Nonqualified deferred compensation plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s, in that: NQDC plans can favor certain highly compensated employees, Although the executive’s...
Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to...
A great deal of attention is paid to individual tax identity theft — when a taxpayer’s personal information - including their Social Security number - is used to fraudulently obtain a refund or commit other crimes. But businesses can also be victims of tax identity...
Has your small business procrastinated in setting up a retirement plan? You might want to take a look at a SIMPLE IRA. SIMPLE stands for “savings incentive match plan for employees.” If you decide you’re interested in this type of retirement plan, you must establish...
Employers must withhold income and employment taxes (including Social Security) on wages paid to their employees. The taxes must then be paid over to the IRS according to a payroll tax deposit schedule. Some business owners and executives facing a cash flow crunch may...
If you run your business as an S corporation, you’re probably both a shareholder and an employee. As such, the corporation pays you a salary that reflects the work you do for the business — and you (and your company) must remit payroll tax on some or all of your...
The IRS may object to the compensation of a C corporation shareholder-employee. If it’s deemed too high — or not “reasonable” under the circumstances — the IRS could force you to make adjustments that increase taxes. This can be particularly troublesome for C...
Many businesses use independent contractors to keep payroll taxes and fringe benefit costs down. But using outside workers may result in other problems. The IRS often questions businesses about whether a worker should be classified as an employee or independent...
It seems like a simple question: How many full-time employees does your small business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable...
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