CPA Blog

Combine business travel and a family vacation without losing tax benefits

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Published: Friday, 10 June 2016 11:14

Written by Phillip Strickler, CPA.CITP

Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel.

Reasonable and necessary

Generally, if the primary purpose of your trip is business, expenses directly attributable to business will be deductible (or excludable from your taxable income if your employer is paying the expenses or reimbursing you through an accountable plan). Reasonable and necessary travel expenses generally include:

• Air, taxi and rail fares,
• Baggage handling,
• Car use or rental,
• Lodging,
• Meals, and
• Tips.

Expenses associated with taking extra days for sightseeing, relaxation or other personal activities generally aren’t deductible. Nor is the cost of your spouse or children traveling with you.

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How many employees does your business have for ACA purposes?

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Published: Friday, 03 June 2016 10:57

Written by Phillip Strickler, CPA.CITP

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated.

The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year doesn’t mean it won’t be the next year.

50 is the magic number

Your business is an ALE if you had an average of 50 or more full time employees — including full-time equivalent employees — during the prior calendar year. Therefore, you’ll count the number of full time employees you have during 2016 to determine if you’re an ALE for 2017.

Under the law, an ALE:

• Is subject to the employer shared responsibility provisions with their potential penalties, and
• Must comply with certain information reporting requirements.

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Strickler & Prieto, LLP Has Successful Review By Peers

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Published: Wednesday, 25 May 2016 09:54

Written by Phillip Strickler, CPA.CITP

Strickler & Prieto, LLP is pleased to announce that it has successfully completed a rigorous peer review of its accounting and auditing practice. The reviewer(s) concluded that the firm’s system of quality control for the accounting and auditing practice in effect for the year ended October 31, 2015, has been suitably designed and complied with to provide reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects.

Strickler & Prieto, LLP participates in the Peer Review Program, a practice monitoring program approved by the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPAs.  A firm participating in the Peer Review Program must have an independent review of its accounting and auditing practice every three years. The review was conducted under the auspices of the Texas Society of Certified Public Accountants following standards issued by the AICPA.

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How to retain your best employees to keep profitability strong

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Published: Tuesday, 24 May 2016 08:44

Written by Phillip Strickler, CPA.CITP

Whether the job market is hot or cold, employers owe it to themselves to actively work at employee retention. Good workers can maintain operational stability and keep profitability strong. Plus, the cost of finding and hiring new employees remains steep. Here are some ideas for keeping your best and brightest on staff.

Trust training

Employees whose job skills are regularly enriched by training feel more skilled — and more valued. Plan a training program that involves carefully selected methods and content. You’ll need to determine whether to do the training in-house or via an outside vendor. An outside vendor may cost more upfront, but it could save you time in planning and present the curriculum more effectively.

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