On June 23, 2023, the IRS issued Notice 2023-37 addressing health savings accounts (HSAs) eligibility with high deductible health plans (HDHPs) after the COVID-19 pandemic relief. The notice also addressed Affordable Care Act (ACA) preventive services due to the Braidwood v. Becerra decision. HSAs Eligibility To be eligible for an HSA,...
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child...
Whether someone is entering the workforce for the first time or changing jobs, filling out new hire paperwork can feel overwhelming. One of the forms employees must complete is a W-4, Employee's Withholding Certificate. This form tells employers how much money to withhold from the...
Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax deductions for business travel Business travel deductions...
Not all third-party payroll service providers are created equal. A trusted, qualified company can help keep businesses secure and tax compliant. An unreliable or fraudulent company can lead to missed deposits, theft or returns not being filed. While many third-party payroll service providers give quality service,...
Finding work can be a hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of these groups that face barriers to employment: People...
Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate...
WASHINGTON — As aggressive marketing continues, the Internal Revenue Service renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit. The IRS and tax professionals continue to see a barrage of aggressive broadcast advertising, direct mail solicitations...
The Small Business Virtual Tax Workshop can help business owners learn how to navigate their federal tax responsibilities. This workshop is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their business. Online at...
The Internal Revenue Service recently suggested taxpayers who filed or are about to file their 2022 tax return use the IRS Tax Withholding Estimator to help update the amount of tax to have taken out of their 2023 pay. The IRS says now is a good...