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February 2010
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Deduct donations now for Haiti relief
February 3rd, 2010Donations to charities providing earthquake relief in Haiti can be deducted on 2009 tax returns, according to the Internal Revenue Service.
Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, which was enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card.
January 2010
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IRS: If you don’t pay, you will pay
January 27th, 2010Taxpayers who do not file their return and pay their tax by the due date may have to pay a penalty. Here are seven things you should know about failure-to-file and failure-to-pay penalties.
December 2009
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R2D2 Protects Stores from Theft, Loss
December 22nd, 2009Restaurant owners cannot be in their stores every minute of every day keeping watch over the operations, but McDonald’s R2D2 technical support is the next best thing.
With R2D2, owner/operators can receive weekly reports that provide a daily summary of key events that occurred in the store.
“This report shows every keystroke, every reduction before sale, every [...]
September 2009
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Estate planning: Most vital gift of all
September 22nd, 2009Planning your estate is an important part of ensuring the financial security of your loved ones. One of the most common tools used in estate planning — and one that everyone should at least give careful consideration to — is a program of giving gifts.
Preparing for one’s death is not a pleasant task — which may account for why an estimated 70 percent of Americans don’t have wills — but it is critical to have an estate plan to ensure your assets are distributed according to your wishes. Furthermore, not having a will can subject your estate to unnecessary taxation and your heirs to undesired legal and financial entanglements.
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Next Generation Seminar
September 15th, 2009We are scheduling a 2nd session of the Next Generation class for anyone who is a participant (or considering being a participant) in the McDonald’s next generation program. We will review the next generation planning process; help you better understand your financial statements and your financial position; talk about how to set up an effective and efficient back office system; discuss options for business structure; and, cover some tax planning ideas.
August 2009
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McDonald’s Website Roadmap to Profitability Website Tools
August 19th, 2009We recently had the privilege of having Mr. Chuck Jaudes, Finance Manager – FFS Support Team, lead a training session on the update Roadmap to Profitability website tools. There is a wealth of valuable information on the website to help you make more money.
May 2009
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Now is the time to purchase fixed assets
May 8th, 2009Time has not yet run out on the opportunity to take advantage of the 50-percent first-year, or bonus, depreciation for most new MACRS property and certain leasehold improvements placed in service before Jan. 1, 2010. Please note that the payment date does not determine the date placed in service.
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Cafeteria plans good for employees, business
May 8th, 2009Some business owners may require their employees to pay, on an after-tax basis, a portion of the cost of their health insurance coverage under the company’s health insurance plans. If so, then we strongly recommend implementing a Cafeteria Benefit Plan. A cafeteria plan can be an important feature in your employee benefits package to help attract and retain employees as well as reducing your employer FICA liability.
April 2009
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‘Card check’ legislation: Boon for union, bust for business
April 6th, 2009The U.S. Senate is taking up the Employee Free Choice Act (H.R. 800/S. 1041), also known as “card check” legislation. The House of Representatives passed the bill already, but debate on the measure has been stalled in Senate. Card check legislation could significantly impact the ability of unions to organize companies. Recent reports state that key Democrats, who strongly favor the bill, are working to reopen the debate.
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IRS offers details on COBRA subsidy & payroll tax
April 6th, 2009The IRS has added to its Web site 18 new questions and answers to help explain how employers are to administer the COBRA continuation premium subsidy provided to former employees and their families under the American Recovery and Reinvestment Act of 2009. The IRS also offers some guidance how the premium subsidy impacts an employer’s payroll responsibilities.
March 2009
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We Have Redesigned our Website!
March 4th, 2009In an effort to improve our communications we have redesigned our website at: www.sparkmon.com. Our new site provides you with easier access to your areas of interest.
On the front page you will find links to our newsletters, a direct link to our client portal, and a link to an updated lender interest rate summary. These [...]
February 2009
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Above-the-line deduction for sales tax
February 20th, 2009Deduction for sales tax. –Purchasers of automobiles, motorcycles, and trucks with a gross vehicle weight of no more than 8,500 pounds, and motor homes, will be entitled to a deduction for state and local sales or excise taxes paid on purchases of such vehicles between the date of enactment and January 1, 2010 (¶230). The [...]
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Homebuyer Tax Credit
February 20th, 2009Homebuyer tax credit. Home sales are at record lows in most parts of the country. The new law extends and enhances a tax credit put in place last year to encourage home sales. The credit gives first-time homebuyers a temporary refundable tax credit equal to 10 percent of the purchase price of a home up [...]
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Economic Stimulus Bill Highlights
February 19th, 2009Since the inauguration of Barack Obama as our nation’s 44th president, everyone’s attention has been focused on what he and lawmakers in Congress will do to turn around the distressed U.S. economy. The daily drumbeat of bad economic news is drowning out almost everything else. Business owners know first hand the challenges of trying to increase sales in a slowing economy and at the same time avoid layoffs. Further complicating business is the issue of securing financing reinvestment such as CBB and restaurant acquisitions.
January 2009
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Be aware of Suspicious E-Mails
January 12th, 2009From IRS Tax Tips Newsletter TT-2009-06:
Be Aware of Suspicious E-MailsBe aware of e-mail scams that fraudulently use the IRS name or Logo as a lure. The goal of the scam is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers can use [...]
December 2008
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E-Verify way to check employee status
December 19th, 2008E-Verify is an Internet-based system operated by U.S. Citizenship and Immigration Services (USCIS) in partnership with the Social Security Administration (SSA), and is currently free to employers and is available in all 50 states. E-Verify provides an automated link to federal databases to help employers determine employment eligibility of new hires and the validity of [...]
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Card-check bill a threat to small business
December 19th, 2008Bo Bryant, Government Relations Director with McDonalds Corp., alerted operators in November about the potentially devastating card-check legislation at the Raleigh Region ROA in Charlotte, N.C. This proposal would eliminate the secret ballot employees currently enjoy when deciding whether to unionize. Doing so would make it shockingly easy for unions to organize your staff and [...]
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Are you backing up your data?
December 17th, 2008
It is very important that you consider a backup strategy that will protect your critical data in the event of an emergency.It is not uncommon that your computer stops working due to virus or hardware failure.If you have not been backing up your data your recovery times will be much longer than necessary.Consider the amount [...]
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Prove It…
December 15th, 2008Don’t forget to retain proper documentation for donations made to charity. IRS rules require tax filers submit receipts for any donations of $250 or more made throughout the year. Consider this case: The IRS denied the write-off of one couple who tithed to their church, writing 10 checks totaling more than $6,000, despite the fact [...]
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Bailout Law Extends Tax Breaks
December 15th, 2008The Emergency Economic Stabilization Act of 2008 — informally called the “bailout law” in the media — extends a wide variety of tax breaks that had expired after 2007. Generally, the extensions continue through 2009. There are several strategies that may provide benefits for taxpayers under the new law. For example:
Pay next semester’s tuition. Under [...]
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Current Tax News
Accounting and Tax news updated daily.