In This Issue
Review Your Business Health Insurance Reimbursements
Watch Out for Tax Consequences When Hiring Telecommuters Outside Your State.
What is the Accumulated Adjustments Account?
Keep Good Corporate Minutes.
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Review Your Business Health Insurance Reimbursements

You may have had other matters on your mind in February, when the IRS issued additional guidance for business health insurance. But you'll want to catch up with the clarifications published in Notice 2015-17. Why? Because you may need to make some changes to your health insurance reimbursement arrangement before July 1. That's when penalty relief provided by the...(Read More) 

Client Quotes
 
"Darla Colson and Gilbert Associates has been doing our taxes for almost 15 years.
There is no one
more skiilled, knowledgable, professional,nor perfectly suited for
the job, than she. "


- Scott & 

Risa Marshall 

 

 

"Outstanding professionalism. Inspires confidence and trust."

 

- Donald Clark


 
JUNE 2015
 

 

Are you aware of your responsibilities for business health insurance once Notice 2015-17 expires on June 30, 2015?  If you had other things on your mind in February when the IRS issued additional guidance for business health insurance, you will want to catch up now. There may be changes that you need to make to your health insurance reimbursement to avoid stiff penalties. 

 

Do you have employees that telecommute? Be sure to consider the potential tax implications when hiring someone from a different state. 

 

If you have questions, we have answers, give us a call and let us make sense of it all, so you can relax! 

 
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Watch Out for Tax Consequences When Hiring Telecommuters Outside Your State
 

If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to that state's income, sales and use, franchise, withholding, or unemployment taxes.

 

And the employee might be subject to double taxation if both states attempt to tax his or her income - the recent Supreme Court ruling in Comptroller of the State of Maryland v. Wynne addressed a similar issue...(Read More)

What is the Accumulated Adjustments Account? 


If you're the owner of a Subchapter S corporation, you're probably familiar with the accumulated adjustments account. The AAA is shown on the last page of Form 1120S and measures the amount of previously taxed but undistributed earnings of your corporation. The account is adjusted each year to reflect business activity such as current income and distributions.

 

Since the calculation of the AAA appears to be similar to the way you determine your basis in the corporation, you may think they are the same. But generally the two are very different...(Read More)

Keep Good Corporate Minutes 

  

An employee who is required to communicate with board members, take notes at board meetings, and compile corporate minutes may cringe at such a tedious and often thankless assignment.


But carefully prepared corporate minutes are valuable, even essential, in many circumstances. They can be used to convince state regulators that directors performed their fiduciary responsibilities with due care. During an audit, favorable tax treatment - including the deductibility of officer compensation and travel-related expenses...(Read More)