News & Tips Archive

Feb 12, 2025

Is This Your Situation: Deciding Whether Someone Is an Employee or a Contractor

What is in a name? The IRS knows the answer, even though the reasoning can be subtle. Read through to learn the differences between an employee and an independent contractor before you make an expensive error.

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Feb 11, 2025

IRS Warnings Regarding Health and Wellness Deductions

The IRS is reminding taxpayers that personal expenses pertaining to health and wellness cannot be deducted or reimbursed. Read through to understand why they are not considered expenses for medical care under the Internal Revenue Code.

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Feb 10, 2025

Retaining Payroll Records

Federal and state laws and regulations require you to keep payroll documentation for several years. But which documents should be saved and for how long? Read through to learn the details so that you will be ready should you ever be audited.

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Dec 30, 2024

UPDATED--Season's Greetings: BOI Rules Reversed Again

All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what's happening with the Corporate Transparency Act and its ownership reporting rules.

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Dec 26, 2024

IMPORTANT UPDATE:

FinCEN Extends BOI Reporting Deadline

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Dec 20, 2024

What Is Imputed Income?

Benefits can boost employee morale as well as loyalty to the job and your company, but some benefits come with tax implications. Read through to learn which benefits add to employee income so that you can withhold correctly and avoid penalties.

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Dec 19, 2024

Court Stops Corporate Transparency Act

The Corporate Transparency Act was slated to affect many businesses in 2025 with some heavy-duty reporting requirements. But a court has just effectively stopped it, definitely for now, and possibly permanently. Read through for some details.

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Dec 18, 2024

Understanding IRS Form W-2

Form W-2 is the wage and tax statement that employers give to employees and to the IRS to show each employee's income earned and taxes withheld. Read through to better understand how the government uses the form.

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Dec 17, 2024

A New President: How Taxes May Change

It is important to understand the tax policies and initiatives that United States President-elect Donald Trump spoke about during his campaign. Some, all or even none of them may come to pass. Read through to see how the situation may change, so you can be prepared.

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Dec 16, 2024

The IRS Announces Inflation Changes for 2025

As it does every year, the IRS has made inflation adjustments to a variety of provisions. These take effect in 2025, and generally will be applicable when filing taxes in 2026. Read through for a summary of the main changes.

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Nov 22, 2024

IRS Adjusts HSA Amounts

In a recent revenue procedure, the IRS announced changes to health savings accounts for 2025. Now is a good time to look at your situation and consider your options. Click through for a review of the changes.

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Nov 21, 2024

Creating a Payroll Continuity Plan

When a disaster strikes, it's critical to have a payroll continuity plan — a document outlining the steps necessary to manage payroll through disruption. Click through to learn how to create a multitiered plan that prepares your organization for many possibilities.

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Nov 20, 2024

IRS Announces Retirement Plan Changes

Cost-of-living adjustments affect dollar limits for pension and other retirement-related items for tax year 2025—and your contribution to such accounts increases. Click through to see the IRS stipulations regarding specific retirement programs.

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Nov 19, 2024

Preparing for the 2024 Tax Season

Between changes to current tax law and uncertainty about how a new president will influence future tax law, planning for the 2024 tax season is challenging. Click through for tips on staying on top of current and proposed tax legislation.

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Nov 18, 2024

Federal Court Strikes Down Overtime Rule

With a November 2024 decision that overturns major employment changes announced in April 2024, a federal court has ruled against the Department of Labor. Click through for a review of the current overtime status in the wake of this decision.

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Oct 24, 2024

COBRA: What's Your Responsibility?

As an employer, you should be familiar with which employees are eligible for continuation of health insurance benefits under federal law and what events trigger that coverage. You should also know what kinds of communications are required and when. Read through to learn more.

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Oct 23, 2024

What's the Story on Meal Deductions?

The rules on deducting meals have changed over the years, leaving many to wonder what the current situation is. What kinds of deductions are available, and when? Read through for the latest guidance.

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Oct 22, 2024

Employers' Responsibilities Under the SECURE 2.0 Act

The SECURE 2.0 Act creates incentives for employers and employees to add to employee retirement accounts. However, some incentives and contributions are taxable and need to be reported on Form W-2 and/or 1099-R. Read through to see what to report and where.

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Oct 21, 2024

Important Tax Tips for 2024

April 15 always comes faster than we wish! Both small business owners and individuals should review the tax credits available in 2024 (along with the credits' restrictions), as well as how to maintain good communications with the IRS. Read through for a few tips on both.

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Sep 26, 2024

Is This Your Situation: Employees Keep Asking for Cash Advances

Employees keep knocking on your door, needing a cash advance. You want to help them but it’s a huge headache. Read through to learn about a payroll add-on to help you and your employees.

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