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Our New Website!

Edgar Madsen

Madsen, O'Meara and Company P.C. is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look...

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Delegation: The Ultimate Productivity Enhancer for Business Owners

Edgar Madsen

As a business owner, one of the hardest—yet most beneficial skills to learn—is delegation. Many people who run businesses and have staff often find delegation of duties difficult for a number of reasons—two of the most common being a perceived lack of time (the “It’s faster to do it myself” excuse) or because they have a hard time letting go of their...

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Why “Set It and Forget It” is Not a Winning Website Strategy

Edgar Madsen

So, you have a nice website for your business—you can check “web strategy” off the to-do list, right? Not so fast! While creating a website that is easy to navigate, visible to search engines, and true to your company’s brand is no small feat, it should be just the first step in your website strategy. To maximize your organization’s web presence, you can’t...

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Don’t Neglect Your Own Finances When Caring for Aging Relatives

Edgar Madsen

July 1, 2014

As the number of seniors in the U.S. population continues to increase, so does the number of people taking care of an aging parent. In 2011, an estimated 10 million adult children over the age of 50 were caring for an aging parent. Having to take on this type of responsibility, especially during your prime earning years, can take a toll—not only emotionally and physically, but...

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Is Your Company Ready to Take on the Telecommuting Trend?

Edgar Madsen

June 16, 2014

Allowing employees to telecommute, also known as working remotely, is a major trend destined to reshape the way that companies recruit and manage employees in just about every industry. According to a 2013 survey conducted by the Society for Human Resource Management, more companies were planning to offer telecommuting in 2014 than any other new benefit. And, research by Global Workplace...

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Are Summer Vacations a Thing of the Past? Don’t Let It Hurt the Productivity of Your Business

May 29, 2014

While we’ve just celebrated the first official summer holiday weekend, studies show that almost 75 percent of employees do not take all of their allotted vacation time. In fact, many employees hesitate to take a break from work, and those that do often check in at least daily while on vacation, returning emails or taking calls. This may seem like true dedication to a job, but experts say...

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Employer-Owned Life Insurance Policy Holders—Take Note of this Potential Tax Implication

May 15, 2014

Many business owners are unaware of the Pension Protection Act passed in 2006 and its potentially costly tax implications for beneficiaries of employer-owned life insurance (EOLI) policies. This legislation enforces a tax rate of up to 50 percent on the death benefits of EOLI policies purchased after August 17, 2006. Normally, these benefits would be tax exempt—and they still can be if the...

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An Ounce of Prevention – Protect Yourself Against Identify Theft

May 1, 2014

According to the most recent U.S. Department of Justice data, approximately 7 percent of U.S. residents age 16 or older are victims of identity theft each year. While the overall percentage of Americans affected by identity theft has held steady since 2008, identity theft related to tax information is increasing rapidly. In fact, the Federal Trade Commission (FTC) recently released statistics...

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Don’t Spend Your Tax Refund Unless You’ve Considered These Tips!

April 14, 2014

Hopefully you have already filed your tax return and are anticipating at least a modest refund. But, before you get too excited about splurging with your IRS check, stop for a moment and remember that you earned that money! While many people view a tax refund as ‘bonus’ cash—it isn’t. It is simply a return of the funds that you earned and paid as tax beyond what your actual obligation...

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Does Your Business Need a Post-Tax Season Tune-Up?

March 31, 2014

With the business tax return deadline behind us, this is an ideal time to think about giving your business a little post-tax season tune-up with the intention of making next tax year easier and improving your financial situation. Here are a few key areas to consider analyzing now that your business taxes are filed:

Day-to-day accounting. With the rush of preparing...

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The Child Tax Credit Can Give Parents Some Relief

March 17, 2014

There’s no disputing the fact that raising children today is a costly endeavor. However, the American Taxpayer Relief Act of 2012 (ATRA) has eased parents’ tax burden and put a few dollars back in their pockets with the Child Tax Credit, which ATRA made permanent. This tax credit can be worth as much as $1,000 per qualifying child depending upon a parent’s income.

Because it...

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Is the New Simplified Home Office Deduction Right For You?

March 4, 2014

A nice home office is often one of the biggest perks of being a freelancer, and it can also provide you with a significant tax deduction if you qualify for it. Up until this tax year, the calculations needed to claim the home office deduction were complex and required meticulous record keeping and a separate form (Form 8829). However, starting with your 2013 tax return, the IRS has introduced...

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Take Advantage of the Invaluable Learning Opportunity Your Tax Return Provides

February 14, 2014

With tax season in full swing, you are likely busy compiling all of your tax documents and expense receipts to support the preparation of your return. When you think about it, there is a lot you can learn from preparing to file your tax return. It provides the perfect snapshot of where you stand financially, which can offer important insights into your money management habits. While there are...

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Business Owners, Be IRS Audit Savvy this Tax Season

February 1, 2014

With tax season here, you might be wondering just how likely you are to hear from the IRS after you file by means of an audit notice. While the chances you will be audited are relatively low if you file a straightforward personal tax return, the more complex your tax situation becomes (reporting business income or graduating to a high-income tax bracket, for example), the more likely it is...

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Does Your Business Need to File 1099s? The Initial Deadline of January 31 is Fast Approaching!

January 17, 2014

If your business spends $600 or more for services from another business or an individual contractor during the tax year, you may have to report the amount on a Form 1099. The requirement to file 1099s applies to all types of businesses, C-Corporations, S-Corporations, LLCs, all partnerships, and sole proprietorships. Forms 1099 are normally issued to unincorporated...

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This Tax Year Includes a Baker’s Dozen of Changes to Digest

January 3, 2014

Happy New Year! Now that the holidays are over, it’s time to get serious about reviewing where you stand from a tax perspective. As you may recall, in 2013 Congress and President Obama made a budget deal to avoid the fiscal cliff which resulted in seven tax increases. In addition to these increases, the introduction of the Affordable Care Act (also known as Obamacare) also included six...

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IRS Eases the “Use-it-or-Lose-it” Rule for Flexible Spending Plans

December 17, 2013

With the end of the year on the horizon, many individuals with flexible spending accounts (FSAs) are scurrying to spend residual funds to avoid “losing” them, in accordance with IRS regulations. However, the regulations have now changed with the IRS easing the “use-it-or-lose-it” rule for health flexible spending plans. Individuals with FSAs can now carry over a maximum of $500 to...

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Should You Apply for Social Security When You Apply for Medicare?

November 27, 2013

If you’re nearing the customary retirement age of 65, you may be considering when to apply for Medicare and Social Security benefits. This is an important decision that can have significant impact on your financial situation down the road, so it is important to understand how these benefit programs work. In particular, if you are not planning to retire at the full retirement age (FRA) of 65...

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Don’t Let the Delayed Tax Season Stop You from Being Prepared

November 14, 2013

The IRS recently announced that, for the second year in a row, it will delay the start of tax season. However, the April 15 filing deadline, which is set by statute, remains in place. Last year it was the fiscal cliff negotiations that pushed back the start of the tax filing period. This year, of course, it is the 16-day government shutdown that put the IRS approximately one to two weeks...

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LLC Owners and Participants: Be Aware of IRS PAL Regulations

October 30, 2013

If you own a Limited Liability Company (LLC) that you are not actively managing, but you claim tax deductions, this blog post will be of interest to you. Close to 30 years ago, the IRS passive activity loss (PAL) rules (I.R.C. Section 469) were enacted to limit the degree to which money-losing LLCs could be used as tax shelters by their owners claiming losses—such as depreciation, interest,...

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You Get What You Give: Tips for Motivating Your Employees Through the Holidays

October 17, 2013

Halloween is just around the corner and in a few short weeks the calendar will flip to November 1—the unofficial beginning to the winter holiday season that can seriously reduce employee productivity. After all, who has time to put in a solid eight hours a day at the office when there is seasonal shopping, schmoozing, and socializing to be done?

Many business owners have a...

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The Medicare D Notification Deadline is Oct. 15 for Employers Providing Prescription Drug Coverage

October 4, 2013

Employers providing healthcare insurance that includes prescription drug benefits are required to notify Medicare-eligible employees by October 15 of each year whether their drug benefit is "creditable coverage," meaning that it is expected to cover, on average, as much as the standard Medicare Part D prescription drug plan.

The Centers for Medicare and Medicaid Services (CMS)...

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Get a Head Start on Tax Season in Four Simple Steps

September 30, 2013

While the end of the year may seem like it’s a long time from now, it’s only three short months away. When you factor in the hectic weeks of the coming holiday season, that really only leaves a few weeks to pull your tax information together to avoid the stress that being unprepared for tax season can bring.

Now is the time to think about what information you will need for the...

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Employers Must Provide Notification of Health Insurance Options to Employees by October 1, 2013

September 13, 2013

The opening of the government’s Health Insurance Marketplace (HIM) on October 1 is fast approaching and with it comes a new requirement to Section 18B of the Fair Labor Standards Act that all businesses should be aware of. By October 1, 2013 employers must provide written notices about health insurance options, including notification of the new health insurance marketplace, to their...

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College Tuition and Taxation 101

September 4, 2013

The beginning of September is synonymous with the back-to-school season. If you have a child attending college, or if you are a student yourself, September is also likely to be synonymous with the beginning of annual tuition payments. While attending and paying for college may be taxing in many ways, there is some good news when it comes to tax deductions and credits related to college...

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Employee Theft: 4 Tips for Protecting Your Business

August 16, 2013

Given the tough economy over the past few years, it has been particularly difficult for business owners and the individuals they employee to thrive financially. Couple the poor economic climate with the fact that many businesses, especially small ones, have few controls in place to prevent employee theft and you get statistics like these reported by the National Federation of Independent...

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Rest Easy: Know the Tax Implications of Renting Your Vacation Home

July 31, 2013

If you’re lucky enough to own a vacation home, or are thinking about investing in one, you should be aware of the tax implications associated with this type of property, particularly if you are planning to rent it at least some of the time. It is also important to note that the IRS definition of a vacation property encompasses not only houses, cottages, and condominiums, but also mobile...

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Mid-Year Tax Planning Can Save You Time—and Money

July 16, 2013

As hard as it is to believe, the year is already half over. Although it may seem like the April tax deadline was just a few weeks ago, the reality is it’s time to start thinking about your 2013 taxes. And, if you spend some time now on mid-year tax planning, it can really pay off next April—which is only nine short months away. In addition, taking stock of where your business is halfway...

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Obama Administration Announces Delay to Part of Affordable Care Act

July 4, 2013

On Tuesday, July 2, the Obama administration announced that it is delaying the requirement that businesses with more than 50 employees provide health insurance to their workers or pay a penalty. The delay extends to 2015. The announcement by the IRS comes after numerous complaints from businesses that the requirements were too complicated and difficult to implement in time.

Still...

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What Does the Affordable Care Act (Obamacare) Mean to Businesses?

June 27, 2013

One of the key mandates of the Affordable Care Act (ACA), or “Obamacare” as the law is commonly known, is the creation of health insurance exchanges in each state. The intention of these exchanges is to give individuals and small businesses a means for buying affordable health insurance. With the October 1st launch date for the new health care exchanges fast approaching, business owners...

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What’s The Real Secret to Success? A "Giver" Instinct

June 18, 2013

For years, aggressive, "do-what it takes" attitudes have been attributed to achieving professional success. Having at least a little bit of the "killer" instinct is what differentiates the winners in business, right? Perhaps in some cases, but according to research conducted by Wharton Business School professor, Adam Grant, the opposite is true. Success—both personal and professional—is...

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Low- or NO-cost Marketing for Small Businesses

May 30, 2013

We’ve said it before, and we’ll say it again… marketing is a key component of any successful business. So, we want to provide you with as much helpful information as we can in this area. We know marketing isn’t an easy task. It takes time and money. Of course, we understand that you have to keep a focus on the bottom line, which is why we are offering a few marketing tips for those of...

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Do a Little ‘Outdoor’ Marketing This Summer

May 17, 2013

Whether your business sells seasonal products or provides services throughout the year, summer is a HOT season for marketing. The warmer weather offers some flexibility with marketing events and campaigns, and that means you can be creative. Most people like to get out during the summer months, so the potential to attract prospects and clients to your marketing events is higher. The following...

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Harness the Power of the Mobile Office— Enjoy the Freedom of Being Wire-free

April 30, 2013

Technology is a wonderful thing. We know it in our firm because we use advanced technology to our advantage—that is, working anytime and from any device, having 24/7 access to files, and the ability to work from home, a client’s site, or the airport! And now that just about any gadget you can imagine is portable and affordable, your small business doesn’t have to be confined to your...

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A Not-So-Ordinary Tax Season is History

April 17, 2013

This was more than your typical tax season. With a plethora of changes to the tax code and a late start brought about by 11th hour congressional decisions, it was an even more harried and intense process than usual. We appreciate the good working relationships with our clients that helped us keep moving to meet the April 15 deadline—thank you!

With tax season just now moving into...

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E-Filing – A Reminder WHY It’s the Way to Go!

March 29, 2013

Hopefully, you are part of the more than 80% of taxpayers that take advantage of e-filing. If you’re not, we want to remind you WHY you should. Take a moment to read our short (but very convincing) list. The April 15th tax deadline is just around the corner, so we wanted to dedicate one last post to remind you of the value of e-filing your return.

  1. Safe &...

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4 Quick Tips to Ready Yourself for April 15

March 18, 2013

The tax deadline always seems to sneak up on taxpayers. Don’t fall into this trap and cause yourself added stress. If you’ve yet to pull things together…start preparing now. The following are four easy tips to be sure that you are ready for the April 15 tax deadline:

  • Locate Last Year’s Tax Return—Previous years’ returns serve as an excellent...

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Spring is Just Around the Corner… and so is April 15th

February 28, 2013

As we look forward to the end of winter and the launch of spring, that also means the April 15th tax deadline is that much closer. Being prepared is the best way to ensure a smooth tax season and minimize any surprises. So, if you’ve yet to dig in and give some dedicated focus to your taxes, here are a few suggestions to get you going:

  • Begin Gathering Source...

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E-Filing is the Way to Go – 4 Top Reasons

February 19, 2013

More than 80% of taxpayers file electronically…and for good reason. Or rather, good reasons (plural)—four to be exact. E-filing offers an efficient and highly secure method for filing your tax return. And if that’s not reason enough, take a moment to read through our Top 4:

  1. Accurate & Complete—E-filing is the best way to ensure that you file...

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Electronic Filing Starts January 30th

January 31, 2013

As of January 30, 2013, the IRS will begin processing individual income tax returns for the majority of United States taxpayers. Be sure to get your tax documents organized now. You can use our Client Center on our website to securely upload your documents to our office.

A few items to note as we move into February:

  • E-file and direct deposit are the fastest ways to...

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New Tax Bill… What it Means to You

January 4, 2013

With the passing of the new ‘Fiscal Cliff” Act, taxpayers need to be aware of how it may affect them in the coming years. As such, we’ve compiled detailed information for you within this blog post.

At a high level, the act...

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Tips on S Corporation Compensation

December 27, 2012

The IRS continues to challenge S Corporation shareholders regarding proper methods for paying themselves. That said, it’s critical that your S Corporation structure is set up appropriately and that compensation is paid and reported correctly. For example, in a recent court appeal case, an attorney was slapped with penalties and interest after failing to remit payroll taxes for his...

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Tis the “Season of Giving”… Holiday Tax Tips for You

December 18, 2012

It’s year end already, and with it comes the race to get ready for tax season. Traditionally, December marks a time for giving generously to charities, family, and friends. It’s also a time that can have a major impact on your upcoming tax return. But fear not, we’ve compiled a few helpful “Season of Giving” tips for you (courtesy of the IRS), covering everything from charity...

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It's a New Brand Day

October 5, 2012

It's a New Brand Day at Madsen, O'Meara and Company! We are excited to announce the recent launch of our firm’s new brand. We’ve been working very hard to enhance our website, develop helpful new client communications, create premium marketing materials, and give our firm a major facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the...

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