“Obamacare” Refresher and New Deadlines

You may have heard that the IRS recently extended certain filing deadlines.  We thought this might be a great time to provide a brief refresher of the Affordable Care Act as it might pertain to your store, and a discussion of these new deadlines.
 
First, let’s start with a quick refresher.  The Affordable Care Act is a set of health insurance reforms which are to encourage businesses to provide health care coverage to their employees.  More specifically, for those employers with 50 or more employees, the reform, from March 2010, brought with it certain tax provisions.

Buy-Sell Agreements

Whether you operate your store as a sole proprietorship or you have co-owners, succession planning should be an integral part of your store’s overall business strategy.  One key tool in implementing a succession plan is the use of Buy-Sell Agreements.
 
A Buy-Sell Agreement is a strategic plan which sets out the steps that will occur in the event you or a co-owner die, are incapacitated, retire, quit or are involuntarily forced to exit the business.
 

Debt Basis in Partnerships and S-Corporations

As a business owner, you are well aware that the decision of which legal structure to hold your business in can have far-reaching consequences.  From a tax perspective, the consequences may include your ability to deduct tax losses from the business on your personal tax return.  This article compares the manner of computing the tax basis of interests in partnerships versus S corporations.  These two entity types are very similar yet in certain key ways very different when it comes to taxes.
 

Uniform Capitalization Rules for Grocers

The Uniform Capitalization (UNICAP) rules were enacted by Congress in an attempt to bring some consistency and clarity to the question of what should be capitalized versus expensed.  For small grocers, these tax provisions are usually out of sight, out of mind due to various exemptions.  But when that small grocer starts to grow and expand, the exemptions may become inapplicable throwing the grocer into UNICAP’s complex maze of detailed rules and regulations. But how does a small reseller know when it has exceeded the threshold and must conform to the UNICAP rules?
 

More on the Charitable Food Inventory Deduction

As we noted in the last segment of our Tax Updates, one of the items included in the recently enacted  “Protecting Americans from Tax Hikes Act of 2015” (“Path Act”), was a change to the Charitable Food Inventory Deduction.  Since this deduction has been permanently extended, and due to the importance to the grocer industry, we felt that it would be beneficial to discuss a few of the basic requirements for taking this deduction.
 

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