Business owners can claim a qualified business income deduction IRS Tax Reform Tax Tip 2018-166, October 25, 2018 Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. [...]
IRS Approves 401(k) Student Loan Payment Program In a new private letter ruling, the IRS says that employers can provide matching contributions to the 401(k) plan accounts of employees who make student loan payments (PLR 201833012, 8/17/18). It is expected that this new ruling will encourage retirement savings by employees, especially the younger generation. According [...]
IRS Announces New Per Diem Rates For Taxpayers Who Travel For Business (But Watch Out For Tax Law Changes) Wondering about those updated per diem rates? The new per-diem numbers are now out, effective October 1, 2018. These numbers are to be used for per-diem allowances paid to any employee on or after October 1, 2018, for travel [...]
Taxpayers should find out if they need to make estimated or additional tax payments The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers must generally pay at least 90 percent of their [...]
10 Steps to Avoid Business and Employee Fraud Small and mid-sized businesses are more vulnerable to fraud than larger organizations, and the effects can be more damaging. The types of fraud that businesses need to be aware of generally fall into three categories: Theft, financial statement fraud and asset misuse. Theft, or misappropriation of [...]
