BruceMc
Employee Reimbursements-Accountable vs Non-Accountable Plans
The IRS has very strict rules about how a business should handle employee reimbursements.
If you make the payment under an accountable plan, deduct it in the category of the expense paid. If you make the payment under a non-accountable plan, deduct it as wages and include it in the employee’s Form W-2.
Avoiding paying unnecessary taxes on employee reimbursements involves keeping detailed and accurate records separating out how much your business spends on different types of expenses. Continue reading
Is Your CPA REALLY the Right Person to be Completing Your Tax Return?
Is your CPA REALLY the right person to be completing your tax return? Did you know that there are different educational requirements for different types of tax preparers? For example, attorneys, certified public accountants, and enrolled agents will not have to undergo competency testing or obtain CPE credits for federal tax law topics under new IRS regulations?
Who does your taxes? Do they know tax law? This guest blog post by Bruce McFarland of L & R Tax Preparation will provide information about new rules and regulations that the IRS is mandating for paid tax preparers.
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