Entries by IslerNW

New Employee vs Independent Contractor Rule Effective March 11

Article Highlights: New U.S. Department of Labor Rule Prior Rule Rescinded Effect on ABC Test Used by Some States New Six Factor Test Opportunity for Profit or Loss Depending on Managerial Skill Investments by the Worker and the Potential Employer Degree of Permanence of the Work Relationship Nature and Degree of Control Extent Work Performed […]

Employers Beware: ERC Voluntary Disclosure Program Ends Soon

Article Highlights: ERC Background. TV Promoters and Marketeers. IRS Programs to Withdraw Erroneous Claims. ERC Voluntary Disclosure Program. How to Apply for the Voluntary Disclosure Program. ERC Claim Withdrawal Program. The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit […]

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Using a Ghost Preparer? Who You Going to Call When the IRS Comes Knocking

Article Highlights: Ghost Preparers PTIN Requirement Signing the Return Preparation to Boost Refund Taxpayer Left Holding the Bag How to Report Ghost Preparers Professional Tax Preparation As people begin to have their 2023 tax returns prepared, this is a reminder to avoid unethical “ghost” tax return preparers. A ghost preparer is someone who charges for […]

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Healthcare Considerations for Boomers in Retirement

Baby Boomers – the largest generation in America by the numbers – are approaching their golden years. This means that many are beginning to look ahead to a healthy and secure retirement as they put their years in the workforce behind them. One of the critical aspects of Boomer retirement planning is healthcare. In this […]

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Tax Deductible Expenses for Charity Volunteers

Article Highlights: Charity Tax Exempt Status General Rules for Deducting Volunteer Expenses Away-From-Home Travel Expenses Vehicle Expenses Entertaining For Charity Uniforms Use of a Capital Assets Conventions Underprivileged Youths Foster Parents Church Deacon Substantiation Requirements If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is […]

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Don’t Miss Out on Your Employer’s Flexible Spending Benefits

Article Highlights: Health Flexible Spending Arrangement (FSA) Benefits of an FSA Qualifying for an FSA Contributions to an FSA Amount of Contribution Distributions From an FSA Qualified Care Expenses Qualified Medical Expenses Use-It-or-Lose-It A health Flexible Spending Arrangement (FSA) allows employees to be reimbursed for medical expenses. FSAs are usually funded through voluntary salary reduction […]

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Navigating the Tax Implications of Remote Work for SMBs: A Comprehensive Guide

In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, […]

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Are You Taking Advantage of Your Employer’s Fringe Benefits?

Article Highlights: Qualified Transportation Fringe Benefits (QTFB) Group Term Life Insurance (GTLI) Accident and Health Benefits Flexible Spending Arrangement Exclusion for Qualified Employee Discounts Dependent Care Assistance Program (DCAP) Adoption Assistance Qualified Educational Assistance Working Condition Educational Assistance Travel Expenses Transportation Expenses Moving Expenses Reimbursements for Use of Employee-Owned Vehicles Employer-Provided Vehicles Awards and Prizes […]

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Major Tax Sunset on the Horizon

Article Highlights: Estate and Gift Tax Personal Exemptions Standard Deductions Home Mortgage Interest Deduction Limitation on Tax Deductions (SALT) Suspension of Tier 2 Miscellaneous Itemized Deductions Suspension of the Limitation on Itemized Deductions Individual Tax Rates Child Tax Credit Special Rule for Certain Discharges of Student Loans Employer Payments of Student Loans Moving Expenses Bicycle […]