What is Form 1099-K?Internal Revenue Service (IRS) Series 1099 forms help taxpayers report money received from various sources in addition to salary. Form 1099-K, "Merchant Card...
Posted by James Financial Services Inc on 11/25/2020
Anyone that uses funds from a medical saving account or health savings account like an Archer or Medicare MSA, with the firm that administers it must reflect this in Form 1099-SAThere...
Posted by Aurelia E Weems CPA on 11/25/2020
If your employer offers a 401 (k) plan, this can be one of the easiest and most effective ways to save for retirement. But while one of the main benefits of 401 (k) plans is that they...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 11/25/2020
There will be an increase in contribution limits for Health Savings Accounts in 2021. Self-only coverage will have an increase of $50, while family coverage will have an increase of...
Posted by Income Taxes and Bookkeeping LLC on 11/25/2020
After the publication of the TCJA, it was evident that several areas of the new law needed clarification. One of the laws that need clarification is the meal and entertainment expenses...
The standard mileage rate, also known as daily mileage or deductible mileage, is a rate set by the Internal Revenue Service (IRS) per mile maintained by a taxpayer for business purposes...
Posted by Karen Munoz, EA on 11/24/2020
Also known as REIT, a real estate investment trust is known as a mutual fund for real estate. From the name, one can infer that the trust invests in investments related to real estate....
Posted by Flynn Financial Group Inc on 11/24/2020
Background. Effective for each tax year beginning after December 31, 2017, an ATEO is generally subject to a special tax (currently 21%) on the amount of any employee's overcompensation...
Posted by CORE PERFORMANCE on 11/24/2020
Several charities are experiencing a drop in donations as the United States grapples with the COVID health crisis. In response, Congress included a clause in the CARES Act, designed...
Posted by Karen Munoz, EA on 11/20/2020
