Tag Archives: Employee benefit

Life Insurance

Today TaxMama® hears from Hernandez in the TaxQuips Forum with good question. “I am one of two partners in a architecture service partnership. We are considering using life insurance, specifically whole life, as a way to save excess cash and lower our taxes. Are payments for insurance considered business expenses for a partnership? What is […]

VCSP – Voluntary Classification Settlement Program for Employers – Replay

Clarification of the Voluntary Classification Settlement Program for Employers (VCSP). The discussion is based on the information in this Report. Agenda – July 16, 2012 What is the VCSP? What is the deadline? Which employers qualify? What benefits do you get? What are the penalties if you don’t participate, but you get caught? What are […]

Paying Extra Social Security

Today TaxMama® hears from Stephen in the TaxQuips Forum who has a sensible (though late) question.  “In the current economy, raises are hard to come by. I haven’t had a raise in several years. I am 64 1/2 planning on a full retirement at age 66. Can I volunteer to pay more into Social Security […]

IRS Issues Guidance on Employer Provided Cell Phones

By David & Mary Mellem, EAs Included in the Small Business Jobs Act of 2010 was a provision that removed cell phones from the definition of “listed property”.  As such the tedious recordkeeping requirements necessary for listed property NO LONGER apply to cell phones effective January 1, 2010.  This change did not address how to […]

Six Things to Know About the Expanded Adoption Tax Credit

Courtesy of IRS If you are adopting a child in 2011, the Internal Revenue Service encourages you to familiarize yourself with the adoption tax credit. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund.

California and The Patient Protection and Affordable Care Act

Courtesy of the California Franchise Tax Board. Bad news folks! Wait until you see how the federal medical benefits mess up your California paychecks! The Patient Protection and Affordable Care Act signed by the President in March of 2010, requires employee benefit plans that provide coverage for family members to cover the employee’s adult children […]

Tuition Assistance Programs

Today TaxMama hears from Mike in the TaxQuips Forum, with a terrific question. Mike says, “My employer has asked me to look into finding out what is necessary to create a Tuition Assistance Program.  I read through Pub 970, and all I could find was that I needed to have the agreement in writing. What […]

Unemployment Strategy

Today TaxMama wants to discuss unemployment issues. Too often I learn during tax season, that a client didn’t work and didn’t collect unemployment insurance, or other compensation to which they were entitled. This especially true of folks who are not comfortable with English. Since we’re heading for a season when many people’s jobs may end…