Topic: taxes

Business Owners: What Keeps You Up at Night? [Poll]

Which legal issues give you the biggest headaches? While you’re thinking about your response, here are a handful of recent legal updates on these very topics: Business Formation: Key Tips for Developing Business Plans for Entrepreneurs, Investors & Business Owners – Scott Legal Services, P.C. California’s New LLC Act Adds Confusion and Effects Little Change… Read more »

Small Business Taxes: Five Ways to Prepare for Taxmageddon

The end of year is coming, and – if our representatives in Washington continue their shenanigans and political posturing at the edge of the fiscal cliff – it will bring major changes to small business tax laws. As a business owner what can you to protect your interests? Here are five considerations: 1. Convert your… Read more »

Employee Tax in 2013: Prepare for Changes in Payroll, Income, and Medicare Taxes

Happy new year? On January 1, 2013, taxes go up for most employees, and the burden is on employers to make sure the money gets to Uncle Sam. That leaves just one short month to prepare for these three changes: 1. Expiration of the payroll tax holiday: “The 2 percent payroll tax cut enjoyed in… Read more »

Written Any Severance Checks Lately? You May Be Entitled to a Tax Refund

Employers in Kentucky, Michigan, Ohio, and Tennessee who have withheld FICA tax on severance payments made in connection with layoffs or plant closings might be getting some money back from the IRS. Law firm McDermott Will & Emery: “The U.S. Court of Appeals for the Sixth Circuit recently held that certain dismissal payments were Supplemental… Read more »

Obamacare Ruled Constitutional: What It Means for You

[Update: for a good understanding of what the decision means sector by sector, start with this analysis by Skadden: Supreme Court Narrowly Upholds Health Reform Law but Limits Congress’ Authority Over States… includes a look at the implications for employers, insurers, hospitals and institutional providers, and drug and device manufacturers.] See below for growing reading… Read more »

Congratulations, You’re an Employer! Now What?

The good news is that your business is growing, and you’re ready to hire your first employee. But that means stepping into what is likely to be unknown territory: you’ve got to write a job description, interview candidates, find the right person, and – most importantly – manage your new employee once he or she… Read more »

Still Working on Your Small Business Taxes? These Updates Might Inspire You

The old adage “time marches on” never seems more true than during tax season, especially during the last weeks when your docs are due.For small business owners and entrepreneurs still scrambling to complete their taxes, this roundup of legal advisories might help: New IRS Requirements for Electronic Furnishing of Schedules K-1 (Ropes & Gray LLP)… Read more »

Living the Startup Life? Read These Legal Advisories

Starting a business takes more than hard work and a good idea. You need to be able to run a business, get financing, pay your taxes, protect your intellectual property, and more. For entrepreneurs and small business owners living the startup life, here’s a roundup of recent advisories covering the diverse legal considerations that come… Read more »

Most Popular Small Business Posts – Feb 2012

For your (re)reading pleasure, a roundup of the top 10 most-read posts from last month, on social media in business, forming and structuring companies, labor and employment issues, financing a company, drafting contracts, reducing taxes, and … the federal ban on cell phone use by commercial drivers: 1.Social Media in Business: 8 Steps to Legal… Read more »

8 Small Business Tax Law Changes That Could Help You Save More

The Small Business Jobs Act and the Tax Relief Act (both of 2010) might be more than a year old, but they can still help small business owners save money on their 2011 taxes. For your reference, here are eight changes from those laws that you should consider when preparing and filing your business return:… Read more »

Employer Health Care & W-2s: Mandatory Reporting of Costs in 2013

Under the Patient Protection and Affordable Care Act, in 2013 employers must begin reporting “aggregate costs” they pay for employee health coverage on the individual W-2 Forms of those employees. For your reference, five takeaways from the recently published Internal Revenue Service guidance on the reporting requirement: On Aggregate Costs… “‘Aggregate cost’ is the total… Read more »

PPACA: Reporting Employer Healthcare Costs

Under the Patient Protection and Affordable Care Act, in 2013 employers must begin reporting “aggregate costs” they pay for employee health coverage on the individual W-2 Forms of those employees. Morgan Lewis’ comprehensive overview of recently issued Internal Revenue Service guidance on the reporting requirement provides a useful resource for employers: “The Affordable Care Act… Read more »

You Should Know This: Small Business Law Roundup

FYI: here’s a mixed reading list of recent interesting updates and articles addressing the ever-changing landscape of small business, written by lawyers and law firms on JD Supra: Tax Tips for Small Business Owners (Darrin Mish) “IRS Commissioner for Small Business and Self-employed Division, Faris Fink said, ‘When you’re running a business, you don’t need… Read more »