Author Archives: compacct

Don’t Fall for Phony IRS Websites

The Internal Revenue Service is issuing a warning about a new tax scam that uses a website that mimics the IRS e-Services online registration page.

The actual IRS e-Services page offers web-based products for tax preparers, not the general public. The phony web page looks almost identical to the real one.

The IRS gets many reports of fake websites like this. Criminals use these sites to lure people into providing personal and financial information that may be used to steal the victim’s money or identity.

The address of the official IRS website is www.irs.gov. Don’t be misled by sites claiming to be the IRS but ending in .com, .net, .org or other designations instead of .gov.

If you find a suspicious website that claims to be the IRS, send the site’s URL by email to phishing@irs.gov. Use the subject line, ‘Suspicious website’.

Be aware that the IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels.

If you get an unsolicited email that appears to be from the IRS, report it by sending it to phishing@irs.gov.

The IRS has information at www.irs.gov that can help you protect yourself from tax scams of all kinds. Search the site using the term “phishing.”

Links:

IRS YouTube Videos:

IRS Podcasts:

Michigan Unclaimed Property Voluntary Disclosure

Michigan Unclaimed Property Voluntary Disclosure You may have received a notice about filing your unclaimed property (form 4869 or reporting form 4305). Here is a link for more information: http://www.michigan.gov/treasury/0,1607,7-121-44435-5585–,00.html.

Search this online database to find your Articles of Organization/Incorporation or check for availability.

Health Insurance Credits for Small Businesses

As a small busines owner you may have heard about the Small Employer Health Insurance Credit that is in effect through 2013.  Beginning in 2010, and continuing through 2013, employers that are eligible (small), can claim a 35% tax credit (25% for tax-exempt) for premiums it pays toward health coverage for their employees. Included in the health care reform signed by President Obama on March 23, the employer health insurance credit is meant to entice small business employers to offer first time health insurance or maintain their existing.

Basic Requirements for the Small Employer Health Care Credit

  • Employer has fewer than 25 full time employee equivalents (FTEs)
  • Employer is not a member of a controlled group with more than 25 FTEs
  • Average annual wages for FTEs do not exceed $50,000
  • Employer pays more than 50% of single coverage health insurance premium

For a little more information view this Health Care Tax Credit PDF Excerpt from the Health Care Reform.

Here are some more things we’ve learned concerning President Obama’s Health Care Reform that may affect your small business.

If you are in the 50 or more full time employee category, you have to offer company insurance. You don’t necessarily have to pay for it though.  The cost of the insurance to the employee cannot exceed 9.5% of the employee’s household income and the insurance must cover at least 60% of medical expenses to be qualifying insurance.   If you don’t offer qualifying insurance and an employee goes through a state exchange and receives tax credits to help with their payments, a penalty is assessed to the company of $2,000 per employee excluding the first 30 employees.  So if you had 50 employees the penalty would be $2,000 on 20 employees.

As with everything else you read, this is just a small part of a very big picture. Feel free to contact us to discuss this and other questions regarding tax and finance for your small business.

Michigan Tax Changes Information

On May 25, 2011, Governor Rick Snyder signed legislation restructuring Michigan’s tax structure.  This new legislation will take effect on January 1, 2012 and does not apply to or otherwise impact 2011 tax returns that are due in 2012.  Instead, the first returns that are affected by this legislation are those returns that are due in 2013.

Overview information on how the changes affect the various taxes is located below.  More detailed information will be made available as it’s developed.

Learn More >