Category Archives: Education

Education, IRS, Tips

IRS Webinar on Affordable Care Act Provisions for Employers

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Small business employers — I can’t encourage you strongly enough to attend one of the upcoming IRS webinars on provisions in the Affordable Care Act (ACA) that apply to YOU.  It’s not enough to presume your accountant or HR consultant will reach out and hold your hand through this process… you need to take charge and get educated about what expectations your employees and the IRS will have of you, and how to meet those requirements.  It only takes an-hour-and-a-half, and you’ll be a better employer and business owner for it.  Aug 20, 1–2:30 pm and Sep 16, 1:30–3 pm.

Source: Webinar Series offered on Affordable Care Act Provisions for Employers and Coverage Providers

Education, Site News

Speaking 8/4 at the NSAC Annual Conference in Denver, CO

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I’m only half-a-day into the annual NSAC Conference and am yet again inspired to spread the word about how cooperatives are so well-suited to allow for positive change in our world.  By eliminating the traditional shareholder/investor structure and replacing it with the role of servicing members/owners — giving them an active voice in governance and focusing on their needs — we encourage workers and stakeholders to participate in a democratic process that creates a sense pride to all involved.

I’ll be speaking tomorrow at 1:15 pm, along with Pat Sterner from NCBA and Phil Miller from NSAC, on the topic of cooperative types that are less familiar to NSAC members: grocery co-ops, housing co-ops, daycare co-ops, and worker co-ops, as well as healthcare co-ops and buying/sharing clubs.  If you’re in the Denver area or are already attending the conference, I’d love for you to join us.

I met two great speakers today, Adam Schwartz, founder of The Cooperative Way (favorite quote of the day: “If you’ve seen one co-op… you’ve seen one co-op.”), and also a part of the CDS Consulting Co-op; as well as Vern Dosch, of the National Information Solutions Cooperative, and author of “Wired Differently” — an inspiring book about leadership through service, and how to attract and retain talented employees with a positive company culture.

If you’re not familiar with cooperatives, or even if you are, but need reminding about why they’re so special, let me share with you the seven principles all cooperatives hold dear.  They were summarized in so many different ways this morning, including Helen Keller’s great quote: “Alone we can do so little; together we can do so much.”

1) Voluntary, Open Ownership: Cooperatives are voluntary organizations, open to all people able to use its services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
2) Democratic Owner Control: Cooperatives are democratic organizations controlled by their members—those who buy the goods or use the services of the cooperative—who actively participate in setting policies and making decisions.
3) Owner Economic Participation: Members contribute equally to, and democratically control, the capital of the cooperative. This benefits members in proportion to the business they conduct with the cooperative rather than on the capital invested.
4) Autonomy And Independence: Cooperatives are autonomous, self-help organizations controlled by their members. If the co-op enters into agreements with other organizations or raises capital from external sources, it is done so based on terms that ensure democratic control by the members and maintains the cooperative’s autonomy.
5) Education, Training And Information: Cooperatives provide education and training for members, elected representatives, managers and employees so they can contribute effectively to the development of their cooperative. Members also inform the general public about the nature and benefits of cooperatives.
6) Cooperation Among Cooperatives: Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
7) Concern For The Community: While focusing on member needs, cooperatives work for the sustainable development of communities through policies and programs accepted by the members.

Hope to see you in Denver.  Give me a shout-out on the 2015 TFACC app if you’re here!  If not, let’s plan ahead for the upcoming NCBA Co-operative Professionals Conference this November 9-11 in Minneapolis, MN.  I’m co-chairing the Co-ops 101 Pre-Conference and would love to see lots of attendance by accountants who wish to expand their services to include co-ops.

Education, IRS, Tips

IRS Webinars for Small Businesses

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Did you know the IRS offers free webinars for small business owners?  From topics as diverse as the ACA to disaster recovery to tangible property regulations, I recommend to many of my clients that they bookmark the site and check back regularly to see what new topics are being offered.

Check it out here: Webinars for Small Businesses

Spread the word — why?  Because educated clients are more likely to run successful businesses.

Education

Chicago Seminar: Developments in Workplace Law and Practice 2015

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My friend and client’s law firm is giving what looks to be a great seminar on employer/employee labor law from 8-11:30 am on June 4th at 190 South LaSalle, in the Library. Please pass this along to any employers or HR folks you know who might benefit.

Topics include:

– Affordable Care Act (“ACA”) for 2015 and Beyond
– Important Updates for Employee Conduct Rules and Employee Handbooks
– Would Your Company Be Ready for a Union Election in Less Than Two Weeks?
– What’s New for Illinois Employers in 2015?
– Cybersecurity, Breaches and Everything in Between: What Employers Need to Know to Avoid Becoming Target, Home Depot or Anthem
– Immigration Compliance Update

ABOUT THE PROGRAM
Duane Morris’ annual Developments in the Workplace Law and Practice seminar series provides our clients and friends with a comprehensive update of important employment, labor relations, benefits and immigration law developments over the past year, as well as imminent changes that may seriously impact their businesses. Emphasis is placed on understanding the practical implications of these developments and the key strategies that immediately can be implemented to deal with them efficiently and effectively.
Join Neville Bilimoria, Lawrence Davidson, Bruce Kasten, Jennifer Long and Lisa Spiegel, who will discuss the following topics:
Affordable Care Act (“ACA”) for 2015 and Beyond
Learn what actions employers should take if the ACA subsidies are disallowed by the U.S. Supreme Court.
Hear the latest developments for benefits rules applicable to same-sex spouses.
Important Updates for Employee Conduct Rules and Employee Handbooks
Learn why the NLRB thinks your work conduct rules and employee handbook policies violate the NLRA and what you should do about it.
Would Your Company Be Ready for a Union Election in Less Than Two Weeks?
Find out what to do now to be prepared under the new NLRB “ambush” election rules.
What’s New for Illinois Employers in 2015?
Learn the latest legal developments on an employer’s obligation to reasonably accommodate an employee’s pregnancy, childbirth or related condition(s), and how to respond to requests for accommodation and leaves of absence.
Find out whether your applications and hiring process satisfy new state law requirements that “ban the box” for criminal conviction inquiries.
Cybersecurity, Breaches and Everything in Between: What Employers Need to Know to Avoid Becoming Target, Home Depot or Anthem
Learn how to avoid and manage breaches in privacy and security and how HIPAA privacy and security rules may affect you and your company, even if you are not a healthcare provider. These rules carry stiff penalties and enforcement actions that will take your breath away.
Immigration Compliance Update
Hear about the latest developments and trends in I-9 and work visa compliance, including what triggers immigration investigations by the USCIS, DHS, DOL, DOJ and SEC. This session will also explore best practices for avoiding and responding to immigration audits and investigations.

Source: Duane Morris LLP – Developments in Workplace Law and Practice 2015

Education, IRS, Tips

Small Business Health Insurance Credit ONLY Available to “SHOP” Participants

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(Inspiration for this post: I just met my FOURTH health insurance agent that did not enroll their small business employer client in a SHOP Marketplace plan. And this client is a not-for-profit that was counting on the credit.  It’s thus far been one of my major sources of stress this tax season.)

PUBLIC SERVICE ANNOUNCEMENT — The small business health insurance credit is ONLY available in 2014 & 2015 IF the small business buys employee health insurance through SHOP. Please check with your agent for 2015 to avoid any unpleasant surprises.

See if you qualify to purchase insurance through SHOP, here:
https://www.healthcare.gov/small-businesses/provide-shop-coverage/qualify-for-shop-marketplace/

We’re talking about a 35-50% credit for what you paid for employee health insurance. Insurance agents are often not doing this on behalf of clients; be proactive. And please spread the word to your small-business-owner friends:  https://www.healthcare.gov/small-businesses/provide-shop-coverage/shop-marketplace-overview/ .

Also — The U.S. Small Business Administration has numerous articles and webinars on the Affordable Care Act for small business owners.  A great resource for non-tax-professionals.  More SBA resources and a link to an archived audio recording on the topic, here: https://www.sba.gov/content/affordable-care-act-training-materials .

It breaks my heart when I have to tell small business owners that they don’t qualify; then they put me in touch with their agent, who acts defensively and tells me to stop telling them how to do their job, instead of a being a partner to their client.  All I’m saying is I’ve seen it too many times and I’m not arguing with any more brokers.  I’m just sending them to this post.

For the record, I understand that there are other reasons than a tax credit to choose a particular health insurance plan, and that’s fine — if the client is informed that they will not qualify for the credit, and chooses to get a non-SHOP plan for other reasons, that’s fine by me.  But they need to know what they’re giving up to do it.

Education, QuickBooks Software

QuickBooks Accounting Virtual Conference: May 19-20

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The agenda is up and registration is open.  Another announcement about one of the other big QuickBooks conferences of the year — this one entirely free and virtual.  Offered by the same company that puts on Scaling New Heights, the biggest QuickBooks training event of the year.  See more on these and other annual conferences in an earlier blog post of mine.

QuickBooks Accounting Virtual Conference – May 19- 20 – intuitiveaccountant.com.

Education, POS - Point of Sale, QuickBooks Software, Software

Scaling New Heights 2015 Keynote Speakers Announced

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The keynote speakers for June’s big Intuit education conference in New Orleans, Scaling New Heights, have been announced, and schedules and track listings are now updated.

In case you’re not sure what this conference is all about, please see my blog post on QuickBooks-related training from a couple months ago.  This conference is one of the biggies!

Scaling New Heights 2015 Keynote Speakers Announced – intuitiveaccountant.com.

Education, IRS, Tips

S-Corp Accountable Plans

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UPDATE 2/25/17 — please don’t confuse partnerships with S-Corps.  The home office deduction for partnerships is completely different than what I’ve outlined below.  There’s a fabulous blog post about partnership home office deductions here, by an excellent CPA firm in Oregon.

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As you may know, many small businesses take a “home office deduction” on their personal return.  But that doesn’t include S-Corp shareholders.  Those business owners cannot take the home office deduction because they are considered employees of the business, as well as owners, and as such, they would be restricted under the same “2% of AGI” floor that regular employees are when they try to deduct unreimbursed employee expenses.

They also aren’t allowed to charge themselves rent — or if they do, they can’t deduct expenses against it, making that arrangement costly.

However, they can get reimbursed by the S-Corp for their out-of-pocket expenses.  It’s called an “Accountable Plan”, and it’s really quite simple.  Just keep decent records — which you’d have to do if you were claiming the home office deduction anyway.  Substantiate the portion of the space used by your business, divide it by the total square footage, and there you have your business-use-percentage.  Now multiply that by the expenses related to running an office out of your home — keeping in mind that you have to follow the same rules as sole proprietors: the space has to be used BOTH regularly and exclusively for business.  I have a couple of clients who wrote up an accountable plan (stating that the company would reimburse the shareholder-employee for these substantiated home office expenses) and attached a floor plan of the office space as further support for which portion is personal and which is business-use.  Nice touch.

I was really impressed by this lovely article that a CPA firm out in Colorado wrote on the topic, and they link to a “sample accountable plan reimbursement form” that’s quite nice (they even update it annually).  If you’re looking for a CPA in that area, I must say I was pretty impressed with their resources, offerings and pricing.

Pull Money Out of the S-Corp, Accountable Plan – Watson CPA Group- Tax KnowledgeBase and FAQs.

Education, QuickBooks Software, Tips

Determine an Accurate Cash Position in QuickBooks – March 11 Webinar

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I just got word in the latest edition of the “Intuitive Accountant” newsletter (one of my favorite resources) of an upcoming webinar on how to determine an accurate cash position in QuickBooks.  It’s designed by QB ProAdvisors for QB consultants, but I think it looks like a good resource for any small business owner who has a hand in doing his/her own bookkeeping as well.

Not only do they plan to walk through common issues with figuring out how much cash is “in the bank”, and how to fix them, but they also will discuss “adjusting entries and other reporting options for income tax preparation and GAAP-compliant financial reporting”, making it a worthwhile investment of time for staff accountants and bookkeepers.

If you decide to register for and take the webinar, let me know in the comments how you liked it, what you learned, and what you’d recommend for improvements.

The webinar will be offered twice on the same day — March 11 — at noon and 5 pm Chicago-time.  Click here for more information and to register:  Determine an Accurate Cash Position in QuickBooks – intuitiveaccountant.com.

Education, QuickBooks Software, Site News, Software

Best QuickBooks Conferences of 2015

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I was chatting with my staff accountant the other day about her education and training goals for 2015, and she said she was actually more enthusiastic about QuickBooks-oriented training than tax-, technology- or industry-related conferences (which are my personal favorite topics).  That got me started looking into the “best” QuickBooks events of the upcoming year.  I’m sharing my research here but would love to hear any additional feedback from readers.

It seems there are three “biggies” in the specific world of QuickBooks: 1) QuickBooks Connect (a newcomer to the scene as of last year, but apparently big and beautiful), 2) Scaling New Heights (previously the star in the category), and 3) QuickBooks VCon (an entirely virtual conference, making it the obvious choice for the cash- or time-strapped).  Other resources are the annual Sleeter Group Accounting Technology Conference, which is not QuickBooks-specific, but does have many seminars on QB-related topics, including third-party add-ons, and the regular traveling schedule or online resources of QuickBooks ProAdvisor Program certification classes in both QB Desktop and Online, as well as POS, and

1) QuickBooks Connect — this conference had its inaugural year in 2014 and was apparently a big success.  See their “highlights” video here.

Personally, I’m not into the big-name inspirational speakers, concerts, and social “bonding” among new colleagues — but the actual list of workshops, panels, seminars and presentations was pretty darned impressive, with an optional pre-conference during which professionals could take certification classes and exams.

It’s slated for Nov 2-4, 2015 in San Jose.

2) Scaling New Heights — presented by Woodard Events, but contracted out by Intuit, this was until recently the “go-to” conference for QuickBooks users and professionals.  I’m uncertain as to how it’s different from QB Connect (New Orleans vs. San Jose, or is there more to it?), except that the sheer number and variety of workshops is mind-boggling.  The schedule and session description brochure was just released, and it’s wonderfully overwhelming.  (As a related aside, they also offer a series of free webinars with Intuitive Accountant, another favorite resource of mine.)

It’s slated for June 21-24, 2015 in New Orleans.

3) QuickBooks VCon – an entirely virtual conference sounds like an amazing way to save time and money… although also challenging if it is your main conference of the year, since it might be harder to convince yourself to maximize your time and attend all the sessions you can (when you could so easily be walking the dog or working on client projects instead).  That said, it’s put on by the same company that presents Scaling New Heights (above), is two-days long, and is Intuit’s single-largest event worldwide.

It’s slated for May 19-20, 2015.

4) Sleeter Group Accounting Technology Conference – not specifically QuickBooks-focused, but as one of the leading accounting software companies, there is a lot here to offer QB folks, not the least of which is exposure to third-party software add-on solutions and competing products (see my blog post).  PrintBoss even (mistakenly) refers to it as a “QuickBooks Conference” in their list of the best.

5) QuickBooks ProAdvisor Program – this is the place to go to find out about resources for certification, training, software, discounts, local advisor listings, support and more.  It’s free for QB Online consultants, although there is a charge for QB Desktop consultants (yet another indication that Intuit is encouraging folks to move into the cloud).

Not a QuickBooks consultant, but you use the program regularly in your job or in running your own business, or you’re applying for a job where they want proof that you know the software?  There’s a certification available for you, too: QuickBooks Certified User.

Other favorite QuickBooks training resources?  Please share in the comments below.