You might be eligible for a credit related to the Social Security and Medicare taxes (FICA taxes) you pay on your employees' cash tips. This credit applies to tips your employees receive from customers for food or beverages, regardless of whether they are consumed on or off the premises. Although customers pay these tips [...]
The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns. Let’s take a closer look at three of [...]
In 2024, business meals are again 50% deductible with some exceptions below. Verify the meal qualifies and that you are keeping accurate records to substantiate them in case of an audit. To qualify for the deduction: The expense must be an ordinary and necessary cost incurred while conducting the business during the tax year. [...]
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes [...]
For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of [...]
