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Year-End Tax Planning: 10 Ideas for the Restaurant Owner/Operator

Posted 5:35 AM by
As a restaurant owner/operator, you work hard to generate a profit each and every year. Unfortunately, as profits grow so does your potential tax liability. While a profitable operation will always incur tax at some level, year-end tax planning is an effective way to minimize your total tax bill. Here are 10 strategies for minimizing your 2013 year tax liability.
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New Bill Introduced to Limit Stark Law’s In-office Ancillary Services Exception

Posted 5:05 PM by
A massive increase in referring physicians’ offerings of ancillary services in recent years has prompted some lawmakers to take action. On Aug. 1, 2013, H.R 2914 was introduced by Rep. Jackie Speier (D-CA) stating that “specified non-ancillary services” are not available for the exception, which include advanced diagnostic imaging services, anatomic pathology services, radiation therapy services and supplies, and physical therapy services.
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Sales Tax Treatment of Take-and-Bake Pizzas

Posted 1:44 PM by
In her Oct. 14, 2013 article, Cara Griffith of Forbes magazine provides an update on the debate regarding the sales tax treatment of take-and-bake pizzas. Griffith reports that the Sales Tax Governing Board Compliance Review and Interpretations Committee has been asked to provide an opinion on the question of whether a take-and-bake pizza meets the definition of prepared food.
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Seven Percent Off Your Next Purchase: Indiana’s Sales Tax Exemption for Restaurants

Posted 12:17 AM by
Are you paying more sales tax than you need to be paying? Unlike a majority of states, Indiana treats restaurants as manufacturers for purposes of the sales tax exemption for production. This can mean real savings of seven percent on purchases of equipment and utilities. In the competitive world of restaurant management, it is crucial to recognize where savings can be realized and how to go about claiming those savings.
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U.S. Manufacturing Is Expanding!

Posted 2:15 PM by
A recent report from the Institute for Supply Management (ISM) shows that its index, which measures national factory activity levels, rose from 55.7 in August 2013 to 56.2 in September 2013. Note that any reading above 50 is considered to be expansion of the manufacturing industry. This is the fastest pace of growth in the past 2½ years.
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Manufacturing Jobs Move Back Home: Are You Part of the Trend?

Posted 7:26 PM by
More and more jobs are moving back to the U.S. as the margin of cost benefit of outsourcing those jobs continues to minimize. A CNN article summarizing the results from a survey published this week by the Boston Consulting Group showed the number of firms that have moved production back to the U.S. or plan to do so in the next two years has doubled over the past 18 months.
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Government Shutdown: Effect on IRS Operations

Posted 6:25 PM by
The Internal Revenue Service (IRS) has announced on its website that its operations have been scaled back due to the government shutdown. However, it emphasized that taxpayers must nonetheless continue to meet their tax obligations as normal.
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Three Key Things to Know About the Health Insurance Exchange

Posted 10:45 AM by
The Health Insurance Marketplace is going live today, October 1, 2013. The exchange is designed to be a single, transparent location for individuals and families that do not currently have health insurance, to review and compare insurance plans provided by commercial health insurers. Indiana has opted to partner with the federal government to administer and operate the state insurance exchange.
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Are Employers Liable for Failing to Provide Marketplace Notice?

Posted 7:55 PM by
As of Sept. 16, 2013, the Department of Labor (DOL) posted a new FAQ clarifying that no fine or penalty will apply to an employer who fails to provide its employees with the notice about the health insurance marketplaces.
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Health Insurance Marketplace Premiums for 2014

Posted 2:57 PM by
The Department of Health and Human Services (HHS) released “Health Insurance Marketplace Premiums for 2014.” Indiana plans are expected to cost from just under $100 per month for a single adult (catastrophic plan) to almost $1,000 for a family of four. It is estimated that on average, Americans will pay $328 monthly for a mid-tier health insurance plan (without subsidies which might apply).
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