QUESTION: How do I determine the amount that should be reported as taxable wages on an employee’s W-2 for personal use of a company car (PUCC)? ANSWER: When an employee uses a company provided vehicle for personal use it is considered a fringe benefit and must be treated as taxable wages, for example an employee…
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Does your firm owe taxes in a state that it has not operated in? Ask a Business Advisor
QUESTION: Could I owe tax in a state that my company has not physically been in? ANSWER: As with most things related to state and local taxation (SALT), it depends! In many cases, yes, you can owe taxes to these states. This leads to a very important topic in the SALT world – Nexus. Nexus…
Need clarification on your 401k plan? Ask a Business Advisor
brought to you by QUESTION: Does it matter when I remit the employee deferral money to the 401k plan? I heard it is 7 days. ANSWER: We hate to say this, but it depends. The Department of Labor classifies retirement plans into two categories – small plans and large plans. The small plans (less…
Is Your Firm Struggling to Keep Up with Technology? Ask a Business Advisor
brought to you by QUESTION: Our firm doesn’t have any IT employees on staff. How can we keep up with technology and remain competitive?? ANSWER: The struggle to maintain a competitive edge without an IT resource is very common. The truth is that many firms take on the responsibility of technology themselves, but would…
Projects Running Over Budget Reducing Profit and Delaying Completion? Ask a Business Advisor
brought to you by QUESTION: My projects tend to run over budget reducing my profit and delaying completion. How can I realize the profit I need and still deliver the product the client expects? ANSWER: There are two things that typically cause these over runs in Architecture firms: excessive meetings and drawing iterations. Often…
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brought to you by QUESTION: If I have a project in another state, but we never set foot in that state, am I required to pay that states taxes? ANSWER: This is a typical tax answer, but I am going to use it anyway! It really depends upon your unique situation. There are 46…