We are nearing the end of tax season, and one recent tax change could impact your business' bank account sooner than you think. In 2014, Massachusetts enacted a supplemental tax called the Employer Medical Assistance Contribution (EMAC), which is used to fund health insurance programs in the Commonwealth. In 2017, an Act Further Regulating Employer Contributions to Health Care was passed, temporarily changing the existing EMAC, creating a temporary supplemental contribution, and modifying the unemployment insurance rate schedule.
I’ve helped countless business owners sell their businesses over the years. On the other side of the spectrum, I’ve also helped business owners expand their businesses through mergers and acquisitions (M+A). The benefits that can come from M+A are numerous.
Below, I’ve outlined some of the top reasons our clients have decided to merge with or acquire a new business:
On March 1, 2018, President Trump announced that the US plans to impose tariffs on steel and aluminum imports. Markets around the world were shocked by the news, with major US indices declining more than 1% just when it looked like they were recovering from the February downturn. Why did markets react so strongly? Is this a more serious threat going forward? In a word, yes.
One of the questions that we get most often from our clients is, "What documents do I need to keep in regards to my taxes, and for how long?"
Of course, every situation is different, and your CPA can help you determine what you should keep based on your specific needs. However, there are a few general guidelines you can follow:
Due diligence is a vital step in the process of acquiring a business. As a buyer, you’ll want to ensure that you know exactly what you’re purchasing prior to agreeing to the transaction—this not only includes assets and future sales forecasts, but also liabilities, contracts, employee agreements, litigation risks, intellectual property, and much more.
By doing your homework in advance, you’ll not only be prepared to deal with any potential issues, you will also have a better sense of the value of the company you’re hoping to purchase. Your due diligence will vary depending on the type of company you’re purchasing, and the type of industry you’re in, but in general, here are some of the key areas you’ll want to investigate:
Employee benefit plans have their own set of complex laws and regulations. But did you know that even small plans can be subject to audits?
Generally, if you have 100 eligible participants in your plan at the start of the year, your plan will require an audit. Note that this number includes all participants who are eligible—not just those who are enrolled.