Blog Entries - 2015

Department of Labor Set to Increase Exempt Employee Salary Level

Posted on: November 2, 2015 9:30 am
Written by: Melissa Hobson The US Department of Labor (DOL) currently allows businesses who employ executive, administrative, and professional positions to pay them a salary as opposed to an hourly wage plus overtime pay for hours worked over 40.  When read more …

Fastest way to get on the IRS's radar

Posted on: August 3, 2015 9:20 am
written by: Larry Warner Jr. Unpaid Business Payroll Taxes…the Ultimate Red Flag   Nearly every business faces cash flow problems at some point in its life cycle.  It’s tempting to use employee payroll tax dollars to keep the read more …

Exempt Organizations and Key Employees

Posted on: July 1, 2015 2:00 pm
Our clientele includes a multitude of tax exempt clients. We do their audits and tax work and one of the often asked questions is the definition of a key employee. Who is and who isn’t? The exempt organizations must list all of its current officers, read more …

Small Business Tax Benefit

Posted on: May 4, 2015 9:00 am
Are you tired of giving your kids allowance for little to no housework? Need a way to lower taxes on your business? Fortunately, Congress put has a law in place that benefits the small business owner that will ease both of those concerns.  As a read more …

Will the IRS agree that your S Corp owner wages are reasonable?

Posted on: April 2, 2015 3:00 pm
Over the past five years, S Corporation compensation has become a key issue with the IRS.  So much so that with the discussion of comprehensive tax reform, the IRS is considering making S Corporation profits subject to Self-Employment Tax, rather than read more …

Lottery Winners Can Be BIG Losers!

Posted on: March 16, 2015 8:00 am
Occasionally we encounter clients that hit it big at the casino, win the lottery or perhaps even a sweepstakes.  Often times, in their excitement of winning, they begin spending their fortune on items they normally would not buy.  It was unexpected read more …

Engagements to prepare financial statements under SSARS No. 21

Posted on: February 19, 2015 9:00 am
In the coming year organizations and individuals will have an opportunity to engage their public accountant to prepare financial statements without an accountant’s report being issued with those financial statements. In October 2014, the American read more …

Board Governance - The Future is Now

Posted on: January 21, 2015 10:30 am
The Future Is Now: Board Governance The second decade of the 21st century begins on the heels of the first decade marked with significant failures in public and private enterprises. Many of these failures are encroached in the absence of accountability by read more …