Week of August 30, 2010 Unclaimed property can be a business issue
It sounds like a crossword puzzle clue: Name a seven-letter medieval word that can affect your 21st century business.
The term is escheat, and today it means turning over abandoned property, such as unclaimed security deposits and outstanding accounts receivable credits, to state officials. Your business may be both a holder of unclaimed property and a claimant...
The days of easy credit, offered to anyone who can breathe, are history. In this sluggish economy, lenders want to know whether borrowers are likely to stay current on their loans, mortgages, and credit card accounts. Banks and other lending institutions are looking more closely at credit scores, the numbers that (in theory at least) predict the likelihood that a borrower will default on his or her outstanding debts. As a result, knowing your score and ensuring that it's climbing toward the upper percentiles should be a part of your regular financial planning...
For more information about Health Care Reform as it will affect you as a Small Business, Individual, or High Income Tax Payer, please see the appropriate tabs to the right.
Small Business
Small Business
For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business has. Here is an overview of the provisions in the new law with the biggest impact on small business.
Unfortunately, high-income taxpayers will be hit with two big tax hikes under the recently enacted health overhaul legislation: a tax increase on wages and a new levy on investments.
The perfect fit is our promise at HR&R. We’re organized to serve as comprehensive advisors to individuals and businesses of all sizes. We begin with the pieces of the puzzle you have at your disposal and add the pieces we have, creating a complete picture of where you’re looking to go tomorrow.
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HRR_LLC Latest Tweet:For 2010 any nonprofit grossing $50k or less will only require a simple electronic postcard. While the current threshold is $25,000, the threshold has doubled for 2010. With increased government demands on the Form 990, this is great news for the non-profit community who will be able to e-file Form 990-N next year. Anyone grossing $50,000 or less will be able to satisfy their filing obligations with this simple electronic postcard. Organizations that fail to file annually for three consecutive years will automatically lose their tax-exempt status – a risk that limits their ability to solicit donations and could threaten the organization. When completed properly, the 990-N’s new threshold will help more organizations limit their expenses and maximize their mission.
HRR_LLC Tweet:Beginning in 2012, 1099s are due on payments for services and GOODS of $600 or more to ALL firms. Although a repeal is planned, the new health reform law is requiring increased 1099 reporting by businesses. Currently, 1099s are due for payments of $600 or more for all services. Beginning in tax year 2012, 1099s will be due on payments for goods and services valued at $600 or more to all firms. Business are complaining saying that more efforts will be needed to obtain information for payees and that the IRS can’t effectively match the 1099s with tax returns of fiscal year payees. The IRS has tried to ease some of the burden, saying that payments made by credit card will be exempt from 1099 reporting but the push to scrap the law is getting stronger. There is strong indication that this provision will be nixed before it takes effect.
Horovitz, Rudoy & Roteman In the News!
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September 2010 More money saving tips for small business
If you're the owner or manager of a small business, you've undoubtedly felt the pain of this economy's ever-so-slow recovery. Demand for your products or services may have dwindled and when revenues are down, businesses need to adjust by tightening their belts. But reducing expenses is a balancing act. Cut costs that make a significant contribution to your income, and you may find revenues declining further. Trim expenses that are "fat" — unnecessary because they don't bolster the bottom line — and your firm can become leaner and better able to compete.
Here are a few suggestions for targeting and trimming some of these "fat" expenses...
Walk through any airport and you'll see laptop computers everywhere. You'll see businessmen filling out expense vouchers, teenagers watching the latest blockbuster movie, bored holiday travelers connecting to the Internet. These portable computers offer convenience and the ability to work, play, and stay connected anywhere. They also offer an enticing target for thieves.
To keep your laptop computer safe from rip-off artists and crooks, follow these simple rules:...
