In order to tell the difference between a part or full time employee and independent contractor, it is important to consider the three main factors listed below. These factors will determine the responsibilities a business has towards a person who may be providing a service to the business, as well as the rights of both parties involved.
Outcomes Research Trust Fund Fee to Common Types of Health Coverage or Arrangements Continue reading Application of the Patient-Centered
Governor McCrory signed one of the most sweeping NC state tax overhauls in years into law Tuesday.
The changes will go into effect in 2014. The law cuts personal and corporate income taxes to the lowest levels of neighboring states. It also limits future state spending by more than $2 billion in the next five years. Continue reading Governor McCrory Signs New Tax Law
In spite of the numerous benefits of hiring a tax accountant, many people still try to avoid it. They may think that they can do their books and taxes on their own, or they may decide that they can’t afford to spend any money on a Raleigh NC accountant.
According to the IRS Exempt Organizations final report on colleges and universities the IRS has identified “some significant issues.” Two of them being Unrelated Business Income Tax (UBIT) and documentation of executive compensation.
The Administration announced recently that it will provide an additional year before the ACA mandatory employer and insurer reporting requirements begin. Scheduled to become effective January 1, 2014, the new effective date is January 1, 2015. Formal transition guidance will be published in the coming weeks. The Administration intends to strongly encourage employers and insurers to voluntarily implement the information reporting in 2014.
Because of the delay in reporting requirements, the Administration has also delayed the “shared responsibility payments” until 2015. Under ACA’s “Employer Mandate,” employers with more than 50 full time employees would have to begin to offer affordable health insurance as defined by the Act or face substantial penalties or “shared responsibility payments.” The delay means these penalties will not apply to 2014.
The provisions of the Internal Revenue Code are complex regarding the tax treatment of non-profit donations, transactions and other recognizable events. An experienced Certified Public Accountant (CPA) is trained in the nuances of non-profit accounting and tax returns, and is capable of assisting management with recordkeeping and tax return preparation.
Utilizing a Raleigh CPA allows management to focus on day-to-day operations, and generate additional streams of income.
The Financial Accounting Standards Board recently evaluated the way in which non-profit organizations report their financial information and is seeking to make changes that would enable charities to provide more accurate financial information to the general public.
To start with, FASB board members have created a draft document that can be used as a formal operating measure to evaluate any organization that is set up to serve the public good.
Just recently, the IRS announced that many tax-exempt organizations have a May 15 deadline that is required by law to file final reports with the IRS. If an organization has not filed their reports for three consecutive years, they may see their federal tax exemptions automatically revoked.
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Contact Langdon & Company LLP, a Raleigh CPA firm specializing in Business Services including tax services, tax consulting, audit services, accounting, transaction planning and succession planning.
Langdon & Company LLP is a Raleigh accountant firm providing professional accounting services based on clients needs, capabilities and budget. According to a recent study, nearly half of Americans who pay income tax will take their information to an accountant and have them fill out the paperwork.
It appears that Americans feel they will receive a bigger tax refund by having an accountant work on their taxes. Moreover, another fraction of taxpayers will take their taxes to friend or family, meaning most Americans do not do their own taxes, according to a Workanomix survey.