4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686
Remember last week I talked about the new requirement for businesses to file a Form 1099 for services and products to non tax exempt entities including corporations? It is a highly unpopular segment of the Health Care Act that is currently seeing some action from Congress. Both the Democrats and Republicans agree that they would […]
View Post 1099 Misc, Health Care ReformMost of you know that you must file a Form 1099 to Partnerships and LLCs for services they provided to you of $600 or more. Starting in 2012 payments you make for services or products of $600 or more to any business including corporations will require a Form 1099 to be filed. So within your […]
View Post 1099 Misc, Health Care ReformI was giving a presentation on Healthcare Reform last week and discovered that it was helpful to put the reform into a timeline. The following timeline is not all inclusive but it does put the points that I have talked about in earlier blogs into a timeline. In 2010 that’s this year folks! 1. When […]
View Post Healthcare ReformA partnership automatically comes into existence whenever two or more people enter into business together to earn a profit and don’t incorporate or form a limited liability company. You can elect to be excluded from the partnership provision if you are in a business arrangement that is for investment purposes only and not for the […]
View Post Husband wife business owner, Partnership, Spousal joint ventureIRS agents are now asking for a copy of the taxpayer’s QuickBooks data base. The IRS has purchased 1,500 to 2,000 licenses from Intuit and will begin training agents to use QuickBooks in their examinations of taxpayers. It will be done only on those examinations that the agent deems necessary and if the taxpayer refuses […]
View Post IRS agents using QuickBooks, QuickBooksBP is required to set aside $20 billion in funds to compensate victims of the Gulf of Mexico oil spill. Individuals and businesses affected by the spill can file a claim for compensation for lost wages or profits. So the question is will the victims have to pay income tax? The answer is sometimes. Let’s […]
View Post Oil Spill VictimsReason #1 is a BIG reason not to want it to pass. The American Jobs & Tax Loopholes Act has a provision for S Corp owners who provide professional service to have to pay self employed income tax on their dividends. One of the perks to choosing S Corp as your business entity is that […]
View Post American Jobs & Tax Loopholes ActIn these tough economic times teenagers have a tough time finding summer employment. If you employ them in the family business, you could receive an unexpected perk! Did you know that employment for FICA tax purposes doesn’t include services performed by a child under the age of 18 while employed by a parent? Let’s say […]
View Post Kids in the Family BusinessA client asked me if they hired their wife to work in their business if they qualified for the payroll tax holiday. First I had to look up how the payroll tax holiday worked. Qualified employers are exempted from paying the employer 6.2% of Social Security employment taxes on wages paid in 2010 to a […]
View Post Payroll Tax HolidayA couple of weeks ago I talked about the penalties for individuals who do not have health insurance coverage, now let’s talk about the penalties for small businesses who do not offer coverage to their employees. For businesses with at least 50 employees who do not offer coverage and have at least one full-time employee […]
View Post Health Insurance Penalty