Basics on the Healthcare FSA Limit

Basics on the Healthcare FSA Limit

The Internal Revenue Service (IRS) has raised the limit on contributions to flexible spending accounts (FSAs) used to pay for healthcare expenses to $2,550 for 2015. Background A $2,500 limit, which became effective on January 1, 2013, was included in the Patient...
Judge Employees on Abilities, Not Disabilities

Judge Employees on Abilities, Not Disabilities

Just because someone has a disability or disabilities doesn’t mean they can’t perform a job. Don’t let stereotype-based assumptions enter into decisions about a person’s ability. Case #1 Akeena Solar, an alternative energy company, paid $30,000 to settle a...
Determining Asset Values in Acquisitions

Determining Asset Values in Acquisitions

When acquiring all or part of a company, the purchaser must follow guidelines laid out in Financial Accounting Standards Board Statement FAS 141R, Business Combinations regarding asset values. Specifically, FAS 141R requires that buyers recognize a target’s asset...
Tax Rates for Personal Service Corporations

Tax Rates for Personal Service Corporations

Personal service corporations don’t benefit from the graduated rate structure that other corporations do. For corporations labeled as personal service corporations, the tax rate is a flat 35 percent.   Personal services include activities performed in the fields...
Use Financial Statements for Strategy

Use Financial Statements for Strategy

A financial statement should be a priority for every business, but some business owners neglect to keep up with this essential element of operating a business, which puts them at a major disadvantage. Financial statements enable business owners to evaluate the...