The Little Red Book of Family Business

Just finished “The Little Red Book of Family Business”.  Its a very small book filled with practical wisdom on running a family business by family business consultant, coach , and author David Bork.  I read this book slowly, a chapter section or two a day, much like one would read a daily devotional.  I did this because that’s how its written, in very small chunks with short, pithy points on subjects that range from Competition in the family, succession planning and transferring control of the family business.  In the last chapter he gives a synopsis of the book through his “10 Keys to Success in Family Business” which can be accessed here:  10 Keys.  Good wisdom on family business, but don’t look for any elaboration.  Bork is really just pointing your thoughts in a direction.  However, it is a thought- provoking little book.  I feel I will be going back to it as a primer on practical wisdom for family businesses.

 

Filing Form 1094-C and 1095-C

In order to accurately file tax returns for 2015, employees in group health plans of large employers are required to receive form 1095-C.  This form states whether or not the employee had health insurance for the preceding 12 months of the year through the large employer’s group health plan. The form provides the information needed by tax professionals in order to avoid the healthcare individual responsibility penalty assessed for not having health insurance.  Joe M. Tucker CPA, P.C. (www.joemtuckercpa.com) is equipped and prepared to help employers follow this reporting requirement by filling out the forms on their behalf.  In addition, there is a related requirement to report the total cost of employer sponsored health insurance on each employee’s form W-2. Both of these services are conveniently provided through our accounting firm.  Give us a call today and let’s talk about your needs with regard to the 1095-C or W-2 compliance. We have provided addition information below that you may find helpful to see if you qualify for the 1095-C reporting requirement.

 

Purpose of Form:  

Employers with 50 or more full-time employees (including full-time equivalent employees) in the previous year use Forms 1094-C and 1095-C to report the information required under sections 6055 and 6056 about offers of health coverage and enrollment in health coverage for their employees. Form 1094-C must be used to report to the IRS summary information for each employer and to transmit Forms 1095-C to the IRS. Form 1095-C is used to report information about each employee. In addition, Forms 1094-C and 1095-C are used in determining whether an employer owes a payment under the employer shared responsibility provisions under section 4980H. Form 1095-C is also used in determining the eligibility of employees for the premium tax credit.

Employers that offer employer-sponsored self-insured coverage also use Form 1095-C to report information to the IRS and to employees about individuals who have minimum essential coverage under the employer plan and therefore are not liable for the individual shared responsibility payment for the months that they are covered under the plan.

 

Who Must File:  

Applicable Large Employers, generally employers with 50 or more full-time employees (including full-time equivalent employees) in the previous year, must file one or more Forms 1094-C (including a Form 1094-C designated as the Authoritative Transmittal, whether or not filing multiple Forms 1094-C), and must file a Form 1095-C for each employee who was a full-time employee of the employer for any month of the calendar year. Generally, the employer is required to furnish a copy of the Form 1095-C (or a substitute form) to the employee. For information about transition relief for determining status as an Applicable Large Employer for 2015 (allowing an employer to determine the average number of full-time employees based on a period of at least six consecutive months during 2014), see section XV.D.3 of the preamble to the final regulations under section 4980H.

All of the above sections “Purpose of form” and “Who Must File” are quotations taken from the IRS website.  For more information click the following link:  https://www.irs.gov/instructions/i109495c/ar01.html#d0e87

Tucker celebrates 42 years as C.P.A.

November 9, 2015

FOR IMMEDIATE RELEASE

Russellville, AL, November 9, 2015– Joe M. Tucker CPA, P.C. is pleased to announce that Joe M. Tucker CPA has achieved 42 years as a Certified Public Accountant.  Tucker has been a model of work ethic and service since his humble beginnings as a paper boy in Decatur, AL to his success as a businessman and community member in Franklin County, AL for over 40 years.  On this date in 1973 Tucker received the designation of Certified Public Accountant by the Alabama State Board of Public Accountancy.

The Certificate in Public Accounting is the premier designation in Public Accounting and provides a level of assurance and expertise in the areas of Tax, Audit, and Business Consulting Services. According to the National Association of State Boards of Accountancy the CPA designation is a respected and admired designation that is often viewed as an elite group of professionals. They pursue years of academic and technical training, pass a rigorous certification exam, and endure further testing in the areas of ethics and character through extensive on-the-job training. “For all of this, CPAs achieve a level of expertise and proficiency beyond that of a “standard” accountant – proudly earning them the designation of CPA.”

Joe graduated from UNA in 1970 with a degree in accounting and minor in economics.  “I have always liked helping people solve their economic difficulties,” he says.  In 1976, with his family expecting their second child and no client base, Joe went out on faith, on his own to form what has become Joe M. Tucker, CPA, PC.  From that point on he has established himself as “one of the most knowledgeable and personable” CPA’s in Northwest Alabama.

Joe Tucker has a reputation for generosity, ethics, and expert knowledge.  The integrity and professional, as well as personal, ethics exhibited by Mr. Tucker have been a shining example in our community for the past 40+ years.  He has offered his professional knowledge to guide and provide for individuals and  sound business practices in organizations and not for profit entities.  His assistance with these organizations has made it possible for them to operate providing a variety of services and resources benefitting the Northwest Alabama community. His expertise has also been recognized by various community organizations and businesses as illustrated by him serving on various not for profit boards, being named Russellville Civitan of the year, Franklin County Citizen of the year and serving on the Board of Directors for a local community bank for over 15 years.

Joe M. Tucker CPA, P.C., provides professional accounting services in Alabama and throughout the Southeast, serving a number of regional, national and international clients.  Through the years they have become a trusted name for a variety of professional accounting services such as tax preparation, monthly bookkeeping and comprehensive payroll tax services for any size business.  They take pride in being able to offer their clients a legacy of proficiency and professionalism by committing to their success.

To learn more about Joe M. Tucker CPA, P.C., please contact:

Mark Tucker, Marketing and Media 509 North Jackson Avenue Russellville, AL 35653 Office:  256-332-2004 / Fax:  256-332-8254 mark@joemtuckercpa.com  www.joemtuckercpa.com

Tax Preparation at Joe M. Tucker CPA, P.C.

At Joe M. Tucker CPA, P.C. we take pride in being able to offer our clients a variety of professional services that are tailored to their unique needs. In the brief video below we share an overview of some of the Tax Preparation services that we offer.  For more information please visit our website at www.joemtuckercpa.com.

8 Specific Things We Do To Help Small Business Startups

1)      Sit down with you and listen.

We want to hear your story, so tell us about your small business dream!

2)      Explain the tax consequences of your particular business structure (sole proprietorship, partnership, Sub S, etc.).

Consulting with a CPA to help decide which business structure is best for you is one of your most important decisions

3)      Assist you in obtaining financing by constructing a financial statement.

We can help put together information to take to your loan institution for financing.

4)      Secure, on your behalf,  an FEIN:  

5)      Set up payroll for your employees.

We can make sure you are in compliance with all of the tax possibilities of having employees.  We can also make sure that you have a way to deliver the payroll accurately.

6)      Set up a system of reporting sales tax or other industry specific taxes.

We take care of registering you with appropriate agencies in order to report and deposit any applicable taxes and fees.

7)      Track your expenses and income.

We can help you design a system of accounting for all aspects of your small business, making sure to track income and expenses, categorizing them so that you have the most accurate look at your business and be ready for the end of year return.

8)      File your tax return.

I guess you could say this is our specialty.  Our team has been filing returns for over 40 years.  We look forward to putting our experience to work for you!

Give us a call today 256.332.2004 or email at info@joemtuckercpa.com

(CLOSED 07/01/15) Seeking candidates for the position of Accountant

Joe M. Tucker CPA, P.C. is seeking candidates who possess a desire to work in a growing, family-owned, small business environment to fill the position of accountant.   Details for this position can be found on the company website www.joemtuckercpa.com and The University of North Alabama’s LionJobs platform.

Founded in 1976, Joe M. Tucker CPA, P.C. provides a variety of professional accounting services to Northwest Alabama including Tax Preparation and Planning, Bookkeeping, Financial Statement Preparation and Analysis, Comprehensive Payroll Services, and Business Advising.

 

www.joemtuckercpa.com

Didn’t know if you knew we had updated our website a few months back. Hopefully this gives a better picture of who we are and how we can help you: http://www.joemtuckercpa.com/

Financial Friday for June 27, 2014

Financial Friday for June 27, 2014

Here are a few articles that may be of interest to you on this Financial Friday:

RETIREMENT:

The Most Valuable Assets to Leave for Your Heirs
http://online.wsj.com/articles/the-most-valuable-assets-to-leave-for-your-heirs-1401726302

LEADERSHIP:

The Science of Productivity in a short video:
https://www.youtube.com/watch?v=lHfjvYzr-3g
or read the article here:  http://www.entrepreneur.com/article/234958

SMALL BUSINESS:

For Small Businesses, a Road Without a Map
http://www.nytimes.com/2014/02/09/business/yourtaxes/for-small-businesses-a-road-without-a-map.html?ref=smallbusiness&_r=0

Exiting your business can be taxing
http://www.hartfordbusiness.com/article/20140203/PRINTEDITION/301309933

Why Smart Strategies Require Even Smarter Questions
http://www.inc.com/geoffrey-james/smart-strategies-require-smart-questions.html

LOCAL

Even Ole Miss wants it Built by Bama:
http://yellowhammernews.com/faithandculture/even-ole-miss-wants-built-bama/

8 Specific Things We Do To Help Small Business Startups

1)      Sit down with you and listen.

We want to hear your story, so tell us about your small business dream!

2)      Explain the tax consequences of your particular business structure (sole proprietorship, partnership, Sub S, etc.).

Consulting with a CPA to help decide which business structure is best for you is one of your most important decisions

3)      Assist you in obtaining financing by constructing a financial statement.

We can help put together information to take to your loan institution for financing.

4)      Secure, on your behalf,  an FEIN:  

5)      Set up payroll for your employees.

We can make sure you are in compliance with all of the tax possibilities of having employees.  We can also make sure that you have a way to deliver the payroll accurately.

6)      Set up a system of reporting sales tax or other industry specific taxes.

We take care of registering you with appropriate agencies in order to report and deposit any applicable taxes and fees.

7)      Track your expenses and income.

We can help you design a system of accounting for all aspects of your small business, making sure to track income and expenses, categorizing them so that you have the most accurate look at your business and be ready for the end of year return.

8)      File your tax return.

I guess you could say this is our specialty.  Our team has been filing returns for over 40 years.  We look forward to putting our experience to work for you!

Give us a call today 256.332.2004 or email at info@joemtuckercpa.com

Financial Friday for June 13, 2014

#FinancialFridays 06.13.14

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Here’s a few articles that may be of interest to you on this Financial Friday (with a bonus category on leadership):

RETIREMENT:
How Much Money Is Enough?
http://www.forbes.com/sites/johnwasik/2014/05/30/how-much-money-is-enough/?ss=personalfinance

LEADERSHIP:
Be a Better Leader
http://www.christianity.com/videos/video-features/dr-albert-mohler-on-the-conviction-to-lead-interview.html

SMALL BUSINESS:
Why the Future of Retail Will Blow Your Mind
http://www.entrepreneur.com/article/234407

LOCAL
‘Getting better all the time.’ Decatur ready to embark on Alabama downtown revitalization effort
http://www.al.com/business/index.ssf/2014/06/main_street_alabama_downtown_d.html#incart_river