Business Meal Deduction Requirements
For a business meal expense to be tax deductible (and hold up in an audit), the burden of proof is on the taxpayer. Ensure your
November 1, 2025 No Comments
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New Colorado Minimum Wage as of 1/1/2026
New Colorado Minimum Wage effective January 1, 2026: The 2026 statewide minimum wage will be $15.16, up 2.36% from $14.81 in 2025. Local minimum wages
October 29, 2025 No Comments
New South Dakota Minimum Wage as of 1/1/2026
Effective January 1, 2026, South Dakota’s minimum wage for non-tipped employees will increase to $11.85 per hour, up from $11.50 in 2025, and the South Dakota
October 29, 2025 No Comments
IRS sets new tax brackets, raises standard deduction for 2025
By Eric Revell FOXBusinessSource: https://www.foxbusiness.com/economy/irs-sets-new-tax-brackets-raises-standard-deduction-2025 The Internal Revenue Service (IRS) on Tuesday announced its inflation adjustments to tax brackets and deductions for the 2025 tax year, potentially giving
October 22, 2024 No Comments
Tax Court stated that any money placed in a taxpayer’s bank account is taxable income unless the taxpayer proves otherwise
If a taxpayer does not keep accurate books and records establishing gross income, the IRS may determine it under a prescribed method that clearly reflects
April 6, 2023 No Comments
Virtual Currency Tax Considerations
For Federal income tax purposes, virtual currency is treated as “property,” not currency. This means that a transaction involving virtual currency, such as a sale
December 6, 2021 No Comments
2022 SD UI/RA, IF, AF rates & wage limits (wage base)
Paid by South Dakota employers:Unemployment/Reemployment Assistance Tax Rate: varies 0% – 9.45% (based on reserve account). Max. taxable earnings (wage base): $15,000.Investment Fee: varies 0%
November 29, 2021 No Comments
2022 CA SDI, UI, ETT rates & wage limits
Paid by employee:CA State Disability Rate: 1.10%. Max. taxable earnings: $145,600. Paid by employer:CA Unemployment Tax Rate: 1.5%-3.4%. Max. taxable earnings: $7,000.CA Employers Training Tax:
November 29, 2021 No Comments
2022 FICA tax rates and wage limits (wage base)
Social Security (OASDI) Rate: 6.2%. Maximum taxable earnings: $147,000Rate is the same as 2020. Taxable earnings increased from $137,700 in 2020) Medicare Rate (HI): 1.45%.
November 29, 2021 No Comments
2021 Retirement Plan Contribution Limits
401(k) Employee deferral remains at $19,500. 401(k) Catch-up (age 50 yrs and older) remains at $6,500.401(k) max limit employee + employer (age 49 and younger)
December 16, 2020 No Comments
2021 FICA tax rates and wage limits (wage base)
Social Security Rate: 6.2%. Maximum taxable earnings: $142,800 Rate is the same as 2020. Taxable earnings increased from $137,700 in 2020) Medicare Rate: 1.45%. Max
December 16, 2020 No Comments
Some States May Tax Forgiven PPP Loan Proceeds
Source: https://advocacy.sba.gov/2020/11/03/some-states-may-tax-forgiven-ppp-loan-proceeds/?fbclid=IwAR1UeYyOmOjvXLEbfbIbuzT21u35Ep4kTkI_f7lQk-Ss9tAGzXpVFpuqzEo By Charles Jeane, Assistant Chief Counsel ‘Tis better to have a loan and be taxed than to never have had the loan at
December 2, 2020 No Comments
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Recent Posts
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