Article Highlights: Accountable Plan Overcoming Tax Cuts and Jobs Act Limits Benefits From an Employers Point of View Benefits From an Employees Point of View IRS Criteria Basic Plan Wording Plan Customization As an employer or an employee one intricacy of tax laws and regulations that often goes unnoticed is the concept of Accountable Plans. These plans, when implemented correctly, can provide significant tax [...]
Article Highlights: Donating unused vacation time, sick leave and personal time Employer’s Function Great Donation Opportunity As they have done before in the wake of disasters, including Hurricane Katrina, Superstorm Sandy, COVD-19, and Ukrainian relief, the Internal Revenue Service is allowing special contributions for Maui wildfire relief. It permits employees to donate their unused paid vacation, sick leave, and personal leave time to charities [...]
Article Highlights: Prior ERC Scam Warnings What is the ERC? IRS Shifting Focus Latest Guidance for Withdrawing a Claim Who Can Withdraw a Claim Under the New Procedure Procedure for Withdrawing a Claim Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) [...]
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