Fringe benefits are simply another form of compensation. Employers do not pay them in the form of wages, yet they play a meaningful role in how employees experience the value of their work. These benefits are especially useful when you
Every employer is required to deposit employment taxes either monthly or semiweekly, depending on the level of tax liability. You are also required to file employment tax returns every quarter. These filings must include the income taxes withheld from employee
Businesses can reimburse employees for eligible out-of-pocket, work-related expenses through either an accountable or a nonaccountable employee reimbursement plan. The key difference lies in how the payments are treated for tax purposes. In an accountable plan, employers can reimburse employees
During an audit, if the IRS finds no reasonable indication that you have unreported income, it won’t seek intrusive and extraneous information about your lifestyle. That may not make you less nervous about being audited, but it should reassure you
First, make sure you really received an audit notification. The IRS will notify you by mail. The IRS does not notify taxpayers about audits by phone call or through email. If you do get an email saying you’ve been selected
If you’re planning to enter the world of tax-exempt organizations, you first need to understand what a tax-exempt organization actually is. According to the IRS, the organization must fall into one of the following categories: charitable, religious, educational, scientific, literary,
Employment taxes must be reported and deposited on a regular schedule set by the government. Although handling employment taxes may seem confusing at first, once you get your deposits and reports on the calendar and have gone through a few
Crowdfunding is a method used to raise money through websites by soliciting contributions from numerous people. Contributions may be solicited to fund businesses or projects, for charitable donations, or for private gifts. The contributions are solicited by the people establishing
If you’re running a business, you’re on the hook for a variety of taxes. Let’s take a look at the main categories: Income tax—All businesses except partnerships must file an annual income tax return. (Partnerships file an information return.) However,