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by Gina Edwards, CPA Starting a new small business can be overwhelming and stressful.  With many Americans losing their jobs in this tough economy, it’s becoming more and more common for people to go after the American Dream of owning their own business.  The IRS recently published these Six Tax Tips for New Business Owners: First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole ... Read More

by Brent J. Taylor, CPA If you’re a shareholder in a closely held C Corporation, some of your tax rates related to your individual tax return are about to change starting in 2011.  If the company you are a shareholder in pays you a dividend this year, the maximum federal income tax rate will only be 15%, and the same 15% rate will apply to 2010 corporate payouts or stock sales that generate long-term capital gains.  However, the new rates in 2011 will mean both higher taxes on dividends and higher taxes on long-term capital gains.  The ... Read More

By Gina C. Edwards, CPA Has your business recently hired employees?  If so you may be able to claim a special credit on your next quarterly payroll return.  President Obama signed the Hiring Incentives to Restore Employment, or HIRE Act on March 18, 2010, and the second quarter payroll tax returns are the first opportunity to claim some of these new tax credits for businesses.  Here is a general overview… There are two new tax benefits available to employers who hire previously unemployed workers.  The “payroll tax exemption” ... Read More

by Brent J. Taylor, CPA During the past year there has been a large amount of regulation pushed through to help put an end to abusive practices by banks.  A few of these practices included excessive overdraft fees and raising interest rates on credit cards when a payment is late.  The new rules and regulations are going to take billions from the bank’s profits, but don’t think that these banks are going to be giving up all of those revenues that easily.  Many of these banks are currently experimenting with new ways to drive revenue ... Read More

In an effort to incentivize small businesses to offer employee health care or to continue it if they’ve already done so, federal tax credits may be available for 2010.  The credit can be as much as 35% of the company costs for health care premiums.  For some small businesses this could be thousands of dollars of tax savings realized in the next four years.  The tax credit is set to increase to as much as 50% by 2014. To qualify for the credit, a small business must have fewer than 25 full-time (or equivalent) employees, pay average wages ... Read More

What type of client are you? Edwards, Hayslett & Co., LLC helps all types of clients with Accounting, Tax, and Financial Services.  There are several services that EHC can provide that can ease the burden on business owners, but one of the main services that helps businesses is Outsourced Accounting Services.  Outsourced Accounting Services are a wonderful resource for businesses that are dealing with too much paperwork, too much overhead, not enough time and not enough expertise.  Does your business fall into one of these ... Read More

The IRS has finally released the new Form 5405 and taxpayers claiming the “First-Time Homebuyer” tax credit can now file for a refund.  However, the IRS released this Q&A on their website recently managing the expectations of these taxpayers and telling them they can file now but they will have to wait for the money: “Q. Do I have to wait to file my return? A. No. With the release of Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, and the related instructions, you can go ahead and file your 2009 tax ... Read More

The resignation of a controller can cause serious disruption within a golf course organization. Especially if the general manager isn’t up to speed on the accounting processes, software, network and payroll. Golf course owners need to have a backup plan in case this happens.. Edwards, Hayslett & Co., LLC is a CPA firm in Kansas City, MO that provides specialized accounting services to golf clubs. Their business is growing as Golf Course owners and their managers recognize the economic benefit of outsourcing accounting tasks as oppose to ... Read More

By Mary J Hayslett, CPA Partner Edwards, Hayslett & Co, LLC Parkville, MO   Asset protection takes on a different meaning when it comes to the elderly and disabled population. Sometimes an elderly or disabled loved one reaches a point in life where he or she is no longer able to make financial decisions in his or her best interests.  It may be that the spouse handling the financial affairs of the couple has passed away or become unable to continue. A patient with Alzheimer’s disease may become subject to fraud from unscrupulous ... Read More

The IRS has announced the 2010 standard mileage rates used to calculate deductible costs of operating a vehicle for business, charitable, medical or moving purposes. The following in an excerpt from www.irs.gov: “Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 50 cents per mile for business miles driven 16.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The new rates for business, medical and ... Read More