August 4, 2020

The tax implications of employer-provided life insurance

Employee Benefits, Employees, Federal Taxes, Life Insurance, Local Taxes, Medicare Taxes, Social Security, State Tax, Tax, Tax Planning / Douglas Freeman

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything […]

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File cash transaction reports for your business — on paper or electronically

Cash Payment, Form 8300, Internal Revenue Service (IRS) / Douglas Freeman

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

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