Client Update: Spring 2015

This issue’s topics include:

  • Adjust your tax and financial course for 2015
  • Tax “extenders” are extended again for 2014
  • 2015 Tax Numbers
  • Postpone taxes by exchanging property
  • Wealth is just a matter of time
  • Time matters in your business too

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Click Here to Download

Insero & Company understands that when it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.
This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read.

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Employee Benefits Update: February/March 2015

This issue’s topics include:

  • Navigating ERISA’s comprehensive plan document disclosure rules
  • IRS checklist offers a convenient compliance self-checkup
  • Who are functional fiduciaries? Appeals court holds service provider not a plan fiduciary
  • 2014 vs. 2015 retirement plan limits

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Tax Alert: IRS Makes it Easier for Small Businesses to Apply the Tangible Property Regulations to 2014 and Future Years

The IRS issued Revenue Procedure 2015-20 which makes it easier for small business owners to comply with the final tangible property regulations. The simplified procedures were requested by many small businesses and tax professionals. The simplified procedure is available beginning with the filing of the 2014 tax returns and allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after Jan. 1, 2014. Furthermore, the IRS is waiving the requirement to complete and file a Form 3115 for small business taxpayers that choose to use this simplified procedure for 2014.

The new simplified procedure is generally available to small businesses, including sole proprietors, with assets totaling less than $10 million or average annual gross receipts totaling $10 million or less. The revenue procedure also requests comments on whether the $500 safe-harbor threshold should be raised for businesses that choose to deduct, rather than capitalize, certain capital expenses.

Although the new simplified procedures will be a welcomed relief for some small businesses, other taxpayers will find it beneficial to apply the final regulations and file Form(s) 3115 in order to dispose of or expense prior assets and potentially receive audit protection. Furthermore, correction of prior depreciation errors still require the filing of Form 3115.

If you would like more details about these changes or if you have additional questions, please do not hesitate to contact us.

Make Your Preferences Known in QuickBooks

The QBC: QuickBooks® Client Newsletter

QuickBooks is ready to use when you install it. But you can change its settings to make it work the way your company needs it to.

There are some features that all small businesses need in their accounting software. Everyone needs a Chart of Accounts and a good set of report templates. There must be tools to bill customers and to document income and expenses. Some companies need payroll management, and some need the ability to create purchase orders. These days, many businesses want to accept payments online.

But what does your company need? It’s unlikely that you would use absolutely every feature that QuickBooks offers, but you need to make sure that every tool you want to use is set up properly.
If you’ve been using QuickBooks for a while, you may have been directed to the Preferences window already (accessible by clicking on Edit | Preferences). If you’re just starting out with the software, it’s a good idea to acquaint yourself with the most important elements contained there. Here are some of them.
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Figure 1: QuickBooks’ Preferences window. Some features are already turned on or off by default, but you can change their status.

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Creating Item Records in QuickBooks

The QBC: QuickBooks® Client Newsletter

Accurate, thorough item records inform your customers and help you track inventory levels correctly.

Whether you’re selling one-of-a-kind items or stocking dozens of the same kinds of products, you need to create records for each. When it comes time to create invoices or sales receipts, your careful work defining each type of item will:

  • Ensure that your customers receive correct descriptions and pricing,
  • Provide the information you must know about your inventory levels, and,
  • Help you make smart decisions about reordering.

You’ll start this process by making sure that your QuickBooks file is set up to track inventory. Open the Edit menu and select Preferences, then Items & Inventory. Click the Company Preferences tab and click in the box in front of Inventory and purchase orders are activated if there isn’t a check in the box already. Here, too, you can ask that QuickBooks warn you when there isn’t enough inventory to sell. Click OK when you’re finished.

QBC0115image1_zpsdc48f652Figure 1: You need to be sure that QuickBooks knows you’ll be tracking inventory before you start making sales.

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Tax Alert: Tax Increase Prevention Act of 2014

On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014,” (TIPA, or “the Act”), which the President has signed into law. In the recently enacted “Tax Increase Prevention Act of 2014,” Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as “extenders.” The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as “extenders.” The new legislation generally extends the tax breaks retroactively, most of which expired at the end of 2013, for one year through 2014.

Capitol Hill

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Client Update: Winter 2014

This issue’s topics include:

  • Should you treat your home as an investment?
  • Last-minute tax savers for 2014
  • To grow or not to grow?
  • Lending money to family members could be taxing
  • Inform your employees about their total pay package
  • IRS posts taxpayer “Bill of Rights”
  • 2015 HSA limits announced

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Click Here to Download

Insero & Company understands that when it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.
This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read.

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Using Statements in QuickBooks: The Basics

The QBC: QuickBooks® Client Newsletter

Most small businesses use invoices for billing customers. But there are times when you may want to send statements instead of – or in addition to – invoices.

One of the more enjoyable parts of your job is probably sending invoices to your customers to bill for products and/or services is probably one of the more enjoyable parts of your job – second only to recording payments received. Thanks to the company file you’ve built in QuickBooks, creating invoices is generally a very simple process that requires no duplicate data entry.

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Figure 1: You probably use QuickBooks’ invoice forms frequently, so you know how much easier it is to fill them out than to create paper bills.

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Employee Benefits Update: Year End 2014

This issue’s topics include:

  • What you need to know about ADP/ACP discrimination testing
  • Are you offering a Roth 401(k) plan option yet?
  • 401(k) plan automatic enrollment: A winning formula
  • Help participants avoid an inappropriate IRA rollover

Click Here to Download the 2014 Year End Employee Benefits Update

Click Here to Download

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.