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IRS continues to address COVID-related leave

IRS continues to address COVID-related leave

The American Rescue Plan Act (ARPA), signed into law earlier this year, amended and extended the tax credits available to eligible employers that provide paid sick and family leave. This relief is consistent with the COVID-related leave originally provided under the...

Eligible Businesses: Claim the Employee Retention Tax Credit

Eligible Businesses: Claim the Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC in...

Surprise, surprise: HR initiatives depend on people

Surprise, surprise: HR initiatives depend on people

To keep up with the ever-changing nature and demands of the 21st Century workplace, employers need to regularly identify, evaluate and occasionally roll out well-executed HR initiatives. Examples range from projects as ambitious as implementing a cloud-based HR portal...

Traveling for business again? What can you deduct?

Traveling for business again? What can you deduct?

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted...

Hiring your minor children this summer? Reap tax and nontax benefits

Hiring your minor children this summer? Reap tax and nontax benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your...

Help retirement plan participants limit leakage

Help retirement plan participants limit leakage

Should employers be concerned if their retirement plan participants withdraw money from their accounts for non-retirement purposes? A recent report from the Joint Committee on Taxation (JCT) says yes and explains why. The JCT report, titled “Estimating Leakage from...

An S corporation could cut your self-employment tax

An S corporation could cut your self-employment tax

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of...

The IRS has announced 2022 amounts for Health Savings Accounts

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account...

Determining eligibility for HIPAA administrative simplification

Determining eligibility for HIPAA administrative simplification

A health care plan with fewer than 50 participants that’s administered by a sponsoring employer may have fewer compliance hassles. That’s because it’s excluded from the definition of a “group health plan” under administrative simplification provisions of the Health...

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