What Does the ACA Supreme Court Ruling Mean For Your Clients?

ACA LogoSubmitted by:

Ankur Kholsa-Gandhi
Small Business Specialist

On June 25, 2015, the United States Supreme Court rendered a decision in the King v. Burwell case, stating that premium tax credits ARE allowed for eligible individuals who sign up for health insurance coverage through federal as well as state health insurance marketplaces.

With the ruling, Employer shared Responsibilitiy (ESR) provisions within the Affordable Care Act (ACA) remain unchanged.

Business owners should continu to moitor the law and understand thier responsibilities.  If any of your clients are what the ESR provisions define as an “Applicable Large Employer,: they :

  • Must track and report to the IRS on Forms 1094-C and 1095-C beginning with this tax year:
    • Full-time employee status,
    • Offers of health coverage, and
    • The affordability and adequacy of coverage offered to full-time employees.
  • May be subject to penalties for failing to file these returns on time.
  • May be subject to penalties for not offering their full-time employees affordable and adequate health insurance.

How Paychex Can Help

Understanding the Employer Shared Responsibility provisions of hte ACA and keeping up with the regulations can be a daunting task.  Paychex can help your clients navigate the complexities of the health insurance system and adapt to changes in the health care reform law.

For more details: https;//www.paychex.com/health-reform/esr/index.aspx

Or call:

Ankur Knosla-Gandhi


Grow Your Business with Gratitude

Grow Your Business with Gratitude

 allianceIn a week we’ll be celebrating the holiday that focuses on gratitude.  And in these current times of economic turmoil it can be difficult to determine exactly what we have to be grateful for.  But as Buddha once said, “Let us rise up and be thankful, for if we didn’t learn a lot today, at least we learned a little, and if we didn’t learn a little, at least we didn’t get sick, and if we got sick, at least we didn’t die; so, let us all be thankful.”

Gratitude is a powerful emotion.  It can change your relationship with others, alter your perspective, and perhaps, grow your business.  Consider the following three exercises in gratitude as you offer thanks this Thanksgiving:

1. Discover all that you have to be thankful for. Your first task is to determine all those things you have to be grateful for.  In tough times that can be difficult.  You may be required to consider things you regularly take for granted: perhaps good health, a place to live, family and friends, food to eat, gracious neighbors, hope for a better tomorrow.  Those who believe in the Law of Attraction would tell you that in focusing on all the things you are grateful for, you will begin to attract more good things into your life.  Either way, focusing on the good will raise your spirits. 

2. Develop an attitude of gratitude. Consider a business run by a depressed, negative staff.  Such businesses exist, and they rarely become power companies.  Consider a business run by an enthusiastic, upbeat staff.  Such businesses are more likely to generate positive experiences with their clients.  When you focus your energy on all the good things in your life, you develop an attitude of gratitude which impacts employees, clients, and contacts in an affirming way.  Your business will be much more successful simply because you have a positive attitude. 

3. Express thanks to your clients. Everyone likes to be appreciated.  And when you realize that your business wouldn’t exist without your clients, it becomes easier to feel genuine gratitude for everyone on your roster.  When you are able to do more than simply feel gratitude for your clients, but also express it, you’ll find that your clients feel better about the services you offer.  Now is the perfect time to let your clients know that you are thankful for their service.  You’ll find that they’ll be more likely to refer their friends and family to your business when they recognize your sincere appreciation.

Thanksgiving is the perfect time to reflect on all those things for which we have to be grateful.  It’s also a good opportunity to practice gratitude in a way that can positively impact our lives, and not just throughout the holidays.  Take the time to consider all those blessings you enjoy, and then feel grateful for them.  You may be surprised at how such a simple act can change your life experience.

Thank Us Later!

Consider what your life would be like without the convenience of modern technology.  Without software programs like QuickBooks, we would be required to do things the slow, old-fashioned way.  Thankfully, we don’t have to.

The Professional Bookkeeper’s Guide (PBG) to QuickBooks will enable you to master this software program that over 80% of small businesses use to manage their accounting.  Once you do, you will be able to work more efficiently as you use all the features, functions, and shortcuts QuickBooks offers.  Not only will the PBG enable you to manage your own books more efficiently, but it can increase your bottom line as you add QuickBooks consultation, help and setup services to your menu.  With hands-on training you can earn a professional designation as a QuickBooks Specialist that will give you the creditability you need to convince prospective clients that you are an outstanding tax professional!

With just one small initial investment, you can increase your income and your clientele.  Don’t wait to thank us.  Call Universal at 1-877-833-7909 to order now!

One Accounting Practice–To Go

A happy owner holding up an Open sign in front of her new businessWould you like to own and operate your own accounting practice?  Doing so would enable you to be your own boss, enjoy a flexible work schedule, determine how much you work and earn, and enjoy a fulfilling career doing something you enjoy.  Do any of these things appeal to you?  If so, it’s time you take advantage of an amazing opportunity to get started—today!

Accounting, marketing and production are the three main business functions.  In order for a business to operate successfully these three functions must coordinate their efforts.  An accounting practice produces accounting services, so production and accounting are closely intertwined.  You use accounting information to diagnose a business’s vitality and inform business decisions while you “produce” accounting services for your clients.  And unless you market these services effectively, the business will fail.  The best business opportunity will provide you with the chance to hone these key business functions: accounting and marketing.  Once you’ve done that, you practically have a ready-made business.


Your tax preparation skills have provided you with some accounting experience.  Perhaps you work in the accounting industry full or part-time.  Or perhaps you’ve always wanted to work in the accounting industry.  Regardless of what you currently do, you can start your own accounting practice.  The key is in finding a niche market in need of your valuable services.

Small businesses are in great need of accountants who understand their specific needs and know how to help them make their businesses more profitable.  In fact, many of your current tax clients may fit this profile. However, traditional accounting training doesn’t prepare graduates to work with this niche market and their unique needs.  That’s what makes the Professional Bookkeeper Program matchless.

UAC’s Professional Bookkeeper Program

At Universal Accounting, we understand the needs of the small business like nobody else. We’ve helped people like you advance their careers in small business accounting for over 30 years.  The Professional Bookkeeper Program is designed specifically to address the needs of small businesses, and Universal Accounting Center’s small business accounting course is the most complete of anything offered today.  And depending on your schedule and situation, it will only take you 60 hours to complete.  Imagine earning a professional designation in less than one month!


Unless your target market knows about your unique skills, they will not retain your services.  Part of your job as a contract accountant is to promote these unique skills effectively.  The Universal Practice Builder Program is designed to help you master your business’s marketing function.

UAC’s Universal Practice Builder Program

This program is a turn-key marketing solution which will enable you to grow your business with our proven system.   You could work for years on a marketing plan, hitting and missing, only to find your business growing at a snail’s pace.  Imagine learning 12 plus marketing strategies proven to reach your niche market.  That includes helping you secure 15-25 qualified leads per month and earn $30,000 more in annualized billings in just one year!  The Universal Practice Builder Program is designed to teach you the art and science of getting clients.  Top your Professional Bookkeeper designation off with this guaranteed program that will help you coordinate those two key functions: accounting and marketing.  With these two programs under your belt, business success is much closer than you can imagine.

Life is too short to wait for success to fall into your lap.   You must chase it!  This package deal is an opportunity in work clothes.  You’ll have to dedicate your time and energy to mastering the concepts contained in these two priceless programs, but we can promise you that it will pay off.  Call Universal at 1-877-833-7909 to order now and change the course of the upcoming New Year.

Tax News: Calculating Telephone Excise Tax Refunds

Business Owners and Non-Profit Organizations:

The IRS Announces a Formula for Calculating Telephone Excise Tax Refunds

In May of 2006 the Treasure Department announced that beginning April 1 the government would no longer collect federal excise tax on long-distance telephone service. They also announced that taxpayers could request refunds for telephone excise tax collected after February 28, 2003 . To avoid the troublesome task of calculating 41 month’s worth of long-distance telephone taxes, the IRS recently released a formula intended to help individuals, business owners, and non-profit organizations to calculate their refunds. “Businesses and tax-exempt organizations generally have more varied phone usage patterns than individuals,” IRS Commissioner Mark W. Everson said. “The IRS has met with a number of businesses and tax-exempt organizations to understand their concerns. We believe we have developed a reasonable method for estimating telephone excise tax refund amounts while reducing burden.”To request a refund, business owners and non-profit organizations should complete Form 8913, Credit for Telephone Excise Tax Paid and attach it to their regular return. In order to calculate their refund, they must use the new IRS formula. First compare two telephone service statements: April, 2006 and September, 2006. Calculate the tax percentage of each bill (April contains a tax on local and long-distance service while September only includes a tax on local telephone service). The difference between these two percentages must then be applied to the quarterly or annual phone charges to determine their refund. The IRS also provides an example. If a small business had an April, 2006 phone bill of $1000 with $28 in federal excise tax, the percentage would be 2.8 percent. If their September 2006 phone bill was $1100 with $16.50 in federal excise tax the tax percentage would be 1.5. The business would subtract 1.5 from 2.8 in order to get a final tax percentage of 1.3. The business would then multiply 1.3 by their total phone expenses over the 41-month period in order to calculate their final return.Large businesses of 250 or more employees are restricted to a 1% cap while small businesses and non-profit organizations are restricted to a 2% cap on what they can claim. In the example above, a small business could claim 1.3%, because it doesn’t go over their 2% cap, while a large business could only claim 1% of the 1.3 percentage. The IRS has also included a standard refund amount for individuals: $30 for one exemption, $40 for two exemptions, $50 for three exemptions, and $60 for four or more exemptions. The IRS devised the formula after discussing the issue with the business community, specifically the Small Business Administration and representatives from the tax-exempt community. They hope the formula provides a less burdensome approach to calculating the telephone excise tax refund.

You can find more information on the federal telephone excise tax refund in your 2006 tax return materials, or visit IRS.gov.

Universal Accounting is continuously looking to bring to you the latest in the industry. You are only as good as the training you complete! Take the opportunity, if you haven’t already and get more familiar with what’s all involved in the Module coursework. Click Here to find out more.

Avoiding Sales Mistakes

In our exuberance to sell services, sometimes we make some unwitting mistakes.   In a recent Inc.com article, Geoffrey James lists “10 Dumb Sales Tactics to Avoid.”  Are you guilty of implementing some?  We share four common sales mistakes here:

  1. Answering objections the customer hasn’t surfaced.  Why prepare prospective clients for concerns they may never have?  While anticipating problems can be good, when you begin resolving them for individuals who never thought of them in the first place, you introduce doubts that may ultimately lose you their business.
  2. Leaving the ‘Next Step’ to the customer.  Sending sales letters in which you ask the prospective client to contact you are rarely successful.  Why?  Because you’re asking them to do all the work.  James suggests you “keep the ball in your own court.  Try substituting a closer like this: ‘I will call you next week to discuss whether it makes sense to discuss this matter further.’”
  3. Talking more than listening.  There is a time and a place for the sales pitch, and it shouldn’t happen before you’re learned about a prospective client’s business needs and concerns.  And you will learn more about your prospective client’s needs and concerns by listening to them than you will by sharing a pitch.
  4. Failing to follow through.  What?  You mean that there are professionals who don’t do what they say they will do when they say they will do it?  Yes.  And you can’t be one of them.  James explains, “Drop the ball, even once, and you’re probably out of the game.”   Create a To-Do-or-Die List that includes scheduled times for follow through.

The economy’s tight and it can be harder to close a sale than it used to be.  However, that doesn’t mean it can’t be done.  Ensuring that you avoid the most common sales mistakes is a great place to start.

The Universal Practice Builder Program

Universal Accounting Center is in the business of helping build stronger, more profitable businesses, and we can help you better market your services, enabling you to effectively launch and maintain a successful practice.  Through our Universal Practice Builder (UPB) program, you can attract and retain more clients.

Here’s just a sampling of what you will gain from enrolling in this phenomenal program:

  • A guarantee of $30,000 in new annualized billings in only 12 months
  • The skills to become a Profit Expert for each of your clients
  • 12 marketing strategies that you can implement immediately
  • A process which can produce 15 to 25 qualified leads per month
  • 3 months of coaching via telephone and Internet
  • Training to use QuickBooks to attract more clients
  • Access to a plan proven to help retain clients
  • 5 business assessments
  • A customized business website
  • An iron-clad guarantee

Master proven marketing techniques that will significantly grow your practice!  Allow us to show you how.  Call 1-877-833-7909 now to enroll in the Universal Practice Builder Program today.


James, Geoffrey.  “Dumb Sales Tactics to Avoid.”  7 September 2012  Inc.com

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