RogerRossmeisl

NOVEMBER 7, 2020

IRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business travel expenses. Background An employer may pay a per-diem amount to an employee on business-travel status instead of reimbursing actual substantiated expenses for away-from-home lodging, meal and incidental expenses (M&IE).

payroll tax 190

payroll tax CPA payroll Tax 190

PYMNTS

NOVEMBER 7, 2020

As they say, “the heart wants what the heart wants.” During a pandemic, however, the lungs and lymphatic system have needs, too. That struggle between health or happiness (pick one) messed up a lot of wedding plans in 2020, but the ingenuity of love is winning out. Consider New York-based jet leasing outfit Air Charter Service (ACS). Starting at the not entirely unreasonable investment of $18,000, couples can tie the knot high above it all — moving at about 400 MPH — in socially-distanced nupt

Colorado 67

Colorado New York Legal Start-ups 67

RogerRossmeisl

NOVEMBER 7, 2020

If your small business is planning for payroll next year, be aware that the 2021 Social Security wage base is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% for Social Security and 1.45% for Medicare).

payroll 189

payroll CPA Tax business tax 189

RogerRossmeisl

NOVEMBER 7, 2020

In IR 2020-226, the Internal Revenue Service, on 10/1/2020, encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction. The IRS encourages any taxpayer who has continued to engage in an abusive micro-captive insurance transaction to not anticipate being able to settle its transaction with the IRS or Chief Counsel on terms more favorable than previously announced settlement offers and that any potential future settlement initiative tha

CPA 188

CPA Tax cpa firm 188

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RogerRossmeisl

NOVEMBER 7, 2020

Not all shell companies are dishonest. Despite their often-sinister reputation, these paper-only companies may be used legitimately to hold another business’s assets. Or they may be the “empty container” left after a company downsizes or is acquired. That said, some fraud perpetrators use shell companies to embezzle funds, evade taxes, dodge debts and commit other illegal acts.

CPA 177

CPA Tax cpa firm 177

RogerRossmeisl

NOVEMBER 7, 2020

If you invest in mutual funds, be aware of some potential mutual fund buy-sell tax pitfalls that can surprise the unwary. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund investment. Every time you write a check against your mutual fund account, you’ve made a partial sale of your interest in the fund.

Tax 175

Tax CPA fund accounting Sales 175