Entries by IslerNW

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Employee or Independent Contractor – A Primer for Employers and Employees

Article Highlights: Distinguishing Employee and Independent Contractor State Legislation Federal Guidelines Partners Advantages of Independent Contractor Status Form SS-8 SE Tax Form 8919 Penalties for Misclassifying Workers IRS’ Voluntary Classification Settlement Program It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because […]

August 10, 2023 by

August Due Date Reminders

August 2023 Individual Due Dates August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA […]

July 28, 2023 by
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Tax Changes Coming After 2025

Article Highlights: Standard Deductions Personal & Dependent Exemptions Child Tax Credit Home Mortgage Interest Limitations Tier 2 Miscellaneous Deductions Phaseout of Itemize Deductions SALT Limits Moving Deduction Commuting Tax Benefits Personal Casualty Losses Estate Tax Exclusion Tax Brackets Alternative Minimum Tax (AMT) Qualified Business Income (QBI) Deduction Blog: By now you have probably gotten used […]

July 25, 2023 by
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When Tax Issues Become a Criminal Situation in the Eyes of the IRS

Due to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail to submit the necessary paperwork, or something similar. That’s part of what amended returns are for […]

July 19, 2023 by
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Can a Self-Employed Taxpayer Mix Business and Pleasure During Foreign Travel and Still Get a Tax Deduction?

Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Note: the business expenses discussed in this article – both foreign and domestic – are not deductible by employees during years 2018 through 2025. However, they are available to self-employed individuals. When a self-employed individual […]

July 11, 2023 by
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Relief For Some 2023 IRA RMDs

Article Highlights: IRA Owners Turning 72 in 2023. Required Minimum Distribution Not Required Until April 1, 2025. 60-Day Rollover Period Rollover Period Extended Until September 30, 2023. On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will […]

July 5, 2023 by
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What’s Best, FSA or HSA?

Article Highlights: Employer Medical Fringe Benefits. Flexible Spending Account (FSA). FSA Annual Contribution Limits. FSA Limited Annual Carryover Provisions. Health Savings Account (HSA). HSA Qualifications. High Deductible Insurance. HSA as a Retirement Vehicle. Comparison Table. Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both […]

June 30, 2023 by