by Joan Buchman Miller | Oct 30, 2023 | Accounting, employees
Are employees at your business traveling and frustrated about documenting expenses? Or perhaps you’re annoyed at the time and energy that goes into reviewing business travel expenses. There may be a way to simplify the reimbursement of these expenses. In Notice... 
by Joan Buchman Miller | Oct 23, 2023 | employees, tax planning
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.... 
by Joan Buchman Miller | Aug 14, 2023 | Accounting, employees, tax planning
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law... 
by Joan Buchman Miller | Jun 27, 2023 | Accounting, employees, tax planning
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages.... 
by Joan Buchman Miller | Jun 6, 2023 | Accounting, employees, tax planning
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules... 
by Joan Buchman Miller | May 22, 2023 | Accounting, employees, tax planning
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 paying the “qualified medical expenses” of an “account...