Business Consultants & Certified Public Accountants
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Business Consultants and Certified Public Accountants with guaranteed results
We take great pride in the services we provide and our ability to add real value to your company. One of the things that sets us apart from other firms is our dedication to customer service. Everything we do is measured by our commitment to serving our clients. While most other accounting firms simply tell clients about it, we put our money where our mouth is and guarantee it! You are the judge of the end product, and if you believe you have not received a measurable value for a particular service, you may withhold payment. Please read our engagement letter for details on our guarantee.
TAX LAW UPDATES
- Tax Reform – Key Provisions: Click here to read through some of the key individual and business provisions of the recently signed Tax Cuts and Jobs Act, also know as Tax Reform.
- Tax Reform Update: The House Ways and Means Committee on November 9, 2017 approved ‘Tax Cuts and Jobs Act of 2017’ (HR 1) bill. Among other measures, the bill proposes to lower business and individual tax rates and to simplify the tax law, with significant impacts on numerous sectors of the economy. In addition, on November 9, 2017, the Senate Finance Committee released details of the Senate Republican’s tax reform plan. Many of the proposals are similar to those in the House bill, but they diverge in a number of significant ways, including on the extent of changes to the deduction for state and local taxes and on whether to repeal the estate tax. While the ultimate tax law will differ from these initial plans, these give good indication of the issues that are under consideration. See this Tax Foundation article which outlines the major differences between the House and Senate versions.
- New tax rules go into effect on January 1, 2018 for partnerships and multi-member limited liability companies that file as partnerships. Businesses that operate as these types of entities should have their operating agreements reviewed and updated to reflect the new tax law. The new rules can have inequitable results, but if addressed through appropriate updates to the business’s operating agreement and through special elections made upon filing the tax return they can be minimized. Please call a member of the S&G team if you need assistance.
- Is Your Worker an Independent Contractor or Employee?The question of whether a worker is an independent contractor or employee for federal income and employment tax purposes is a complex one. It is intensely factual, and the stakes can be very high.If a worker is an employee, the company must withhold federal income and payroll taxes, pay the employer’s share of FICA taxes on the wages plus FUTA tax, and often provide the worker with fringe benefits it makes available to other employees. These obligations don’t apply for a worker who is an independent contractor. The business sends the independent contractor a Form 1099-MISC for the year showing the amount paid to the contractor (if the amount is $600 or more), and that’s it.Click here to visit the IRS website that explains the rules of worker classification and business owners’ responsibilities.Please contact a member of the S&G Team if you’d like to discuss how these complex rules apply to your business, to make sure that none of your workers are misclassified.
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LATEST BLOG
- The keys to a successful merger - The sale is imminent, a letter of intent has been signed and due diligence is about to begin. Usually at this point the seller’s job is done except for the oversight of supplying information for the seller’s due diligence. But for a seller staying on after the transaction with either a continued stock interest, an […]
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