Year-End Health Insurance Reporting for Small Businesses Dear Friends, This message serves as your annual reminder that portions of the Affordable Care Act taking effect in 2015 continue to affect small businesses—particularly Subchapter S Corporations. These rules may impact how your Company reports health insurance premium expenses. Below are two common situations to keep in [...]
Company Vehicles and W-2 Compensation Dear Friends, The personal use of employer-owned vehicles by employees or owners must be treated as taxable compensation, subject to normal payroll taxes. Under the general rule, the value of this compensation equals the cost to lease a comparable vehicle in an arm’s-length transaction for the period of personal use. [...]
Dear Client: The Corporate Transparency Act (“CTA”) is upon us. It became effective on January 1, 2024, and imposes a new federal filing requirement for most Corporations (including Subchapter S Corporations), Limited Liability Companies (“LLCs”), Limited Partnerships (“LPs”), and other business entities. Corporations, LLCs, LPs, and other entities subject to the CTA are called “reporting [...]
Company Vehicles and W-2 Compensation Dear Friends, The personal use of company cars by employees and owners must be treated as taxable compensation income (and as such, is subject to the normal payroll taxes). In valuing this compensation, the general rule is the employee's income is equal to what it would cost in an arm's [...]
Year-End Health Insurance Reporting for Small Businesses This message serves as your annual reminder that portions of the Affordable Care Act taking effect in 2015 continue to have an impact on small businesses in general and on Subchapter S Corporations in particular. These provisions may impact the way you report your Company's health insurance premium expense [...]
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