Some of our employees started or stopped contributing to our SIMPLE IRA plan in the middle of the year. Are we required to make our 3% match based on the employees’ compensation for the entire calendar year or only the compensation earned during the period they actually contributed to the plan? You must base your […]
Here’s a free app from the IRS for all you Millennials, Generation Xers, and even a few of us Boomers, IRS2Go. Like doing your own research? Feel free. And when you’re in information overload, give us a call, e-mail us, or even text. Here’s what the IRS has to say about its social media products: Federal […]
Larger employers (50+ employees) will soon be required to provide health insurance. To retain good employees, smaller employers are looking at their options. Here’s a flyer you’ll want to read: Also see our post “What is the difference between an income tax deduction and a tax credit?”
CAUTION to small business: You might be subjected to needless audits if you don’t note this. Please read on: Beginning with the 2011 tax year, the IRS requires businesses to exclude from Form 1099-MISC any payments they made by credit card, debit card, gift card, or third-party payment network such as PayPal. (These payments are being […]
Here are some pertinent tips to make tax time easier without losing any of your refund.* Gather your records Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return. Be on the lookout W-2s and 1099s will be coming […]