IS YOUR CHILD READY FOR A SUMMER JOB?

If your child is planning to work this summer, make sure you know the tax basics.

IMPROVE PRODUCTIVITY WITH HAPPY EMPLOYEES

Happy employees can have a positive impact on your operations, customer support, and profit level. Here are suggestions for keeping your workforce upbeat.

WHAT YOU NEED TO KNOW ABOUT HIRING SEASONAL WORKERS

If summertime is a busy time for your business, you may be ready to hire seasonal workers. Here are tax rules to keep in mind.
 

WHEN DISASTER STRIKES, WILL YOUR BUSINESS BE PREPARED?

Disaster preparedness involves answering the question: How would a disaster affect your business? If you're not sure, it's time to start planning.

HSA CONTRIBUTION LIMITS BARELY BUDGE FOR 2017

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account. You make tax-deductible deposits into the savings account, and later withdraw the funds to pay unreimbursed medical expenses. The 2017 contribution limit for individuals is $3,400, up $50 from 2016. The limit for family coverage is $6,750, unchanged from 2016. If you're age 55 or older, you can also make a catch-up contribution of an additional $1,000.

WILL HIRING SEASONAL WORKERS MAKE YOU SUBJECT TO AFFORDABLE CARE ACT PENALTIES?

Generally, having 50 or more employees means you need to provide health insurance or pay a penalty. But what happens when you hire workers who perform labor or services on a seasonal basis – for instance, just for the summer? In this case, the law provides an exception, based on the number of employees you have, and how many are seasonal workers. Contact us at (518) 798-3330 for more information.

REPORT YOUR FOREIGN ACCOUNTS BY JUNE 30

If you hold foreign bank or financial accounts, or have signature authority over such accounts, and the total value of all your accounts exceeds $10,000 at any time during the calendar year, you may be required to file a Treasury Department report known as the FBAR. It's easy to overlook this requirement because it's separate from your federal income tax filing, with a different deadline and strict rules.

"FBAR" refers to Form 114, Report of Foreign Bank and Financial Accounts. Your 2015 Form 114 must be filed electronically with the Treasury Department no later than June 30, 2016. No filing extension is available. Contact us at (518) 798-3330 if you need details or assistance.

FINANCIAL TIPS TO FOLLOW WHEN A SPOUSE DIES

The death of a spouse is emotionally and financially devastating. Making decisions of any kind is difficult when you're vulnerable and grieving, but having a plan to follow may help. Here are suggestions for dealing with financial tasks.