October 20, 2016
Many businesses have no idea what is ahead as it relates to DOL enforcement and how the IRS will be involved. Some may have heard of ACA, but most know it as "Obamacare". Some have heard about new regulations on overtime, but have no idea that they are impacted. Most businesses know there are issues with contractor vs. employee rules, but have no idea of how it applies to them and that the cost of mistakes is growing and why it is a bigger enforcement issue now than in the past. All of these areas fall in the enforcement side of both the DOL and IRS.
It is much better to find out now and be proactive than to sit and wait for an action. We will host a presentation on October 27th to hear from Ross Carmichael with Higginbotham Insurance Group. Ross is a former DOL investigator and heads up Higginbotham's compliance team. We have worked with Ross and Higginbotham for a number of years and find them to be a great resource when it comes to employee benefits compliance. Just email us and we will send you more information on the presentation.
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
Unfortunately, cyber scammers never take a vacation. In fact, the IRS has issued a warning of a surge in fraudulent emails that bait potential phishing victims with fake tax transcripts. Links within these emails lead recipients to documents containing the well-known malware, Emotet.