Smaller medical practices are the fastest-growing segment for adoption of electronic health records (EHR) says an ongoing study by SK&A, a California marketing research firm. Recent adoption rates for single-doctor offices jumped from 30.8 percent to 36.9 percent. This new growth marks the first time that the small practice segment has outpaced that of larger practices.
The report found incentives and resources made available by the federal government – such as funding regional extension centers – have played a large role in the increase of adoption. As part of the Health Information Technology for Economy and Clinical Health Act, practices can earn up to $44,000 per physician over five years from Medicare or nearly $64,000 over six years from Medicaid if they show meaningful use of EHRs.
Although adoptions rates for small practices have long lagged those of large groups, the market size of smaller practices is considerably larger. Solo practices account for 55 percent of the medical sites in the U.S., according to SK&A, and by implementing EHR can continue to make the health care industry more efficient.
Monday, July 30, 2012
Wednesday, July 25, 2012
Selling Your Practice? Important Issues to Consider
Healthcare providers sell their practices for a variety of reasons – major health care market changes or health care reform, desire for a less demanding work schedule, frustration with insurers, retirement, etc. If you are thinking about selling your practice, there are several steps you should take now that will help you maximize the purchase price and ensure a relatively smooth transaction.
I want to Sell, Now What?
Start by reviewing your practice’s current financial condition. It is essential to identify areas of weakness such as: your practice‘s collections or cash flow. In addition, how do your staffing levels compare to those of similar practices? Issues such as these can reduce the appeal of your practice. It’s often beneficial to deal with these issues before you put your practice on the market.
In addition, it’s important to work with an advisor to get a realistic valuation of your practice’s potential worth. This can be a tricky process as valuation isn’t always black and white. Tangible assets, such as medical equipment, computers and furniture, are relatively easy to value while things such as the power of your brand are difficult to value. The good news is that there are well established methods that can be used that are compliant with the health care regulations to establish a range of fair market value.
And Now?
You may receive an unsolicited offer but many don’t. If you don’t, consider reaching out locally or contacting a health care consultant who specializes in selling medical practices. An experienced consultant can identify and contact qualified potential buyers.
The speed with which a sale may occur will largely depend on the deal you’re seeking. If you are looking to continue practicing as an employee rather than an owner, then looking for a group practice, hospital or other corporate buyer may be the best route. When the sale goes through to one of these entities, you will be able to continue to work without the responsibilities of ownership.
If retirement is your goal, you may opt for a gradual buy-in by a physician who will take over your practice. Typically, this arrangement requires you to employ the prospective buyer and, under the terms of the deal, after a trial period of a year or two, offer a partnership with a documented exit strategy for you.
Finally...
When you receive an offer, it’s important to review the would-be buyer’s financial condition and the payment terms if you plan on retiring. If you plan to continue working at the practice with the individual or entity who may buy it, you should carefully review all ramifications, including transfer expenses and malpractice terms involved in the sale.
Once you’ve reviewed the financial and legal issues involved in the sale, you should also ensure that you will be able to fit into the potential buyer’s organization and that your advice and input will be welcomed.
Remember, whatever way your practice’s sale is structured, there will be tax implications. Let us help you secure the most tax-advantageous sale terms. We have extensive experience in this area; please contact us if you would like assistance.
I want to Sell, Now What?
Start by reviewing your practice’s current financial condition. It is essential to identify areas of weakness such as: your practice‘s collections or cash flow. In addition, how do your staffing levels compare to those of similar practices? Issues such as these can reduce the appeal of your practice. It’s often beneficial to deal with these issues before you put your practice on the market.
In addition, it’s important to work with an advisor to get a realistic valuation of your practice’s potential worth. This can be a tricky process as valuation isn’t always black and white. Tangible assets, such as medical equipment, computers and furniture, are relatively easy to value while things such as the power of your brand are difficult to value. The good news is that there are well established methods that can be used that are compliant with the health care regulations to establish a range of fair market value.
And Now?
You may receive an unsolicited offer but many don’t. If you don’t, consider reaching out locally or contacting a health care consultant who specializes in selling medical practices. An experienced consultant can identify and contact qualified potential buyers.
The speed with which a sale may occur will largely depend on the deal you’re seeking. If you are looking to continue practicing as an employee rather than an owner, then looking for a group practice, hospital or other corporate buyer may be the best route. When the sale goes through to one of these entities, you will be able to continue to work without the responsibilities of ownership.
If retirement is your goal, you may opt for a gradual buy-in by a physician who will take over your practice. Typically, this arrangement requires you to employ the prospective buyer and, under the terms of the deal, after a trial period of a year or two, offer a partnership with a documented exit strategy for you.
Finally...
When you receive an offer, it’s important to review the would-be buyer’s financial condition and the payment terms if you plan on retiring. If you plan to continue working at the practice with the individual or entity who may buy it, you should carefully review all ramifications, including transfer expenses and malpractice terms involved in the sale.
Once you’ve reviewed the financial and legal issues involved in the sale, you should also ensure that you will be able to fit into the potential buyer’s organization and that your advice and input will be welcomed.
Remember, whatever way your practice’s sale is structured, there will be tax implications. Let us help you secure the most tax-advantageous sale terms. We have extensive experience in this area; please contact us if you would like assistance.
Tuesday, July 24, 2012
Estate and Succession Planning
Recent uncertainties in estate tax regulations have presented a challenge to taxpayers and their advisors as to the best approach to succession and estate planning. We’ve determined that what has worked in the past may not be the best option in the current climate. Waiting to see what the estate tax rules are at the end of 2012 can be tempting, but doing so could be a costly decision.
Creative planning that allows for flexibility in the future will be more important than ever.
Changes Brought by the 2010 Legislation
In December 2012, Congress increased the federal estate tax exemption for 2011 and 2012. The new law includes three significant provisions that may impact the design of your estate plan:
Is It Time To Review Your Will? The Impact of Portability on Your Estate Plan
If you are married and your combined net worth is less than $10,000,000 you may no longer need to be concerned about your family paying estate taxes when you die. The portability provision helps to insure this regardless of when or to whom the family wealth is transferred.
Your current will may incorporate a complex trust arrangement that was necessary under prior law to insure that a married couple could utilize both estate tax exemption amounts at their respective deaths. With the portability election available for 2011 and 2012, these complex arrangements may no longer be needed as a part of your estate plan. All of your wealth can transfer to your surviving spouse without concern about losing the exemption.
The new legislation may also impact how couples hold title to their assets. If the transfer of your assets directly to your surviving spouse at your death was not desirable under the old law, it may have impacted how your assets are titled. With portability, those concerns may be eliminated. If that is the case, you may want to look at how your assets are owned. This may allow you to simplify the process to transfer them at the time of your death.
If you developed an estate plan under prior law, now may be the time to meet with your estate planning advisor for an update. While tax changes rarely result in simplification for taxpayers, you may be pleasantly surprised in this case.
Where Should I Start?
The conversation should begin with the key owners in the operation – maybe it’s just you, maybe you and a spouse, or you and a few other owners. From there, include all family members in an open discussion.
When it comes to determining the succession plan of your business, you will need to consider how it affects those that are important to you. Some family members may or may not be engaged with the day-to-day operations. How do you determine what is equitable and fair?
The success of a succession plan is influenced by the amount of communication among key stakeholders and family members. Begin by gathering information from family members as to their interest in participating in the family business, which role they are interested in filling, the investment they are willing to make in the organization and any questions or concerns they may have about the future of your business.
From here, you will have a good foundation of information to begin discussions on the future of your family-owned business. Ultimately, the decision of what happens with the business is the owner’s responsibility. However, getting everyone on the same page will increase the likelihood that your operations continue on as you wish it.
What will the future bring?
While new estate tax legislation is not expected to surface until late 2012, we must always think ahead when planning the succession of a business. More than ever, it will be important to understand your tolerance for potential future tax pain. You will need to work with your advisors to create the plan that is right for you. Flexibility and creative planning will be key.
Creative planning that allows for flexibility in the future will be more important than ever.
Changes Brought by the 2010 Legislation
In December 2012, Congress increased the federal estate tax exemption for 2011 and 2012. The new law includes three significant provisions that may impact the design of your estate plan:
- $5,000,000 exemption amount. Each individual can pass up to $5,000,000 of wealth to their heirs estate tax free. Amounts over $5,000,000 are taxed at a 35% rate which is more generous than many estate planners anticipated.
- Full step up in basis. The income tax basis of most assets owned at death receive a step up to fair market value.
- Portability. This is a new concept for married couples. Any portion of the estate tax exemption not utilized by the first spouse to die can be carried over to the survivor by filing a timely federal estate tax return.
Is It Time To Review Your Will? The Impact of Portability on Your Estate Plan
If you are married and your combined net worth is less than $10,000,000 you may no longer need to be concerned about your family paying estate taxes when you die. The portability provision helps to insure this regardless of when or to whom the family wealth is transferred.
Your current will may incorporate a complex trust arrangement that was necessary under prior law to insure that a married couple could utilize both estate tax exemption amounts at their respective deaths. With the portability election available for 2011 and 2012, these complex arrangements may no longer be needed as a part of your estate plan. All of your wealth can transfer to your surviving spouse without concern about losing the exemption.
The new legislation may also impact how couples hold title to their assets. If the transfer of your assets directly to your surviving spouse at your death was not desirable under the old law, it may have impacted how your assets are titled. With portability, those concerns may be eliminated. If that is the case, you may want to look at how your assets are owned. This may allow you to simplify the process to transfer them at the time of your death.
If you developed an estate plan under prior law, now may be the time to meet with your estate planning advisor for an update. While tax changes rarely result in simplification for taxpayers, you may be pleasantly surprised in this case.
Where Should I Start?
The conversation should begin with the key owners in the operation – maybe it’s just you, maybe you and a spouse, or you and a few other owners. From there, include all family members in an open discussion.
When it comes to determining the succession plan of your business, you will need to consider how it affects those that are important to you. Some family members may or may not be engaged with the day-to-day operations. How do you determine what is equitable and fair?
The success of a succession plan is influenced by the amount of communication among key stakeholders and family members. Begin by gathering information from family members as to their interest in participating in the family business, which role they are interested in filling, the investment they are willing to make in the organization and any questions or concerns they may have about the future of your business.
From here, you will have a good foundation of information to begin discussions on the future of your family-owned business. Ultimately, the decision of what happens with the business is the owner’s responsibility. However, getting everyone on the same page will increase the likelihood that your operations continue on as you wish it.
What will the future bring?
While new estate tax legislation is not expected to surface until late 2012, we must always think ahead when planning the succession of a business. More than ever, it will be important to understand your tolerance for potential future tax pain. You will need to work with your advisors to create the plan that is right for you. Flexibility and creative planning will be key.
Friday, July 20, 2012
Supreme Court Upholds Health Care Law
The United States Supreme Court ruled the individual mandate that all Americans have minimum essential health insurance coverage or pay a tax is constitutional and as such, the Patient Protection and Affordable Care Act (PPACA) remains in effect. In a 5 to 4 vote, the Supreme Court upheld the constitutionality of the Act, and we have outlined many of the provisions that could affect businesses.
Individual Mandate:
Premium Assistance Tax Credit:
Medical Deduction Threshold:
Additional Tax on HSA/MSA Distributions:
Additional Medicare Tax:
Medicare Tax on Investment Income:
Dependent Coverage Until Age 26:
Medical Benefits for Children Under Age 27:
Employer Mandate:
Small Employer Health Insurance Credit:
Health FSA's Offered in Cafeteria Plans:
Individual Mandate:
- Applicable individuals must carry minimum essential health coverage for themselves and their dependents, or otherwise pay a "tax" for each month of noncompliance.
- Effective beginning in calendar year 2014.
- Individuals who are exempt:
- Those who are covered by Medicaid and Medicare
- Incarcerated individuals
- Individuals not lawfully present in the US
- Those with employer-provided health insurance, if it satisfies the minimum essential coverage and affordability requirements
- Those whose income is below the filing requirement
- The tax is the greater of a flat dollar amount, or percentage of household income
- 2014: flat dollar amount is $95 per individual or dependent without coverage, OR 1% of "household income" (aggregate incomes of all members of a household required to file a tax return)
- 2015: flat dollar amount is $325 per individual or dependent without coverage, OR 2% of "household income"
- 2016: flat dollar amount is $695 per individual or dependent without coverage, OR 2.5% of "household income"
- Post 2016 - the 2016 amounts indexed for inflation
Premium Assistance Tax Credit:
- Eligible lower-income individuals who obtain coverage under a qualified health plan through an insurance exchange may qualify for a premium assistance tax credit under Code Sec. 368 unless they are eligible for other minimum essential coverage, including employer-sponsored coverage that is affordable and provides minimum value.
- Begins in 2014.
- Credit is fully refundable.
- A large employer may be liable for an "assessment payment" if any full-time employee receives this tax credit.
Medical Deduction Threshold:
- Schedule A medical expenses must meet 10% of AGI threshold to be deductible.
- Begins in 2013.
- If age 65 and older before the close of the tax year, the 7.50% threshold continues to apply until 2016.
Additional Tax on HSA/MSA Distributions:
- Distributions from HSA's and Archer MSA's that are not used for qualified medical expenses are subject to an additional tax of 20%.
- Effective for distributions made after 12/31/10.
Additional Medicare Tax:
- Additional 0.9% Medicare tax imposed on wages and self-employment income of those with incomes above $200,000 (single), or $250,000 (MFJ).
- Begins in 2013.
- Employers must withhold on the higher rate if the employee receives wages in excess of $200,000.
Medicare Tax on Investment Income:
- Begins in 2013.
- A 3.8% Medicare contribution tax is imposed on the lesser of:
- An individual's net investment income for the year, or
- Modified AGI in excess of $200,000 (single), $250,000 (MFJ)
- Investment income includes interest, dividends, annuities, royalties, rents, income from passive activities, and capital gains.
Dependent Coverage Until Age 26:
- Group health plans and health insurance issuers providing dependent coverage for children must continue to make the coverage available for an adult child until turning age 26.
Medical Benefits for Children Under Age 27:
- Medical care reimbursements under an employer-provided health plan are excluded from gross income if they are for any employee's child who is not age 27 as of the end of the tax year.
- There is no requirement that a child qualify as a dependent, nor is there a requirement that an employer provide this coverage.
Employer Mandate:
- An “applicable large employer" may be subject to an assessment payment if any full-time employee is certified to receive an applicable premium tax credit or cost-sharing reduction payment.
- Applies beginning in 2014.
- “Applicable large employer" - on average employed 50 or more FTE's during the preceding calendar year.
- By 1/1/14, each state must establish an American Benefit Health Exchange and a Small Business Health Options program to provide qualified individuals and qualified small business employers, respectively, access to qualified health plans.
Small Employer Health Insurance Credit:
- For tax years 2010 through 2013, the maximum credit is 35% of the health insurance premiums paid by employers.
- For 2014 and 2015, the credit is scheduled to increase to 50%.
- In tax years that begin after 2013, an employer must participate in an insurance exchange to claim the credit.
Health FSA's Offered in Cafeteria Plans:
- Beginning in 2013, health flexible spending accounts offered through a cafeteria plan must limit annual reimbursements to $2,500. This does not limit other benefits available under a cafeteria plan such as dependent care reimbursements.
Wednesday, July 18, 2012
Can Nonprofit Organizations Offer Bonuses and Incentives
Many people are surprised when they learn that bonuses or incentive payments are being used by tax-exempt organizations. Often times the general thought is that these forms of “extra” compensation are not in accordance with their expectations of a charitable or tax-exempt organization.
The reality is, however, that these organizations can and do use performance-based compensations. It’s important to outline how different types of variable pay arrangements can be used within a nonprofit organization as useful additions to their compensation program.
First, it’s important to distinguish a bonus from an incentive plan while understanding that in both cases, it’s important to clearly communicate with the recipient the terms and purpose of payment.
One of the most common examples of an unacceptable bonus or incentive plan is one that shares any of the organization’s revenue directly with an individual. It is important that a tax-exempt organization base any incentive or bonus on performance factors that are related to the accomplishment of an objective or the execution of operations that have contributed to the efficiency / effectiveness of its mission.
In addition, awarding funds that are intended for the organization’s tax-exempt accepted mission to an individual is unacceptable.
When it comes to the amount that is being awarded, it must be examined from a few perspectives. First, the award should be large enough to have meaning or value to the recipient and should commensurate with the event / performance for which it’s being awarded. However, it should not be excessive on its own account. Competitive compensation information can be found through published surveys and other pay data sources to provide helpful information about the prevalence and amounts offered by other organizations.
Governance for compensation plans that offer bonuses and incentives should be assigned to the independent members of the organization’s board, if one has been established. A formal description of the plan should be drafted to include the purpose, role in the organization’s overall compensation program, eligibility requirements, plan terms and conditions. The details of the incentive plan should be approved by the board early in the year along with any incentive bonus awards paid under the plan. Finally, it’s important that no plan participant is engaged in any aspect of the oversight of the plan and that it is reviewed regularly.
A well-designed, executed and reviewed bonus or incentive plan can be a valuable addition to your organization’s compensation plan but should be thoughtfully addressed to keep in mind the issues we have discussed here. If you have questions regarding this or other issues pertaining to tax-exempt organizations, please contact Bergan Paulsen today.
The reality is, however, that these organizations can and do use performance-based compensations. It’s important to outline how different types of variable pay arrangements can be used within a nonprofit organization as useful additions to their compensation program.
First, it’s important to distinguish a bonus from an incentive plan while understanding that in both cases, it’s important to clearly communicate with the recipient the terms and purpose of payment.
- An incentive establishes the criteria for determination and the potential for award amount at the outset of a performance period before any payment is made.
- A bonus is a discretionary award made at the end, or after the performance period, in appreciation for a particular accomplishment.
One of the most common examples of an unacceptable bonus or incentive plan is one that shares any of the organization’s revenue directly with an individual. It is important that a tax-exempt organization base any incentive or bonus on performance factors that are related to the accomplishment of an objective or the execution of operations that have contributed to the efficiency / effectiveness of its mission.
In addition, awarding funds that are intended for the organization’s tax-exempt accepted mission to an individual is unacceptable.
When it comes to the amount that is being awarded, it must be examined from a few perspectives. First, the award should be large enough to have meaning or value to the recipient and should commensurate with the event / performance for which it’s being awarded. However, it should not be excessive on its own account. Competitive compensation information can be found through published surveys and other pay data sources to provide helpful information about the prevalence and amounts offered by other organizations.
Governance for compensation plans that offer bonuses and incentives should be assigned to the independent members of the organization’s board, if one has been established. A formal description of the plan should be drafted to include the purpose, role in the organization’s overall compensation program, eligibility requirements, plan terms and conditions. The details of the incentive plan should be approved by the board early in the year along with any incentive bonus awards paid under the plan. Finally, it’s important that no plan participant is engaged in any aspect of the oversight of the plan and that it is reviewed regularly.
A well-designed, executed and reviewed bonus or incentive plan can be a valuable addition to your organization’s compensation plan but should be thoughtfully addressed to keep in mind the issues we have discussed here. If you have questions regarding this or other issues pertaining to tax-exempt organizations, please contact Bergan Paulsen today.
Monday, July 16, 2012
Iowa Sales & Use Tax Exemptions Expanded to Include Additional Farm Equipment & Machinery
Effective July 1, 2012, the Iowa sales and use tax exemptions for machinery and equipment used directly and primarily in agricultural or livestock production has been expanded to include equipment and machinery that is pulled or attached to a self-propelled implement. These items must not be submit to registration. Examples include stall cleaners, rock buckets, root grapples, four-in-one-tractor buckets and front blades.
Refer to the Farmers Guide to Iowa Taxes or contact a Bergan Paulsen agribusiness specialist for more information.
Refer to the Farmers Guide to Iowa Taxes or contact a Bergan Paulsen agribusiness specialist for more information.
Wednesday, July 11, 2012
Frequently Asked Questions About E-Fililng Your Form 2290
Q: Who is required to file Form 2290 and pay Heavy Highway Vehicle Use Tax?
A: Anyone who registers a heavy highway vehicle in their name with a gross weight of 55,000 pounds or more must file Form 2290 and pay the tax. Typically, owners of vans, pickup trucks, panel trucks and similar trucks are not required to file Form 2290 or pay tax on these smaller trucks. Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.
Q: Why do I need an Employer Identification Number (EIN) to file?
A: The IRS needs to have a system for protecting your privacy and making sure they know the identity of the filers. They use a combination of your EIN and name as a unique identifier for each taxpayer. On an e-filed return, if a taxpayer's unique ID doesn't match the records, e-file rejects the return.
Q: How will I know the IRS has received my return?
A: After the IRS accepts your return, you will receive an e-mail notification. You will also have access to an electronic version of the Schedule 1 containing a watermark of the e-file logo in the background. The Schedule 1 can be printed from your own computer.
Q: How do I make corrections to my e-filed return?
A: You can e-file a correction to weight and/or mileage. However, if you make another type of error on your e-filed and accepted return, you will need to make corrections on a paper Form 2290 and mail it to the address shown in the Form 2290 instructions.
Q: When I submitted my Form 2290 electronically, I received an online duplicate filing error. Why did this happen?
A: When you submitted your return, the system detected that you had already filed a return under the same EIN, for the same tax period, for the same vehicle(s) and/or the same VIN category. Check your return to make sure you are reporting new vehicles only and that the other information you input is correct.
Q: If I buy another truck after I have e-filed my 2290 for the current tax period, should I e-file my original 2290 again and simply add the new vehicle to the Schedule 1?
A: No. If you e-file your 2290 and list the vehicles you own on the Schedule 1, then subsequently buy one or more additional trucks, you must file a new Form 2290 listing for only the new vehicles. You may e-file that 2290 any time before the last day of the month following the month the new vehicle was first used on public highways.
Q: When are my Form 2290 taxes due?
A: The annual taxable period begins on July 1 of the current year and ends on June 30 of the following year. For vehicles that are in use at the beginning of the tax period, your 2290 filing deadline is August 31. Taxes on the full tax period must be filed and paid in advance. Look for the updated 2290 for the period July 1, 2012 to June 30, 2013 soon.
The due date for a partial period return depends on the month you first use your vehicle. If you place an additional taxable truck on the road during any month other than July, you are liable for 2290 taxes on it, but only for the months during which it was in service. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways.
If you have any questions, please contact one of our transportation specialists.
A: Anyone who registers a heavy highway vehicle in their name with a gross weight of 55,000 pounds or more must file Form 2290 and pay the tax. Typically, owners of vans, pickup trucks, panel trucks and similar trucks are not required to file Form 2290 or pay tax on these smaller trucks. Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.
Q: Why do I need an Employer Identification Number (EIN) to file?
A: The IRS needs to have a system for protecting your privacy and making sure they know the identity of the filers. They use a combination of your EIN and name as a unique identifier for each taxpayer. On an e-filed return, if a taxpayer's unique ID doesn't match the records, e-file rejects the return.
Q: How will I know the IRS has received my return?
A: After the IRS accepts your return, you will receive an e-mail notification. You will also have access to an electronic version of the Schedule 1 containing a watermark of the e-file logo in the background. The Schedule 1 can be printed from your own computer.
Q: How do I make corrections to my e-filed return?
A: You can e-file a correction to weight and/or mileage. However, if you make another type of error on your e-filed and accepted return, you will need to make corrections on a paper Form 2290 and mail it to the address shown in the Form 2290 instructions.
Q: When I submitted my Form 2290 electronically, I received an online duplicate filing error. Why did this happen?
A: When you submitted your return, the system detected that you had already filed a return under the same EIN, for the same tax period, for the same vehicle(s) and/or the same VIN category. Check your return to make sure you are reporting new vehicles only and that the other information you input is correct.
Q: If I buy another truck after I have e-filed my 2290 for the current tax period, should I e-file my original 2290 again and simply add the new vehicle to the Schedule 1?
A: No. If you e-file your 2290 and list the vehicles you own on the Schedule 1, then subsequently buy one or more additional trucks, you must file a new Form 2290 listing for only the new vehicles. You may e-file that 2290 any time before the last day of the month following the month the new vehicle was first used on public highways.
Q: When are my Form 2290 taxes due?
A: The annual taxable period begins on July 1 of the current year and ends on June 30 of the following year. For vehicles that are in use at the beginning of the tax period, your 2290 filing deadline is August 31. Taxes on the full tax period must be filed and paid in advance. Look for the updated 2290 for the period July 1, 2012 to June 30, 2013 soon.
The due date for a partial period return depends on the month you first use your vehicle. If you place an additional taxable truck on the road during any month other than July, you are liable for 2290 taxes on it, but only for the months during which it was in service. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways.
If you have any questions, please contact one of our transportation specialists.
Tuesday, July 10, 2012
Bergan Paulsen Presents QuickBooks Tips, Distributes How-To Guide
Attendees from our Waterloo, Cedar Falls, Coralville and Cedar Rapids locations joined Bergan Paulsen’s six QuickBooks ProAdvisors for an educational seminar during the last week of June. Presenters Blair Gordon and Gary Wilgenbusch discussed best practices for recording accounts payable and receivable transactions with a special focus on complex transactions. The team explained lesser known features, how to find and fix errors, aging reports and answered audience questions. All items discussed are outlined in this detailed, step-by-step guide.
Learn more about the session from QuickBooks ProAdvisor Gary Wilgenbusch.
For more information on Bergan Paulsen, our QuickBooks Services or our team of ProAdvisors, please visit our website: www.berganpaulsen.com.
Click image to download the guide.
Learn more about the session from QuickBooks ProAdvisor Gary Wilgenbusch.
For more information on Bergan Paulsen, our QuickBooks Services or our team of ProAdvisors, please visit our website: www.berganpaulsen.com.
Monday, July 9, 2012
Electronic Filing of Form 2290: What You Need to Know
The filing of the Internal Revenue Service’s Heavy Highway Vehicle Use Tax Form 2290 is right around the corner for many trucking companies and owner operators. This annual tax return required by the federal government is to be filed by companies and individuals registering a commercial motor vehicle in their name.
Follow these simple steps to e-file your Form 2290 at www.irs.gov:
1. Gather your information...
Follow these simple steps to e-file your Form 2290 at www.irs.gov:
1. Gather your information...
- Know your Employer Identification Number (EIN).
- To e-file be sure you use the same name you used when you applied for your EIN; and
- List the Vehicle Identification Number and gross net weight for every Heavy Highway Vehicle you own.
- Software providers can vary a lot so check out their offers, especially the services they include and the prices they charge; and
- Go to the 2290 e-file partners page to review the list of participating software providers.
- Follow the software prompts to sign and file your return; and
- Pay your taxes using Electronic Funds Withdrawal (direct debit) or Electronic Federal Tax Payment Systems (EFTPS).
- Although this is not currently a service we are able to offer, we will continue to keep you up-to-date on when we will be offering this.
Monday, July 2, 2012
University of Iowa Construction Projects
For those of you who did not attend one of MBI’s Education Days last month, you may not be fully up to speed on upcoming construction projects at the University of Iowa.
We all know the devastating impact the flood of 2008 had on the Iowa City campus, but did you know:
Contractors should be prepared to sell themselves. Some of the attributes that University officials will be considering are:
Not all the work will consist of multi-million dollar projects. A University spokesman specifically mentioned a $327,000 project that was recently awarded to a contractor who was the sole bidder.
Our takeaway from the MBI presentation is that there will be opportunities for contractors of all sizes. For more information, visit the website for University of Iowa Facilities Management at: www.facilities.uiowa.edu/about/welcome.html.
We all know the devastating impact the flood of 2008 had on the Iowa City campus, but did you know:
- 22 major buildings were affected and 3 of them were lost.
- 2.5 million square feet had to be at least temporarily closed.
- The total economic impact of the flood has been estimated at $900 million.
Contractors should be prepared to sell themselves. Some of the attributes that University officials will be considering are:
- Core values
- Owner satisfaction
- Self-performance capabilities
- Scheduling procedures
- Experience
Not all the work will consist of multi-million dollar projects. A University spokesman specifically mentioned a $327,000 project that was recently awarded to a contractor who was the sole bidder.
Our takeaway from the MBI presentation is that there will be opportunities for contractors of all sizes. For more information, visit the website for University of Iowa Facilities Management at: www.facilities.uiowa.edu/about/welcome.html.
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