How to Make Your Business More Bankable – Part 1 of 3 “Smart Business Banking Series”

| Business Miscellaneous, Financial

By Natalie Hopkins & Chris Mennel     The economy is improving.  The stock market is breaking records.  Your business spent the past 4-5 years either in a rebuilding mode or struggling to show positive or even break even financial results.   Fast forward to the present – now you have identified growth opportunities, but are fearful that no bank will lend you money without strong financial results.  There are several things you can do to make your business more attractive to a new banking Read more [...]

New Goodwill Alternative Affects Private Companies

| Business Miscellaneous

By Chris Mennel     If your company has goodwill on its balance sheet, you may be affected by a new standard issued by the Financial Accounting Standards Board (FASB) in 2014.  This new standard provides an alternative to how goodwill is currently reported making it permissible for private companies to amortize goodwill.  Over time, the FASB has gone back and forth on this topic.  This isn’t the first time companies have been able to amortize goodwill for financial reporting purposes. Amortization Read more [...]

Mandatory Foreign Asset Reporting

| Alerding Alerts

Do you have financial accounts in a foreign country?  If so, you are required to report your foreign financial asset holdings annually both to the IRS and the Treasury Department.   You will be subject to penalties up to 50% of your account balance if you fail to report these assets.  Your chances of being caught have increased as the IRS has reached agreements to start receiving data electronically from more than 145,000 foreign financial institutions. Examples of financial accounts include:  Read more [...]

HEALTH INSURANCE REPORTING FOR 2014 INCOME TAX RETURNS

| Alerding Alerts

Starting in 2014, every individual and each member of your immediate family must have qualifying health insurance or pay a penalty when filing federal income tax returns.  Qualifying coverage includes employer-sponsored plans, coverage obtained through the Marketplace, or coverage through most government-sponsored programs.   You must have coverage every month during the calendar year.   Individuals enrolled in health insurance coverage through the Marketplace Exchange should receive a copy Read more [...]

Employee Health Insurance Reimbursement Plans No Longer Available

| Alerding Alerts

Before 2014, employers could pay or reimburse employees for their own health insurance premiums and the payments were tax-free to the employees.  Starting in 2014, this type of employer payment does not meet the market reform guidelines and will be subject to a penalty of $100 per day for each employee.  To avoid this penalty, employers must treat the payments and reimbursements as taxable compensation to the employees and subject it to Federal Income Tax and FICA withholding. Just recently, Read more [...]

ALL BUSINESSES ARE REQUIRED TO FILE FORMS 1099-MISC BY JANUARY 31, 2015

| Alerding Alerts

Businesses (including not-for-profits) are required to file Form 1099-MISC for each person or company to whom you have paid at least $600 for services and other specified payments. You are required to complete and send a Form 1099 if during the course of business you pay (in total) $600 or more to anyone that is NOT a corporation.  This rule includes payments for rent, payments to independent contractors, individual service providers, and professional service providers such as attorneys, accountants, Read more [...]