Skip to content
Trusted Answers From Licensed Business Professionals
TAX REPORTING

The Payroll Tax Cut Increases to 6.2% In 2013

By The BIDaWIZ Team on January 4th, 2013 at 4:00 pm

Congress came through at the 25th hour by extending the Mortgage Forgiveness Debt Relief Act of 2007 through 2013. This extension positively impacts those that are in a foreclosure, short sale or are considering a deed in lieu. Read More.

Share |
No Comments
TAX REPORTING

Severance Pay Might Not Be Subject To Social Security & Medicare Taxes

By The BIDaWIZ Team on November 9th, 2012 at 4:00 pm

Two federal appeals courts have reached different conclusions as to whether or not severance pay is subject to payroll taxes. As you might be aware, payroll taxes are paid by both employees and employers and are currently 13.3% for all wages earned up to $110,100. We believe there's a strong case to be made for why severance pay should not be subject to social security and medicare taxes. .
-or-
Share |
No Comments
INVESTING, TAX REPORTING

Do You Know What the Fees Are For Your 401(K) Plan Now?

By The BIDaWIZ Team on October 11th, 2012 at 8:00 pm

Back in May, we noted that the new 401(k) disclosure rules would be in effect by the end of the summer. The intent of these rules was to provide greater transparency to both employers and employees. Did it work and have you noticed a difference in the reporting? Read More.

Share |
No Comments
TAX REPORTING

Claiming Unreimbursed Partner Expenses in a Partnership

By The BIDaWIZ Team on August 3rd, 2012 at 12:00 pm

Employees that travel frequently usually accumulate out of pocket expenses that are sometimes not reimbursed by their employers. These expenses are typically claimed as a Schedule A itemized deduction on the individual's tax return. But, what happens if a partner and not an employee of a partnership has out of pocket expenses? How is that treated for tax purposes? .
-or-
Share |
No Comments
TAX REPORTING

What the Supreme Court’s Health Care Ruling Means For Businesses

By The BIDaWIZ Team on June 28th, 2012 at 11:45 am

Chief Justice John Roberts laid down the law on Thursday with a swing vote in support of President Obama’s health care plan mandating coverage to all individuals. Those that do not fulfill the mandate will face a financial penalty in the form of a tax. But, what about small businesses? How are they going to be impacted? Read More.

Share |
No Comments
TAX REPORTING

You Will Soon Find Out How Expensive Your 401(K) Plan Is

By The BIDaWIZ Team on May 3rd, 2012 at 3:00 pm

The new 401(k) disclosure rules will soon provide employees with information about the fees and expenses connected to their 401(k) plans. The fees administrators charge plan participants has always been nearly impossible to identify and many employees mistakenly think their 401(k) is free. Read More.

Share |
No Comments
TAX REPORTING, VALUATION

Valuing a Non-Compete Clause When Selling a Business

By The BIDaWIZ Team on May 2nd, 2012 at 3:00 pm

Most business owners that plan to sell their company are asked by the buyer to include a non-compete clause in the legal agreement. This can have significant tax implications to both the seller and the buyer. .
-or-
Share |
No Comments
TAX REPORTING

Do You Recommend Setting Up An LLC or LLP?

By The BIDaWIZ Team on April 27th, 2012 at 4:00 pm

New businesses have many options to choose from when it comes to selecting a legal entity. It's nice to have options but business owners sometimes misunderstand the differences. Specifically, as it relates to LLCs and LLPs. .
-or-
Share |
No Comments
TAX REPORTING

What Is The Correct Amount of Sales Tax For Discounts & Groupons?

By The BIDaWIZ Team on April 27th, 2012 at 12:00 pm

Many retailers confuse state sales tax rules when discounted items come into the equation. Are you charging or being charged the correct amount of sales tax? .
-or-
Share |
No Comments
TAX REPORTING

Why You May Want to Consider Electing S Corp Status Now

By The BIDaWIZ Team on February 23rd, 2012 at 8:00 pm

The March 15th deadline for corporations to file their business tax returns or form 1120 is less than a month away. While preparing business tax returns are important as well as filing franchise taxes, which are due March 1st, it may be time to consider electing S Corporation status for 2012. C Corps have until March 15th to convert to an S Corp. .
-or-
Share |
No Comments