Does your business have to begin collecting sales tax on all out-of-state online sales?
The recent U.S. Supreme Court decision in South Dakota v. Wayfair allows states to impose sales tax on more out-of-state online sales. But does it mean your business must immediately begin collecting sales tax on online sales to all out-of-state customers? No. You must collect such taxes only if the particular state requires it. South Dakota’s law, for example, requires out-of-state retailers that made at least 200 sales or sales totaling at least $100,000 in the state to collect sales tax. But laws vary dramatically from state to state. Contact us with questions.
3 keys to a successful accounting system upgrade
Today’s accounting software can perform adequately for years, but improved features are being created all the time. Here are three key considerations to help you decide when to upgrade: 1) Your users’ tech savvy needs to align with the system’s level of sophistication. 2) Costs matter: Set a firm budget and focus on only needed functions. Also look into add-ons such as free trials, initial training and ongoing support. 3) If you haven’t already integrated your accounting software with other systems, doing so is advisable. We can provide further guidance.
Finding a 401(k) that’s right for your business
Ready to offer a 401(k) plan? Know your options: Traditional 401(k)s let employees contribute pretax dollars and give employers the option of matching contributions. But rigorous testing rules apply. Roth 401(k)s allow employees to contribute after-tax dollars and take tax-free withdrawals (subject to limitations). Safe harbor 401(k)s avoid strict testing but require certain employer contributions. Smaller businesses may offer SIMPLE 401(k)s, which are akin to safe harbor plans but have lower required employer contributions and employee contribution limits.
Do you know the ABCs of HSAs, FSAs and HRAs?
Do you know the ABCs of HSAs, FSAs and HRAs? The accounts in this “alphabet soup” offer tax-advantaged health care funding. If you have a qualified high-deductible health plan (HDHP), you can contribute to an HSA. It can grow tax-deferred similar to an IRA. An HDHP isn’t required for you to contribute to an FSA. What you don’t use by year end, you lose, but there are exceptions. An HRA also doesn’t require an HDHP, but only your employer can contribute. Any unused portion typically is carried forward. Questions about taxes and health care expenses? Contact us.
Choosing the best business entity structure post-TCJA
On the surface, the TCJA’s new, flat 21% income tax rate for C corporations may make choosing C corp structure for your business seem like a no-brainer. After all, 21% is much lower than the 37% top rate that applies to pass-through entities (such as partnerships and S corps). But C corps can still be subject to double taxation. And pass-through entity owners may be eligible for the TCJA’s new 20% qualified business income deduction. The best entity type for your business depends on its unique situation and your situation as an owner. Contact us to learn more.
How to Be Smart about Shaking Things Up
Does your organization need change, but you don’t know where to start? Here are some principles for heading down the turbulent path.
Do CFOs still need a CPA?
The nature of the healthcare C-suite is evolving and many financial executives are well-positioned to take over the CEO role
What hospitals in financial distress should do now to avoid closing down
Doing a full financial assessment is key to forecasting financial distress but there’s more to it than looking at cash flow ratios and profitability.
ACP calls for continued efforts in reducing excessive physician administrative burden
Nearly two-thirds of U.S. physicians report feeling burned-out, depressed or both, affecting their relationships with patients and colleagues.