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.

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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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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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ThomsonReuters

APRIL 28, 2022

The IRS has released an information letter regarding the requirements for expenses to qualify as medical care under Code § 213. 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.

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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?

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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.

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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.

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ThomsonReuters

MARCH 11, 2021

If you pay more than the amount deemed substantiated under the applicable method, and you do not require the employee to timely return the excess, the excess will be income to the employee, subject to withholding and employment taxes. The post What Are the Tax Consequences of Providing Per Diem Payments for Employee Travel Expenses?

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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.

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ThomsonReuters

FEBRUARY 24, 2022

If an employee dies while eligible to incur reimbursable expenses, the HRA may allow the employee’s accumulated balance to reimburse the substantiated qualified medical expenses of the employee’s surviving spouse, children who are under age 27 as of the end of the taxable year, or tax dependents for health coverage purposes.

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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.

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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. and XXIV.B (“HRAs May Reimburse Only Code § 213(d) Expenses”). Contributing Editors: EBIA Staff.

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PYMNTS

JANUARY 29, 2020

businesses are likely already feeling tax season’s pressures. Filing is exhausting and complicated for individuals, and businesses experience those tax difficulties to a far greater degree. SMBs And Manual Tax Frustrations. Digitizing these processes can ease SMBs’ tax frustrations. Taxes And The Automation Benefit.

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Going Concern

SEPTEMBER 15, 2023

If you are looking to hire any tax preparers, tax reviewers, client relationship staff, tax resolution staff, marketing staff, onboarding staff, IT staff, operations managers, business developers, etc. CROFT & FROST has decided to shut it’s doors, which leaves a lot of really great employees without a job.

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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. To withdraw or not to withdraw funds from your HSA: what should you do? It is even better than a.

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Withum

NOVEMBER 3, 2022

In past years, the annual audit was performed by a CPA who was an income tax practitioner. Sherry properly reviewed and approved employee expense reimbursements and paid them timely and accurately through payroll. Then Sherry took several of those same receipts as support for her own expense report.

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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 company was to serve as a real estate joint venture between the two to invest in Texas properties that were being sold at public auctions due to unpaid taxes.

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ThomsonReuters

MARCH 4, 2021

For more information, see EBIA’s Fringe Benefits manual at Sections II.E (“Employee Business Expense Reimbursements”), IV (“Company Cars and Related Benefits”), and XXI (“Travel Expense Reimbursements”). Contributing Editors: EBIA Staff.

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PYMNTS

NOVEMBER 3, 2016

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. But workers aren’t necessarily being left to figure it all out on their own.

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PYMNTS

MARCH 1, 2020

The added protections would include a minimum earnings guarantee, expense reimbursement, a healthcare subsidy and insurance to cover on-the-job injuries. The initiative would create an alternative to AB5 which keeps employees classified as independent contractors but increases their worker protections.

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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.

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PYMNTS

AUGUST 13, 2018

WeChat , an online messaging service operated by Chinese technology conglomerate Tencent, is looking to enhance its ability to facilitate employee expense reimbursements, and reports said the firm is exploring blockchain as part of the effort. CoinDesk reported Friday (Aug.

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PYMNTS

OCTOBER 19, 2018

.” Spend supports automated expense tracking for streamlined expense reports and reimbursements, as well as for tax filing purposes, the company said. Receipt data can be automatically matched to expenses, along with other features.

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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.

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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.

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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.

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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

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Pooley Accounting Services

APRIL 28, 2022

Some companies provide employees with credit cards to cover expenses. Others expect employees to pay out-of-pocket expenses, reimbursing them when expense reports are approved. Regardless of the method, tracking expenses is crucial for billing clients and filing taxes. Not every expense is easily tracked.

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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. Also known as Employer Tax ID, an EIN is a unique nine-digit number that identifies your business for tax purposes. For example, a few states like Florida do not collect state income taxes.

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PYMNTS

SEPTEMBER 16, 2019

She pointed to the Report to the Nations report, published annually by the Association of Certified Fraud Examiners, which pointed to occupational fraud as the most significant fraud risk for both SMBs and corporates, while tax fraud similarly ranks high.

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PYMNTS

JUNE 26, 2018

Government payouts include tax refunds at the state and federal levels, but also the regular payouts of various governmental assistant programs and the unpredictable flows of funds associated with emergency payouts. Sheth said First Data finds the first two opportunities as the most attractive, given the firm’s penetration in those segments.

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Basis 365

FEBRUARY 1, 2024

Automated workflows expedite invoice processing and expense reimbursements. Impeccable accuracy minimizes errors, ensures tax compliance, and fosters trust within your organization. This seemingly simple question has significant implications for your financial reporting and tax obligations.

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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.

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PYMNTS

MAY 5, 2017

Frew sees that “push payments in a box” approach enabling similar opportunities for recipients to get paid for all types of use cases, including payroll, expense reimbursement, government payments and more. 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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Going Concern

OCTOBER 30, 2024

Berson expressed that this was solely a tax mitigation strategy. BDO leadership said the conversion was purely for purposes of reducing partner income taxes and that there was no private equity or any related transaction on the table, further misleading Phan and the partnership. . ” He also says BDO owes him $8,127.77

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