Hoyman Dobson
E-ssentials Bulletin
Our newest profitability and wealth accumulation tips for our clients and contacts. Click on items of interest for more details on each topic.
Building Construction
 
 
When selling investment property, sometimes major expenditures, such as a new roof, an addition or remodeling can result in a quicker sale - perhaps at a higher selling price. On the other hand, if you don't expect the market to yield a price sufficient to recover the additional investment, you may be tempted to forgo the additional cost. But that decision could prove to be shortsighted. Keep in mind that the tax law may act to soften the blow of your pre-sale expenditures.
 
Family Business
 
 
You are a manager. There are other managers - your peers, and perhaps even your relatives - with whom you do not get along. You may view them as "difficult." They may view you as difficult, too. But you have to work with them. What can you do to ease the conflict and improve cooperation?
 
General Business
 
 
Stress has been described as America's No. 1 health problem. Some studies suggest that 75 percent of all primary care physician visits are for stress-related problems. Today, concerns about the economy and national security weigh heavily on the minds of employees. While employers can do little to reduce these stressors, they can work to reduce job-related stress by focusing on the most frequent causes.
 
Manufacturing
 
 
Procurement fraud extends across many industries, and the types vary in sophistication. It arises from contract management and the outsourcing of goods and services. Identifying the risks of procurement fraud will aid in safeguarding your organization from falling victim.
 
Nonprofit Organizations
 
 
Street canvassing is a challenging form of fundraising, but when it works properly, it can bring financial, social and political benefits to a nonprofit organization. This kind of grassroots fundraising isn't for everyone, however, and nonprofits considering adding street canvassing to their arsenal need to analyze potential positives and negatives carefully.
 
Physician Services
 
 
Physicians need to act fast if they want to apply for up to $44,000 in federal subsidies available to those who can show meaningful use of certified electronic health records. The Centers for Medicare & Medicaid Services (CMS) released the final rule on July 13. To satisfy Stage 1's definition of meaningful use, physicians will need to show they have met the measures associated with 15 core objectives. They must also fulfill at least five of 10 additional objectives, the balance of which can be deferred to the following year. Eligible providers must meet all Stage 1 requirements by 2014 to receive payments. Those providers who do not meet meaningful use of EHRs by 2015 will face reduced Medicare payments under a 2009 American Recovery and Reinvestment Act penalty provision.
 
Wealth Advice and Financial Planning
 
 
Shopping online has many advantages, such as convenience and selection. But it also has its drawbacks. The anonymity of the Web can allow disreputable merchants to flourish until caught. Here are tips to help you take full advantage of your online shopping experience while avoiding scams.
 
Valuations
 
 
Business owners, appraisers, auditors, judges and other parties affected by appraisals sometimes have a lapse in judgment when considering "comps," guideline companies that have published valuation multiples. Any measurable differences between a subject company and its comps can be - and typically are - used to exclude transactions that would otherwise provide useful information. What are appropriate benchmarks for managing a private company and determining its value?
 
Washington Tax Update
 
 
 
 
 
 
 
 
Latest Business Headlines
 
CNNMoney
 
Reuters
 
Fox Business
 
New York Times
 
Wall Street Journal
 

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As you may have heard the Department of Labor (DOL) has mandated that your Form 5500s (Annual Return Employee Benefit Plan) are signed and electronically filed using the NEW ERISA Filing Acceptance System (EFAST2).


To comply, the Plan Sponsor will need "Filing Signer" credentials. DOL does not permit others to obtain the credentials on your behalf. To obtain the "Filing Signer" credentials, you must register on the DOL's website.


Who should get these signing credentials? An individual who is authorized to sign on behalf of the plan sponsor.


Attached are screenshots to help you through this process. The steps are outlined below:


1. Open your web browser and go to http://www.efast.dol.gov. Click "Register."


2. Read the privacy statement, check the box indicating that you have read the privacy statement, and then click "Accept Agreement."

 


3. Enter your name, address, phone number, email address and company name.


4. On the same page, select "Filing Signer" as the user type and click "Next."


5. Select a challenge question (e.g. place or date of birth), provide an answer and click "Next."


6. Verify the information is correct and click "Submit."


7. Click "OK."


8. DOL will then send an email to the address you provided. Note: this email should occur immediately. If you do not see the email within 5 minutes, you may want to check your "junk mail" folder.


KEEP GOING - You have not finished.


9. In the email, DOL will provide a link to receive your "Filing Signer" credentials. Note: this email includes a statement that as a part of the application, you agree not to share your credentials with anyone, including a commercial service provider.
 

10. When you click the link, you will be brought back to the DOL website to the "Register -- Challenge Question Verification" page. You will need to select and answer your challenge question (see step 5 above) and click "Next."


11. Read the PIN agreement. Check the box indicating that you have read the PIN agreement and then click box "Accept Agreement."

12. The DOL provides you with your User ID and PIN. It is strongly recommended that you print this page for your records. Click "Next."
13. You must create a password. The password will allow you to access your User ID and PIN. After entering and confirming your password, click "Save."


14. Your registration is COMPLETE!


Electronic filing credentials include a User ID, PIN, and a password. The User ID and PIN are used by the plan sponsor to electronically sign and file the Form 5500.


As preparer of the Form 5500, we will send you an email when your return is complete and ready for filing. This email will include a link to access and review the return. Once the return is reviewed, please print and sign a copy for your records.


You must obtain your filing credentials (per the above instructions) to file the return. We are recommending that more than one person with signing authority obtain credentials.


Click here to read the entire article.
 

Business Tips
 
Improving Business Operations - Revitalize aging products and services. For example, when people stopped baking, Arm & Hammer found other uses for baking soda, e.g., refrigerator, freezer, toilet, sink. What other uses can you find for your products or services? More reasons to buy mean more revenues for your company.
 
Wealth Tips
 
Your Investments - Be careful about putting too much into your employer's stock. Look at selling some of it to obtain greater diversity in your portfolio.
 
 

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The technical information in E-ssentials is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.
 
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