Posts by Teushcer Walpole
The Families First Coronavirus Response Act
The Families First Coronavirus Response Act was signed into law by President Trump. Under the new law affected employers (employers with less than 500 employees) will be subject to an expansion of the Family and Medical Leave Act of 1993 (FMLA) and emergency paid sick leave requirements. The new law will go into effect 15…
Read MoreCOVID-19 Update
Dear friends, Together we are facing an unprecedented situation. The global coronavirus pandemic is affecting our families, our businesses, our communities, and our way of life. During this time, we wanted to update you on how we’re approaching the situation at Teuscher Walpole. The health and safety of our staff and the community is our…
Read MoreSEPs: A powerful retroactive tax planning tool
Simplified Employee Pensions (SEPs) are sometimes regarded as the “no-brainer” first choice for high-income small-business owners who don’t currently have tax-advantaged retirement plans set up for themselves. Why? Unlike other types of retirement plans, a SEP is easy to establish and a powerful retroactive tax planning tool: The deadline for setting up a SEP…
Read MoreTake small-business tax credits where credits are due
Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two available credits are especially for small businesses that provide certain employee benefits. And one of them might not be available after 2017. 1. Small-business health care credit The Affordable Care Act (ACA) offers a credit to certain small employers that provide employees with health…
Read MoreUse qualified auditors for your employee benefit plans
Employee benefit plans with 100 or more participants must generally provide an audit report when filing IRS Form 5500 each year. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits. Select a qualified auditor ERISA guidelines require employee benefit plan auditors to be licensed or certified public accountants.…
Read MoreCreate a strong system of checks and balances
The Securities and Exchange Commission (SEC) requires public companies to evaluate and report on internal controls over financial reporting using a recognized control framework. Private companies generally aren’t required to use a framework for the oversight of internal controls, unless they’re audited, but a strong system of checks and balances is essential for them as…
Read MoreWhat are the most tax-advantaged ways to reimburse employees’ education expenses?
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have to follow IRS rules. Here are a couple of options for maximizing tax savings. A fringe benefitQualifying reimbursements and direct…
Read MoreA refresher on tax-related ACA provisions affecting businesses
Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, it’s a good time to review some of the tax-related ACA provisions affecting businesses: Small employer tax credit. Qualifying small employers can claim a…
Read More3 financial statements you should know
Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition and results. Here’s an overview of each report. 1. Income statement The income statement (also…
Read More2017 Q2 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April…
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