…also allowed to give terminated employees access to the mandated paid federal sick and child care leave benefits for which the employer is 100% reimbursed by the government through payroll…
Steer Clear of the Trust Fund Recovery Penalty The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why. If…
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of…
…2023, is allowed a 100% deduction for the taxable year in which the property is placed in service. The 100% allowance is phased down by 20% per year for property…
…from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate; and 20% of the taxpayer’s combined qualified real estate investment trust (REIT)…
…filing separately $157,500-$207,500 $160,725-$210,725 Other taxpayers $157,500-$207,500 $160,700-$210,700 These limitations are phased in over a taxable income range of $50,000, or $100,000 for married couples who file joint returns. Under…
…installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records. For individuals, file a 2023 income tax return (Form 1040 or Form 1040-SR) or file…
…“We need help from the tax community to combat cybercriminals and raise security awareness,” IRS Commissioner John Koskinen noted. Ways to Combat Business ID Theft Because business ID theft can…
…reduced from 10% to 7.5% so that more expenses may be deducted. Business meal deduction: Businesses may deduct 100% of business-related restaurant meals during 2021 and 2022 (the deduction currently…
…will be $8,550. These are up from $4,150 and $8,300, respectively, in 2024. In addition, for both 2024 and 2025, there’s a $1,000 catch-up contribution amount for those who are…
