ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

Tax 98

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CPA Practice

APRIL 4, 2024

of embezzling money invested by a business partner into a company they set up to buy Texas properties sold at auctions due to unpaid taxes. The charges identified Kroger as a professor of business and accounting, but does not specify where. In April 2020, he requested that Texas Tax Sales Resource Group wire $169,735.62

Real Estate 74

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SkagitCountyTaxServices

MAY 12, 2021

You probably didn’t realize that there are actual pros and cons to expense reimbursement for employees, etc. Now, let’s dive into handling business expenses paid by employees. This decision comes with important tax and accounting consequences, and you as the business owner need to know the pros and cons of each method.

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Expense Reimbursements Employee Expense Reimbursement Tax audit 40

ThomsonReuters

APRIL 28, 2022

The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts. Contributing Editors: EBIA Staff.

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ThomsonReuters

FEBRUARY 24, 2022

If COBRA coverage is purchased, the recipient will have access to the HRA balance (notwithstanding any forfeiture rule), increased by any account credits that would be received for the coverage period by a similarly situated non-COBRA beneficiary. 12 (“Forfeit Account Balances or Permit Spend-Downs?”) Contributing Editors: EBIA Staff.

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LSLCPAs

NOVEMBER 8, 2022

We advise our clients to keep their HSA funds in the account and not to withdraw funds for medical expense reimbursement. Here’s why: The HSA can be invested and the investment earnings grow tax free. The post Why You Should Keep Funds in Your HSA Account and Not Withdraw Them appeared first on LSL CPAs.

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ThomsonReuters

APRIL 13, 2023

Expenses that merely benefit an individual’s general health or well-being are not considered to be for medical care (see our Checkpoint article ). For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”), XX.L.4 Contributing Editors: EBIA Staff.

Expense Reimbursements 98

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ThomsonReuters

SEPTEMBER 30, 2022

This notice, which replaces IRS Notice 2021-52 (see our Checkpoint article ), announces rates for use under the optional high-low substantiation method, special rates for transportation industry employers, and the rate for taxpayers taking a deduction only for incidental expenses. Contributing Editors: EBIA Staff.

Expense Reimbursements 93

Expense Reimbursements Transportation Tax Account 93

ThomsonReuters

MARCH 11, 2021

How can we keep the per diem payments from being treated as income to our employees, and how would those payments affect employees’ expense reporting? ANSWER: Per diem payments are often used to simplify compliance with the accountable plan rules that allow business travel reimbursements to be excluded from employees’ gross income.

Expense Reimbursements 59

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ThomsonReuters

JULY 29, 2021

These types of payments could potentially be reimbursable. For more information, see EBIA’s Cafeteria Plans manual at Sections XX.D (“Expenses Reimbursed Must Be for Medical Care”) and XX.H (“Health FSAs Cannot Reimburse Insurance Premiums”). appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 98

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ThomsonReuters

MAY 4, 2023

29, 2023) Available at [link] The IRS Chief Counsel’s office has released a memorandum that addresses the substantiation requirements for medical and dependent care expenses and the consequences of various substantiation shortcuts. IRS Chief Counsel Memorandum 202317020 (Mar. The memo addresses six situations.

Expense Reimbursements 69

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ThomsonReuters

MARCH 23, 2023

They also remind administrators of the importance of obtaining adequate and appropriate substantiation before reimbursing claims and highlight the challenges involved with certain expenses. Contributing Editors: EBIA Staff.

Expense Reimbursements 98

Expense Reimbursements Tax Account accountant 98

Basis 365

FEBRUARY 1, 2024

In the complex world of business, a robust accounting system supports the foundation of financial clarity and control. Whether you're a small startup or a seasoned enterprise, building an optimal accounting system requires careful planning, strategic technology integration, and unwavering commitment to financial discipline.

accounting system 59

accounting system Account accounted accountant 59

ThomsonReuters

MARCH 4, 2021

The IRS has released the 2020 version of Form 2106, used to determine and claim employee business expense deductions. Nor does it affect an employer’s ability to take a deduction for its expenses, because the limit on miscellaneous itemized deductions applies to individuals, not employers. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

Expense Reimbursements Government Tax Account 52

ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

payroll 98

payroll Missouri Virginia Delaware 98

PYMNTS

NOVEMBER 3, 2016

These gigs span a growing number of verticals and industries, from home help and tutoring, to accounting and design. Gig workers are responsible for many of the ancillary costs that would traditionally fall to the employer — there’s no employee-provided health care, 401K, equipment, expense reimbursement, handling taxes, etc.

Expense Reimbursements 73

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PYMNTS

OCTOBER 19, 2018

Reports from MS Power User said Microsoft’s MileIQ unit is rolling out Spend, a business expense tracking solution for Apple mobile devices that automates data entry by linking into users’ bank accounts and cards. The platform also supports photo capture of receipts to include with expense reports.

Expense Management 55

Expense Management Employee Expense Reimbursement Expense Reimbursements Healthcare 55

ThomsonReuters

SEPTEMBER 16, 2021

The IRS has issued a reminder that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health FSAs, HSAs, HRAs, or Archer MSAs. masks) are eligible medical expenses that can be paid or reimbursed under these arrangements. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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ThomsonReuters

APRIL 1, 2021

Thus, COVID-19 PPE expenses qualify for tax-free payment or reimbursement from health FSAs, HRAs, HSAs, and Archer MSAs. Either way, plan or operational changes relating to reimbursement of PPE should be communicated to participants. of adjusted gross income. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

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ThomsonReuters

NOVEMBER 18, 2021

The IRS has issued guidance clarifying how the temporary 100% business expense deduction for food or beverages from restaurants applies to the meal portion of per diem rates and allowances. As background, Code § 274(n) generally limits otherwise allowable deductions for food or beverage expenses to 50% of the expenses.

Expense Reimbursements 52

Expense Reimbursements Tax Account accountant 52

ThomsonReuters

SEPTEMBER 9, 2021

This notice, which replaces IRS Notice 2020-71 (see our Checkpoint article ), announces rates for use under the optional high-low substantiation method, special rates for transportation industry employers, and the rate for taxpayers taking a deduction only for incidental expenses. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

Expense Reimbursements Transportation Tax Account 52

Pooley Accounting Services

APRIL 28, 2022

Project accounting can be difficult to manage, especially if it includes tracking billable expenses on the go. When employees travel to a client’s location to install software or equipment, transportation and living expenses are billed to the client. Getting employees to document their expenses can be a struggle.

quickbooks 52

quickbooks Expense Reimbursements Transportation bookkeeping services 52

PYMNTS

SEPTEMBER 16, 2019

The continued use of paper checks and Excel spreadsheets epitomize this trend: Despite the influx of accounts payable automation tools, new commercial and virtual card offerings, faster ACH options and automated accounting platforms, checks and spreadsheets continue to be favored tools.

Technology 53

Technology Accounts Payable Automation accounts payable Expense Reimbursements 53

xendoo

JULY 15, 2022

Not only do you have to calculate wages, but you must also account for employment taxes—income, Social Security and Medicare. Luckily, we’ve put together this guide on how to set up payroll, with some insider accountant tips to make it less painstaking for business owners. . Get an Employer Identification Number. Deductions.

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PYMNTS

JUNE 26, 2018

According to the latest PYMNTS/Hyperwallet Gig Economy Index , roughly 37 percent of workers said they receive 40 percent of their income from gig economy jobs, accounting for $1.4 Merchant payouts include refunds, rebates and store credits, while employer payouts can include a wide range of gifts, bonuses or expense reimbursements.

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ThomsonReuters

JULY 16, 2024

Additionally, the law expands cure rights for employers, allowing them to address violations related to wage statements, meal and rest breaks, minimum wage, overtime, and expense reimbursement claims. “I want to cure these right away, that way I can decrease liability,” Siegel explained.

California 52

California Legal Expense Reimbursements Account 52

PYMNTS

MAY 5, 2017

Push payments in particular deliver instant, safe-to-spend funds directly into a consumer’s account. The process is very familiar to consumers and uses the same cards and accounts they already know and trust. Time to Write Off the Paper Check?

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ThomsonReuters

JUNE 30, 2022

Furthermore, employers will have to consider whether to provide such benefits on a tax-favored basis (which limits the type and amount of expenses that may be covered) and whether to use an existing plan or establish a separate arrangement. Contributing Editors: EBIA Staff.

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ThomsonReuters

MARCH 15, 2023

Payroll on Checkpoint asked  Jeffrey Paravano , partner at  BakerHostetler  and leader of the firm’s national tax practice group, to share his thoughts. ​ ​Extension of statute of limitations​ The IRS recently issued another alert to businesses and tax practitioners regarding scams related to the employee retention credit (ERC).

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payroll tax payroll Tax Construction 52

Going Concern

OCTOBER 30, 2024

By this counterclaim, Phan seeks to hold BDO to account for its false promises and improper conduct. Berson expressed that this was solely a tax mitigation strategy. in expenses reimbursement, expenses BDO says are improper. Under this plan, the partnership would convert from BDO USA, LLP to BDO USA, P.A.

Healthcare 80

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Withum

FEBRUARY 15, 2022

One had his postal mail franking privileges removed, one had his army rank restored so he could receive a pension, and another pushed to have a law enacted six years after he left the presidency so that ex-presidents, including him, would receive a pension and have certain expenses reimbursed. I hope to “see” you there. Contact Us.

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