
Fringe Benefits and Taxes
Additional benefits on top of an employee’s regular pay may be taxable. The rules are complicated and employers should familiarize themselves with the requirements. Do you know which benefits are taxable?
Additional benefits on top of an employee’s regular pay may be taxable. The rules are complicated and employers should familiarize themselves with the requirements. Do you know which benefits are taxable?
What are some common tax myths and facts about filing taxes? If you file a tax extension, do you still need to pay taxes owed? Are minor children required to pay taxes on income?
January 31 is a significant date for businesses to perform certain tasks and start preparing for their tax filings. Businesses should keep in mind that state taxing authorities have their own set of due dates. It is never too early to work with your accounting and payroll staff to make sure your end-of-year reporting is accurate and timely.
With remote and hybrid work arrangements, employers should be very deliberate when communicating and executing policies relating to an employee’s work location. Individual taxpayers need to be familiar with tax laws in their resident state and businesses should be aware of tax laws in all states they operate.
Countries around the globe are trying to stem the “rush to the bottom,” which has multinational companies moving their corporate headquarters to lower their tax bills. According to the International Monetary Fund, the result of this tax strategy is a loss of worldwide government revenues estimated between $500 and $600 billion annually.
Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.