It goes without saying that reconciling your monthly benefit statements is important. Every company should have a clear and concise process in place to make sure this is done accurately and timely. Typically, a Billing Manager or billing department will manage and administer the overall business’s benefits reconciliation, but that person or department must rely on HR and sometimes even payroll to assist in this process. read more »
With the 2012 tax filing season behind us, it’s time to start thinking seriously about 2013 tax planning — especially if you’re a higher-income taxpayer, because you might be subject to one or more significant tax increases this year: read more »
The IRS recently released a proposed rule for loosening penalties on the health law's requirement for not-for-profit hospitals to submit a community health needs assessment, granting some waivers for minor infractions and giving hospitals a window of time to repay taxes if they don't meet stiffer criteria to keep their tax exemptions. read more »
Now that the 2012 tax return deadline is nearly upon us, if you haven't filed your return yet, you may be thinking about an extension. This allows you to delay filing your return until the applicable extension deadline: read more »
On March 20, the IRS issued guidance providing penalty relief to both individual and business taxpayers who file for an extension of their 2012 tax return and ultimately owe additional tax — but only if they meet certain criteria. First, the reason for filing for the extension must be that the taxpayer’s 2012 return involved forms whose publication was delayed because of the American Taxpayer Relief Act of 2012 (ATRA), signed into law Jan. 2. read more »
Generally, you’ll need to file a gift tax return for 2012 if, during the tax year, you made gifts: read more »
We talk a lot about the security industry and our experiences here at the LBMC security blog, but I wanted to step back and write a little bit about my experience as a team member of the LBMC Risk Services department. When I was interested in joining LBMC there were a few questions I wasn’t able to get answered. The problem wasn’t that I didn’t ask—the problem was that I would have been skeptical of any answer. I’m talking about questions like, “What is the pace of the job? read more »
The deadline for 2012 IRA contributions is April 15, 2013. The limit for total contributions to all IRAs generally is $5,000 ($6,000 if you were age 50 or older on Dec. 31, 2012). Any unused limit can’t be carried forward to make larger contributions in future years.
So if you haven’t already maxed out your 2012 limit, consider taking advantage of one of these three contribution options by April 15: read more »
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities deduction,” is 9% of the lesser of qualified production activities income or taxable income. The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts. read more »
Many firms have adopted Direct Deposit in recent years, and several others are considering it. In addition to being more efficient and economical than issuing paper checks, direct deposit helps fight payroll fraud.
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