Strategic Comp’s Post

🔍 Did you know? 7 out of 10 businesses overpay on workers' comp policies, often unaware of costly errors in classifications and rates. Our expertise helps recover overcharges from past policies, maximizing refunds up to 7 years back. Don't miss out on potential savings! Learn more: https://lnkd.in/dwSJUwds #BusinessSavings #ExpenseReduction #InsuranceTips #FinancialManagement #StefkoConsulting

Navigating the 1099 maze? 🤔  Especially for new companies or those engaging contractors for the first time, it can be a tricky terrain. 🏔️ 🧗 Is it a contractor or W2 employee? The distinction matters. Labor contributors generally fall into one of these categories. 🗂️ 💵 Paying contractors through various channels? Consolidating them into one list can be a headache. 🤯 Whether it's through payroll systems or direct payments, every contributor needs to be accounted for. And then there are the nuances of who gets a 1099 and who doesn't. Corporations, certain payment methods—rules abound. Without an experienced 1099 preparer, it's easy to miss the mark. 🎯 Consequences for skipping 1099s? They're real. ⚖️ The deadline looms on 1/31! 🚨📢 If you're in uncharted 1099 territory, consider seeking outside help. 💼 Numbers in Boxes is here to guide you through the process. Let's ensure a smooth sail through the 1099 season together! 🚀 ⬇Comment below how you navigate through 1099's. ⬇ #1099Prep #BusinessCompliance #DeadlineAlert #NumbersInBoxesHelps

At Premium Paybacks, our clients' time and money are our top priorities. With our no out of pocket cost and no time wasted service, we eliminate any errors that could be affecting a business's Workers Comp policy. We ensure that the overpaid portion is returned. #PremiumPaybacks #WorkersComp #BusinessSavings #Savings #Refund

The IRS Has Announced 2025 Limit Increases! Our latest blog breaks down the IRS's 2025 cost of living adjustments for qualified HDHPs and HSAs. Discover the new limits and ensure you're compliant with the latest updates. Learn more: https://bit.ly/3WXohuG #EliAdvisors #IRSUpdates #HealthcareCompliance

📢 Attention: 1099 Filing 📢 📅 Mark your calendars for January 31st, 2024! 📅 IRS requires businesses to report non-employee compensation on Form 1099-NEC. If you pay an individual or an independent contractor more than $600 in a year, you must file a 1099-NEC. Remember, this applies to sole proprietors, partnerships, and LLCs. 📝 🚫 But wait, don't file 1099 for employees! 🚫 Employee compensation should be reported on form W2. Avoid penalties by correctly classifying your workers. ⚖️ 💼 A trade or business activity carried out for gain or profit falls under the 1099-NEC requirement. Payments for non-business-related services like babysitters, gardeners, and housekeepers are exempt. 🏠 📝 Don't forget, you need to send a copy of the 1099 form to the contractor and file another copy with the Federal and State governments. 📄 For more information, visit the IRS website: 🔗 [IRS Form 1099-NEC](https://lnkd.in/gBX_rgZa) 🔗 [IRS Form 1099-MISC](https://lnkd.in/gdfpmxeF) Stay compliant and avoid any unnecessary headaches! 💼💪 #IRS #1099NEC #BusinessOwners #TaxFiling

Accountable plans make it relatively easy to reimburse employees for certain work-related expenses free from income and employment taxes. Although these plans may involve increased administrative time, they can help your not-for-profit retain staffers who travel frequently for work or often pay for work-related supplies out of their own pocket. Your plan doesn’t need to be in writing but be sure to pay attention to IRS rules. For example, covered expenses must have a business connection, be “reasonable” and be documented. Contact us to discuss whether an accountable plan is right for your organization.

Accountable plans make it relatively easy to reimburse employees for certain work-related expenses free from income and employment taxes. Although these plans may involve increased administrative time, they can help your not-for-profit retain staffers who travel frequently for work or often pay for work-related supplies out of their own pocket. Your plan doesn’t need to be in writing but be sure to pay attention to IRS rules. For example, covered expenses must have a business connection, be “reasonable” and be documented. Contact us to discuss whether an accountable plan is right for your organization.

Accountable plans make it relatively easy to reimburse employees for certain work-related expenses free from income and employment taxes. Although these plans may involve increased administrative time, they can help your not-for-profit retain staffers who travel frequently for work or often pay for work-related supplies out of their own pocket. Your plan doesn’t need to be in writing but be sure to pay attention to IRS rules. For example, covered expenses must have a business connection, be “reasonable” and be documented. Contact us to discuss whether an accountable plan is right for your organization.

40(b) (v)- w.e.f 1st April 2025 Amendment in the threshold limit for disallowance of remuneration paid to working partners has been increased to Rs. 300000/- on the first Rs.600000/- of the book profit or in case of loss. (c). on the first 600000/- of the book profit or in case of loss - Rs.300000 or 90%of book profit whichever is more (d) on the balance of book profit -60%

The October edition of the Employer Bulletin: https://lnkd.in/e2_8hMUK provides you with the most current HMRC updates and guidance to assist employers. In this edition, you'll find important information on various topics, including: Charging Electric Company Vehicles at Residential Properties: They cover the latest developments regarding the electric charging of company cars and vans at residential properties. PAYE Settlement Agreement Payments: Information on making PAYE Settlement Agreement payments efficiently and effectively. Real-Time Reporting for Early Christmas Payments: Learn how to report PAYE information in real time when you make early payments during the Christmas season. Guidance for Employment Businesses Utilising Umbrella Companies: New guidance to help employment businesses that engage workers through umbrella companies navigate the process effectively. Overlap Relief for the Upcoming Tax Year: Preparation guidelines for the new tax year basis, especially in relation to overlap relief. 'Pay by Bank Account' Enhancements: Stay updated on the enhancements made to the 'pay by bank account' process, ensuring a smoother experience for your financial transactions. These updates are aimed at keeping you informed and help you navigate the ever-evolving landscape of tax and payroll. We encourage you to review the October Employer Bulletin carefully to ensure compliance and make informed decisions for your organisation. If you have any questions or need further clarification on any of these topics, please do not hesitate to contact us. Our dedicated team is here to assist you with any queries or concerns you may have. #payroll #employers #PAYE #Tax #Accountants #Redditch