Setting up and maintaining a simplified employee pension (SEP) is probably easier than you think. The sooner you get started saving, the more secure your retirement will be, plus your business can gain tax advantages right away. SEP Basics The SEP is a...
Business
Tax Return Identity Theft
The month of January is often the most corrupt period of the year when it comes to identity theft, as countless fraudulent tax returns are filed on unsuspecting taxpayers.
New Options for Health Reimbursement Arrangements
Most small employers with less than 50 full time employees wanted to offer limited health benefits to their employees, but were restricted by the Affordable Care Act (ACA) to offer certain health reimbursement arrangements (HRAs) not integrated with other employer group coverage. Employers faced significant IRS penalties of $100 per “affected individual,” per day for offering HRAs to cover health insurance costs for the purchase of plans on the individual market.
Cost Segregation Study Benefits
Cost segregation studies identify costs related to real property that can be reallocated to a short-life deprecation schedule. These studies are one of the most valuable tax saving strategies available for commercial real estate owners, leaseholders and others. For...
1099-MISC Reporting Q&A
Is there a new deadline to file the payer copy of 1099-MISC?
Indicators of Benefit Plan Fraud
Fraud is an area most business owners and executives do not think about until something bad happens. What’s worse is by the time the misfortune has been discovered, the damage has already been inflicted. While most commonly think of fraud in the framework of the...