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So far Merritt has created 14 blog entries.

What you need to know about the Corporate Transparency Act

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 [...]

January 18, 2024|Tax Advice|

Company Vehicle Information 2023

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 [...]

November 28, 2023|Tax Advice|

Health Insurance 2023

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 [...]

November 28, 2023|Tax Advice|

IRS Boosts Standard Mileage Rate

The IRS announced on June 9, 2022 that the optional standard mileage rate is increasing by 4 cents per mile for the last six months of 2022. Effective July 1, the standard mileage rate for business travel will be 62.5 cents per mile. This represents a 4 cent per mile increase and comes at a [...]

June 16, 2022|Tax Advice|

Tax Deductibility of Business Meals

The “Taxpayer Certainty and Disaster Tax Relief Act of 2020” (the Act), enacted as a part of the “Consolidated Appropriations Act, 2021” (CAA 2021) allows for a full tax deduction for certain business meal expenses. This is an increase from the 50% deduction limit historically associated with deductions for business meals. Congress had Restauranteurs on [...]

December 15, 2021|Tax Advice|
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