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Monday, 9 December

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Counting your employees for ACA compliance purposes

Robert Tighe

Posted By: Robert Tighe

Posted December 6, 2019 / No comments

It seems like a simple question: How many full-time workers does your organization employ? But, when it comes to the Affordable Care Act (ACA), the calculation can be complicated — and the answer is important. Potential penalty The number of workers you employ determines whether your organization is an applicable large employer (ALE). If you’re

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Practice “situational awareness” when it comes to employees’ wages

Keith Orr

Posted By: Keith Orr

Posted December 3, 2019 / No comments

“Situational awareness” is a term used in the military and elsewhere to describe an individual’s ability to stay fully alert of all potential threats and resources in his or her surroundings. It’s a good skill for employers to use when determining and tracking employee wage rates. After all, the term “wages” includes more than just

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Holiday parties and gifts can help show your appreciation and provide tax breaks

Robert Tighe

Posted By: Robert Tighe

Posted December 2, 2019 / No comments

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your

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The art and science of goodwill impairment testing

Stephen Leazzo

Posted By: Stephen Leazzo

Posted December 2, 2019 / No comments

Goodwill shows up on a company’s balance sheet when the company has been acquired in a business combination. It represents what’s left over after the purchase price in a merger or acquisition is allocated to the company’s tangible assets, identifiable intangible assets and liabilities. Periodically, companies must test goodwill for “impairment” — that is, whether

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Can employees donate unused vacation pay to charity?

Robert Tighe

Posted By: Robert Tighe

Posted November 25, 2019 / No comments

Like many employers, you may allow employees to carry over unused vacation pay from one year to the next. With the year winding down, and gift giving on the minds of many, certain staff members might inquire about donating their unused vacation pay to charity. In turn, you may wonder: Is doing so allowed under

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2 valuable year-end tax-saving tools for your business

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 25, 2019 / No comments

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or

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The tax implications if your business engages in environmental cleanup

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 18, 2019 / No comments

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup

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Holiday parties call for inclusion and gratitude

Keith Orr

Posted By: Keith Orr

Posted November 15, 2019 / No comments

Year end can be a stressful time for those in ownership and management positions. Along with having to tackle myriad tasks related to financial reporting and tax planning, you also probably need to plan a holiday party. And whether it’s the food or the venue or the time of day, employees have been known to

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Small businesses: Get ready for your 1099-MISC reporting requirements

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 13, 2019 / No comments

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time consuming and

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How to keep track of small tools and equipment

Stephen Leazzo

Posted By: Stephen Leazzo

Posted November 1, 2019 / No comments

Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these

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