Franchise Business Systems

12/23/2021

Infrastructure Investment and Jobs Act, could end up costing crypto investors by increasing required annual reporting from digital currency brokers starting in January 2023.

12/03/2021

If you’ve started your holiday shopping, you may have received purchase confirmation emails from Amazon, one of the world’s most popular retailers.

11/17/2021

The con artists impersonate the IRS, to either intimidate people into making payments over the phone or to send misleading emails tricking people into sharing personal information digitally.

11/04/2021

A Tax Inspector General for Tax Administration (TIGTA) audit has found that the IRS still uses tax enforcement results to evaluate employees -- even though that has been illegal for years.

Section 1204 of the IRS Restructuring and Reform Act of 1998 requires the IRS to ensure that managers do not evaluate enforcement employees using any record of tax enforcement results or base employee successes on meeting any tax enforcement result goals or quotas. Yet the IRS, according to the 2021 audit, is still using these metrics to evaluate their employees.

Just another example of our government saying do as we say not as we do.

01/10/2021

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existin...

01/05/2021

What is your Covid-19 strategy?
Are you eligible for PPP round 2?
Have you taken all the Payroll Credits available to your business?

Need help give us a call and check our all the Covid-19 info on the website of our parent accounting firm.

Coronavirus Updates: Covid-19 Funding aka Consolidated Appropriations Act, 2021 12/30/20 Nexus for Business Taxes Based on COVID-19 Telecommuting 12/01/20 Senate Finance Committee Chairman, and Ranking Member Disagree With IRS & Treasury’s PPP Guidance 11/19/20 Treasury, IRS Release Guidance on PP...

09/22/2020

𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗧𝗿𝗮𝘃𝗲𝗹 𝗣𝗲𝗿 𝗗𝗶𝗲𝗺 𝗥𝗮𝘁𝗲𝘀: The IRS has released the 2020–2021 per diem rates for substantiating employee business expenses under IRC Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home. The Meal and Incidental Expense (M&IE) rates for the transportation industry remain at $66 for travel in the continental U.S. and $71 for travel outside the continental U.S. The per diem for travel to high-cost localities has decreased from $297 to $292 ($71 for M&IE), while the rate for travel to other localities has decreased from $200 to $198 ($60 for M&IE). The incidental-expenses-only rate remains at $5 per day. The updated rates and list of high-cost locations apply to per diem allowances paid to employees after 9/30/20. Notice 2020-71.

09/04/2020

In the fast-moving world of taxes and COVID-19 and presidential executive orders and memos, the IRS recently provided additional information to the payroll community through a teleconference about the "Deferral of Employee Social Security Taxes" that was scheduled to begin September 1. Here is some information taken from that teleconference that employers will find helpful in sorting out how to deal with the deferral.
https://rmsaccounting.com/questions-regarding-employee-payroll-tax-postponement/

08/29/2020

Here is what we know about the deferral of employee social security tax withholding scheduled to begin September 1, 2020. 𝗜𝗳 𝘆𝗼𝘂 𝗮𝗿𝗲 𝗮𝗻 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗿 𝘁𝗵𝗶𝘀 𝗶𝘀 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱 𝗻𝗼𝘁 𝗺𝗶𝘀𝘀 𝗮𝘀 𝗶𝘁 𝗰𝗼𝘃𝗲𝗿𝘀 𝘁𝗵𝗲 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗡𝗼𝘁𝗶𝗰𝗲 𝟮𝟬𝟮𝟬-𝟲𝟱 𝗿𝗲𝗹𝗲𝗮𝘀𝗲𝗱 𝗹𝗮𝘀𝘁 𝗻𝗶𝗴𝗵𝘁 𝗯𝘆 𝗜𝗥𝗦.
https://rmsaccounting.com/guidance-on-payroll-tax-deferral/

08/27/2020

𝗪𝗶𝗹𝗹 𝗳𝗿𝗮𝗻𝗰𝗵𝗶𝘀𝗲𝗲𝘀 𝗯𝗲 𝗱𝗲𝗺𝗮𝗻𝗱𝗶𝗻𝗴 𝗮 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗰𝗹𝗮𝘂𝘀𝗲 𝘁𝗵𝗮𝘁 𝘀𝘂𝘀𝗽𝗲𝗻𝗱𝘀 𝗺𝗶𝗻𝗶𝗺𝘂𝗺 𝗿𝗼𝘆𝗮𝗹𝘁𝘆 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗱𝘂𝗲 𝘁𝗼 𝘁𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝘆 𝗰𝗹𝗼𝘀𝘂𝗿𝗲𝘀 𝗳𝗼𝗿𝗰𝗲𝗱 𝘂𝗽𝗼𝗻 𝘁𝗵𝗲𝗺 𝗯𝘆 𝗹𝗼𝗰𝗮𝗹, 𝘀𝘁𝗮𝘁𝗲 𝗮𝗻𝗱 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗮𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀? Covid-19 and the current rioting and unrest has been devastating to many industries and may change how many businesses operate for years to come.

08/18/2020

Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they've taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details.

Retirement Plan Loan Basics

A participant in an employer-sponsored qualified retirement plan can borrow money from the plan if it allows loans. Under the normal rules, the loan amount can't exceed the lesser of:

• $50,000, or
• 50% of the participant's vested account balance or benefit.

However, a loan of up to $10,000 can be permitted even if it exceeds the 50% limit.

Plan loans must call for substantially level payments that are made at least quarterly. Except for principal residence loans, plan loans generally must be repaid within five years. Principal residence loans must be used to acquire a residence that will be used as the plan participant's principal residence. These loans can have longer repayment periods.