Employer Connection

JANUARY 5, 2024

To help make tax filing for 2023 easier and more convenient for employers, an electronic version of Form 1095-B (in a PDF format) is now available in the Document Center on our website. Log in at TrustmarkSB.com/login. Visit Regulatory Updates for more information.

Electronics 40

Electronics Taxes Employment 40

Money Talk

APRIL 18, 2024

My brother, for example, used hanging folders in a home office desk that were organized alphabetically by the name of product or service providers or by a description of specific documents. It took me two full days to hunt down documents related to my brother’s assets and debts and calculate an estimated net worth.

Banking 162

Banking Finance Taxes Construction 162

Kollath CPA

MARCH 9, 2022

You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. Document each factor used in coming up with your determination. And there are fewer payments to the IRS, as you don’t have to match payments of taxes such as Social Security tax or pay unemployment tax.

Taxes 98

Taxes Electronics Pension Software 98

HR Lineup

FEBRUARY 16, 2023

Drake Tax Software is a professional tax preparation software designed for small to mid-sized accounting firms and tax professionals. Drake Tax offers a wide range of features that enable tax professionals to prepare individual and business tax returns for federal, state, and local tax jurisdictions.

Taxes 52

Taxes Software Electronics IT 52

PeopleKeep

JANUARY 4, 2021

A health reimbursement arrangement (HRA) is an IRS-approved health benefit that allows organizations to offer employees tax-free reimbursement of medical expenses and insurance premiums. An HRA must follow certain requirements, including having formal plan documents in place, to be compliant with current regulations.

Medical 81

Medical Taxes Insurance 81

Hppy

OCTOBER 24, 2023

Taking that into consideration, HR document management plays an invaluable role in streamlining internal communication processes and ensuring seamless business operations. Use the right format Only certain HR documents should be accessible to everyone in the organization.

Management 41

Management Technology Payroll Software 41

Business Management Daily

AUGUST 2, 2023

mail for their own nefarious purposes, the main avenues for tax scams remain email and text messaging—these methods reach many more people at a fraction of the cost of a stamp. Those checks were free money—they weren’t taxable income and you didn’t have to reduce your tax refund to account for them.

Taxes 52

Taxes Government Commissions Banking 52

PeopleKeep

NOVEMBER 1, 2021

The individual coverage HRA (ICHRA) is a health benefit for organizations of all sizes to reimburse their employees, tax-free, for individual health insurance premiums and other qualifying out-of-pocket medical expenses. It allows employers to design and customize a health benefit for their employees that will fit their needs.

Health Insurance 52

Health Insurance Medical Taxes Insurance 52

Take It Personel-ly

JULY 9, 2020

Is your tax return due and you’re not prepared? One of the best things you can do is to file for tax extension. A tax extension is a great way to get the time you need to prepare and gather your documents. This is a common problem. However, if this is the first time you […].

Taxes 66

Taxes Finance Management 66

Professionals Alternative

AUGUST 24, 2023

The role of an associate attorney is pivotal in providing support to senior attorneys, handling legal research and drafting documents, and assisting in client representation. This includes conducting legal research, drafting legal documents, and participating in client meetings and court proceedings.

Taxes 52

Taxes Recruitment Education Bonuses 52

Money Talk

SEPTEMBER 17, 2022

incorrect gift tax and estate tax exemptions from 2021). I took my survey with me and left the seminar shortly thereafter when the presenter started pitching various “combo packages” for legal documents. The speaker noted that updates to estate planning documents should be shared with trusted family members.

Life Insurance 243

Life Insurance Banking Taxes Finance 243

Kollath CPA

MARCH 7, 2023

The gig economy has a lot to recommend it, but in a recent notice, the IRS is reminding gig workers that taxes are still a requirement, even if they can be a little confusing in this model. The more you know, the more you can effectively work with your tax professional. Also, talk to your tax professional. Which are you?

Taxes 52

Taxes Deductions Deductible Employment 52

Business Management Daily

NOVEMBER 30, 2021

Flexible spending accounts (FSAs) are employer-established accounts that allow you to put aside pre-tax dollars from your paycheck into a special account to be used for eligible health or dependent care expenses. However, they also can require careful documentation to ensure that funds were spent on approved expenses.

Retail 52

Retail Healthcare Medical Flexible Spending Account 52

Benefit Resource Inc.

MARCH 31, 2023

As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. Even though HSAs can be complex, tax reporting shouldn’t be a headache. With this information, you’ll be better equipped to tackle your HSA taxes. What are the tax benefits of an HSA?

Health Savings Account 52

Health Savings Account Taxes Healthcare Medical 52

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

Employee Benefits

MARCH 15, 2023

Spring Budget 2023: The government has announced that it will give tax agents access to payroll benefits in kind for employers. Through government provided IT systems, tax agents will be able to payroll benefits in kind on behalf of employers. Ben Chaplin, managing director at Croner-i, said: “Very little is currently known on this.

Taxes 52

Taxes Payroll Government Employee Benefits 52

BerniePortal

FEBRUARY 14, 2023

Several tax documents must be filed annually, while two specific forms are filed quarterly—Form 941 and Form 1040-ES. Tax forms can be complicated and often provoke questions, such as what these forms mean? Who is required to file them? And why must they be filed?

Taxes 52

Taxes 52

Employee Benefits

MARCH 15, 2023

She did not gain online access to her pay slips until early 2022, nearly a year into her employment, when she discovered that despite not earning enough to meet the tax threshold, deductions had been made from her pay. Storrie’s P60 and pay slip put her gross earnings at below the personal allowance for the tax year.

Taxes 59

Taxes Deductions Deductible Insurance 59

Money Talk

FEBRUARY 29, 2024

A frequently used quote is that “nothing is certain in life except death and taxes.” desk drawers) for documents like insurance policies; recent income tax returns; bank, investment, and credit card statements; and copies of a will, living will, etc. But what exactly does that mean? lawyer, insurance agent, etc.),

IT 190

IT Hospitality Banking Taxes 190

Employee Benefits

MARCH 6, 2024

This means that a person on the average wage now has the lowest effective personal tax rate since 1975. According to Spring Budget documents, the Office for Budget Responsibility (OBR) has forecast that the latest reduction means the total hours worked will increase by the equivalent of almost 100,000 full-time workers by 2028-29.

Insurance 111

Insurance Taxes Government Salary 111

Kollath CPA

JUNE 27, 2022

The Tax Implications of Closing A Business. Schedule SE (Form 1040), Self-Employment Tax, if you have net earnings of $400 or more from your business. File a final tax return and related forms. You’ll need to pay any final wages or compensation, making final federal tax deposits and reporting employment taxes.

Taxes 52

Taxes Health Savings Account Pension Benefit Pension 52

BerniePortal

JANUARY 13, 2021

The important tax form includes only very few changes from the 2020 version, which was overhauled to feature more accurate withholding information in a simpler, more accurate, and more private document. In December 2020, the IRS released the final version of the 2021 Form W-4. Here's what you need to know.

Taxes 72

Taxes 72

Employer Connection

JANUARY 5, 2023

To help make tax filing for 2022 easier and more convenient for employers, an electronic version of Form 1095-B (in a PDF format) will be available in the Document Center on our website on Jan. Log in at TrustmarkSB.com/login. The data is also available in a CSV format. For additional information, please refer to our 1095-B article.

Taxes 40

Taxes Electronics Employment 40

Employer Connection

JANUARY 24, 2023

To help make tax filing for 2022 easier and more convenient for employers, an electronic version of Form 1095-B (in a PDF format) is now available in the Document Center on our website. Log in at TrustmarkSB.com/login to view. For additional information, please refer to our 1095-B article.

Taxes 40

Taxes Electronics Employment 40

Money Talk

JULY 20, 2023

Tax Diversification - Sprinkled throughout the book are references to required minimum distributions (RMDs) and their impact on older adults’ taxes. Younger adults are advised to save for retirement in a combination of tax-deferred, taxable, and tax-free accounts. Understanding this mindset is critical.

Taxes 130

Taxes Finance Government IT 130

Benefit Resource Inc.

MARCH 14, 2019

The name alone – “pre- tax benefit accounts” – implies there might be tax implications. You might be surprised to learn there are no tax implications for most of these benefits. Use these simple tips as your tax guide to pre-tax benefit accounts. In fact, they might be the easiest account at tax-time.

Taxes 63

Taxes Health Savings Account Deductions Deductible 63

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

401(k) 244

401(k) Taxes Pension Deductions 244

Business Management Daily

JULY 26, 2021

Small business owners sometimes feel overwhelmed by the various tax-related forms the IRS expects them to complete. Here, we aim to increase understanding about one of the most common pieces of paperwork businesses encounter, Form 941: Employer’s Quarterly Tax Return. Form 941 is not part of an annual tax return.

Taxes 52

Taxes Payroll Government Electronics 52

BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Tax season is among us - so today, we’re covering what HR Parties of One need to know. Paying employer contributions for FICA taxes. Paying other employer business taxes. The History of Employer Taxes.

Taxes 52

Taxes Employment Deductions Deductible 52

Money Talk

SEPTEMBER 21, 2023

Control What You Can - Spend less on discretionary expenses to offset higher fixed expenses due to inflation, accelerate debt repayment (snowball or avalanche method), get estate planning documents in order, diversify investments, and develop healthy living habits (e.g.,

Finance 140

Finance Banking Taxes IT 140

Money Talk

JUNE 16, 2023

Document Damage - Take photos, before cleaning up, to document losses. Note that benefits paid will never exceed the maximum coverage provided by a policy for a dwelling, other structures (e.g., a shed), personal property, and additional living expenses. Protect Your Property - Avoid further damage by making temporary repairs (e.g.,

Deductions 237

Deductions Deductible Insurance Banking 237

Qandle

DECEMBER 5, 2023

This intricate task demands precision to comply with tax regulations and ensure employees receive their rightful earnings. Compliance with Tax Regulations Navigating tax laws and regulations is a payroll imperative. Staying informed about tax code updates is crucial to avoid compliance issues.

Payroll 98

Payroll Net Pay Gross Pay Payroll System 98

Money Talk

JUNE 22, 2023

Who is going to get what you someday leave behind in life insurance policies and/or tax-deferred retirement accounts? Contingent Beneficiaries - It is wise to name contingent beneficiaries in case beneficiaries pre-decease you or wish to disclaim an asset, typically for tax planning purposes.

401(k) 231

401(k) Life Insurance Retirement Plan Finance 231

Business Management Daily

APRIL 1, 2020

Quick as jackrabbit, the IRS has released a new draft form and draft instructions for employers that elect to take any of the payroll tax credits contained in the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. MediumCo pays $10,000 in sick leave and is required to deposit $8,000 in taxes.

Payroll 52

Payroll Taxes Paid Sick Leave Employee Retention 52

WEX Inc.

MAY 4, 2023

The IRS requires your flexible spending account (FSA) participants to submit documentation to prove their purchase was an eligible expense. Because of an FSA’s tax advantages, the IRS requires employers and employees to prove that FSA funds are only being spent on eligible expenses. Why is substantiation required?

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Medical 98

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs. It is not legal or tax advice.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Consulting 98

Money Talk

AUGUST 30, 2022

Chapter 3 - Three tricky retirement expenses to project in advance are health care, housing, and taxes and the four Ls of spending in later life are Lifestyle, Longevity, Legacy, and Liquidity. Chapter 10- Tax-efficient distributions, tax diversification, and tax bracket management can prolong the sustainability of retirement savings.

Retirement Plan 245

Retirement Plan Taxes Finance Pension 245