CPAs play an important roll in many business decisions by offering objective business advise. Many business decision makers count on CPAs as their trusted business advisor. Thanks to the AICPA for turning stats into pleasing graphics.
Charitable Contribution Deduction Records
Contributions to qualified charities are a well-known tax deduction for both businesses and individuals. Maintaining the right records is crucial to keeping your tax deduction under audit. The IRS has specific documentation requirements for contributions to charities. Make sure your deduction counts by following the IRS substantiation and disclosure requirements for charitable contributions. For all […]
2013 Payroll Changes
What Employers Need to Know New Medicare tax The new 0.9% Medicare tax – or the Additional Hospital Insurance Tax – applies to earned income over $200,000 for single taxpayers, and $250,000 for joint filers, for 2013 and beyond. The employer portion of the Medicare tax remains the same. The IRS has issued guidance for employers on […]
2013 Key Employer Highlights
Each year, Metcalf Hodges creates an employer reference guide with regulatory source references and general employer guidance for federal and Washington employer state tax issues. If you are looking for current filing deadlines, electronic filing and deposit requirements or annual limitation amounts, this guide is for you. This employer guide is complete with IRS external […]
Employee Embezzlement
Did you know that the typical accounting engagement is not designed to discover employee fraud? How are you managing your business finances? Many business owners are discovering that their assets are not as well protected as they thought. This is especially true in small business environments where a single employee manages all the finances. Often […]
Independent Contractor or Employee?
Worker classification is an area of high priority for the government. In many cases, the answer to the question is not straightforward. This article discusses the factors the IRS uses to determine a worker’s status to help business owners and managers understand the issue. Why is worker classification an important issue? If the worker is […]
Fiscal Cliff Tax Law Changes
After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire drama, Congress has passed legislation to avert the tax side of the so-called “fiscal cliff.” The American Taxpayer Relief Act permanently extends the Bush-era tax cuts for lower and moderate income taxpayers, permanently “patches” the alternative minimum tax (AMT), provides for a […]