Withum

FEBRUARY 19, 2025

In an ever-evolving and often overly complex tax compliance world, its crucial for resort operators and managers to ensure a comprehensive understanding of filing requirements and what classifies a contract worker as 1099-eligible labor. Fines: The IRS can impose fines for each misclassified worker.

Tax 52

Tax Hospitality Expense Reimbursements income tax 52

CPA Practice

MARCH 18, 2024

By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Conversely, most changes for businesses are permanent, such as the flat 21% tax rate for corporations, but others are temporary. Notably, it reduced the top income tax rate from 39.6%

Tax 106

Tax Expense Reimbursements income tax 106

SMBAccountant

NOVEMBER 17, 2021

This typically happens in at least 2 withdrawals; net pay and payroll taxes. You would post the net pay to a labor expense account and the payroll taxes to a payroll expense account. This is incorrect and causes labor to be understated and taxes to be overstated. This is the total labor expense to the company.

payroll 130

payroll payroll tax income tax Expense Reimbursements 130

Katz,Sapper&Miller

MAY 4, 2020

However, the IRS has determined that Internal Revenue Code Section 265 disallows a federal income tax deduction, which is unfortunate news for small businesses that have received a PPP loan. Unless we receive contrary guidance, businesses should be aware of the tax implications of PPP loan forgiveness and should plan accordingly.

Expense Reimbursements 54

Expense Reimbursements income tax Tax 54

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

Tax payroll Expense Reimbursements Gaming 98

Withum

OCTOBER 7, 2024

It is common for business owners and employers to reimburse employees for out-of-pocket expenses incurred when performing their job functions. However, not all expenses are reimbursed. Expenses paid under an accountable plan are not treated as income to the employee. What is an accountable plan?

Expense Reimbursements 59

Expense Reimbursements accountant accounted Account 59

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