Hiring an independent contractor offers employers many advantages. Employers do not pay taxes on independent contractors’ wages, nor are they expected to provide benefits as they must with traditional employees. Employers often save 30 to 40 percent on labor costs by...
To help small businesses looking to resolve incorrect claims, the IRS recently published special warning signs that an Employee Retention Credit (ERC) claim may be questionable or incorrect. With the March 22, 2024 deadline approaching for the ERC Voluntary Disclosure...
IRS Releases Comprehensive Guidance on Various SECURE 2.0 Act Provisions On Dec. 20, 2023, the IRS issued Notice 2024-2, providing guidance in the form of questions and answers with respect to various provisions of the legislation known as the “SECURE 2.0” Act. SECURE...
Each year in the fall, the IRS announces new employee benefit plan limits for several types of benefits that have maximums subject to annual indexing. You can find the full list of the latest released amounts for 2024 in IRS Revenue Procedure 2023-34, but we’ve...
On Dec. 29, 2022, the IRS announced the 2023 optional standard mileage rates, which calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The 2023 standard mileage rates for the use of a car (also vans,...