The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business anywhere in the state of Florida qualify for tax relief. The tax relief postpones various tax filing and payment deadlines that occurred starting on September 23, 2022. As […]
Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, may be your key to getting all the Covid relief your business is entitled to. It’s a 30-page form and the rules are complex, but here are the basics. First, understand how to use Form 941-X. According to the IRS: “Generally, you may […]
The IRS announced the updated amounts Friday in Rev. Proc. 2022-24, as it does each year under Sec. 223(g). The revenue procedure also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements (HRAs) under Regs. Sec. 54.9831-1(c)(3)(viii). The increases are in response to our country’s recent spike in inflation, […]
On Oct. 29, 2021, the U.S. Department of Labor published a final rule reviving and modifying the 80/20 rule for tipped employees. Note that the 80/20 rule governs the basis on which tipped employees must be paid under the Fair Labor Standards Act (FLSA). Under the DOL’s final rule, hospitality employers who want to pay […]
Wondering what your options are to reduce spending and increase income? Here are some tips: Organizing your finances is the foundation for financial success. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid […]
For those having their wages levied by the IRS, the levies are sent to the tax debtor’s employer via Form 668-W, Notice of Levy on Wages, Salary, and Other Income. This form contains six parts. Prior to the Tax Cuts and Jobs Act (TCJA), the employer was required to give the employee the Statement of […]
Payroll processing is a cumbersome but necessary part of operating your business. It includes many tasks such as issuing checks every pay period, comprehensive recordkeeping, making payroll tax deposits, and filing quarterly and annual returns. There are many simple – and tricky! – filing mistakes that can be costly and contribute to the endless details […]