Business Archives - Crawford Ellenbogen

2024 Q3 tax calendar: Key deadlines for businesses and other employers

By Joan Ellenbogen
Business
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Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July

By Victor Dozzi
Business
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The IRS recently released the inflation-adjusted amounts for Health Savings Accounts (HSAs) next year. For 2025, the annual contribution limit for an individual with self-only coverage under an HDHP will be $4,300. For an individual with family coverage, the amount will be $8,550. These are up from $4,150 and $8,300, respectively, for 2024. For calendar

By Joan Ellenbogen
Business
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The IRS recently issued a news release (IR-2024-65) warning that only qualified medical expenses are eligible for deductions or reimbursements from tax-advantaged accounts or arrangements. Personal expenses for “general health and wellness” aren’t. The news release specifically addresses health Flexible Spending Accounts, Health Savings Accounts, Health Reimbursement Arrangements and Medical Savings Accounts. The tax agency

By Victor Dozzi
Business
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A recent study found that background checks on job candidates aren’t always accurate, but that doesn’t mean employers should give up on them. Comprehensive and legally compliant background checks, properly conducted by either your organization or a trusted third party, can still reveal noteworthy information about job applicants. Examples include resumé inaccuracies, financial difficulties, and

Dec 6, 2023

Smaller companies: Explore pooled employer plans for retirement benefits

By Victor Dozzi
Business
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Smaller businesses may struggle with the financial and administrative burdens of sponsoring their own retirement plans. Thanks to the Setting Every Community Up for Retirement Enhancement Act of 2019, however, a relatively new solution is available: pooled employer plans (PEPs). PEPs are a variation on an existing retirement plan model, multiple employer plans (MEPs), which

Nov 28, 2023

Choosing a business entity: Which way to go?

By Victor Dozzi
Business
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If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider. Currently, the corporate federal

Nov 8, 2023

Planning ahead for 2024: Should your 401(k) help employees with emergencies?

By Joan Ellenbogen
Business
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The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.” Effective for plan years beginning

Aug 16, 2023

The advantages of using an LLC for your small business

By Joan Ellenbogen
Business
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If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might

Aug 9, 2023

Receive more than $10,000 in cash at your business? Here’s what you must do

By Victor Dozzi
Business
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Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or

Jul 11, 2023

Traveling for business this summer? Here’s what you can deduct

By Joan Ellenbogen
Business
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If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. The rules apply if the business conducted reasonably requires an overnight stay. Note: