Newsletters
Prior Articles
IRS announces max dollar amount for excepted benefit HRAs
In a Revenue Procedure, the IRS recently provided information regarding the inflation-adjusted maximum dollar amount that may be made for excepted benefit Health Reimbursement Arrangements (HRAs) or other account-based group health plans next year. More specifically,...
New business? It’s a good time to start a retirement plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for...
The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “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...
Employers, don’t overlook invisible disabilities
When encountering the phrase “employee with a disability,” you might immediately envision a person with an obvious physical impairment. Even the internationally used symbol for accessible areas is a human being in a wheelchair. However, many disabilities aren’t so...
Extended benefit claims and appeals periods during COVID-19
In response to the COVID-19 pandemic, federal agencies have extended certain claims and appeals periods for employee pension benefits plans subject to the Employee Retirement Income Security Act (ERISA). The relief also applies to qualifying group health plans, as...
The easiest way to survive an IRS audit is to get ready in advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately...
Can employers provide disaster relief for COVID-19?
Many employees have suffered financial hardships because of the COVID-19 pandemic. In response, some employers may consider offering financial assistance as a fringe benefit. A common question that arises regarding such an idea is: Does the Internal Revenue Code allow...
The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying,...
DOL revises rules on paid sick and family leave related to COVID-19
In August, a federal trial court invalidated several provisions of the U.S. Department of Labor’s (DOL’s) temporary regulations that implemented the paid leave provisions of the Families First Coronavirus Response Act (FFCRA). By way of a response, the DOL’s Wage and...
Earning side income: Is it a hobby or a business?
Whether it's something you have been doing for years or something you just started to make extra money, you must report income earned from hobbies in 2020 on next year's tax return. What the difference between a hobby and a business? A business operates to make a...
COVID-19 testing, diagnostics not minimum essential coverage
In Notice 2020-66, the IRS recently determined that Medicaid coverage limited to COVID-19 testing and diagnostic services isn’t minimum essential coverage under a government-sponsored program. Thus, an individual’s eligibility for this coverage for one or more months...
2020 Q4 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...
Dedicated, Mindful and Accountable.
DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605
Fullerton, CA 92835