It is hardly surprising that employees would prefer to work 28 hours a week instead of 40. The latest argument for implementing a four-day workweek does not call for compressing the time between Monday and Thursday (or any other combination of days) into four equal...
S corporations allow the business to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. But with those great advantages come many rules, including those related to compensation. Shareholder-employees may think there's no practical difference between income as an...
The federal income tax is a pay-as-you-go tax. Taxpayers pay the tax as they earn or receive income during the year. Taxpayers can avoid a surprise at tax time by periodically checking their withholding amount. The IRS urges employees and those who receive a pension...
Employers that had 11 or more employees at any point in 2022 are required to post Occupational Safety and Health Administration (OSHA) Form 300A from February 1 through April 30 unless they qualify as an exempt low-risk industry. The employee count is based on the...
When it comes to benevolence, the IRS makes a distinction between providing donations to people who lack the basic necessities of life (food, water, shelter, etc.) and awarding gifts to your employees. Gifts to the Needy Generally speaking, if your organization provides benevolence to someone in...
According to the Bureau of Labor Statistics, in 2021, “at least one parent was employed in 89.1 percent of families with children, up from 88.5 percent in 2020 but below its 2019 value of 91.4 percent.” The number of parents who are part of the...
Even if your business has only a few employees, you may be considering outsourcing your payroll processing to a specialist. What can a payroll processing service do for you? It can help keep you compliant. You may have employees in more than one state and...
One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes to the standard...
The Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups,...
Question: Can all church employees qualify for housing allowance? Answer: No. Section 107 of the Internal Revenue Code allows only a “minister of the gospel” to have a housing allowance. Thus, only taxpayers who are serving as clergy under IRS rules for tax purposes are eligible for...