To remain competitive in the market place, many companies will offer a 401K plan for their employees. Good for you! Of course, now you are saddled with managing the plan’s day to day activities and having to address the multitude of and ever changing regulatory requirements. One of these requirements is the potential need for […]
Tax Talk: Criteria for a Capital Lease
Many businesses choose to lease their equipment. The following four criteria can determine if it is a capital lease: Ownership: The ownership of the asset is shifted from the lessor to the lessee by the end of the lease period; or Bargain purchase option: The lessee can buy the asset from the lessor at the end of […]
Tax Talk: Guarantee of S Corp Loan Didn’t Create Basis to Claim Loss
The tax court has once again held up that a guarantee by an S corporation shareholder on a loan does not create basis according to TC Summary Opinion 2017-9. In a recent case, a shareholder admitted that he did not have stock or debt basis, but his argument was that taking the debt on as the […]
Tax Talk: De Minimis Benefits
The IRS has updated Publication 15-B with more specific information on what benefits are considered De Minimis Benefits and which are not. You can exclude the value of a de minimis benefit you provide to an employee from the employee’s wages. A de minimis benefit is any property or service you provide to an employee […]
Millennials: What They Want and Why it Matters
Millennials can be perplexing to management and human resource departments, with countless studies being devoted to understand this group better. Management teams are generally not comprised of millennials, so they have to rely on studies and feedback from this younger generation to truly understand how to service their needs. As a millennial myself, I hope […]
IRS Hobby Loss Rules
Is it a business or hobby? Are you launching a “side business”? Perhaps you hope to turn your love of writing or photography into a paying gig. Or maybe you’d like to sell some of that beer you’re brewing in the garage. If, like many start-up business owners, you’re operating at a loss, it’s critical […]
Become a Better Leader: How to Manage Introverts & Extroverts
You probably have some preconceived notions when it comes to the differences between introverts and extroverts. Introverts are quiet, shy, and keep to themselves, while their extroverted counterparts are outspoken, outgoing, and just seem to thrive around people. While some of this is true, people can fall anywhere along the spectrum, although they do tend […]
Company Reimbursement of Medicare Premiums
Do you have employees covered under Medicare? You can reimburse those employees under the Affordable Care Act, as long as certain requirements are met. The Affordable Care Act requires Applicable Large Employers (any Company that has an average of at least 50 full-time equivalent employees) to offer their employees coverage under a group health plan […]
Kelli Meadows Published in VSCPA’s “Member Thoughts”
The Virginia Society of Certified Public Accountants (VSCPA) has published Kelli Meadows’ article in their Member Thoughts series. Check out her article here.
New FLSA White Collar Overtime Exemptions
What does the new FLSA rule mean to you and your business? If your company has any employees, then you are likely familiar with wage and overtime pay rules under the Fair Labor Standards Act (“FLSA”) and the exemptions from those rules commonly referred to as the “white collar overtime exemptions.” The U.S. Department of […]