There are several tax credits expiring and it would be prudent of CPA to take notice. Such expiring credits include the exclusion of up to $2 million of forgiven debt on primary residences. More are the credit for installing energy-efficient windows and exterior doors in one’s house, the write-off for private mortgage insurance and the 30% credit for geothermal heat pumps.
PEOs
PEO – Professional Employer Organization. What is a PEO you ask? It is your Health Insurance, Workers Comp., Retirement and HR department.
Think of it this way, would it be cheaper to outsource every aspect of your employee benefits to separate companies? The retirement, the health insurance, the payroll, the workers comp? It’s possible. However, what would employees think of those benefits? Would the employees receive higher quality benefits from a PEO? It’s likely.
A PEO takes your company of 12 employees and puts them under their umbrella, so instead of getting pricing for health insurance, workers comp and retirement for only 12 employees, you get the pricing for the cream of the crop benefits (depending on which PEO you select) at the rate of hundreds of thousands employees. Plus, most handle the 1094-1095C Reporting.
It is worth taking a look at how clients currently flesh out company benefits and evaluating some of the other options available. Also, it’s important that even if you currently have a PEO, to evaluate every year.
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