Business Tips

CPA services provided by Contryman Associates, P.C., Investment Adviser services are offered through Contryman Wealth Advisors

Department of Labor Overtime Rule

Just 10 days before the implementation date, a federal judge in Texas put the brakes on the Department of Labor’s (DOL’s) new federal overtime rule, which would have doubled the Fair Labor Standards Act’s (FLSA’s) salary threshold for exemption from overtime pay. Twenty-one states filed an emergency motion for a preliminary injunction in October to halt the […]

QuickBooks 2011 Sunset

Does your small business use QuickBooks for your bookkeeping and financial needs? If you work in QuickBooks 2011, be aware this version is scheduled to sunset on May 31. This means any add-on services such as payroll or online banking are discontinued. Give Contryman Associates P.C. a call if you have questions about upgrading.

Independent Contractor or Employee?

As the harvest season nears and many of our agricultural clients are utilizing temporary laborers for the season, Contryman Associates would like to stress to ALL business owners the importance of determining whether individuals providing services are employees or independent contractors. Treating a laborer incorrectly can result in the employer being subjected to back taxes, […]

Notice of Health Insurance Exchanges

As you may know, the health care law – the Patient Protection and Affordable Care Act (PPACA) – requires most individuals (including children and other dependents) to carry health insurance, beginning January 1, 2014. The law also requires the establishment of a health insurance exchange in all states by October 1, 2013. The goal is […]

Employer Pay or Play Mandate Delayed One Year – Impact on Employers?

In a blog post yesterday, Mark Mazur, Assistant Secretary for Tax Policy at the U.S. Department of Treasury announced that the Obama administration will, in the next week, be issuing formal guidance delaying health care reform’s employer pay or play mandate and the related employer and insurer reporting obligations (reporting by all employers providing group […]

QuickBooks® 2010 Sunset

Does your small business use QuickBooks® for your bookkeeping and financial needs? If you work in QuickBooks® 2010 or QuickBooks® for Mac 2010, be aware these versions of QuickBooks® are scheduled to sunset on May 31, 2013. What does this mean for your small business? If you only use the products saved on your computer, than you can continue […]

Lost tax-exempt status? How to get it reinstated

Smaller organizations that lost their exempt status for failure to file the required annual returns for three consecutive years can now retroactively reinstate the tax-exempt status. Over the past few years, the IRS has attempted to inform organizations of their filing responsibilities and the consequence of failing to file. Nonetheless, many organizations have failed to […]

End of the First-Year Depreciation Incentives?

Due to the recession, Congress dramatically increased tax incentives for businesses that expend amounts for capital equipment and certain building improvements. The long-standing Section 179 deduction was expanded to the current rate of $500,000 per year. Similarly, Congress added an incentive in the form of 100% bonus depreciation for many new (rather than used) asset […]

Optional Standard Mileage Rates

The Internal Revenue Service announced an increase in the standard mileage rate used to calculate the deductible cost of operating a car for the second half of the year. The rate will be 55.5 percent per mile for all business miles driven from July 1 through December 31, 2011. This is an increase of 4.5 […]

Repeal of Expanded 1099 Reporting Rules for Businesses

The President recently signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (the 1099 Act). This new act retroactively repeals the expanded Form 1099 information reporting rules added by 2010 legislation. The 1099 Act repeals the Health Care Act’s extension of the Form 1099 reporting requirements for payments made […]

Business Succession Strategies

Planning for an Inevitable Change What is a Succession Plan? Ideally a succession plan is a comprehensive plan for transitioning a business, its owner, and the owner’s family from the current ownership and management to one in which the owner is no longer involved. A sound succession plan should address: Converting business wealth to assets […]

U.S. Treasury Green Initiatives Include Changes to EFTPS Deposit Requirements

In recognition of the 40th anniversary of Earth Day, the U.S. Department of the Treasury announced recently that it will begin implementing a three-pronged initiative to increase the number of electronic transactions between Treasury and the public. In addition to greatly reducing costs, enhancing customer service and minimizing Treasury’s environmental impact, the move from paper […]

2010 Small Business Jobs Act

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law.   Tax Breaks and Incentives Enhanced Small Business Expensing (Section 179 Expensing) – To help small businesses quickly […]

The Small Employer Insurance Credit

The IRS has recently issued tax payer friendly updates to the Small Employer Insurance Credit. Eligible Small Employers – To be an Eligible Small Employer, the employer must meet all the following requirements to qualify for the credit: Must employ no more than 25 Full Time Equivalent (FTE) employees during their tax year. Must pay […]

HIRE Act – Question and Answer for Employers

Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”). The IRS has provided clarification to this act, which we would like to pass on to our clients. The tax benefits available to employers are likely to […]

Dividends to Become More Taxing

The 2001 Tax Act changed the way dividend income was taxed, taxing it at long-term capital gains rates of up to 15% rather than ordinary income rates of up to 35%. This act is set to expire at the end of 2010, meaning this special rate for dividends is about to disappear. Without congressional action […]

The Small Employer Insurance Credit

The IRS has recently issued tax payer friendly updates to the Small Employer Insurance Credit. Eligible Small Employers – To be an Eligible Small Employer, the employer must meet all the following requirements to qualify for the credit: Must employ no more than 25 Full Time Equivalent (FTE) employees during their tax year. Must pay annual […]

Nebraska Withholding Legislation Changes

NEBRASKA Withholding  New legislation, effective Jan. 1, 2011, changes the filing deadline for submitting W-2 forms to the Nebraska Department of Revenue (DOR) from March 15 to February 1. Electronic Filing The legislation also lowers the W-2 electronic filing threshold from 200 to 50 W-2s. The legislation requires taxpayers to make their payments by electronic funds […]

Health Reform Legislation

Tax Changes Affecting Small Businesses For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions. 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 […]