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Indiana Identity Protection Program for 2017 tax season

| Alerding Alerts, Tax Briefs

Notice from the Dept. of Revenue The Indiana Department of Revenue again will implement the Identity Protection Program for the 2017 tax season. This program is designed to not only stop fraud, but to deter fraud in the state of Indiana. Since its inception in 2014, the Identity Protection Program has stopped more than $100 million in fraudulent refund attempts. Security Features To prevent taxpayers’ refunds from being stolen, the department will use the automated identity verification Read more [...]
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Year-end payroll and information reporting

| Alerding Alerts, Business Miscellaneous

The year is quickly coming to a close and it will soon be time to prepare and file forms W2 and the related payroll tax returns.   We wanted to make you are aware that some fringe benefits provided to employees as well as 2% or greater shareholders are taxable and should be reported on W2 forms in order for them to be deductible business expenses.  Taxable fringe benefits include: Personal use of company vehicle (including shareholders’ use) 2% or greater shareholders’ health insurance Shareholders’ Read more [...]
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DOL Final Overtime Rule Temporarily Blocked by Judge

| Alerding Alerts, Business Miscellaneous

A federal judge temporarily blocked implementation of the Final Overtime Rule, scheduled to go into effect tomorrow - December 1, 2016, which doubled the maximum salary a worker could earn and still be eligible for overtime pay. What does this mean for our business-owners and nonprofit clients? 1)    As a result of the ruling, employers currently do not need to comply by the December 1 effective date. 2)    The injunction is temporary pending further review by the court. 3)    Read more [...]
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The final rule

| Alerding Alerts

By Mike Staton     The U.S. Department of Labor (“DOL”) has issued the new overtime final regulations (“Final Rule”) which impact nonprofits as well as for profits.  The new rules will go into effect December 1, 2016 and will mean that most employees earning less than $47,476 will be entitled to overtime compensation regardless of their employment classification.  Neither the Federal Labor Standards Act (“FLSA”) nor the DOL’s regulations provide an exemption from overtime requirements Read more [...]
Business Entity Report

Don’t forget to file your Business Entity Report

| Alerding Alerts, Business Miscellaneous

Recently, several of our clients businesses’ were administratively dissolved because they failed to file their annual or biennual (every two years) Business Entity Reports with the Indiana Secretary of State.  It’s a simple inexpensive form to file, but a critical one to keep your company or nonprofit organization running smoothly. The deadline is tricky, which is why these clients overlooked the filing of this form. The filings are due during the anniversary month of your business’ formation Read more [...]
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Were you required to take a retirement plan distribution in 2015?

| Alerding Alerts

Who must take a distribution? Starting at age 70½, owners of most types of retirement plans must begin making withdrawals, also known as required minimum distributions (RMDs), from their accounts. Those plans affected include IRAs, SEP IRAs, SIMPLE IRAs and Rollover IRAs.  This rule also applies to everyone who has inherited a plan as a beneficiary.  However, there is no RMD requirement for Roth IRAs during the lifetime of the original owner. When must you take your first distribution? You Read more [...]
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FASB Issues New Lease Standard

| Alerding Alerts, Business Miscellaneous

On February 26, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02 – Leases.  This landmark standard will change the entire financial reporting landscape for entities that are a-party to Operating Lease Agreements as lessees. The new standard will require entities to record a “Right-of-Use” asset and an Operating Lease Liability at the time the Lease is entered into or when this accounting standard is adopted.  The Right-to-Use asset Read more [...]
IRS Email Phishing Scam - 2-5-16

Beware of the latest IRS Phishing Scam

| Alerding Alerts

This fraudulent email was just brought to our attention.  If you receive this email, DO NOT respond to it or click on any links.  The IRS will ONLY contact you via US Mail, not in an email such as this.  If you have any questions or concerns, please contact us at 317-569-4181 or visit our website: www.alerdingcpagroup.com.   Read more [...]
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1099’s are due January 29, 2016

| Alerding Alerts

The IRS requires reporting of payments of $600 or more to any individual or unincorporated business (including LLCs) for services or rent. This includes payments for repair/maintenance services, professional services, (including all attorneys whether incorporated or not), contract labor and rent. In addition, if you paid in excess of $10 of interest to any individual, you must prepare a 1099-Int. We would be happy to prepare these required forms for you again this year. If you have not already Read more [...]
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The 2015 PATH Act Makes Small Business Expensing (Section 179) Permanent

| Alerding Alerts

On Friday, December 18, one of the most positive tax legislative actions for small business was signed into law. Congress made permanent the $500,000 Section 179 expensing limit, thus enabling a small business to elect to expense up to $500,000 of investment in new equipment and other qualifying property instead of having to depreciate the cost over a number of years. In recent years, the $500,000 limit and some other favorable aspects of the election have been extended for a year or two at a Read more [...]