Agresta, Storms & O'Leary PC’s Post

Since the Employee Retention Credit became available, we have seen a significant number of ERC promoters exaggerating the availability of the ERC and imposing predatory fees on unsuspecting employers. If you have filed a claim for the ERC for your business (especially with the help of a company making claims about the ERC that seem too good to be true), you would be well advised to review the claim with a trusted accountant or attorney.

In a recent Fact Sheet FAQ, the Internal Revenue Service (“IRS”) clarified the tax treatment of certain work-life referral (“WLR”) services provided by employers. The FAQ explains that where the WLR services are incorporated into an employee assistance program (“EAP”) or otherwise bundled with other types of services, the value of the WLR services may be excluded from employees’ income as a de minimis fringe benefit.

In a recent Fact Sheet FAQ, the Internal Revenue Service (“IRS”) clarified the tax treatment of certain work-life referral (“WLR”) services provided by employers. The FAQ explains that where the WLR services are incorporated into an employee assistance program (“EAP”) or otherwise bundled with other types of services, the value of the WLR services may be excluded from employees’ income as a de minimis fringe benefit.

If you're wondering what a P11D is and whether you should be thinking about it, this is a 'need to know' post especially for you from our P11D in-house experts! 🌟 Understanding the P11D Form: Your Guide to Reporting Employee Expenses and Benefits 🔹 What is a P11D Form? A P11D form is essential for submitting your year-end declaration of employee expenses and benefits to HMRC. 🔹 Who Needs to Submit a P11D? Each employee receiving taxable benefits in kind or reimbursed expenses necessitates a separate form submission to HMRC. 🔹 What About Multiple Employees? If your company provides benefits to multiple employees, you'll need to complete a P11D(b) form, which summarises the total of all benefits provided to employees (amongst other things). 🔹 Calculating Taxable Benefits: After calculating the total of all taxable benefits provided, your company will need to pay Class 1A National Insurance at a rate of 13.8% on the total value of these benefits. 🔹 Reimbursed Work-Related Expenses: If you reimburse employees for work related expenses, and these were incurred ‘wholly, exclusively, and necessary’ for the performance of their duties, the reimbursed amount is not a benefit - these items are therefore not reported via a P11D. 🔹 Submission Deadline: Remember, both P11D and P11D(b) forms should be submitted electronically to HMRC by 6th July 2024. 🔹 Need Assistance? If you are at all unsure about whether you need to file a P11D or P11D(b), remember we’re here to help! Reach out for expert guidance and lets see how together we can partner in your success! https://ow.ly/TjYQ50RtcJo #P11D #TaxCompliance #EmployeeBenefits #TaxableBenefits #UKTax #PayrollManagement #BusinessSupport #ComplianceCheck

Filing P11Ds can be complicated - make sure you know how to report trivial benefits, Christmas parties and company assets. Get the guide now: https://bit.ly/43kVhOj #EmployerYearEndReporting #P11D #EmploymentTax

The IRS #ACA penalty notice is one of the more complex IRS penalty notices, usually consisting of a minimum of eight to ten pages. Receiving one of these can be terrifying since there are multiple steps to follow depending on whether you agree, partially agree, or disagree with the proposed penalty amount. Let ADP help minimize your administrative burden across the entire spectrum of employment-related payroll, tax, HR, and benefits, so that you can focus on running your business.

The IRS ACA penalty notice is one of the more complex IRS penalty notices, usually consisting of a minimum of eight to ten pages. Receiving one of these can be terrifying since there are multiple steps to follow depending on whether you agree, partially agree, or disagree with the proposed penalty amount. Let ADP help minimize your administrative burden across the entire spectrum of employment-related payroll, tax, HR, and benefits, so that you can focus on running your business. #ACA #Compliance #HCM

Workers’ compensation is a crucial safety net designed to protect employees in the event of workplace injuries or illnesses. While it provides financial support during challenging times, many individuals are curious about its impact on their tax obligations. In this post, we will explore common questions related to how workers’ compensation affects taxes and provide clarity on this often-confusing topic. At Nimmons Malchow Johnson Injury Lawyers, our commitment is to provide personalized and compassionate assistance to individuals facing the challenges of personal injuries. We understand that each client’s situation is unique, and we tailor our approach to address their specific needs and concerns. Contact us today. #WorkersCompensation #Taxes #LegalAdvice #InjuryLawyers #PersonalInjury #FinancialSupport #Taxation #LegalAssistance

The IRS #ACA penalty notice is one of the more complex IRS penalty notices, usually consisting of a minimum of eight to ten pages. Receiving one of these can be terrifying since there are multiple steps to follow depending on whether you agree, partially agree, or disagree with the proposed penalty amount. Let ADP help minimize your administrative burden across the entire spectrum of employment-related payroll, tax, HR, and benefits, so that you can focus on running your business. #ACA #Compliance #HCM

The IRS #ACA penalty notice is one of the more complex IRS penalty notices, usually consisting of a minimum of eight to ten pages. Receiving one of these can be terrifying since there are multiple steps to follow depending on whether you agree, partially agree, or disagree with the proposed penalty amount. Let ADP help minimize your administrative burden across the entire spectrum of employment-related payroll, tax, HR, and benefits, so that you can focus on running your business. #ACA #Compliance #HCM