Ronika Khanna CPA,CA

MAY 5, 2024

Accounting software has come a long way in the past few years. Although a good bookkeeper can be invaluable, It has become fairly easy for business owners and their support staff to take on the responsibility of entering day to day transactions while they employ accountants for the more complex aspects of their accounting and tax.

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ThomsonReuters

MARCH 17, 2021

ANSWER: Unless you design your plan differently, the general ordering rule is that expenses are paid first from the HRA, until the HRA balance is exhausted, and then from the health FSA. Plans Cover Different Expenses. The plans could be designed to cover different expenses.

Legal 119

Legal Tax Account accountant 119

ThomsonReuters

JANUARY 5, 2023

ANSWER: Unless your plan imposes additional limits, the answer depends on whether the vitamins are being taken for general health or for a specific medical condition. Health FSAs can only reimburse expenses that are for “medical care” as defined in Code § 213(d). Vitamins and other “dual-purpose” expenses (e.g.,

Government 52

Government Tax Account accountant 52

ThomsonReuters

JANUARY 5, 2023

The same 22-cent rate will apply for deducting automobile expenses that are moving expenses under Code § 217. For taxable years beginning after 2018 and before 2026, however, the moving expense deduction is available only for certain moves by members of the Armed Forces on active duty (see our Checkpoint article ).

Transportation 104

Transportation Tax Account accountant 104

ThomsonReuters

JUNE 16, 2022

The IRS has announced a midyear increase in the standard mileage rates for business and medical use of an automobile, and for deducting moving expenses. The rate for deducting automobile expenses that are moving expenses under Code § 217 will also increase from 18 to 22 cents per mile for travel on or after July 1, 2022.

Transportation 98

Transportation Tax Account accountant 98

ThomsonReuters

JULY 29, 2021

ANSWER: Generally, fees of this type are not reimbursable. Fees for these programs generally should not be reimbursed either, because the payments would not be for medical care. For an expense to be reimbursable under a health FSA, it must be for “medical care” as defined in Code § 213(d)—additional requirements must also be met.)

Expense Reimbursements 98

Expense Reimbursements Tax Account accountant 98

ThomsonReuters

NOVEMBER 18, 2021

They can be offered by employers of any size that want to provide an account-based supplement to their group health coverage without being constrained by the requirements for integrated HRAs. QUESTION: What is an excepted benefit HRA (EBHRA)? Carryovers permitted under the EBHRA are disregarded when applying the limit.) Reimbursements.

Account 105

Account accountant accounted Tax 105

ThomsonReuters

AUGUST 19, 2021

Two recently released IRS information letters provide general information about the circumstances under which health FSA participants can continue to be reimbursed for eligible expenses after termination of employment. IRS Information Letters 2021-0004 (Dec. 21, 2020) and 2021-0005 (Mar. Letter 2021-0004. Letter 2021-0005.

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ThomsonReuters

DECEMBER 22, 2021

The same increased rate will apply for deducting automobile expenses that are moving expenses under Code § 217. For taxable years beginning after 2018 and before 2026, however, the moving expense deduction is available only for certain moves by members of the Armed Forces on active duty (see our Checkpoint article ).

Transportation 98

Transportation Tax Account accountant 98

ThomsonReuters

APRIL 4, 2022

As a result of the CARES Act, the Provider Relief Fund (PRF) was created to reimburse eligible health care providers for increased expenses or lost revenue attributable to COVID-19. Health and Human Services (HHS) chose to have the PRF administered by the Health Resources and Services Administration (HRSA). Phase One PRF distribution.

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Tax audit Account accountant 97

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

that generates revenues either via sales, ads or affiliate marketing. Additionally, CRA has become much more sophisticated in identifying those who are earning more income that they are reporting via lifestyle audits, site visits and review of social media accounts. What is the Gig Economy? Onlyfans would be an example of this.

Tax 52

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ThomsonReuters

DECEMBER 23, 2020

The same decreased rate will apply for deducting automobile expenses that are moving expenses under Code § 217. For taxable years beginning after 2018 and before 2026, however, the moving expense deduction is available only for certain moves by members of the Armed Forces on active duty (see our Checkpoint article ).

Transportation 98

Transportation Tax Account accountant 98

ThomsonReuters

NOVEMBER 3, 2022

Can any of the child’s 2023 after-school day-care expenses qualify for reimbursement from our DCAP? ANSWER: Otherwise-eligible expenses can be reimbursed to the extent they are incurred before the child’s 13th birthday. This is because a DCAP can only reimburse expenses for care of a qualifying individual.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

AUGUST 11, 2022

The court had previously allowed the case to proceed against the health plan (see our Checkpoint article ), but case history indicates that the plan settled the claims by removing the exclusion and covering the disputed expenses. Catholic Relief Servs., 2022 WL 3083439 (D. 2022); Fain v. Crouch, 2022 WL 3051015 (S.D.

Legal 98

Legal Government Tax Account 98

ThomsonReuters

FEBRUARY 10, 2022

Under the safe harbor, plans must ensure that participants have adequate access to OTC COVID-19 tests with no upfront out-of-pocket expense. A new FAQ clarifies that “adequate access” generally requires plans to make available “at least one direct-to-consumer shipping mechanism and at least one in-person mechanism.”

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Retail Manufacturing Tax Sales 98

ThomsonReuters

OCTOBER 6, 2022

An individual who was severely injured in an accident while riding a motor scooter incurred over $4 million in medical expenses. During 2019, there was some communication between the then-TPA and the employer about the participant’s medical expenses, but no benefit denial was issued until mid-2020. Contributing Editors: EBIA Staff.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

DECEMBER 20, 2022

On October 13, 2022, the Social Security Administration (SSA) announced a $13,200 increase in the Social Security taxable wage base from $147,000 to $160,000 in 2023. Employers make deposits and file reports to the IRS to account for these taxes. Payroll is expensive for a business. . more in payroll taxes in 2023.

Legal 59

Legal payroll payroll tax income tax 59

ThomsonReuters

MARCH 9, 2023

The plan administrator for a defined contribution group (DCG) reporting entity can file a single aggregated Form 5500 for the DCG, generally using the rules applicable to large defined contribution plans. 11984 (Feb. 24, 2023); Final Rule: Annual Reporting and Disclosure, 29 CFR Part 2520, 88 Fed. 11793 (Feb. Form 5500-SF.

audit 52

audit Tax Account accountant 52

ThomsonReuters

FEBRUARY 8, 2024

To pay Social Security and Medicare taxes, the LLC files Form 941 on the last day of the month following each quarter, and the taxes are generally paid on a monthly or semi-monthly basis. However, LLCs also enjoy certain tax advantages that make them popular, especially for small business owners. This is how LLCs avoid double taxation (i.e.,

Tax 52

Tax income tax payroll tax Healthcare 52

ThomsonReuters

JUNE 10, 2021

3) Youth employment : In general, the FLSA sets 14 years old as the minimum age for employment and limits the number of hours worked by minors under the age of 16. 3) Youth employment : In general, the FLSA sets 14 years old as the minimum age for employment and limits the number of hours worked by minors under the age of 16.

payroll 98

payroll Vermont Tax Connecticut 98

ThomsonReuters

APRIL 25, 2024

When it comes to navigating the tax landscape of 401(k) contributions and withdrawals, it’s important for accountants to stay informed and help clients make tax-efficient decisions during their retirement years. Let’s take a look at some commonly asked questions and answers on 401(k) tax considerations for contributions and withdrawals.

Tax 52

Tax income tax tax preparation Account 52

ThomsonReuters

MARCH 11, 2021

QUESTION: Our company would like to simplify reimbursements for business travel expenses by paying employees a fixed amount for each travel day regardless of incurred expenses. How can we keep the per diem payments from being treated as income to our employees, and how would those payments affect employees’ expense reporting?

Expense Reimbursements 59

Expense Reimbursements Tax Hawaii Alaska 59

ThomsonReuters

OCTOBER 7, 2022

The money dedicated to taxpayer services will help the IRS improve pre-filing assistance and education, filing and account services, and taxpayer advocacy services. According to the CRS, these funds will cover hiring more enforcement agents, litigation and criminal investigation expenses, and investing in investigative technology.

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audit Tax tax return Start-ups 90

Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Keep receipts and invoices then record the amounts spent in the accounts. Directors have legal obligations bestowed on them when they are appointed including keeping accounting records and filing accounts.

Start-ups 75

Start-ups Account accountant accounted 75

ThomsonReuters

FEBRUARY 1, 2023

Let’s focus on four, two of which are generally applicable, and two of which are particular to the U.S. However, compliance isn’t the only benchmark of value for global organizations today. These are Free Trade Agreements (FTAs), Foreign Trade Zones (FTZs), Global Classification, and Drawback. Nor is this a trend on the decline.

Tax 59

Tax Manufacturing Legal Technology 59

ThomsonReuters

JUNE 16, 2023

This is especially true for small businesses given the numerous tax implications they face. Procedural regulation A procedural regulation would be where Congress gives the IRS authority to administer the tax law through rules the IRS creates for ease of administration. Noncompliance can result in hefty fees, penalties, and audits.

Tax 97

Tax tax return audit income tax 97

ThomsonReuters

OCTOBER 20, 2022

The combined monthly limit for transit passes and vanpooling expenses for 2023 will be $300 (up from $280). Nevertheless, there are adjustments to certain general tax limits that are relevant to the federal income tax savings under a DCAP. Health FSAs. Adoption Assistance Exclusion and Adoption Credit.

Transportation 97

Transportation Tax income tax Account 97

Xero

JULY 26, 2022

Accountants and bookkeepers can help businesses be more sustainable. Accountants and bookkeepers can help businesses be more sustainable. A review of a client’s top suppliers can establish if there are less expensive and more sustainable options. It’s time to take a breath and reflect on an awesome event. .

Transportation 96

Transportation bookkeeping income tax Tax 96

ThomsonReuters

DECEMBER 17, 2020

In holding that the law was not preempted, the Court cited the general rule that ERISA preempts state laws that have an impermissible “reference to” or “connection with” an ERISA plan. For more information, see EBIA’s ERISA Compliance manual at Sections XXXIX.C (“State Laws That ‘Relate to’ ERISA Plans Are Generally Preempted”) and XXXIX.H.8.c

Pharmaceutical 52

Pharmaceutical Manufacturing Government Tax 52

ThomsonReuters

APRIL 22, 2021

It is essentially a trust established to pay certain benefits—including health benefits—to VEBA “members” (generally, current or former employees) or their dependents or beneficiaries. If plan benefits are paid entirely from the company’s general assets, those amounts are not plan assets, and no trust is necessary.

Tax 52

Tax Legal Account accountant 52

ThomsonReuters

MARCH 19, 2024

There are generally two issues that drive a sales tax audit assessment , ” Bobby says. What happens after the audit, win or lose Sales tax audits may be an unfortunate fact of corporate life, but not all audits are the same. Both options require another set of decisions. Neither decision is simple. When should you contest an audit?

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audit Sales Tax auditor 52

ThomsonReuters

NOVEMBER 11, 2021

The combined monthly limit for transit passes and vanpooling expenses for 2022 will be $280 (up from $270). Nevertheless, there are adjustments to certain general tax limits that are relevant to the federal income tax savings under a DCAP. Health FSAs. Adoption Assistance Exclusion and Adoption Credit.

Transportation 98

Transportation Tax income tax Account 98

ThomsonReuters

FEBRUARY 10, 2021

In general, taxpayers without an eligible Social Security number are still ineligible for the payment. Advance payments are generally not subject to administrative offset for past due federal or state debts. Educator expense deductions for PPE. The guidance will apply to expenses paid or incurred after March 12, 2020.

Tax 98

Tax tax return payroll Education 98

Ronika Khanna CPA,CA

APRIL 14, 2022

If you have incurred expenses to earn the business income, you may also deduct these from your gross revenues or sales to arrive at net income from business. This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward.

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Tax tax return business tax accounting and finance 52

Basis 365

JULY 11, 2023

In this blog post, we’ll explore the key factors you need to consider when calculating revenue and provide some tips to help you ensure accuracy and maximize profitability. In simplest terms, revenue is the income generated from providing services to customers. Calculate your total revenue.

Non-Profits 40

Non-Profits Technology bookkeeping Legal 40

ThomsonReuters

SEPTEMBER 7, 2023

Which tax software can accountants use for calculating the child tax credit? For accountants, understanding the intricacies of the child tax credit can have a meaningful impact on the families you serve. How much is the child tax credit? What is the advance child tax credit? The child tax credit is a tax benefit provided by the U.S.

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Tax tax return income tax tax preparation 52

ThomsonReuters

MAY 20, 2021

However, an employee’s resignation due to general concerns about workplace safety is usually not an involuntary termination; nor is termination due to a health condition or inability to locate daycare. The IRS has issued 86 Q&As on the COBRA premium assistance provisions of the American Rescue Plan Act of 2021 (ARPA).

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Construction Tax Account accountant 69