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If you get pleasure from rewarding your team's performance with bonuses, you are not alone. But it's important to consider how those bonuses are given, along with the tax implications for both you and the employee.
There are many tax credits that business owners can take advantage of, and today we're talking about the Disabled Access Credit, which is specifically extended to business owners who employ people who have disabilities.
The majority of — if not all — employers understand that they must report the salary, overtime pay and bonuses that their employees receive as compensation for the jobs they perform. But did you know that the IRS also wants to know about other forms of taxable compensation?
Pay stubs can be referred to as pay or wage statements and may be considered the decoder ring of payroll. Pay statements summarize employees’ gross pay, taxes and deductions, and net pay. They can be in printed format or made available electronically.
In general, businesses need an EIN. There are various ways to apply for one, but the IRS is happy to let you know that you may now apply online. It's a free service.
The Financial Standards Accounting Board has issued an Accounting Standards Update (ASU) aimed at improving financial reporting about leasing transactions. The ASU affects all companies and organizations that lease such assets as real estate, airplanes and manufacturing equipment.
The TCJA, which was passed late in 2017, runs some 70,000 words, and experts continue to pore over its provisions. Of particular interest to businesses are the provisions that affect the wide world of M&A. Any business that thinks an M&A may be in its future should know what's changed thanks to the TCJA.
Accounting Standards Update No. 2014-09, issued by the Financial Accounting Standards Board (FASB), establishes principles to report useful information to users of financial statements about the nature, timing and uncertainty of revenue from contracts with customers.
Do you have employees who live in one state and work in another? You may run into this if:
Crowdfunding is the process of getting a large crowd of people to each pay a small amount of money to invest in an idea or product, typically with a tangible incentive and the promise that when the idea comes to fruition, they will get first access to it.
A tax reciprocal agreement is established when two states agree to avoid the burden of dual taxation on employees who live in one state while working in another state. The contract exempts the employee from taxes in his or her work state while requiring payment only to the home state.
If you run a business with employees, you have at some point wondered how you should compensate them for good work. It's actually a much trickier task than people realize. You have to take into account employee morale, employee performance and market averages. To get a fuller picture of how to fairly distribute raises to your employees, keep reading.
The Occupational Safety and Health Administration was established within the Department of Labor and authorized to regulate health and safety conditions for all employers. (Similar state agencies may augment or supplant OSHA.)
Each new office seems deserving of all your time, but there are still your existing offices, whose need for attention hasn't diminished. Building, disseminating and maintaining a cohesive business strategy across multiple sites is a challenge, but you need to get it right to continue to be successful.
There's an official-looking letter on your desk: a court has informed you that a debtor is employed at your firm and you will have to start withholding the employee's pay accordingly. There are instructions for handling this, and a notice that you will be held in contempt if you don't respond.
When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer.
Do you have employees who live in one state and work in another? You may run into this if:
Is having your children work in your family-owned business a blessing or a curse? Here are five tips for making it a blessing and preventing it from being curse:
How people commute, travel and/or rent vacation accommodations these days often involves an emerging area of activity — the sharing economy. Other ways of referring to it include the on-demand, gig or access economy, but no matter how you describe it, we're talking about individuals and groups that use tech advancements to arrange transactions to generate revenue from assets they already own, such as cars and homes. The sharing economy can include household chores or even technology services. You may think of this as a developing area in our economy, and the IRS is thinking of it also. There are tax implications for the individuals and companies that perform such services.
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