As year-end quickly approaches, businesses often face an uptick in activity and can become overwhelmed by the number of tasks required before the start of a new year. Obtaining the necessary W-9’s from vendors is one of those tasks that can be commonly overlooked. IRS Form W-9 serves as a data collection tool to request […]
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A qualified charitable distribution (QCD) is a nontaxable distribution made from a taxpayer’s individual retirement account (IRA) directly to a qualified charity. To qualify for this type of distribution, the taxpayer must be at least 70 ½ years old. The maximum amount that can be transferred from an IRA account to a qualified charity is […]
Tax Year 2024 Key Amounts Standard Deduction – Married filing jointly — $29,200 – Single/Married filing separately — $14,600 – Head of household — $21,900 Additional for Elderly (over age 65) – Married filing jointly — $1,650 – Single — $1,950 Child Tax Credit – Credit — $2,000 – Maximum refundable — $1,700 […]
The Affordable Care Act (ACA) introduced important changes to the healthcare system, one of which is the Medical Loss Ratio (MLR) provision. This provision is designed to ensure that insurance companies spend a significant portion of the premiums they collect on medical care and services, rather than on administrative costs or profits. Specifically, insurance carriers […]
Payroll Tax Reminders: NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees. This requirement is based on the employer’s number of employees and net income. For example, employers with 5 to 99 employees must provide up to 40 […]
The new Beneficial Ownership Reporting (BOI) requirement put into effect by the Corporate Transparency Act is applicable for all legal entities formed in the United States or non-U.S. entities registered to do business with a state government. Each legal entity formed in the United States before January 1, 2024, must report their beneficial ownership to […]
Our final and most important newsletter of 2024 because it includes key updated payroll and IRS Form 1099 information for small businesses. Plus, many interesting articles in our newsletter, including the launch of our new “Personal Financial Planning” article series by our Partner, Lisa Mrkall, CPA/PFS, MBA. Click here to view/download this newsletter. Author Lisa […]
In a previous article, “Contractor Vs. Employee: What Are the Differences?”, we looked at the ways to determine whether an individual is an employee or independent contractor by introducing the categories for the degree of control and independence – Behavioral Control, Financial Control, and Type of Relationship. In this article, we will compare the personnel […]
Knowing what sales and use tax exemptions may apply to your manufacturing process is critical to achieving the most cost efficient process for your product(s). In turn, this contributes to your overall profitability, cash flow, and so much more. In this Webinar Rewind, SALT Partner Tom Mazurek and SALT Senior Analyst Gerad Levey discuss these […]