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What's New for 2016

Tue, Dec 1st 2015
What's new for 2016-a roundup of tax changes effective this year-Part I A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by IRS. This article, the first installment of a 4-part Practice Alert, reviews the important changes for... Read More »

Affordable Care Act (ACA) - Employee Reimbursments

Sun, Feb 8th 2015
It is imperative that small businesses immediately evaluate their health reimbursement plans to ensure that they comply with the Affordable Care Act (ACA) requirements. The ACA rules subject noncompliant businesses to a possible excise tax of $100 per day, per employee, per violation penalty. The requirements apply not only to traditional group health plans, but also to employer health reimbursement plans as employer reimbursement plans are considered to be "group health plans". An employer... Read More »

Your Fiduciary Responsibilities

Tue, Nov 25th 2014
How much attention do you typically pay to your company’s retirement plan? Like many contractors, your priorities may lie elsewhere: overseeing bids, managing current projects, and ensuring that your company’s finances are in good shape. Your company’s retirement plan may not get your full attention. Unfortunately, that inattention can create several potentially serious problems. As a fiduciary of the plan, you are obligated to carry out various duties under the Employee Retirement Income... Read More »

Smart Year-End Planning Steps for Construction Firms

Tue, Nov 25th 2014
Making time in your busy schedule for a thorough review of your construction firm’s finances can pay long-run dividends. By identifying areas of strength and weakness, you’ll be better prepared to develop strategies that will help firm up your company’s finances, position your firm for expansion and future growth, and obtain the bonding necessary to propel that growth. Here are some planning steps you and your company should consider. Manage Risk An uninsured claim could wipe out your business... Read More »

What is a Subchapter S Corporation and its advantages?

Tue, Nov 25th 2014
Subchapter S status is generally advantageous to small corporations and their shareholders. However, the shareholders’ personal tax life becomes more complicated with the election of Subchapter S. A Subchapter S Corporation is a corporate entity that combines the limited liability of a regular corporation with the tax advantages of a partnership. However, with a Subchapter S Corporation, it does not pay tax on its income. It files Form 1120S and distributes K-1S to shareholders. Shareholders... Read More »