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Category: General Business

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Selecting The Correct Tax Accounting Method For Your Business

The Tax Cuts and Jobs Act (TCJA) opened up the eligibility guidelines for using the cash method of accounting, making the cash method available to more businesses than was previously allowed. The IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under the TCJA. […]

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Save Money While Making Vendor Payments

Many manufacturing companies pay vendors with ACH payments. This process often involves entering the vendor bill and payment information in the accounting software package and then entering the payment at the bank. Finally, the vendors are notified which bills were paid and the amount of the payment. If there is a considerable volume of these […]

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Choosing The Best Business Entity Structure Post-TCJA

For tax years beginning in 2018 and beyond, the Tax Cuts and Jobs Act (TCJA) creates a flat 21% federal income tax rate for C corporations. Under prior law, C corporations were taxed at rates as high as 35%. The TCJA also reduces individual income tax rates, which apply to sole proprietorships and pass-through entities, […]

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Important Upcoming Deadlines For Businesses

Here are some of the key tax deadlines affecting businesses and other employers during the second quarter of 2018.  Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Please contact your Blue & Co., LLC tax advisor to make sure you’re meeting all applicable deadlines and […]

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2018 Retirement Plan Limits Update

For 2018, the Internal Revenue Service (IRS) increased several plan limitations to reflect cost of living adjustments. Below are some of these limits for 2018: Elective deferrals to 401(k), 403(b) and most 457 plans increased from $18,000 to $18,500 The defined contribution limit increased from $54,000 to $55,000 The defined benefit limit increased from $215,000 […]

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How Columbus Became The 14th Largest City And The Impact It Has On Your Business

Columbus is quickly becoming a force to be reckoned with when it comes to population growth. According to the United States Census Bureau, Columbus just surpassed Indianapolis as the 14th largest city in the U.S. and is officially the second-largest city in the Midwest. Since the 2010 census, Columbus (city limits only) has grown 9.3 […]

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Group Captive Insurance

In an environment of rising insurance costs, are you left to wondering why there doesn’t seem to be a direct correlation between your claims history and the premiums you pay? It’s not uncommon for businesses with little to no claims history to see double-digit increases in their insurance premiums year over year. In order to […]

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Top Six Accounting Errors Construction Companies Make

Financial statements are both a tool used to manage a business and a required deliverable for a lender or bonding company.  All construction company owners have to deal with them, and it is crucial for the individuals responsible for the final internal review to know what potential errors could be lurking. Here are six common […]

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Financial Planning: Helping You See the Big Picture

Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached. That’s where financial planning comes in. Financial planning is a process that can help you target your goals by […]

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2023 E/M Coding Changes You Need to Know from the Physician Fee Schedule Final Ruling

New rules for reporting evaluation and management (E/M) services in most places of service took effect January 1, 2023. The coding and documentation revisions, adopted by the American Medical Association’s CPT Editorial Panel and approved by the Centers for Medicare and Medicaid Services (CMS), substantially simplify code selection and documentation. Effective January 1st, E/M services […]

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Consolidated Appropriations Act of 2023 Changes Impacting Rural Health Clinics

The Consolidated Appropriations Act of 2023, also known as the “Omnibus” package, was signed into law by President Biden on December 29, 2022. Rural Health Clinics (RHCs) need to be aware of some of the changes that will impact them including new grant opportunities and behavioral health provisions. Opportunities for Rural Health Clinics from the […]

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someone handing car keys to another person personal use of auto

The Importance of Personal vs. Business Use of Auto

By Pam Swartout, Manager and Jacoby Shade, Staff Accountant at Blue & Co. Many business owners provide a company vehicle to their employees as part of their employment. This is a company benefit that has tax implications and is extremely important for both the employer and employee to understand these implications. Employers can deduct only […]

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