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2010 mid-year tax planningMid-year tax planning for 2010 may require an understanding of one of the most complicated tax years in recent memory. The 2010 tax year represents a critical time to ascertain and identify any tax traps while maximizing opportunities for dramatic tax savings. Next year may truly be too late ... There have been many changes to tax law already this year, and more changes are anticipated. As always, the key is to be ... Read more |
2010 HIRE ActOn March 18, 2010 the Hiring Incentives to Restore Employment (HIRE) Act was enacted. This piece of legislation, also known as the “Jobs Bill”, is designed to encourage the employment and retention of unemployed individuals. There are two components to this bill, the payroll tax exemption and the business credit for retaining newly hired individuals. The payroll tax exemption is available to taxable businesses and tax-exempt organizations. It exempts the employer from paying the 6.2% employer share of social security tax on all wages paid to ... Read more |
50 Ways to Improve Your Company’s Bottom Line Running a business is like navigating through a constant sea of change, and challenging economic conditions only add to the storm. Having a plan with clearly defined objectives coupled with the will to implement that plan will get your business sailing smoothly and on course. Through countless meetings with entrepreneurs and business owners, I have compiled a list of 50 easy-to-understand ideas to lead your company toward improved profitability. So here they are… Planning for success 1. Prepare a strategic plan with 1-year, 3-year and 5-year goals. ... Read more |
2010 Healthcare Reform Legislation Two bills signed into law by President Obama at the end of March will change health care in the United States and have an impact on every medical practice, employer and citizen of our country. While many of the changes mandated by the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Act of 2010 will not be implemented for a number of years, others will take effect immediately. The new landmark laws will have an impact on many key health reform areas. ... Read more |
Which Entity Is Best For Your Company When starting a new business, an owner is faced with a very important decision. What form of entity should my business operate under? The answer is not always clear and will require some careful thought. Let’s start with the basic question... What are my choices? The general choices are: A regular or C corporation An S corporation A limited liability company (LLC) A limited liability partnership (LLP) A general partnership A limited partnership A sole proprietorship All states now recognize LLPs. Some states allow one-member LLCs or have special entity types for professional, such as ... Read more |
Ready... Set... Grow... Growing a business is not a sprint. It’s a marathon baby, a long distance adventure that demands focus and determination, requiring much more than increasing your sales. As a business breaks out of its “small business” shell, a paradigm shift must occur in the business owner’s mind if the business is to flourish. Thinking only about today is no longer an option. Business owners are faced with a whole new level of challenges and they need answers to questions such as: Is the business headed ... Read more |
Your business is talking. Do you understand what it’s saying? Profitability is very important to business owners and they look to their CPA for guidance on how to improve it. Accurate financial statements are necessary, but that is just the beginning. CPA’s have a responsibility to guide business owners towards profitability. A good CPA does this by getting the financial statements to talk to you. The best way to make that happen is to create benchmarks to compare against your actual ... Read more |
What's a Reasonable Salary? The instructions to the Form 1120S, U.S. Income Tax Return for an S Corporation state that "distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation." The Internal Revenue Service has the authority to determine what a reasonable salary should be. As a result, if a salary is not taken, the IRS can deem a portion or all of the distributions taken as taxable, reclassify ... Read more |
Excess Distributions Tax consequences of “Excess Distributions” for S Corporation shareholders The “S “ election for corporations has some definite tax advantages. The election allows shareholders to report the corporate income and deductions on their personal returns. These items are taxed at the individual’s income tax rates, which are typically lower than corporate tax rates, and avoids double taxation on the corporate income. In addition, non-dividend distributions can be taken free of dividends tax as well as self-employment tax (Which is a social security and Medicare tax primarily for ... Read more |
The Importance of HR Practices Today’s economy has forced business owners to re-evaluate all aspects of their operations. Internal systems are reviewed, inventory controls are implemented, sales and marketing strategies are revised and overall productivity is analyzed. With so many areas to examine and fine tune, many companies overlook one of the largest components of their organization-their human capital. Evaluating human resource practices is essential to the infrastructure, productivity and future success of the ... Read more |
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