Play or Pay, Affordable Health Care

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Is your business ready for play-or-pay? If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.” It’s scheduled to go into effect in 2015.Under transitional relief the IRS issued earlier this year, for 2015, large employers generally include those with […]

Have you misclassified employees as independent contractors?

Posted on Leave a commentPosted in Bookkeeping

Have you misclassified employees as independent contractors? An employer enjoys several advantages when it classifies a worker as an independent contractor rather than as an employee. For example, it isn’t required to pay payroll taxes, withhold taxes, pay benefits or comply with most wage and hour laws. However, there’s a potential downside: If the IRS […]

What to do with your old retirement plan when you change jobs

Posted on Leave a commentPosted in albuquerque CPA , TAX advice, Personal consulting

First and foremost, don’t take a lump-sum distribution from your old employer’s retirement plan. It generally will be taxable and, if you’re under age 59½, subject to a 10% early-withdrawal penalty. Here are three alternatives: 1. Stay put. You may be able to leave your money in your old plan. But if you’ll be participating […]

HEARTBLEED BUG

Posted on Leave a commentPosted in albuquerque CPA , TAX advice

The “Heartbleed” bug has sent businesses and individuals into attack mode in order to prevent passwords from being disclosed, personal information from being compromised — and ultimately, assets from being stolen. The IRS issued the following statement about Heartbleed: “The IRS continues to accept tax returns as normal. Our systems continue operating and are not affected by this […]

INTEREST RATES

Posted on Leave a commentPosted in Personal consulting

On the heels of the financial crisis, banks tightened their lending policies and many companies couldn’t qualify for inexpensive fixed-rate loans. Instead, they took on variable-rate loans. Interest payments that fluctuate based on the U.S. prime rate or London InterBank Offering Rate (LIBOR) index are a viable option, as long as rates continue to hover […]