BTerrell Group Blog

The Internal Revenue Service (IRS) issued final rules for the “repair regulations” back in September of 2013, as indicated in “To Expense Or Not To Expense,” posted by Gerald S. Silberstein on SFMagazine.com.  These rules apply to the treatment of getting, repairing, or improving physical property.  An addition made in August 2014 included how to handle tangible property, which can be capitalized in most cases or expensed if items are below a certain value or have a life expectancy of 12 months or less.  The IRS released two new sets of procedures in January 2015 that are causing big stress to small businesses.  Amongst the controversy is a rule that divides businesses by those with an acceptable financial statement (AFS) and those without.  Those without an AFS can only expense for repair items that cost $500 or less, which is far below the $5,000 limit that those with an AFS can expense.  Many small businesses don’t have the resources available to secure proper AFS and the capitalizing or expensing of repair items could significantly impact finances.

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In all of the confusion around ACA reporting and the Form 1095-C, it’s nice to remember a couple of things. First, the IRS recently relaxed the deadline for ACA Forms 1094-B, 1095-B, 1094-C and 1095-C. You’ll notice we’ve posted several blogs about this already. If you are still laboring under the deadline of getting that Form 1095-C to your employees by February 1, read this post and take the rest of the day off.

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Each quarter, Intacct releases software updates improving the best in class technology that all end users enjoy. At BTerrell, we host breakfast for our client companies ensuring they have a chance to preview these changes and how they benefit end user productivity and experience. Intacct 2016 Quarterly Release 1 will be published on February 19^th, and the BTerrell Quarterly Release Breakfast will be Tuesday morning, February 16^th, from 7 AM to 9 AM at Park City Club in Dallas.

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The world is a big place and skilled workers can be difficult to find, especially in the accounting industry.  A study by Convergence Coaching, LLC indicates that many accounting firms are thinking out-of-the-box when it comes to their employees and supporting remote or work-from-home opportunities.  As indicated in “Getting the Most Out of Your AnyWHERE Work Programs,” posted by Renee Moelders on ConvergenceCoaching.com, of the 155 accounting firms that participated in their annual Anytime, Anywhere Survey, 56% revealed that they have employees that work from home on occasion and 35% have employees that regularly work from home.  This combined 91% representation is a significant increase from the prior 77% respondents noting the same in the 2014 survey. 

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