IRS Notifications Targeting Small Businesses
Recently, the IRS sent letters to about 20,000 small businesses implying that they had underreported cash receipts on their tax filings. The letters were sent as a result of a relatively new requirement that provides the IRS with more information about debit and...
Update on Not-for-Profit Financial Reporting: Financial Statements
Written by Patrick A. Meyer, CPA, CFE It has been 20 years since the Financial Accounting Standards Board (FASB) issued the current financial statement presentation format for not-for-profit entities. Currently, the Board is working on a project entitled...
Client Spotlight: Cheever Construction
Written by Ronald L. Ecklund, CPA, CFP, Director At HBE Becker Meyer Love LLP, one of the characteristics we are most proud of is our firm’s ability to recognize the need for change and to successfully adapt to it. In fact, our firm’s own name changes over the years...
Our Healthcare Services Specialty Team
Written by Kiley Wiechman, CPA, Manager At HBE Becker Meyer Love LLP, we understand the unique accounting, financial, and consulting requirements of the healthcare industry. In order to most effectively meet those specialized needs, we have developed a Healthcare...
The Impact of the Medicare Tax on Partnerships and S Corps
The new 3.8 percent Medicare surtax can affect partnership and S corporation ownership interests held by individuals, estates and trusts. Based on recent IRS proposed regulations, this article explains how the new tax might affect these taxpayers. By planning ahead...
Which Employers Must Pay the New ‘PCORI’ Fee Due July 31?
The Affordable Care Act imposes a little-known new fee on certain employers and health insurance companies. The first payments are due on or before July 31, 2013. The “PCORI” fee may take some employers by surprise. While many organizations are focused on the...
Delay in ACA Employer Mandate: Opportunity to Regroup
The bombshell July 2 announcement came in the form of a blog post on the U.S. Treasury Department’s website, accompanied by a statement issued from the White House. The employer “shared responsibility” provision is being delayed one year, until 2015. The move was...
The Marketplace Fairness Act: What You Should Know About Internet Sales Tax
Written by Scott Scheef, Staff Accountant E-commerce and the state government’s effort to monitor and tax internet-based transactions have existed nearly as long as the internet itself. In the 1992 United States Supreme Court case of Quill v. North Dakota, the court...
Obama Administration Postpones Key Provisions of Affordable Care Act for Employers
REPORTING REQUIREMENTS AND MANDATE PENALTIES FOR EMPLOYERS WITH 50+ FULL-TIME EMPLOYEES DELAYED UNTIL 2015. On Tuesday, July 2, 2013, the Obama Administration announced that it will not begin enforcement of the “employer mandate” section of the Affordable Care Act...
Questionable Mailer Targets Local Businesses
A questionable mailer that has made the rounds in several states is starting to show up in Nebraska. It’s prompted a flood of calls to the Secretary of State’s office. “This is not necessarily new, complaints about this direct-mailer have been reported in other...