Beginning in 2015, if you (your business) employs at least 100 full-time employees (and for 2016 and beyond at least 50 full-time employees), you may become subject to the employer mandate that was enacted as part of the Affordable Care Act (ACA); if you fail to meet its requirements, you may owe a nondeductible excise tax.
The Internal Revenue Service issued final regulations in 2013 regarding expenditures for tangible business property. The regulations pertain to the acquisition, improvement, production and sale of such property.
The New Year begins with many of us making resolutions to eliminate procrastination and committing to self-improvement. Why not include organizing and planning for preparation of your 2014 income tax return to decrease the stress or dread many feel when dealing with filing their income taxes?
In the past year articles my partners and I have written frequently addressed business planning. As business consultants, we are firm believers that a solid business plan will improve businesses’ chances for success.
A successful businessman or businesswoman has had a good estimate for some time of their business’ financial results for 2014 and already has set their sights on 2015.
Hopefully you have prepared a model that calculates what your annual retirement contributions and other savings and investments will accumulate to by your planned retirement date. If you haven’t, in the previous edition a model for long term planning, projecting and monitoring asset accumulation was addressed. One such model may be downloaded from Alegriacpas.com.
Financial planners say it is never too late to start saving for retirement; it is also never too early to start saving.
While normally straight-forward, failing to properly establish a business in the State of Washington or with the Internal Revenue Service (IRS) can be costly. While some of the information was covered in the previous article regarding choice of entity, it is repeated as it is critical.
A critical step in starting a new operating trade or business is choosing the legal framework. Generally the choices are: Sole-proprietorship, partnership, Limited Liability Company (LLC), or a corporation. There are other possibilities such as a trust or co-operative, those are less common and are not addressed here.
Washington State provides insurance to cover injuries to employees on the job through its Department of Labor and Industries (L&I). Washington State provides unemployment benefits to employees who have lost their jobs through its Employment Security Department (ESD). Generally, L&I premiums are funded by payroll taxes based on total hours worked and ESD benefits by wages paid, subject to an annual limit. Auditors from the respective departments audit employers’ records to ensure compliance and accuracy of reporting and paying the taxes.
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