The IRS has just announced 2024 amounts for Health Savings Accounts
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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
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Help ensure the IRS doesn’t reclassify independent contractors as employees
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Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error…
Read MoreUnderstanding the passive activity loss rules
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Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in?
If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of their…
Read MoreFile cash transaction reports for your business — on paper or electronically
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Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.
Filing requirements
Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two or more related transactions,..
Read MoreNew law provides a variety of tax breaks to businesses and employers
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The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions…
Read MoreThe chances of an IRS audit are low, but business owners should be prepared
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As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return items may raise red flags with the IRS, such…
Read MoreShould you elect S corporation status?
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Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…
Read MoreThe IRS is targeting business transactions in bitcoin and other virtual currencies
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Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced…
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