affordable Care Act, P.L. 111-148, and the Health Care and Education Reconciliation Act of 2010,…
Dear Client, IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by 1¢ to 56.5¢ per mile for business travel after 2012. This rate can also be used by employers to reimburse tax-free under an accountable plan, employees who supply their own autos…
Dear Client, With year end approaching I would like to remind owners of S-Corporations who own more than 2% of their outstanding stock about issues relating to medical and dental premiums that the company has paid on their behalf and a related issue of reasonable wages for a S-Corporation owner who is active in the…
Dear Client, Investors face the prospect of a darker tax climate in 2013 for investment income and gains. Under current law, higher-income taxpayers will face a 3.8% surtax on their investment income and gains. Additionally, if the Bush tax cuts expire, all taxpayers will face higher taxes on investment income and gains, and the vast…
Dear Client, Just a heads up on an existing loan program for small business owners that you may be interested in that is sponsored by the SBA. It’s called the Small Business Administration 504 Loan Program. This is available for new equipment or building purchases, as well as, refinancing of commercial buildings that are owner…
Dear Client: As the owner of a business, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized) and…
Starting in 2014, the Affordable Care Act (ACA) requires health plans to cover everyone, including those with pre-existing conditions, and does not allow premiums to vary based on a person’s health status. Without requiring everyone to purchase and maintain coverage, there is a powerful incentive for people to wait and purchase insurance only after they…
Dear Client, Business travel, a necessary evil at many companies, can be an expensive and time-consuming activity for both employer and employee. It also can create tax headaches for all concerned unless the rules are followed to the letter. If it’s done right, business travel will be fully deductible by the company (but only 50%…
Dear Client, A new Congressional Research Service (CRS) report examines the tax provisions currently set to expire at the end of the year and the budgetary costs and policy considerations associated with extending them. These include the so-called Bush tax cuts, the alternative minimum tax (AMT) patch, the payroll tax cut, and a host of…
Dear Client, While rollover financings can help aspiring entrepreneurs in the economic downturn, they must be carefully structured and comply with IRS filing and other legal requirements to avoid IRS challenge. Following the economic downturn, small businesses and aspiring entrepreneurs found it increasingly difficult to obtain conventional financing. Thus, it is not surprising that, in…