Articles Tagged - insurance

Keep the Brews Flowing Without Affecting Cash Flow

By Wiss, Posted in Food & Beverage

Understanding the NJ Alcohol Tax By Paul Lembo You’ve perfected your batch. You’ve scouted your location. You’ve raised the capital. And now you are ready to venture into the wild, wonderful world of professional brewing. But before you make that first pour, make sure you understand the state tax laws that apply to your sales. In New Jersey, alcohol producers must pay not only state and federal taxes, but also an additional alcoholic beverage tax. These taxes can be significant, so it... read more.

FASB Issues Update for Nonprofit Organizations

By Wiss, Posted in Not For Profit

By Vanessa Munoz In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes.  Among these changes are how expenses are being reported.  Current Guidance When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.). However, voluntary health and welfare organizations are also required to present a statement of functional... read more.

How to Minimize Your Fiduciary Liability

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson Those with discretionary authority or administrative control over their organization’s retirement and 401(k) plan face significant risks. If fiduciaries make decisions that negatively affect plan participants or beneficiaries, they can be held personally liable for breaching their fiduciary duties, even if the action was unintentional. Although fiduciaries cannot entirely eliminate the risks associated with their role, there are several things they can do to protect themselves and... read more.

If You’re Self-Employed, You May Qualify for Insurance Deductions

By Wiss, Posted in Tax Advantages

For myriad professionals, becoming an entrepreneur can be a dream come true. Fortunately, health insurance deductions can make maintaining that dream much easier. The Self-Employed Health Insurance Tax Deduction within the Affordable Care Act can assist in lowering your adjust gross income by your payment quantity in premiums on dental, medical, and qualified long-term care insurance for you and your loved ones. For self-employers unable to access a partner’s insurance plan, taking on this career path... read more.

No Health Coverage? Be Prepared to Pay a Hefty Price

By Wiss, Posted in Tax Services

As of now, Obamacare’s individual mandate requests that you purchase health insurance. If you can afford the coverage and refuse to acquire it, a big fee could be headed your way. For the tax year of 2016, the Individual Shared Responsibility fine skyrocketed to 2.5 percent of an individual’s complete household adjusted gross income. However, for the new year and beyond, the amount will stay at 2.5 but the flat fee will be regulated for inflation. For each month you do not have coverage, you, yo... read more.