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...
by Joan Buchman Miller | Apr 12, 2023 | Accounting, employees
If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee...
by Joan Buchman Miller | Feb 6, 2023 | Accounting, employees, tax planning
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Tip definition Tips are optional payments that customers make to employees who perform services. They can...