September, 2013

Message from Nelson & Company, P.S., CPAs

Keeping Up with Obamacare ---Critical Notice for Small Business Owners!

The following is an urgent bulletin sent to us by Aaron Ness, District Manager and Accountant Specialist with ADP. Although your healthcare benefits specialist should have you covered, we want to make sure you are aware of this requirement.

Good morning!

As I’m sure you may know, October 1st is an important deadline for small business owners.  Every business that has at least 1 employee and $500,000 in annual revenue must notify all employees by letter about the Affordable Care Act’s health-care exchanges.  There has been some speculation regarding penalties around non-compliance for this mandate.  On September 9th, the PPACA (Patient Protection & Affordable Care Act) announced that any business who is not compliant will face a penalty of $100 PER DAY, and because this requirement is in the FLSA, there will also be penalties there!  After October 1st, businesses will have to also provide letters to any new employees within 14 days of their hire date, or risk the same penalties.  The link below explains these penalties in detail, and it is crucial that your clients understand this could be a costly oversight.

ADP is dedicated to helping your clients stay compliant and avoid penalties under the ACA.  Our HR support for small business owners has been updated to provide detailed compliance information regarding ACA compliance, and ADP will provide all notification letters for the October 1st mandate.  The HR support will also keep clients updated with any future changes in ACA regulations, and provide unlimited support from certified HR specialists to answer difficult questions.  I would like to schedule some time to come in and meet with you to show you how ADP can help your clients, and provide any information that will help you to better serve your clients!  Please let me know a good time that will work for you, and I’ll be there.  Have a wonderful day!

Aaron Ness
District Manager / Accountant Specialist
20700 44th Ave W, #600
Lynnwood, WA 98036

Office: 425-908-3859
Mobile: 253-318-4917
Fax: 425-908-3918

David S. Nelson, CPA, CTRS
Certified Public Accountants

IRS Times & Inquirer

Inside This Issue...

Tennessee Attorney Tried to Evade Millions in Taxes

A Tennessee attorney convicted at trial of income tax evasion was sentenced to 51 months in prison and ordered to pay $3.6 million in restitution to the IRS.

According to court records, John Oliver Threadgill, 70, of Knoxville, Tenn., failed to pay more than $1.4 million in taxes to the IRS for tax years from 1985 through 2004.

Threadgill’s indictment alleged that he used his law firm’s bank account and payroll account to pay for personal expenditures, opened bank accounts in the names of nominee trusts, and titled his personal residences in the names of nominee trusts.

During the trial, federal prosecutors presented evidence of Threadgill’s earnings, along with proof that he spent more than $909,000 on personal expenses, including $69,000 for a wedding, $245,000 for family educational expenses, $60,000 for country club expenses, $52,000 for personal travel, and $213,000 for personal real estate, with funds that could have been used to pay his taxes.



--Our Policies--

Nelson & Company, P.S., CPAs Since 1979

Circular 230 Disclosure:
To ensure compliance with requirements imposed by the IRS, we inform you that (i) any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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