Should Your Company Embrace the New Emergency Savings Accounts for Employees?
In the wake of the SECURE 2.0 law, a novel benefit option has emerged for employees grappling with unforeseen emergencies. Dubbed as Pension-Linked Emergency Savings Accounts (PLESAs), this provision, effective for plan years that begun January 1, 2024, offers a lifeline to employees in times of need. The IRS has recently issued guidelines regarding these […]
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant As a business owner, staying compliant with IRS regulations is crucial to avoid penalties and maintain smooth operations. One critical aspect of tax compliance is handling Form 1099-NEC and Form W-9 for independent contractors. In this article, we’ll walk you through the year-round process […]
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims On September 14, 2023, the Internal Revenue Service (IRS) took action to halt the processing of new Employee Retention Credit (ERC) claims due to a surge in questionable submissions. This measure, which will remain in effect until the end of the year, aims […]
The Importance of Accountable Plans for S Corp Owners: Maximizing Tax Advantages
As an S Corporation (S Corp) owner, you play a dual role, being both an employer and an employee of the company. Managing expenses effectively is crucial for optimizing your tax situation and maximizing tax advantages. To effectively gain the tax advantages, we will delve into the concept of accountable plans and explore their significance […]
News: IRS Ramps Up Phase II of Fraudulent ERTC Claims and Warns Businesses of Aggressive ERC Marketers
Emerging Issues and News: August 7, 2023 IRS Ramps Up Phase II of Fraudulent ERTC Claims and Warns Businesses of Aggressive ERC Marketers The Internal Revenue Service has made substantial progress in its efforts to discover and overturn fraudulent ERC (Employee Retention Credit) claims. IRS Commissioner, Danny Werfer said the Agency is entering a new […]
