Category: Business Practices
Changes Arising From the Patient Protection and Affordable Care Act
Many have been talking about The Patient Protection and Affordable Care Act, informally referred to as “Obamacare”. The question on everyone’s mind seems to be, “How will this affect my income taxes next year?” “Obamacare” will implement several tax changes. ...
Special Guest Author Kris Langer: Commercial Insurance Is Important for Covering Your Assets
It’s a Saturday morning and you are enjoying your vacation far away from the worries of your business in a tropical paradise. You have trusted your staff to hold down “the fort” while enjoying some down time to relax your...
Watch out for reduced Section 179 Depreciation in 2013
Internal Revenue Code (IRC) Section 179 has provided businesses with the ability to substantially accelerate depreciation on qualified purchases for the last decade. The limitation on the available deduction grew to $500,000 during 2010 and 2011 as Congress intended for...
Social Security Wage Base for 2013
The Federal Insurance Contributions Act (FICA) tax is comprised of the Social Security Tax and the Medicare tax, employees and employers are each responsible for paying the FICA tax while the self-employed pay the entire tax themselves. In 2013, the...
SR Client Question: Can I deduct employees’ Business Travel and Entertainment Expenses?
Although the computer age and modern telecommunications have reduced the need for in-person contact, it is still sometimes necessary for businesses to send employees out of town on business, or to entertain clients and customers. How travel and entertainment expenses...
Self-Employed can now deduct Medicare premiums
The IRS has reversed its long standing position on self-employed individuals being able to deduct Medicare Premiums from self-employment income. Prior to 2010 you could not deduct these premiums as health insurance in arriving at self-employment income. IRS chief counsel...
Special Guest Author John Holmquist: Wellness plans waiting for the EEOC
The Patient Protection and Affordable Care Act will increase the incentive limit in outcome-based wellness programs from 20% to 30% of employee total health care premiums in 2014. Many employers believe that the road to more and better employee participation...
SCAM ALERT: State officials warn of scam targeting businesses in Michigan
Information from a WDIV Ruth to the Rescue article: The Michigan Department of Licensing and Regulatory Affairs (LARA) Director Steven H. Hilfinger is warning Michigan corporations of a non-governmental entity called “Michigan Corporate Compliance Company” trying to...
Have you received a Notice from the State of Michigan recently?
The State of Michigan has been mailing a Notice of Change to most business owners (copy of notice at right). The notices are for informational purposesonly and typically will be already implemented by the payroll company that prepares and files...
Amended 401(k) Plan Fee Structure Regulation in Effect
Companies offering 401(k) Plans are subject to significant regulation. All Plan Sponsors and Trustees should be aware of the amended ERISA §408(b)(2) fee disclosure regulation, which went into effect on July 2, 2012, adding another much anticipated (at least by...