Affordable Care Act Mandate: Updates to the 2015 Regulations

Final ACA regulations issued February 10, 2014 delay or reduce the employer mandate for all employers until January 1, 2016.

On February 10, 2014, the IRS issued an 89 page final regulation on one part of the Affordable Care Act (ACA) that has been of particular concern to employers—the shared responsibility provisions. The shared responsibility provisions require employers who employ more than 50 full-time equivalent employees (FTEs) to offer FTEs affordable healthcare that provides a minimum...

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Fraud: A “Red Flag” is a “Red Flag”

Be aware of fraud indicators, whether you are involved in a privately-held business, a publicly-held company or a tax-exempt organization. In a world with increasing fraudulent incidents, we must always keep our eyes open to potential fraud indicators or organizational anomalies that could lead to a misappropriation of business assets.  The fact that something seems unusual doesn’t always correlate to an individual stealing, but don’t completely disregard it either.  Start accumulating the...

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Fun Money or Bonafide Business Loss? What you need to know about hobby loss rules

I have worked with many business owners over the years that are always showing losses on their tax returns, year in and year out. Every time I see these kind of results, I bring up the IRS and the "hobby loss" rules (Section 183 of the IRS Code). The IRS and their flagging systems easily detects this activity and word on the street is they are targeting the improper reporting of hobby losses on business owner's tax returns.When an IRS agent is reviewing your business and whether or not it is a...

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Department of Labor: No penalty for failure to provide required notices under Affordable Care Act

My last blog discussed a requirement under the Affordable Care Act (ACA) for all employers to provide their employees with written notification about the health coverage options that are available through the health care exchanges (also known as marketplaces) that were created under the ACA. The notice was to be issued to all employees no later than October 1, 2013.

On September 11, 2013, the Department of Labor unexpectedly announced that there will not be any fines or penalties imposed for...

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The Financial Reporting Nightmare is Over!

“Do we really need to report all this?  I have no idea what an ‘uncertain tax position’ means, or what relevance it has to my business and its financial statements.  Why do I need to consolidate a related party entity that owns the building of which my bank and I are fully aware?  I just acquired a competitor, and now you tell me I have to do a costly study to separate goodwill from other intangible assets?”  These can be common reactions from small and medium-sized businesses when they...

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Skoda Minotti Partners with Bad Girl Ventures to Help Local Start-Ups

October 25, 2012 – CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm, is pleased to announce a partnership with educational and micro-finance organization, Bad Girl Ventures (BGV). The partnership helps provide teaching and one-on-one coaching assistance for aspiring business owners and entrepreneurs in the Cleveland and Akron areas.

The Bad Girls’ nine-week fall session started in September, and has been meeting regularly at the University of Akron, Lakewood. Teaming with...

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Should You Be Filing Form 1099-MISC For Your Business?

Form 1099-MISC: Miscellaneous Income is used for reporting certain payments made in the course of your trade or business.  Personal payments are not reportable.

When is Form 1099-MISC required?

Businesses or self-employed individuals will need to fill out a Form 1099-MISC for persons, vendors, subcontractors, independent contractors, and others in the following circumstances:

$600 or more per year is paid for:                    

  • Cash payments to fish or other aquatic life you purchase from anyone...
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Obama Announces JOBS Act; Provides Small Companies With Access to Public Capital Markets

On April 5, 2012, President Obama signed the Jumpstart Our Business Startups (JOBS) Act into law. The Act was approved by Congress in late March. A primary goal of the JOBS Act is to improve small companies’ access to public capital markets. The Act amends a number of provisions of the securities laws to ease the process and costs associated with raising capital from the public.

To encourage private companies to complete initial public offerings (IPOs) of their equity, the Act creates a new...

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Spring Cleaning Your Payroll Records: IRS Rules

According to the American Payroll Associations' article, Spring Cleaning Your Payroll Records: IRS Rules, after finishing year-end payroll processing, it is a great time to clean up old files.  Which records can you destroy, and which records must you retain?  The Internal Revenue Code (IRC) requires all employers that withhold and pay federal income, social security, and Medicare taxes to maintain certain records for each employee.  Failure to meet these requirements can result in sizable...

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Skoda Minotti to Host September Audio Group Meeting- To Discuss The 4-Hour Workweek

Join area business professionals at the Skoda Minotti office as we continue our monthly audio book discussion with the help of David B. Rust, President of Audio Group, A business audio book club for time-starved people.

September's featured audio book: The 4-hour Workweek - by Timothy Ferriss

Meeting Details

Date: September 6, 2011Time: 7:30-9:00 a.m. - A light breakfast will be providedLocation: Skoda Minotti Office, Mayfield Village, OhioCost: $45 per sessionMeeting Facilitator: David B. Rust,...

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