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J.K. Lasser's Small Business Taxes 2016

This is my perennial tax book. I know it's not a page turner like The Survivor (currently #1 on the New York Times best seller list) or Life and Other Near-Death Experiences (currently #1 on Amazon's best seller list), but I'm proud to say it's the 22nd year of the original publication, and it's all new for 2015 returns and year-round tax planning.

I've decided to write my own book review to explain the purpose of the book, what's new, and what's ahead.

 
Employees Are Your Greatest Asset

Some companies look upon their staff as an expense, with costs that must be met for wages, benefits, and employment taxes. These companies don't always treat their workers well, using layoffs as the first action in cost cutting to boost the bottom line. As a result, they don't reap the rewards of having an inspired and dedicated staff.

 

 

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Do We Need a National Disaster Tax Relief Act?

Looking at pictures of the floods in Charleston, SC, and elsewhere earlier this
month made me think about my horrendous experience in Super Storm Sandy several years ago. Individuals and businesses in these and other disasters experience devastating losses that are not fully or even partially covered by insurance. Tax rules can be helpful in creating savings which can then be used to rebuild.
  
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Telehealth and Your Business

It's no news to you that your company's health care costs are rising. Premiums for 2016 are expected to rise by 5% to 8%, with some plans increasing by double digits. Shopping for new plans, reducing coverage (without triggering any ACA penalties), and shifting more costs to employees are some of the ways to hold the line on company costs.
NOLs: Waive the Carryback?

If your business sustains losses, you may be eligible for a net operating loss (NOL). In most cases, the NOL is carried back automatically for two years and, if not used up, forward for up to 20 years. However, you can opt to waive the carryback and simply carry it forward through the 20-year period until you exhaust it.
 
Applicable Large Employers: Are You One and What You Must Do?

As we move into the health insurance renewal and enrollment season, make sure you know where you stand. Under the Affordable Care Act, employers with 50 to 99 employees must offer affordable coverage in 2016 or face a penalty (larger companies had to do this starting this year). The rules for determining whether you are such an employer and the type of coverage that must be offered to avoid a penalty are complicated.
Accounting for T&E Expenses

Most small businesses incur travel and entertainment costs. They travel to see vendors, attend trade shows, and meet with customers and clients. If you are like most small businesses, you usually reimburse employees for such costs incurred on behalf of your company. This can be a costly hassle if you don't take advantage of certain breaks in the tax law.

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Special Tax Concerns for Cash Businesses

Many small businesses do some or all of their transactions in cash. This raises some special issues and concerns. Technically, being paid in cash doesn't make a difference in terms of income taxes; cash transactions are reported as any transactions by check, credit card, or electronic transfer. However, there are some unique issues that those operating "cash intensive businesses" should be aware of.

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Fixing Compensation Packages in Light of Audit Technique Guides

Compensation today is more complicated than in the past. It's no longer confined to a paycheck and a fringe benefit or two. Today, employers seeking to attract and retain the best talent, craft arrangements to minimize income taxes for employees while saving on employment taxes to the extent allowed by law. To further complicate matters, what is desirable from an employee perspective and what can be done from a tax perspective keep changing.
 
Setting Your Staff's Compensation for 2016

Now that we're in the fourth quarter of the year, it's time to plan ahead for 2016. Here are some factors to take into account when budgeting for payroll for next year.
Being the Administrator of Your Company's Retirement Plan -- What you Need to Know

In small businesses, it is common practice for owners to be the administrators of their 401(k) or other qualified retirement plans. What does this role mean for owners in light of long-standing laws and some recent developments?
5 Things to Do Before You Retire

Small business owners focus most of their energies on starting, running, and growing their businesses. Some do not plan to retire, but others assume that at some point they will retire ... and of course, they will die. Unfortunately, according to a MassMutual study, nearly 40% of owners don't have a retirement income strategy ... here are 5 actions to take now.
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