IRS withdraws proposed rules impacting family businesses
Members of family-owned businesses avoided potentially costly estate planning rules now that the IRS has withdrawn controversial proposed regulations. The IRS proposed late in 2016 a new set of regulations governing family-owned entities under Section 2704. Conducting a formal business valuation of a closely held family entity is often a necessary part of estate planning. […]
Tax relief offered for employers affected by recent hurricanes
Many lives and businesses were disrupted this fall with several significant hurricanes that tore through the Southeast. In response, the IRS is giving those in areas impacted by the storms extra time to file tax returns. But employers are also given another hand up with a new federal tax credit for eligible employees who were […]
Heidi Pearson: It all adds up
Heidi Pearson likes to play it by the numbers. This year, the numbers 2 and 15 are significant. In November, Heidi will celebrate her 15th year with the firm. She will mark in October her second year as a partner. “I have learned a lot over the past 15 years, mostly about building and strengthening […]
Don’t fall for student tax scams
A warning from the IRS advises taxpayers of the latest tax scam and reminds them not to fall for these kinds of common theft attempts. Trying to collect money for an unpaid “Federal Student Tax” debt is the most recent twist on the old con of pretending to be the IRS in order to steal from […]
Restaurant owners could soon face new scheduling laws
If recently passed legislation is any guide, employers in the restaurant industry across the country could be facing restrictive regulations on scheduling employees for work. The state of Oregon passed a statewide scheduling law this summer that many observers expect will become the template for other states to follow. The Oregon bill would impact the […]
The cost of convenience: Audits required for high-volume credit card transactions
As more customers pay with credit cards, restaurant owner/operators will face tighter scrutiny – and higher costs each year. Ownership entities that have more than 1 million credit card transactions a year must comply with the Payment Card Industry Data Security Standard (PCI DDS) that, among other things, requires an annual audit. The purpose of […]
Deadline for providing written notice of HRAs temporarily lifted
Employers offering Health Reimbursement Arrangements to their employees currently do not have to give employees written notice 90 days before the beginning of the year when the HRA will be provided. The IRS recently suspended the small employer deadline to provide HRA notice to their employees until further notice. Providing qualified small employers – those […]
Create your will now for your family’s future
Do you have a will? If so, does your last will and testament reflect your wishes or will the fate of your estate be in the hands of the state? A discussion was held recently with attorneys from the Atlanta firm, MendenFreiman LLP, during which attorney Paige Baker explained that establishing a will puts control […]
A healthy consideration
A popular incentive for business owners is to provide their employees health club or gym memberships. It is important to note, however, that employers who pay for a fitness program offsite for employees must include that cost as a fringe benefit in the employees’ compensation and report it on their W-2s. Once the membership fees […]
Be prepared for the unexpected
Have you ever thought about what could happen if you were hit with a large claim against you for property damage or personal injury? Like most people, you likely assume your existing homeowner or auto insurance policies will provide adequate coverage for such a claim. However, many times these policies either do not cover a […]