The IRS has just announced 2024 amounts for Health Savings Accounts
/The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs)…
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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs)…
Read MoreIf you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds…
Read MoreOne popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide…
Read MoreWhat are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell is land or depreciable property…
Read MoreIt’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired
Read MoreJoin Lorne Simmons of MSL, P.A., FHCA's CPA Consultant, for a webinar on "Information Gathering Process for Medicaid and Medicare Cost Reports." Planned for Thursday, March 2…
Read MoreThe Biden Administration announced that the Public Health Emergency (PHE) will be ending on May 11, 2023. The decision to end the PHE will impact a number of health measures…
Read MoreAn array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important…
Read MoreWith the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms…
Read MoreIf your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several…
Read MoreAlthough the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate…
Read MoreIf you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status…
Read MoreHere are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements…
Read MoreIf you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A…
Read MoreCapitalized costs can’t be deducted in the year paid or incurred. If they’re deductible at all, they must be ratably deducted over the life of the asset (or, for some assets, over periods specified by the tax code or under regulations). However, capitalization generally isn't required for costs not…
Read MoreThese days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you should be aware…
Read MoreDo you have a Health Savings Account at your business? Or are you interested in establishing one? Here are the contribution limits for next year, as compared with this year.
Read MoreThe Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security…
Read MoreBusinesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits.
Here are examples of two types of benefits which employees…
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