Is health care required for seasonal workers?
Many small business owners boost their workforce during certain times of the year to help with a higher number of customers. The most common times to hire seasonal workers are during the summer months and during the end-of-year holidays. However, the number of employees a business hires can affect its obligations to provide health care […]
When gifts are subject to taxation
The act of giving is indeed a wonderful thing. It evokes gratitude, and ultimately makes us healthier and happier. However, there is a federal gift tax of 40 percent imposed on certain gifts. It is important that you understand these tax laws to eliminate or reduce your tax liability. In 2016, you can give up […]
How to respond to a Marketplace notification
What should you do if you receive an Affordable Care Act Marketplace notification informing you that some of your employees had applied for coverage on the healthcare exchange and are eligible for a subsidy? Consider the situation where two of the employees were offered coverage during annual enrollment while the third was not eligible due to working […]
New overtime rules prompt renewed focus on employees’ duties
By Chad A. Shultz Gordon & Rees LLP Atlanta Employment Team With the finalization of the new overtime rules, over 4 million workers and their employers will soon be impacted by the new regulations. The most significant change to current overtime laws is the new $47,476 salary threshold to be potentially exempt from receiving overtime. In other words, as of Dec. 1, 2016, any […]
Retirement boom: Prepare now for Social Security
A significant number of Americans are approaching retirement age, requiring a renewed look at government-provided benefits: Social Security and Medicare. Below is a brief explanation of those entitlements. Social Security According to the Social Security Administration an estimated 10,000 people each day turn 62 years old, and are thus eligible for Social Security benefits. This […]
Team Building with the Marshmallow Challenge
Sparkmon & Associates recently held A Marshmallow Challenge during our staff meeting. The idea came about from a TED talk on team building and collaboration and the notion that when it comes to team dynamics, kindergarteners do better than business school grads. Plus we got to play with marshmallows. Check out the TED talk that […]
Check out the Summer Webinar Series
Mark your calendars now for some free education opportunities offered by Sparkmon & Associates, CPAs’ Summer Webinar Series: July 13 Aug. 17
A new business needs a new office
After months, or even years, of hard work, goal setting, sacrifice and investment, you have taken the next step and are now the owner/operator of your own business. While you have a good understanding of management practices and leadership, you may not have given much thought to setting up the essential hardware that will keep […]
Did I meet the deadline?
The reporting deadline for the Affordable Care Act has passed, but many employers may be wondering how they will know whether they owe a penalty. According to the IRS, employers will be notified if one or more employees has received a premium tax credit. “The IRS will contact employers to inform them of their potential […]
Foreign bank account reporting deadline approaches
Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank […]