You probably have some preconceived notions when it comes to the differences between introverts and extroverts. Introverts are quiet, shy, and keep to themselves, while their extroverted counterparts are outspoken, outgoing, and just seem to thrive around people. While some of this is true, people can fall anywhere along the spectrum, although they do tend […]
Company Reimbursement of Medicare Premiums
Do you have employees covered under Medicare? You can reimburse those employees under the Affordable Care Act, as long as certain requirements are met. The Affordable Care Act requires Applicable Large Employers (any Company that has an average of at least 50 full-time equivalent employees) to offer their employees coverage under a group health plan […]
Kelli Meadows Published in VSCPA’s “Member Thoughts”
The Virginia Society of Certified Public Accountants (VSCPA) has published Kelli Meadows’ article in their Member Thoughts series. Check out her article here.
New FLSA White Collar Overtime Exemptions
What does the new FLSA rule mean to you and your business? If your company has any employees, then you are likely familiar with wage and overtime pay rules under the Fair Labor Standards Act (“FLSA”) and the exemptions from those rules commonly referred to as the “white collar overtime exemptions.” The U.S. Department of […]
Employee Education Reimbursement
These days, most opportunities for employee training occurs in-house. However, area colleges and trade schools can also provide education in professional development. If you reimburse employees for their education expenses, you both may be able to save valuable tax dollars. Offer a fringe benefit Payment of an employee’s expenses usually results in taxable wages subject […]
Do Construction Company Owners Qualify as a Real Estate Professional?
Owners of construction companies are often involved in other active areas of real estate such as fix-and-flip projects, property management and development to name a few. When these owners also acquire rental real estate as part of a buy-and-hold strategy, they may wonder if the tax losses typically generated by long-term rental properties (due to […]
New Sales Tax Exemptions for Nonprofits
As of April 22, 2016, there are new sales tax exemptions for nonprofits. Now, collecting sales tax on catering, prepared meals, and labor is not required for qualifying nonprofits, churches, and state and local governments that hold Virginia sales tax exemption certificates. In order to utilize the new exemption, organizations must meet the all of […]
New Tax Return Due Dates
Mark your calendar! Last summer, legislation was signed that updated the deadlines for several types of tax returns. The new tax return due dates apply to the 2017 filing season (2016 tax returns). The AICPA (American Institute of Certified Public Accountants) had been advocating since 2006 for changes to various tax return due dates. One of […]
4 Common Tax Breaks for Volunteer Work
Among the many benefits of volunteering your time, did you know that there are certain tax breaks for volunteer work you may benefit from? While there is no tax deduction allowed for the value of the services you provide, here are four common deductions you can take: Travel Expenses: Out of town travel expenses such […]
Employer Provided Cell Phone Tax Deductions
Do you provide cell phones to any of your employees? There are a variety of reasons you may choose to do so, and in some situations, the value of the cell phone may be excluded from the employee’s income. Consider the following situations when evaluating employee provided cell phone tax deductions. Noncompensatory Business Purposes If […]
