Services

25.06.2010 Services, Tax

Tax Credit for Providing Health Insurance to Employees

Many of our clients recently received a postcard from the IRS about the new tax credit for providing health insurance to your employees (as outlined in the recent health care reform legislation). You may have wondered how this will affect you and your business.On March 23, 2010, President Obama signed the Patient Protection and Affordable Care Act (P.L. 111-148), and 7 days later, he signed numerous amendments to the legislation. This letter provides a description of the small business tax credit and illustrations of the phaseout for qualifying employers’ contributions toward their workers’ health insurance premiums. This credit is available for businesses with fewer than 25 full-time equivalent employees (FTEs) with average annual wages of less than $50,000. Small employers will be eligible for a tax credit, provided they contribute at least 50% toward their employees’ health insurance. Read more
25.06.2010 Accounting, Consulting, Michael, Services

Obtaining a Business Loan

One of the most difficult tasks for small business owners is finding money to start and grow their business. A lack of sufficient capital is also the number one reason for the failure of most small businesses. Despite the large bank bailouts and stimulus money, credit is still tight for small business. Being prepared with a package that is comprehensive and anticipates most common lender questions can drastically improve your chances of obtaining the funding you need to make your business prosper. Read more

25.06.2010 Consulting, News, Services, Tax

Health Savings Accounts

Health Savings Accounts (HSAs) have become a popular option in the medical benefits arena. Most people are familiar with the basics of how the HSA works- you contribute money into the account, get a deduction for the contribution, earn tax free growth and get tax free reimbursements for qualified medical expenses. However, there are some details you should know about HSAs or you may find yourself making non deductible contributions or subject to penalties. Read more

25.06.2010 Accounting, Attest, Michael, Services, Terry

How Does New Income Tax Accounting Apply to Not-For Profit Entities?

If you’re a non-profit organization you may have heard about FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48) and just brushed it aside. But pay attention, as FIN 48 now applies to not-for-profit entities. The effective date for nonpublic entities, including not-for-profit entities to adopt FIN 48 is for fiscal years beginning after December 15, 2008. That means for entities that have a 12/31 year end, FIN 48 is applicable for 2009. The IRS will require a copy of the FIN 48 accrual footnote that is presented in the audited financial statements with the entity’s Form 990. Read more