Article Category: Current Events
Unemployment Benefits Set To Expire
Posted on: January 4, 2014
It seems that unemployment benefits may be set to expire. When Congress passed a budget deal last week, they failed to extend the program that provides federal unemployment benefits to the long term unemployed. As a result, unemployment benefits for anyone depending on federal unemployment assistance will stop this week. Federal benefits normally start when state benefits run out and can extend the overall benefit period by almost a year. Although the federal benefit checks are usually less than the state checks, they have provided extended relief to many who have not been able to find employment during the … Click to Read More
Happy New Year From Business Tax Preparation!
Posted on: January 3, 2014
Wishing you a Happy New Year from Business Tax Preparation!
Unemployment Falls to New Low
Posted on: December 17, 2013
In November, the United States economy added 203,000 jobs, beating the economists’ prediction by 20,000. At 7%, the unemployment rate is at the lowest level since November 2008. This news is inspiring for the 11 million Americans who remain unemployed. The big gains this month came from the two ends of the wage spectrum – jobs that pay low wages and those that pay higher salaries. For example, while restaurants and retailers continued to create jobs, business and professional services created even more. According to Deloitte’s Chief Financial Officer, Frank Friedman, “This was a strong, good quality report showing … Click to Read More
Health Market Delay for Small Businesses
Posted on: December 2, 2013
Health Market Delay for Small Businesses – The day before Thanksgiving the United States Department of Health and Human Services announced another delay in the use of government websites to enroll in health insurance plans under the new Patient Protection and Affordable Care Act. According to the announcement, small businesses will not be able to use the government sites to enroll in health insurance plans until November 2014. This was the second such delay for small businesses. These exchanges were originally scheduled to be available for enrollment on October 31st and had already been delayed once to a new deadline … Click to Read More
IRS Sends Refunds to Identity Thieves
Posted on: November 19, 2013
Did the IRS send mistakenly Send Refunds to Identity Thieves? According to a recent Treasury report, the Internal Revenue Service distributed more than $4 billion in falsified refunds last year with some of the money going to addresses in foreign countries such as Ireland, Bulgaria and Lithuania. The IRS sent 343 refunds to a single address in Shanghai and a total of 655 tax refunds to a lone address in Lithuania. In the United States, the cities of Miami, Atlanta, Detroit, Chicago and Houston were the locations receiving the most fraudulent refunds, with Miami topping the list. J. Russell George, the … Click to Read More
Some Small Businesses May Owe Back Taxes In California
Posted on: November 7, 2013
A court ruling from December of 2012 could result in many small business investors in California owing large sums of money in back taxes from a practice now deemed unconstitutional. Five years ago many small business investors in California were promised a tax break. The investors were told that if they invested in specific types of businesses, they would receive a large tax deduction. Now these same investors are being told that they could receive tax bills that for up to $250,000 for deductions that were granted under tax laws that were on the books at the time the investments … Click to Read More
Small Businesses Suffer From Recent Shutdown
Posted on: October 22, 2013
Small businesses suffer from recent shutdown. Although government employees suffered the most from the recent government shutdown, many small business owners also suffered a hard hit. Any small business that interfaced with in any way with government agencies or government services probably experience some adverse economic effects. These included loss of revenue and lost opportunities, some of which can never be regained. Here are some specific examples of small business that were impacted by the recent shutdown: Lakeside Group Associates is an executive search firm in Cleveland, Ohio that recruits employees for government aerospace and defense contractors. When the government … Click to Read More
Obamacare Delays for Small Businesses
Posted on: October 7, 2013
Small business owners are the latest victims of recent changes to the time constraints and provisions of Obamacare. Although others have certainly encountered problems with the implementation of this new healthcare directive, it seems that small businesses have recently been dealt more than their fair share of stumbling blocks. Obamacare delays for small businesses: According to a recent directive from the U.S Health and Human Services Department, small businesses will currently have to sign up for Obamacare via snail mail or fax. Although they had been reassured otherwise, they have been told that they will not be given the capability … Click to Read More
Business Tax Guide To Obamacare
Posted on: September 25, 2013
In 2015, major tax provision changes will take place due to Obamacare. These changes will impact employers, pharmaceutical manufacturers and those in other health related industries. This blog will serve as a business tax guide to the key provisions of Obamacare. Health Insurance Tax Credit for Small Businesses: In 2015, a company with less than 25 full time employees that pays an average yearly wage of less than $50,000 will be offered a tax credit based on a percentage of the health insurance premiums it pays for its employees. Tax-exempt businesses will qualify for a lesser credit. A for-profit small … Click to Read More
Fewer Households Paying No Federal Income Tax
Posted on: September 16, 2013
A new analysis from the Tax Policy Center predicts that the number of households who aren’t paying any federal income tax has dropped. It seems fewer households are paying no federal income tax. The analysis further projects that this percentage will continue to decrease in the coming years due to the expiration of provisional tax cuts that were ratified during the Great Recession. The termination of these cuts means that incomes have slowly started to increase which, in turn, has meant an increase in tax bills. Most believe that this trend will continue, at least in the near future. This site … Click to Read More