Archive for June, 2012

How Does the Health Care Reform Decision Impact Your Business?

Friday, June 29th, 2012

By now you’ve probably seen the headlines that the Supreme Court announced its decision on health care reform and are wondering what it all means. What parts of the laws have been upheld? As a business owner, what will you need to do to comply with them?

In general, all of the tax provisions in the health care reform laws have been defended and will continue to be phased in over the next two years. Here’s what you need to know about what that means for you and your business. (more…)

What do InvestOhio Changes Mean for You?

Thursday, June 28th, 2012

If you’re a tax payer who’s invested in a small business through the InvestOhio program, or if you’re a business owner who’s received a credited investment, you could find yourself impacted by new program changes or fees. (more…)

Do You Have Ohio Use Tax Exposure?

Tuesday, June 26th, 2012

Commonly Overlooked Ohio Use Tax Liabilities

For the last year, we’ve been telling you about the State of Ohio’s efforts to step up enforcement of its use tax law. Use tax can be thought of as a companion tax to sales tax. In many cases, if you didn’t pay Ohio sales tax, chances are you will owe Ohio use tax. (more…)

How Do You Manage Your Non-Profit’s Investments?

Friday, June 22nd, 2012

Ten Tips to Help Your Organization Protect Its Investments

A nonprofit organization’s investments can be its lifeblood, allowing the group to maintain services or supplement its day-to-day income. Or investments can provide the insurance that an organization has long-term financial security. However your group uses investment income, it’s important to take steps to protect it. (more…)

What is a Roth 401(k)?

Thursday, June 21st, 2012

Understanding Employee Benefit Plan Types

In 2001, a new retirement plan option was created.  Although this option, known as a Roth 401(k), has been around for a few years now, there’s still some confusion about how it works and what makes it different from a traditional 401(k).  As a plan sponsor, you need to understand the Roth 401 (k) and its benefits so that you can be sure that you’re offering the right retirement planoptions to your employees. (more…)

What is the 990 Form?

Monday, June 18th, 2012

Understanding Tax-Exempt Reporting

The IRS Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization’s mission, programs, and finances.

Form 990 has been around for more than 50 years. The first 990 was filed for tax years ending in 1941. This comparatively simple two-page form included only three yes/no questions, an income statement, and a balance sheet (although some line items required attached schedules). For example, individuals paid a salary of $4,000 or more were required to be listed on a schedule showing their name, address and amount paid. Similarly, contributions exceeding $4,000 received from any one person were required to be itemized. (more…)

Do You Understand the New ERISA Fee Disclosures?

Wednesday, June 13th, 2012

408(b)(2) Regulations Help Meet Fiduciary Responsibilities

Are you wondering why there is so much buzz these days about ERISA Section 408(b)(2) fee disclosures? After all, your service provider tells you what you pay for the services provided, right? Maybe.

Service provider pricing and compensation can be structured many different ways, so it may prove difficult for you, a responsible plan fiduciary (RPF), to evaluate plan fees. The Department of Labor (DOL) recognizes this and, in  408(b)(2) regulations, is mandating what information is to be disclosed to help you assess the reasonableness of fees paid for by the plan. The regulations also aim to help identify conflicts of interest that may impact a service provider’s performance. (more…)

How Do You Protect Your Non-profit’s Donations from Fraud?

Tuesday, June 12th, 2012

In recent years, there’s been a lot of media coverage about corporate fraud. We hear about bankers embezzling millions or CEOs with hidden accounts. But, all fraud isn’t on such a large scale. Sometimes it’s a matter of a $25 check here and $50 in cash there. From a fraudster’s perspective, non-profits’ donations (especially small amounts) are often ripe for the picking. (more…)

Do You Need a CFO?

Friday, June 8th, 2012

Outsourced CFO Services Support Small Businesses

Do you ever feel like you can’t seem to get your arms around costs? If so, you could probably benefit from the skills of a CFO. The following are other signs that you may need a CFO:

  • You regularly bounce checks.
  • You don’t have immediate access to financial information when your banker asks for it.
  • Your budget and forecasting is lacking.
  • As an owner, you have your hands in too many things to focus properly on your finances.
  • You can’t answer the question, “How much money did you make yesterday?”

Most small business owners face at least one of these issues; however, they don’t have the need or resources for a full-time CFO. These owners often rely on a controller, bookkeeper or office manager to manage the internal accounting function.

Sound familiar? If so, you need to recognize that even though these people can do an excellent job for you, a CFO can bring additional skills to the table. You’ll probably wonder how you ever got by without this kind of person. (more…)

Healthcare Reform and W-2 Reporting

Wednesday, June 6th, 2012

Healthcare Reform’s Impact on Employers

The Affordable Care Act (Healthcare Reform) put into law a number of provisions which impact employers. These provisions are being rolled out slowly over the next few years. One provision that’s new for 2012, regarding W-2 reporting of health insurance costs, applies only to large employers. As this provision is likely to get a lot of attention in 2012, it’s important to know, up front, if your business is required to comply. (more…)

Can Benchmarking Uncover Money Hiding in Your Retirement Plan?

Tuesday, June 5th, 2012

Benchmarking may result in potential savings

Could you use an extra $26,000 a year? A plumbing company realized that savings after discovering it was overpaying recordkeeping and investment fees in its retirement plan.

By benchmarking the plan, this company saw how the fees compared to plans of a similar size across the country. This provided the plan sponsor with solid data to discuss fees with current providers.

While there are plans out there where reasonable fees are being paid, that’s not the case in every situation. From a law firm that saved $46,000 in investment fees to an administrative services firm that reduced its annual recordkeeping fees by $50,000, some plan sponsors have found that their plan fees are not in-line with similar plans. (more…)