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2024 Tax Reporting Tips for Resort Employers: Worker Classification and Navigating 1099 Requirements

Withum

Expense Reimbursement: Employees are generally reimbursed for business expenses, while independent contractors are not. Backup Withholding: If any federal income tax was withheld under the backup withholding rules, it must be reported on Form 1099-NEC.

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Tax Law: These TCJA Provisions Will Expire Soon

CPA Practice

Keeping that in mind, following is a roundup of significant TCJA tax provisions that will soon be going off the books. Marginal tax rates: The TCJA modified the seven marginal tax rates in the graduate income tax rate structure. Notably, it reduced the top income tax rate from 39.6%

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Understanding Accountable Plans

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Expenses paid under an accountable plan are not treated as income to the employee. If not properly reported and documented, business-related expense reimbursements can be considered taxable compensation to employees and therefore subject to applicable payroll taxes. What is an accountable plan?

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Fraud Detection and Prevention: Fraud Through Employee Reimbursements

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In past years, the annual audit was performed by a CPA who was an income tax practitioner. When selecting the new firm, ACME CPAs, management chose a firm and practitioners who specialized in financial audits with an emphasis in labor union/not-for-profit organizations. Contact Us. Let’s Chat.