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Fringe Benefit Reporting on 2023 Information Returns

This article outlines the reporting requirements for fringe benefits on 2023 information returns, specifically focusing on the W-2, 941, and 940 forms. Here are key points:
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State Wage Updates

This outlines minimum wage changes and other employment-related updates in various states for 2024:
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New IRS Small Business Service

The IRS has introduced a new online service for small businesses, called Online Business Tax Accounts, expanding on its existing online accounts for individuals. Currently, only sole proprietors who file business tax returns with an employer ID number are eligible to open these accounts. While the available services are limited at present, the IRS plans to enhance them in the upcoming months. Once a small business creates an account, clients can: In the near future, additional features will include the ability to: For businesses other than sole proprietors, the main challenge in obtaining these accounts is verifying that the individual
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ERC Claim Withdrawal

The IRS has introduced a new policy allowing penalty-free withdrawals of Employee Retention Credit (ERC) claims, specifically targeting incorrect or fraudulent claims. Small business owners and others can now withdraw ERC claims and avoid repayment of refunds, interest, and penalties for erroneous claims. This includes cases under audit, where taxpayers can request withdrawal without facing penalties, a departure from the typical restrictions on amending or withdrawing claims under audit. Eligible claims for withdrawal are those made on an adjusted employment return filed exclusively for the ERC, and the IRS must not have paid the refund or the taxpayer must not
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2023 Taxation of Bonuses, Gifts, Prizes and Awards

This list outlines handling various types of bonuses, gifts, prizes, and awards within payroll tax regulations for 2023.
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Products & Services

Products & Services provide details on the income categories your business is engaging and are often overlooked as a classification technique. Instead of having income accounts for each specific category, using the Products & Services features provides options not available in the chart of accounts.


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Classes

Classes are a logical division of categorization that can be customized in anyway that suits your needs. Examples of classes might be Industries Served, Restricted Funds, or Seasonality.


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Locations

Locations are a useful classification system for logical operating divisions. They can also be labeled as Divisions, Departments, Territories, Stores, or Properties.


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Duplicating POS Data

If your retail point of sale system tracks all the details of your transactions, you don't need to replicate it all in your books. Daily summaries can save lots of time entering data.


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