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Same as It Ever Was: IRS Reconfirms Prohibition, Consequences of Health FSA and DCAP Substantiation Shortcuts

ThomsonReuters

a party independent of the employee and the employee’s spouse and dependents) that describes the service or product, the date of service or sale, and the amount of the expense. In this situation, the memo explains, all claims are substantiated in accordance with applicable Code and IRS requirements.

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EEOC’s Proposed Regulations Would Significantly Change Wellness Incentives Under ADA and GINA

ThomsonReuters

The EEOC has announced proposed regulations that would significantly change the wellness program incentives permitted under the Americans with Disabilities Act (ADA) and the Genetic Information Nondiscrimination Act (GINA). Both proposals permit de minimis incentives, but the ADA would, in certain circumstances, allow more.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

So, keep in mind that a company can be an LLC but be taxed as a corporation. Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

So, keep in mind that a company can be an LLC but be taxed as a corporation. Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe.

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How to Start a Nonprofit Organization in 2021 (Step-by-step)

LyfeAccounting

But we can’t ignore that it has some incredible tax benefits for its members and managers. For example, 501(c)(3) organizations are completely tax-exempt, which allows them to use more money towards their desired social causes. So you win in both ways, you save on taxes and you support your favorite social cause.

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How to Start A Business in 2020: Step-by-Step Guide

LyfeAccounting

The pros and cons of a partnership are similar to the sole proprietorship except you have to share control, taxes, lawsuits, profits and losses with your partners. This basically means the corporation will be taxed and the shareholders will be taxed on any income the company generates. Step 5: Setup your business bank account.

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6 Easy Steps on How to Buy a Business in 2021

LyfeAccounting

But we can say the average sales price of a business is between $150 to $200,000. Or if you are a lawyer and have always wanted your own practice, you can look into law firms for sale. You can look at sites like BizBuySell and search for businesses for sale by location, price, industry, and more. Step 3: Do your research.