ThomsonReuters

OCTOBER 20, 2022

QUESTION: When participants request hardship distributions under our 401(k) plan, we collect and store documents showing that the participant had one of the immediate and heavy financial needs that are deemed sufficient to permit a hardship distribution. Could we instead allow participants to certify their needs electronically?

audit 105

audit Tax Account accountant 105

ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. From an accountant’s perspective, the answer to this question varies depending on the source of the income and applicable tax laws. Traditional IRA and 401(k) distributions.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

APRIL 6, 2023

permits certain penalty-free distributions relating to personal or family emergency expenses. Can you tell us more about these distributions? Emergency distributions are included in income in the year they are made. Emergency distributions are included in income in the year they are made. ANSWER: SECURE 2.0 (see

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

MARCH 16, 2023

Instead, whether an adult child’s medical expenses can be reimbursed tax-free from a parent’s HSA depends on whether the child qualifies as a tax dependent for HSA distribution purposes—i.e., Distributions from a parent’s HSA that reimburse a nondependent adult child’s medical expenses are taxable and may be subject to an additional 20% tax.

Tax 88

Tax Account accountant accounted 88

CPA Practice

MAY 10, 2023

It will ensure that dispensaries are paying a fair amount of taxes by taking into account critical business expenditures and allowing these deductions from their income.” Stacey Udell, an accountant at HBK Valuation with many clients in New Jersey’s nascent legal market, said the new law will offer much needed relief. Visit nj.com.

New Jersey 135

New Jersey Tax income tax Legal 135

ThomsonReuters

NOVEMBER 11, 2021

QUESTION: Each year, when our 401(k) plan makes required minimum distributions, we discover that the addresses on file for some distributees are no longer valid. What procedures should we follow when our plan must make distributions to individuals we cannot locate? And what can we do to minimize this problem?

audit 98

audit Account accountant accounted 98

ThomsonReuters

APRIL 4, 2022

HHS has chosen to allocate funds both generally and in targeted distributions. Four general distributions have been made, with the most recent distributions released in December 2021 and January 2022. Phase One PRF distribution. Phase Two PRF distribution. Phase Three PRF distribution. The post What is PRF?

Tax 97

Tax audit Account accountant 97

ThomsonReuters

FEBRUARY 9, 2024

In this blog, we will dive into the details of four notable tax laws that have been introduced into legislation and deserve our attention. What does this mean for my firm? What does this mean for my firm? Firms need to guide clients on restructuring estate plans to optimize asset distribution.

Tax 110

Tax tax return Technology income tax 110

Withum

AUGUST 3, 2023

There are many reasons for investing, but if you read my blogs or attend my presentations you know that I believe that the primary reason people should invest is to secure their financial future. What each person considers “necessary” is subjective, and cash flow is comprised of many facets.

Tax 52

Tax Sales Account accountant 52

ThomsonReuters

MARCH 31, 2022

What will happen to the funds in an HSA after an account holder dies? ANSWER: Upon the death of an HSA account holder, any amounts remaining in the HSA transfer to the beneficiary named in the HSA beneficiary designation form. (If The post What Happens to the Funds in an HSA After the Account Holder Dies?

Account 102

Account accountant accounted income tax 102

ThomsonReuters

AUGUST 25, 2023

Jump to: What is software depreciation? What is software depreciation? Take this example: Your business client purchased software in December 2022 to process payroll, accounts payable, and accounts receivable, but they didn’t put that software into service until January 2023. Can software be amortized?

Tax 97

Tax Technology Manufacturing payroll 97

ThomsonReuters

APRIL 7, 2022

Passes are distributed directly to employees; cash reimbursements are not allowed. But neither the Code nor the regulations expressly limit what an employee can do with a transit pass after it is received from a qualified transportation plan. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Transportation 98

Transportation Tax Government Account 98

ThomsonReuters

FEBRUARY 16, 2023

EBIA Comment: Publication 502 provides valuable guidance on what qualifies as a medical expense under Code § 213(d), and thus helps identify the expenses that may be reimbursed or paid by health FSAs, HSAs, or HRAs, or covered on a tax-favored basis under other group health plans (e.g., employer-sponsored medical plans).

income tax 98

income tax tax return Tax Account 98

Accounting Insight

MARCH 31, 2023

To add foundations to your ambitions, you need carbon accounting… What is carbon accounting? The term ‘carbon accounting’ summarises the process of getting said evidence. In our Charting the path to net-zero for businesses blog we showed that calculating emissions is a key stage in getting to net-zero.

Account 59

Account accountant accounted audit 59

Nancy McClelland, LLC

JANUARY 18, 2024

It seems that for 2023, Gusto has slightly changed the details for how they handle distribution of 1099 and W-2 forms — and so that no one ends up without a copy of their important documents, I am sharing the step-by-step process that we went through for our own firm, in hopes that it helps you manage it in your own small business.

payroll 52

payroll Start-ups Tax CPA 52

Acterys

JANUARY 31, 2023

In this blog, we cover some basics about inventory planning: what it is, why do you need it, and what are its benefits and challenges. In this blog, we cover some basics about inventory planning: what it is, why do you need it, and what are its benefits and challenges. What is inventory planning?

Manufacturing 130

Manufacturing Sales Maine Retail 130

ThomsonReuters

FEBRUARY 24, 2022

What happens to those balances when an employee’s employment terminates? ANSWER: Your company has some choices about what will happen to HRA balances remaining at termination of employment. 12 (“Forfeit Account Balances or Permit Spend-Downs?”), XXII.C.2 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Expense Reimbursements 91

Expense Reimbursements Tax Account accountant 91

Withum

JUNE 22, 2023

Both blogs are combined here with some editing, and I am reposting it with the hope that they will do something. I also know more than a few other people that are in a similar situation, and I will call them and send a link to this blog trying to get them to get it done. Please follow through. This is important stuff.

Start-ups 59

Start-ups accounting and finance Legal CPA 59

Withum

APRIL 19, 2022

If you’re also wondering, “What are the Power Platform fundamentals and what I can I do with the Power Platform at my organization?” this blog is for you. this blog is for you. First, some basics – what is Power Platform? Build and distribute secure, lightweight business apps with Power Apps and Power Automate.

Technology 106

Technology Expense Reimbursements Start-ups accounting and finance 106

ThomsonReuters

APRIL 28, 2022

The letter responds to a request for guidance on when the cost of health and wellness coaching is medical care that can be reimbursed under health FSAs, HSAs, and other tax-favored accounts. See also EBIA’s Consumer-Driven Health Care manual at Sections XV.C (“What Is an HSA-Qualified Medical Expense?”)

Expense Reimbursements 105

Expense Reimbursements Tax Account accountant 105

Nancy McClelland, LLC

APRIL 7, 2023

Everyone who reads my blog or works with me knows I’m a vocal proponent of the cooperative structure as a sustainable and enriching alternative to classic shareholder business models. Co-ops allow companies to distribute wealth among those that do business with it, rather than to investors just trying to make a buck.

Agriculture 98

Agriculture CPA Virginia Education 98

ThomsonReuters

SEPTEMBER 23, 2021

QUESTION: Some of our COBRA participants have asked what they should do for health coverage when their COBRA premium subsidy ends. For most AEIs, notices should have been distributed by September 15, 2021. The post What Health Coverage Options Are Available to Qualified Beneficiaries Whose COBRA Subsidy Is Ending?

Tax 97

Tax Account accountant accounted 97

ThomsonReuters

FEBRUARY 3, 2022

EBIA Comment: Publication 502 provides valuable guidance on what qualifies as a medical expense under Code § 213(d), and thus helps identify the expenses that may be reimbursed or paid by health FSAs, HSAs, or HRAs, or covered on a tax-favored basis under other group health plans (e.g., Relevant dollar amounts (e.g.,

income tax 96

income tax tax return Tax Account 96

ThomsonReuters

MARCH 15, 2021

The effects of COVID-19 were truly coming to light in the heat of accountants’ busy season in 2020, turning a normally stressful time into a downright chaotic period. What about Texas? Like what we saw in 2020 with COVID-19, Texas had a specific event that prompted their extension, but that doesn’t apply to every part of the country.

Tax 98

Tax Texas tax return cpas 98

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. What is indirect tax? Taxes are either direct tax or indirect tax.

Tax 52

Tax income tax Manufacturing corporation tax 52

Lockstep

JUNE 1, 2022

As the Federal Reserve tightens interest rates at the highest level in over 20 years, it’s a good time to review your manual accounts receivable (AR) processes to seek out your unresolved cash traps. Who’s Doing What? Even with rates on the rise, bank lending is accelerating faster than in recent years. Enter AR Automation.

Account 75

Account accountant accounted Technology 75

ThomsonReuters

DECEMBER 20, 2020

What is the difference between sales tax and value-added tax (VAT)? What triggers the tax administration requirement? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. VAT overview.

Sales 119

Sales South Dakota Tax corporation tax 119

ThomsonReuters

OCTOBER 28, 2021

The first considers whether rehiring retired plan participants to fulfill needs related to the COVID-19 pandemic jeopardizes the tax qualification of a pension plan that does not permit in-service distributions. The second new FAQ considers whether a pension plan could allow in-service distributions.

Tax 52

Tax Account accountant accounted 52

ThomsonReuters

FEBRUARY 24, 2023

K-1s, however, are quite different and can come with some complexities for tax and accounting firms. What is Schedule K-1? As far as K-1 distributions are concerned, they are generally not considered taxable income. to the IRS, are sent to more than 40 million U.S. taxpayers each year. from the partnership for the tax year.

Non-Profits 59

Non-Profits tax return Tax income tax 59

ThomsonReuters

FEBRUARY 10, 2022

Likewise, an expense “compensated for by insurance or otherwise” is not a qualified medical expense for HSA distribution purposes. Likewise, an expense “compensated for by insurance or otherwise” is not a qualified medical expense for HSA distribution purposes. Inadequate Supply. Home-Collection PCR Tests.

Retail 98

Retail Manufacturing Tax Sales 98

CPA Practice

MARCH 23, 2023

Examine successful client cases, no matter the size, and identify what they have in common. To scale up your content marketing efforts, create a content calendar that outlines the topics, formats, and distribution channels for your content. Understand your target market(s) Choose your core content formats (video, blogs, podcast, etc.)

B2B 64

B2B accounting and finance Start-ups Account 64

Acterys

JULY 12, 2023

This blog will guide you on what vertical analysis is, how to perform it, and how it can help your business to scale through data-driven decisions. What is vertical analysis? Furthermore, the operating expenses, such as selling and administrative expenses, account for 10% and 6% of net sales, respectively.

financial statements 130

financial statements accounting and finance accounts payable Sales 130

ThomsonReuters

NOVEMBER 15, 2023

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. What is the tax deduction limit for charitable donations? Jump to: Which donations are tax deductible?

Tax 94

Tax tax return tax planning income tax 94

ThomsonReuters

MARCH 1, 2024

What IRS tax forms do S corps file? Shareholders (including the S corp owner) report income distributions and business losses via Schedule E of Form 1040. What are the tax advantages of an S corporation? For 2024, S corp taxes are due on March 15, 2024. Extension requests (using IRS Form 7004 ) are also due on this date.

corporation tax 52

corporation tax Tax tax return income tax 52

MineralTree

JANUARY 25, 2024

This blog takes a deeper dive into 7 accounts payable trends that will help shape 2024. It’s too challenging for remote staff to physically collect invoices, manually route them for approvals, check signatures, and authorize and distribute payments. For finance professionals, understanding this landscape is crucial.

accounts payable 69

accounts payable AP Automation Account accountant 69

PYMNTS

AUGUST 11, 2020

While there’s a lot we don’t know, we do know a few things about what scammers do when this kind of uncertainty is in the headlines,” wrote by Jennifer Leach, associate director of FTC’s Division of Consumer and Business Education, on the agency’s blog. Consumers who spot a scam should contact the FTC at ftc.gov/complaint.

Education 69

Education Tax Account accountant 69

CPA Practice

JULY 21, 2023

Today, they account for 99.9% Rather than starting from scratch, spend time evaluating what your biggest competitors are doing. Remember: Your customers are watching what you do. Plus, it’s one more sustainability measure you can talk about on your website, blog and social media pages. Chamber of Commerce.

Washington 98

Washington accounting and finance Start-ups Finance 98