For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Some benefits of HSAs include: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants. Earnings on the funds in an HSA […]

As 2022 quickly comes to a close, and you begin making plans for the holiday season, we want to take a chance to remind S Corporation shareholders to include planning for the required tax reporting and withholding requirements for health insurance premiums paid by an S Corporation on behalf of more than 2 percent shareholder-employees.

As the end of the year fast approaches, we want to remind you of the tax reporting required for personal use of company provided vehicles. Law Fringe benefits provided to an employee are taxable to the employee and must be reported in his/her income unless the law specifically excludes the benefit. This rule includes the […]

If you have been in business for any amount of time, you probably do not need anyone to tell you about the importance of cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures you take to protect your company from hackers and malware need to be updated […]

The effects of inflation are all around. You might be paying more for gas, food, health care and other expenses now than you were last year. With that being said could high inflation affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights […]

In this article Rudler will go over the changes to notice 2022-55, that the IRS recently announced. The notice includes cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. Due to the rise of inflation the contribution amounts have increased more so this year than […]

Health coverage is a focus for many employers as they look for innovative and cost-effective ways to provide benefits. An Excepted Benefit Health Reimbursement Arrangement, or EBHRA, is timely and can offer substantial flexibility for your employer groups. Rules to follow Under a traditional HRA, the employer owns and funds the tax-advantaged account up to […]

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a […]

Starting January 1, 2023, the maximum earnings subject to the Social Security payroll tax will increase by nearly 9 percent to $160,200 (up from the $147,000 maximum for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes […]

Business growth is a significant factor to staying in business and is at the top of most leadership strategies. In addition, growth is often important to keep competitors at bay. However, when growing your business it is important that the growth is both manageable and controlled. If your business is growing out of control it […]