ThomsonReuters

OCTOBER 27, 2022

As a reminder, Forms 1094-B and 1095-B are filed by minimum essential coverage providers (insurers, government-sponsored programs, and some self-insuring employers and others) to report coverage information in accordance with Code § 6055. Filers may extend these deadlines by application to the IRS using Form 8809.)

Tax 59

Tax Legal Government Account 59

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Tax Consequences of Being a Gig Worker From a tax perspective, being a worker in the gig economy is functionally identical to being self employed and is subject to the same tax requirements. If you are a participant and earn income in any capacity that is not classified as employment income (i.e. What is the Gig Economy?

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Tax E-commerce audit income tax 52

ThomsonReuters

JUNE 30, 2022

For instance, it is widely reported that employers have expressed an intent to assist employees in accessing abortion services, such as by covering employees’ expenses if they need to travel for an abortion. Employers should seek the advice of experienced employee benefits counsel as they consider their options. 2022 WL 2276808 (U.S.

Expense Reimbursements 98

Expense Reimbursements Mississippi Transportation Tax 98

Ronika Khanna CPA,CA

MARCH 5, 2024

There are essentially two ways to file your GST/HST online: CRA My Business Account Online Business Banking In this post, I will be reviewing how to do it via CRA My Business Account. If you have more complex transactions, that I don’t discuss here and you are not sure, I recommend speaking to an accountant. Click on this.

business accounting 59

business accounting Account accountant accounted 59

ThomsonReuters

DECEMBER 22, 2022

As a reminder, Forms 1094-B and 1095-B are filed by minimum essential coverage providers (such as health insurers and employers sponsoring self-insured health plans) to report coverage information in accordance with Code § 6055. Filers may extend these deadlines by application to the IRS using Form 8809.)

Legal 52

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ThomsonReuters

DECEMBER 16, 2021

As a reminder, Forms 1094-B and 1095-B are filed by minimum essential coverage providers (insurers, government-sponsored health programs, and some self-insuring employers and others) to report coverage information in accordance with Code § 6055.

Tax 98

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Cheap Accounting

AUGUST 31, 2023

Entering the world of self employment and being your own boss is extremely exciting. 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. Here’s a few tips to get you started.

Start-ups 75

Start-ups Account accountant accounted 75

ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? Anyone starting a business should consult a qualified tax professional, such as an accountant or tax attorney, for advice on which corporate structure best fits their goals—but it helps to understand some of the factors that typically influence such decisions. What is an LLC?

income tax 75

income tax Tax Legal tax return 75

ThomsonReuters

OCTOBER 12, 2023

For accountants, providing comprehensive and personalized tax advice to U.S. This includes income from employment, self-employment, investments, rental properties, and any other sources of income. Report foreign financial accounts. citizens to the IRS under the Foreign Account Tax Compliance Act (FATCA).

Tax 75

Tax tax return income tax tax preparation 75

ThomsonReuters

APRIL 13, 2023

Utah 2023) A group health plan participant sued the plan, its claims administrator, and her employer (as plan administrator) after the plan denied coverage for wilderness therapy for her daughter’s mental health issues and substance use disorder. Anthem Blue Cross Life and Health Ins., 2023 WL 2480053 (D.

Utah 52

Utah Tax Account accountant 52

ThomsonReuters

FEBRUARY 24, 2023

There are several different types of K-1 forms, which we will discuss later, but the K-1 is designed to make it easier to measure the contributions of a shareholder toward the overall performance of a business. K-1s, however, are quite different and can come with some complexities for tax and accounting firms. taxpayers each year.

Non-Profits 59

Non-Profits tax return Tax income tax 59

Xero

MARCH 18, 2024

The measure impacts sole trader and partnership clients who use their own accounting year for Income Tax reporting. Going forward, you’ll need to report the profits clients generate in the tax year on their Income Tax Return, instead of the profits they generate during their accounting year. How does the transitional period work?

income tax 69

income tax tax return Non-Profits bookkeeping 69

ThomsonReuters

DECEMBER 1, 2022

For employees with the ability to effectively access documents at any location where the employee reasonably could be expected to perform employment duties and whose computer access is an integral part of those duties, no additional requirements apply. Would this delivery method satisfy ERISA? ANSWER: Yes, if certain requirements are met.

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ThomsonReuters

FEBRUARY 17, 2022

For example, the average monthly premium paid by employees versus employers must be reported, as well as the total health care spending broken down by type (such as hospital care, primary care, and specialty care) and prescription drug spending by enrollees versus plans and insurers. Contributing Editors: EBIA Staff.

Hospitality 98

Hospitality Government Tax Account 98

ThomsonReuters

FEBRUARY 6, 2024

The reality is that there are various types of direct tax and understanding the differences is important in helping taxpayers stay in compliance and navigate the costs they may encounter. As noted earlier, there are various types of direct tax, which is where things can start to get complex. Jump to: What is direct tax?

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ThomsonReuters

NOVEMBER 24, 2021

Group health plans, including grandfathered plans, and group health insurers must report; excepted benefits and account-based plans (such as HRAs) need not report. For insured and self-insured plans, the requirements may be satisfied if the plan or insurer has a written agreement with a third-party reporting entity (such a PBM or TPA).

Hospitality 98

Hospitality Government Tax Account 98

ThomsonReuters

DECEMBER 15, 2022

Additional changes proposed by the agencies in September 2021 (see our Checkpoint article ) are anticipated for future years, including a new Schedule MEP for multiple employer plans and changes to reporting for multiple employer welfare arrangements (MEWAs). Contributing Editors: EBIA Staff.

Tax 52

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Xero

MAY 16, 2022

We’ll also explore how the additional benefits of digitisation and cloud-based accounting software can help you run a healthier business. There is a threshold system in place for MTD, which means businesses must comply in stages, depending on their business type and turnover. If you’re not VAT-registered (but are self-employed).

Hospitality 72

Hospitality Tax income tax tax return 72

xendoo

AUGUST 24, 2021

Self-Payment, Simplified. In this blog post, we will walk you through paying yourself as a sole proprietor! . Once you decide on an amount to take (more on that in a moment), it can be transferred from your business bank account to your personal account. Once your DBA is set up, you can open a business bank account.

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Tax bookkeeping tax return bookkeeping services 95

ThomsonReuters

FEBRUARY 23, 2023

The Form 5330 (related to certain employee benefit plan excise taxes) for any taxable year ending on or after December 31, 2023, must be filed electronically if the filer is required to file at least ten returns of any type during the calendar year in which the Form 5330 is due. 11754 (Feb. Form 5500 Series.

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Tax Account accountant accounted 52

ThomsonReuters

JANUARY 13, 2022

Furthermore, the agencies are assessing what types of changes to existing guidance may be needed to ensure that individuals receive the mandated coverage. EBIA Comment: These FAQs illustrate that employers and their advisors need to be vigilant to stay on top of the preventive health services requirements for group health plans.

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ThomsonReuters

FEBRUARY 23, 2023

In February 2020, CMS issued proposed regulations addressing the types of violations that would warrant penalties and how penalties would be calculated (see our Checkpoint article ). Medicare Secondary Payer and Certain Civil Money Penalties; Extension of Timeline for Publication of Final Rule, 42 CFR Part 402; 45 CFR Part 102, 88 Fed.

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ThomsonReuters

MARCH 25, 2021

Does our health FSA, which we administer in-house, qualify for the exclusion from the HIPAA privacy and security rules for self-administered health plans with fewer than 50 participants? The post Who Is a “Participant” for Purposes of HIPAA’s Exception for Self-Administered Plans With Fewer Than 50 Participants?

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Nancy McClelland, LLC

JANUARY 18, 2024

First off, as the company/ employer, I received an email from Gusto (though it incorrectly stated that these are client tasks, rather than firm tasks) stating that I need to distribute important payroll forms to recipients before the IRS deadline of January 31, 2024. Note to self: ask your team members to select electronic-delivery-only!)

payroll 52

payroll Start-ups Tax CPA 52

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

While being self employed comes with numerous benefits, there are also many challenges. What type of businesses are required to prepare a T2125? Basically any type of activity from which you “earn” income requires the inclusion of the T2125 as long as your business in unincorporated (corporations have different tax filing rules).

tax return 52

tax return Tax accounting software business tax 52

LyfeAccounting

FEBRUARY 19, 2021

?. One of the most popular types of business entities in the United States is a single-member limited liability company. This type of LLC has only one owner. LLC stands for limited liability company which is simply a type of business entity you can create when you choose to go into business. What is an LLC? limited partnerships.

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Tax income tax tax return accounting and finance 52

LyfeAccounting

DECEMBER 7, 2020

And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. First, at a high-level, you need to know that there are three categories of payroll taxes: taxes that the employees pay, taxes that the employer pays, and. taxes that both employee and employer pay. So let’s get started!

payroll tax 52

payroll tax payroll Tax income tax 52

Nancy McClelland, LLC

DECEMBER 28, 2022

Note: our affiliate link will earn you a $100 gift card after you run your first payroll — or up to $500 if you are an accountant or bookkeeper who signs up your own clients. More in this blog post and from the IRS here.). Under Employment Details, make sure the employee is designated as a 2% Shareholder.

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payroll payroll tax income tax quickbooks 52

ThomsonReuters

NOVEMBER 18, 2021

The new guidance adds a special rule that allows employers to treat the entire meal portion of a per diem paid or incurred in 2021 or 2022 as being attributable to “food or beverages provided by a restaurant.” (The Employers seeking more information on that relief are directed to a dedicated website. Contributing Editors: EBIA Staff.

Expense Reimbursements 52

Expense Reimbursements Tax Account accountant 52

ThomsonReuters

MAY 12, 2022

While the cases involved separate ERISA plans (one fully insured and one self-insured) sponsored by different employers, both plans involved denials by the same entity (as insurer for the insured plan and claims administrator for the self-insured plan). Contributing Editors: EBIA Staff.

Utah 52

Utah Healthcare Tax Account 52

ThomsonReuters

APRIL 8, 2021

An ERISA trade association appealed a lower court’s ruling that ERISA does not preempt a Seattle ordinance requiring hotel employers and ancillary businesses to make specified monthly health care expenditures. ERISA Indust. City of Seattle, 2021 WL 1035064 (9th Cir. Available at [link].

Vermont 52

Vermont Tax Account accountant 52

ThomsonReuters

JULY 29, 2021

The current regulations further provide that the 250-return threshold applies separately to each type of information return a taxpayer is required to file. Filers of Form 5500 under the IRS’s rules for retirement plans would have to file electronically if they must file at least 10 returns of any type. 39910 (July 23, 2021).

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

OCTOBER 12, 2023

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. This category typically includes salaries, wages, bonuses, and self-employment income received from foreign employment or business activities. What is FEIE?

Tax 40

Tax tax return income tax Real Estate 40

LyfeAccounting

JUNE 11, 2021

And then, on the backend, you can pay yourself with distribution and not pay self-employment taxes because S-Corporations don’t have to pay them anyway. S-Corporations became a popular tax status because you do not have to pay self-employment taxes on its earnings, so long as you pay yourself a reasonable salary.

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Non-Profits payroll Tax payroll tax 52

ThomsonReuters

JANUARY 19, 2023

For example, the average monthly premium paid by employees versus employers must be reported, as well as the total health care spending broken down by type (such as hospital care, primary care, and specialty care) and prescription drug spending by enrollees versus plans and insurers. Contributing Editors: EBIA Staff.

Hospitality 52

Hospitality Government Tax Account 52

LyfeAccounting

NOVEMBER 9, 2020

?. LLCs are by far the most popular entity type amongst small businesses. It is not meant to take the place of legal and accounting advice specific to your business. However, when stacked up against other entity types, there are ways that you can look at an LLC as a tax advantage or benefit. How does it protect your business?

Tax 52

Tax CPA tax return accounting and finance 52

Mark Lee

FEBRUARY 21, 2023

Are you like many of the accountants I meet who claim that most of their best new clients come through referrals? But when I dig a little deeper I find that it’s often not quite as accurate a statement as the accountants thought. But this is rare ;-) Many accountants don’t feel comfortable actively asking for referrals.

tax return 52

tax return Account accountant accounted 52