The ACA has several key provisions for businesses, such as: Business with Fewer than 25 Employees: Not required to provide health insurance to employees; Must provide notice to employees about the availability of the on-line state health-insurance exchanges; Potential tax credits for employers that do provide health insurance to employees.… Read More»
The value of a business is often determined by the expected future cash flows. Attributes that also help determine the value of a business include: History of cash flows Growth potential The age of the business Market share Barriers to entry Competition Location Risk of the industry Financial condition Regulatory… Read More»
After 2019, the Section 179 limit is $1,000,000, for qualified property. 100% Bonus depreciation expires December 31, 2022. These deductions may be limited for state income tax purposes.
The estate tax exemption is $11.40 and $11.18 million for 2019 and 2018 respectively. The annual exclusion for gifts is $15,000 for both 2019 and 2018.
Several common tax “things” to be aware of include: The FICA wage base for 2019 and 2018 is $132,900 and $128,400, respectively The standard deduction amounts for 2019 and 2018 are as follows: Married filing joint – $24,400 and $24,000 Head of household – $18,350 and $18,000 Single – $12,200… Read More»
Beginning in 2014, ACA requires individuals to maintain minimum essential health insurance coverage with some exceptions. What is Minimum Essential Health Insurance Coverage? Eligible employer-sponsored coverage; Individual coverage; Medicare and Medicaid; State Children’s Health Insurance Program (CHIP); TRICARE; Department of Veterans Affairs health care program; Peace Corps program. How… Read More»
The short answer is, it depends. Things to consider, when choosing the type or form of business entity: What is the business and how does it operate – is it an operating business or holding assets? What is the purpose of the business – is it your primary business, or… Read More»
The following holding periods are suggestion only. Federal, state, institution rules, and regulations may apply. ACCOUNTING RECORDS RETENTION PERIOD Accounts payable 7 years Accounts receivable 7 years Audit Reports Permanent Chart of accounts Permanent Depreciation schedules Permanent Expense records 7 years Financial statements (annual) Permanent Fixed asset purchases Permanent General… Read More»
Audits are generally requested by lenders, key stakeholders, grantors, investors, regulatory requirement, and by organizational documents. Audits provides a level of assurance that the financial statements and related notes are fairly stated. The auditor performs various audit tests, based on audit risk assessments of the entity, in order to issue… Read More»