If your Property and Casualty Insurance is up for renewal, Rob’s comments can save you thousands of dollars. Be sure to listen carefully!
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Have you ever entertained the idea of having “Multiple Entities”, but never applied your thoughts into a real-time formula? Here are some ideas on what you can do and how it may change your perspective. Thanks for watching.
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If you are thinking about creating a partnership, you’ll definitely want to listen to Rob’s view on partnerships and partnership agreements. And, if you are already in a partnership, you will get some ideas on what to do and what to avoid. Thanks for watching!
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Navigating through todays tax environment takes the experience and expertise of top-notch tax professionals, who can help you, not only comply with increasingly complex regulations, but also help minimize their impact on your business. At Robert Rimberg & Associates, our tax experts have been serving clients in this way for more than 20 years. Constantly changing rules and procedures means having a team who knows you, your business and the tax implications that affect it.
Our seasoned professionals will tailor their approach to meet your specific needs, helping you to manage tax risk, control costs and reap maximum tax benefits. At Robert Rimberg & Associates we look at the ‘big picture’ so that you have the right strategies in place now…and for the future.
State and Local Taxes:
Nearly all business decisions made by companies with multi-state operations have state and local tax consequences. Most companies that answer yes to any of the following questions below need a state and local tax advisor.
With over 5,000 taxing jurisdictions, state and local taxes can become burdensome to even the simplest business organization. Although there are many bedrock principles to state and location taxation (e.g., nexus), most jurisdictions operate under their own set of guiding principles and constantly changing legislative mandates. Consequently, your tax advisor needs to be experienced and knowledgeable about the unique nature of state and local taxation.
Robert Rimberg recognizes the increasing burden of state and local taxes on our clients as most jurisdictions struggle to close budget deficits. Our State and Local Tax (”SALT”) Group specifically addresses the challenges of state and local taxes and can provide assistance with the following:
Nexus studies, which determine those jurisdictions where the company must file tax returns — whether income, franchise, sales and use, or other types of taxes
Net income and franchise tax apportionment issues, such as determining the proper manner in which to source sales, payroll and property to the various taxing jurisdictions
Sales and use taxes, such as providing taxability matrixes of sales and/or purchase transactions
Sales/use tax and property tax compliance and process review and improvement analysis
State income tax credits, such as credits for investing in certain equipment and/or increasing head count
Transactional advisory services, such as advising of the state tax consequences of purchasing or selling a business
Voluntary disclosure agreements, which is a means of settling past state and/or local tax exposures, with the most advantageous terms
Are you sure your tax adviser is providing the “State and Local Taxes” services you need? Can you afford not to be sure?
We’d love to add you to our list, where we send out bookkeeping and tax saving ideas as well as good business building practices. Just click here to sign up today.
First impression is essential - who is the first person your potential clients will speak to when they call your company? Are you losing money right from the start by the way in which customers are asked to communicate with your company? Listen to Rob’s ideas of the risk some businesses take by not thinking about that very important first contact.
We’d love to add you to our list, where we send out bookkeeping and tax saving ideas as well as good business building practices. Just click here to sign up today.
Don’t let this happen to you. Stories surface all the time of business owners being caught off guard by employee theft. Listen as Robert shares his system for preventing employee theft.
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When’s the best time to plan your exit strategy? The answer may surprise you. (And even if you don’t think you need one, watch anyway because you’ll get some new ideas.) In this very informative video, Robert discusses what situations call for an exit strategy, and how to get started with that important business process.
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Hey everyone, the summer is over and it’s time to redouble our efforts to make our businesses a huge success. I was with a potential client this week who owns a restaurant. He wanted to know if it’s ok to treat the busboys as independent contractors. The short answer- absolutely not!
IRS Summertime Tax Tip 2009-20
If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Further, it will affect how much additional cost your business must bear, what documents and information they must provide to you, and what tax documents you must give to them.
Here are the top ten things every business owner should know about hiring people as independent contractors versus hiring them as employees.
1. Three characteristics are used by the IRS to determine the relationship between businesses and workers: Behavioral Control, Financial Control, and the Type of Relationship.
2. Behavioral Control covers facts that show whether the business has a right to direct or control how the work is done through instructions, training or other means.
3. Financial Control covers facts that show whether the business has a right to direct or control the financial and business aspects of the worker’s job.
4. The Type of Relationship factor relates to how the workers and the business owner perceive their relationship.
5. If you have the right to control or direct not only what is to be done, but also how it is to be done, then your workers are most likely employees.
6. If you can direct or control only the result of the work done - and not the means and methods of accomplishing the result - then your workers are probably independent contractors.
7. Employers who misclassify workers as independent contractors can end up with substantial tax bills. Additionally, they can face penalties for failing to pay employment taxes and for failing to file required tax forms.
8. Workers can avoid higher tax bills and lost benefits if they know their proper status.
9. Both employers and workers can ask the IRS to make a determination on whether a specific individual is an independent contractor or an employee by filing a Form SS-8 – Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding – with the IRS.
10. You can learn more about the critical determination of a worker’s status as an Independent Contractor or Employee at IRS.gov by selecting the Small Business link. Additional resources include IRS Publication 15-A, Employer’s Supplemental Tax Guide, Publication 1779, Independent Contractor or Employee, and Publication 1976.
Do You Qualify for Relief under Section 530? These publications and Form SS-8 are available on the IRS Web site or by calling the IRS at 800-829-3676 (800-TAX-FORM).
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Great news on the retirement front! According to Fidelity Investments, managers of retirement savings plans for over 11.2 million workers, this quarter brought an increase in the amount of money people put into their 401(k) accounts for the first time in a year!
Workers raising the amount they placed into funds actually outnumbered those reducing contributions. This is a huge step in our economic recovery, and emphasizes the importance of maintaining equities. The average account balance rose 13.5 percent, which Fidelity attributes to both the rally on Wall Street and higher worker and employer contributions. It just goes to show that maintaining a long-term outlook will reward you in the end!
We’d love to add you to our list, where we send out bookkeeping and tax saving ideas as well as good business building practices. Just click here to sign up today.
I recently referred you to a great article by Joseph Grenny emphasizing the importance of understanding human behavior in order to influence and maintain the best management techniques. Well today, I found a new article calling for a “shift in our managerial paradigms” to a focus on individual behavior. Coincidence? I think not!
Aubrey C. Daniels, a PhD who works with organizations to apply the science of human behavior in their workplaces, declares that traditional management practices (i.e. layoffs, year-end bonuses, automatic pay raises, etc.) are more likely to reward employees’ bad habits and punish good behavior, often failing to lead to the desired result. Most of us, as business leaders, are trained in numbers and fail to utilize research in human behavior.
In a recent BusinessWeek article, Daniels is yet another consultant to express the necessity of understanding human behavior in order to change organizational behavior and succeed. As managers, we need to understand the basic principles of behavioral science and apply them in a skillful manner to realize the full potential of our employees.
The good news - in such economic and business distress, now can be the perfect opportunity for mangers to reform the way they run their organizations! Move away from old, traditional methods that waste money and time and start fresh to change the way you manage employee behavior and performance. As a start, check out Daniels’ slide show of the 13 universally used and ineffective management practices and how to change them!
We’d love to add you to our list, where we send out bookkeeping and tax saving ideas as well as good business building practices. Just click here to sign up today.
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