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Accountable Plan Expense Reimbursements

From IRS Publication 15 (2014) Employee business expense reimbursements. A reimbursement or allowance arrangement is a system by which you pay the advances, reimbursements, and charges for your employees’ business expenses. How you report a reimbursement or allowance amount depends on whether you have an accountable or a nonaccountable plan. If a single payment includes […]

QuickBooks Payroll: FAQs for 2014 FUTA Credit Reduction States

This article explains how the Federal Unemployment Tax Act (FUTA) credit reduction affects your FUTA taxes, Form 940, and Schedule A for 2014.

2014 Federal Unemployment Tax Act (FUTA) Credit Reductions

FUTA Credit Reduction What is a credit reduction state? A state is a credit reduction state if it has taken loans from the federal government to meet its state unemployment benefits liabilities and has not repaid the loans within the allowable time frame. A reduction in the usual credit against the full FUTA tax rate […]

IRS Announces 2015 Standard Mileage Rate

IR-2014-114, Dec. 10, 2014 WASHINGTON — The Internal Revenue Service today issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck […]

Paypal issues Form 1099-K to sellers

Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal. PayPal is required to report gross payments received for sellers who receive […]

QuickBooks: Marking payments for exclusion from Form 1099-MISC

Beginning with the 2011 tax year, the IRS requires you to exclude from Form 1099-MISC any payments you made by credit card, debit card, gift card, or third-party payment network such as PayPal. (These payments are being reported by the card issuers and third-party payment networks on Form 1099-K.) When you use check payments (in […]

Affordable Care Act (ACA) Information Center for Tax Professionals

Information for Your Individual Client What is Minimal Essential Coverage (MEC)? Does my client qualify for an exemption from MEC? What is the Premium Tax Credit?/FAQs Why it is important to report life & income changes to the Marketplace (Exchange) When would my client need to make an Individual Shared Responsibility Payment(ISRP)?/FAQs What is a […]

How NOT to Introduce Yourself

By Bernard Marr Networking is one of the most challenging skills you may have to learn in the world of business. It can be an awkward experience, having the attention of a group of strangers focused on you, and trying to make a good first impression. It’s an important moment. The person opposite you […]