by Joan Buchman Miller | Nov 8, 2022 | Accounting, employees
No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, an HSA offers a tax-advantaged way...
by Joan Buchman Miller | Oct 31, 2022 | Accounting, employees
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement...
by Joan Buchman Miller | Oct 18, 2022 | Accounting, employees, tax planning
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits which employees generally can exclude from...
by Joan Buchman Miller | Aug 8, 2022 | Accounting, employees, tax planning
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules Certain employers with 50 or more full-time employees (called “applicable...
by Joan Buchman Miller | May 9, 2022 | Accounting, employees, tax planning
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created...
by Joan Buchman Miller | Jan 19, 2022 | Accounting, employees, tax planning
Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject...