Habif, Arogeti & Wynne, LLP Continues to Grow; Expands Accounting Resources and International Practice

Habif, Arogeti & Wynne, LLP, the largest Georgia-headquartered tax, accounting and business advisory firm, announced today that Ramon Scheffer has joined the Firm as Director of Financial Reporting Advisory Services.

http://www.prweb.com/releases/2013/7/prweb10937098.htm

What’s the top trend, opportunity and threat facing food manufacturers today?

 

What’s the top trend, opportunity and threat facing food manufacturers today? Check out Adam Beckerman’s latest article in Food Manufacturing to find out.

http://www.foodmanufacturing.com/articles/2013/07/top-trend-opportunity-threat-your-food-manufacturing-company-facing-today

www.hawcpa.com

Mitchell Kopelman Spotlight on Stock Options

Mitchell Kopelman is the partner in charge of HA&W’s technology & biosciences industry group as well as the partner in charge of the Firm’s tax practice.

In this video, Mitchell outlines and explores which stock option plan would be most beneficial for your company.

www.hawcpa.com

Employers given another year to get into compliance with the health care act’s “play or pay” provision

The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” was scheduled to take effect January 1, 2014. But on July 2, the U.S. Treasury announced that the effective date would be delayed one year, to January 1st, 2015. IRS guidance will be issued providing more details and perhaps additional charges.

The original provision:

• In some cases imposes nondeductible penalties (generally $2,000 per full-time employee) on “large employers” that don’t offer coverage that is “unaffordable” or that doesn’t provide “minimum value,” and
• Defines a “large employer” as one with at least 50 full-time employees, or a combination of full-time and part-time employees that’s “equivalent” to at least 50 full-time employees.

The rules are complex, and the new IRS guidance is expected to clarify – and perhaps simplify – them.

Please contact kayla.payne@hawcpa.com to keep you in touch with the latest information and to determine how your company can be affected.

City of Atlanta Issues Business Tax Amnesty Program

Until June 30, 2013, businesses that have not filed an Atlanta business license are able to register with impunity.

Atlanta’s Mayor, Kasim Reed, issued a release yesterday reminding Atlanta’s businesses that they have until June 30th to file a business license.

By filing the license before the amnesty deadline, businesses are able to avoid stiff penalties and fines.

The financial impact of remaining unregistered is a 10 percent “Failure to Pay,” a 1.5 percent monthly accrued interest, and a $500 “Failure to File” per year.

Penalties, late fees and interest will be reinstated on Monday, July 1st.

If your business had offices inside Atlanta’s city limits and your business is unregistered, you can go to this website and complete the application.

Additional information about the Atlanta Business License Tax can be found here.

If you have questions, please contact John Corn at john.corn@hawcpa.com or 770-353-3156.

www.hawcpa.com

 

GSC Packaging named ACG Atlanta’s Middle-Market Fastest Growing Company

HA&W client, GSC Packaging, was named ACG Atlanta’s Middle-Market Fastest Growing Company last week.

Congratulations to GSC Packaging!

And congratulations to all of the HA&W clients that were honored at the event.

831(b) Small Captive Insurance Companies for the Tax Professional

Join HA&W and CPA Academy to learn how to save money and reduce risks that could drain profits from you, or your clients’, businesses through the implementation of a captive insurance company.

831(b) Small Captive Insurance Companies for the Tax Professional
June 18, 2013
4 P.M. EST

Presented by:
Robert Greenberger, CPA, Partner at HA&W
Angela Dotson, CPA, Partner at HA&W
Seth Peabody, CPA, Senior Manager at HA&W

To register for this webinar, go to:
http://www.cpaacademy.org/webinars/a0DC000000N9jheMAB

CPE Credit is Available for CPAs.

Who should attend this webinar?
This live webinar is designed for CPAs who manage small to mid-sized practices. This course is particularly beneficial to CPAs, tax and estate planning attorneys and other professionals who advise clients on tax, insurance and estate planning, and other wealth management matters.

www.hawcpa.com

The new 0.9% Medicare tax: Watch out for withholding issues

Under the health care act, starting in 2013, taxpayers with earned income over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) must pay an additional 0.9% Medicare tax on the excess earnings. Employers are required to withhold the tax beginning in the pay period in which wages exceed $200,000 for the calendar year – without regard to the employee’s filing status or income from other sources.

So, it’s possible your employer:

Will withhold the tax even though you aren’t liable for it. You can’t ask your employer to stop withholding the tax, but you can claim a credit on your income tax return.

Won’t withhold the tax even though you are liable for it. You may use Form W-4 to request additional income tax withholding to cover your liability and avoid interest and penalties.

If you have questions about how withholding issues related to the new 0.9% Medicare tax might affect you, please contact kayla.payne@hawcpa.com to put you in touch with one of our tax professionals.

www.hawcpa.com

Tax Consequences to consider before putting your home on the market

 

When you sell your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain if you meet certain tests.

Gain that qualifies for exclusion also is excluded from the new 3.8% Medicare contribution tax.

Losses on the sale of your home aren’t deductible. But if part of it is rented or used exclusively for your business, the loss attributable to that portion is deductible, subject to various limitations.

Because a second home is ineligible for the gain exclusion, consider converting it to rental use before selling. It can be considered a business asset, and you may be able to defer tax on any gains through an installment sale or a Section 1031 exchange. Or you may be able to deduct a loss, but only to the extent attributable to a decline in value after the conversion.

If you’re thinking about putting your home on the market, please contact us at kayla.payne@hawcpa.com to learn more about the potential tax consequences of a sale.

HA&W Hosts International Gala

HA&W unites Atlanta’s international business community at the Firm’s annual International Gala for networking and live cultural entertainment.

This year’s event boasted nearly 150 members of Atlanta’s international community.

Click the link below to view photos from the event:

http://www.globalatlanta.com/gallery/home/16/accounting-firm-holds-international-gala/