Every employer must have an I-9 Employment Eligibility Verification Form completed for every employee who they employ in the US. This requirement only applies to workers hired since November 7, 1986. This form applies to all persons who work in the US, regardless as to the country from which they are paid (i.e. a German citizen working in the US, but paid in Germany, requires an I-9). The I-9s are completed but are kept with the employer until an appropriate US government agent requests to see them.
Tax Policy & Finance
Last time we discussed the fact that since the Great Recession, commercial banks have become asset-based lenders. This is a negative development to the business seller since most business sales require a buyer to pay a premium over asset value. Sellers correctly expect to be compensated in the purchase price for goodwill, also referred to as enterprise value and unflatteringly as blue sky or air ball.
With all of the hullabaloo of the Affordable Care Act (ACA), it can be easy to forget about HIPAA and COBRA. With recent changes, more enforcement and larger penalties, letting ACA eclipse HIPAA and COBRA can be a costly mistake to make. After years of experience, people often forget how important it is to remain in compliance with HIPAA and COBRA and that the same simple steps may also make ACA compliance easier and more efficient.
The Internal Revenue Service has issued final regulations on the tax credit available to certain small employers that offer health insurance coverage to their employees under the Affordable Care Act.
When the time arrives to transition your business to new owners, the first step is for you and your advisors to arrive at a price which both meets your expectations and will be accepted by prospective buyers. Step two is a frank discussion about how potential buyers might receive necessary bank financing to consummate the purchase of your business.
The end of 2014 and the beginning of 2014 have resulted in a number of changes in tax administration. One of the many areas of change is liability for taxes of successor businesses. If your company purchases all the assets of another business, it may be held liable for the unpaid taxes of the predecessor corporation. However, until February of this year, the prior corporate officers were also liable for unpaid taxes.