How to properly deal with common payroll tax questions

Navigating the complex landscape of payroll tax rules poses a formidable challenge for businesses, particularly when hiring new employees or when existing employees experience personal changes affecting their tax status. Such circumstances often raise concerns about recordkeeping requirements and withholding obligations. We delve into some of the most common scenarios that have recently drawn the …
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E-filing now required for businesses with 10+ info returns

If your business files 10 or more information returns, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns dropped from 250 to 10. Before the new rule, only businesses filing 250 …
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IRS Mileage Rate for Business Driving Increases for 2024

The IRS has announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, tires, …
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Year-end tax strategy ideas as 2024 approaches

As the holidays approach, it’s time to consider tax-planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears no significant unfavorable federal tax changes will take effect in 2024. Assuming that’s an accurate prediction, here are seven …
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Now is time to make tax-saving, year-end moves

As the holidays approach, it’s time to consider tax planning moves that will help lower this year’s tax bill, as well as set you up for tax savings in future years. The good news is that it appears there won’t be any significant unfavorable federal tax changes that will take effect next year. Assuming that’s an …
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Selling your company? Stock swap might avoid a taxable gain

Selling the stock or selling the assets are the two basic ways owners typically sell their businesses. For two good tax reasons, sellers usually prefer stock sales: Assuming you have owned the shares for more than a year, your profits will generally be taxed at a maximum federal rate of 20 percent. This applies equally to C …
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Tax credits available for new, energy-efficient homes

Eligible contractors may qualify for up to $5,000 credit per home under expanded credit Good news for contractors: Those who construct or substantially reconstruct qualified new energy-efficient homes located in the United States may qualify for a tax credit of up to $5,000 per home under Section 45L of the tax code. Congress expanded the credit …
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Foreign tax credits: IRS provides temporary relief

Final regulations applicable to foreign tax credits took effect in 2022. In the months following, the IRS received various questions about their application and, indeed, requests to modify the regs. In Notice 2023-55, the IRS recently provided temporary relief for taxpayers who need to determine whether a foreign tax they paid is eligible for a foreign …
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Large cash transactions? Reporting requirements are changing

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Beginning January 1, 2024, this reporting will have to be done electronically. Here are some answers to questions about the requirements and what’s changing. What …
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How to max out your Social Security benefits

If you ‘semi-retire,’ know the effects of part-time income on your SS payout Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $21,240 in 2023 (up from $19,560 in 2022), you lose $1 in Social Security benefits. In the year you reach full retirement …
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