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Hughes & Company - SERVICES

Details: “Hughes Wedgwood & Company has always been in our corner. From tax preparation to honest and trustworthy business advisors, the entire team is top notch.”

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COVID-19 BUSINESS PROVISIONS – Hughes & Company

Details: The credit is provided for wages and compensation, including health benefits, and is provided for the first $10,000 in eligible wages and compensation paid by the employer to an employee. Thus, the credit is a maximum $5,000 per employee.

› Verified 13 days ago

› Url: https://hc-cpa.co/2020/03/31/covid-19-business-provisions/ Go Now

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health insurance – Hughes & Company

Details: health insurance. The tax implications of employer-provided life insurance. 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…

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COVID-19 INDIVIDUAL ASSISTANCE – Hughes & Company

Details: Break for remote care services provided by high deductible health plans. For plan years beginning before 2021, the CARES Act allows high deductible health plans to pay for expenses for tele-health and other remote services without regard to the deductible amount for the plan. Break for nonprescription medical products.

› Verified 13 days ago

› Url: https://hc-cpa.co/2020/03/31/covid-19-individual-assistance/ Go Now

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Individuals get coronavirus (COVID-19) tax and other

Details: It includes free testing, waivers and modifications of Federal nutrition programs, employment-related protections and benefits, health programs and insurance coverage requirements, and related employer tax credits and tax exemptions. If you’re an employee, you may be eligible for paid sick leave for COVID-19 related reasons.

› Verified 1 months ago

› Url: https://hc-cpa.co/2020/03/25/individuals-get-coronavirus-covid-19-tax-and-other-relief/ Go Now

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PAYROLL PROTECTION PROGRAM – The time to act is NOW

Details: You will need to provide your lender with payroll documentation. This includes W-3’s, 941’s, Health Insurance Bills (without Employee Listing), First Page Unemployment Reports, and Canceled checks/retirement account reports documenting match/employer contribution. What can the loan proceeds for? Qualified uses include:

› Verified 8 days ago

› Url: https://hc-cpa.co/2020/04/01/paycheck-protection-program-the-time-to-act-is-now/ Go Now

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April 2018 – Hughes & Company

Details: With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and… Misty April 4, 2018 Personal Finances, Tax. Read more. Our Address. 789 Sherman St.

› Verified 26 days ago

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S Corporations and Self-employed Health Insurance Deduction

Details: S Corporations and Self-employed Health Insurance Deduction. Preparing for 2017 W-2’s for shareholders As we approach year-end it is an important time to review the proper reporting of health insurance premiums paid on behalf of greater than 2 percent shareholders of S corporations.

› Verified 6 months ago

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owner – Hughes & Company

Details: S Corporations and Self-employed Health Insurance Deduction. Preparing for 2017 W-2’s for shareholders As we approach year-end it is an important time to review the proper reporting of health insurance premiums paid on behalf of greater than 2 percent shareholders of S corporations.

› Verified 15 days ago

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Specialty Areas – Hughes & Company

Details: Health and welfare plans; Multi-employer plans; Real Estate Development. Whether commercial or residential, developer or investor, our qualified professionals are experienced in the complex tax regulations that surround the Real Estate industry. We can help with the most common issues real estate industry professionals face during the

› Verified 7 days ago

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Client Letter – Hughes & Company

Details: As we monitor the COVID-19 situation developing around the world, our top priority is to maintain the health and safety of our employees, clients and community members while maintain a consistent level of client service. We wanted to reach out to you to provide an update on what Hughes & Company, LLC is doing in the wake of the current events.

› Verified 16 days ago

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Lessons of 2020: Change management – Hughes & Company

Details: Even before this year’s public health crisis, many businesses were looking into and setting forth policies regarding change management. In short, this is a formalized approach to providing employees the information, training and ongoing coaching needed to successfully adapt to any modification to their day-to-day jobs.

› Verified 1 months ago

› Url: https://hc-cpa.co/2020/11/30/lessons-of-2020-change-management/ Go Now

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Vehicle-expense deduction ins and outs for individual

Details: Miles driven for health-care-related purposes are deductible as part of the medical expense itemized deduction. Under the TCJA, for 2017 and 2018, medical expenses are deductible to the extent they exceed 7.5% of your AGI. For 2019, the floor returns to 10%, unless Congress extends the 7.5% floor.

› Verified 10 days ago

› Url: https://hc-cpa.co/2019/03/06/vehicle-expense-deduction-ins-and-outs-for-individual-taxpayers/ Go Now

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s corp – Hughes & Company - hc-cpa.co

Details: S Corporations and Self-employed Health Insurance Deduction. Preparing for 2017 W-2’s for shareholders As we approach year-end it is an important time to review the proper reporting of health insurance premiums paid on behalf of greater than 2 percent shareholders of S corporations.

› Verified 27 days ago

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Instructions for Form 7200 (Rev. March 2020)

Details: health plan expenses, and the employer’s share of Medicare tax on the leave wages and is otherwise required to deposit $8,000 in employment taxes, the employer could reduce its federal employment tax deposits by $5,000. The employer would only be required to deposit the remaining $3,000 on its next regular deposit date.

› Verified 10 days ago

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S Corporations and Self-employed Health Insurance

Details: Preparing for 2017 W-2’s for shareholders. As we approach year-end it is an important time to review the proper reporting of health insurance premiums paid on behalf of greater than 2 percent shareholders of S corporations.

› Verified 6 days ago

› Url: https://hc-cpa.co/2017/11/20/s-corporations-and-self-employed-health-insurance-deduction/ Go Now

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November 2017 – Hughes & Company

Details: S Corporations and Self-employed Health Insurance Deduction. Preparing for 2017 W-2’s for shareholders As we approach year-end it is an important time to review the proper reporting of health insurance premiums paid on behalf of greater than 2 percent shareholders of S corporations.

› Verified 5 months ago

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New law provides a variety of tax breaks to businesses and

Details: The high-cost, employer-sponsored health coverage tax is repealed. The ACA also added a nondeductible excise tax on insurers when the aggregate value of employer-sponsored health insurance coverage for an employee, former employee, surviving spouse or other primary insured individual exceeded a threshold amount. This tax is commonly referred to

› Verified 14 days ago

› Url: https://hc-cpa.co/2020/01/02/new-law-provides-a-variety-of-tax-breaks-to-businesses-and-employers/ Go Now

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Could your business benefit from the tax credit for family

Details: • To care for a spouse, child or parent with a serious health condition, • If the employee has a serious health condition, • Any qualifying need due to an employee’s spouse, child or parent being on covered active duty in the Armed Forces (or being notified of an impending call or order to covered active duty), and

› Verified 7 days ago

› Url: https://hc-cpa.co/2019/03/18/could-your-business-benefit-from-the-tax-credit-for-family-and-medical-leave/ Go Now

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2 Major Tax Law Changes for Individuals in 2019 – Hughes

Details: With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that was already difficult for many taxpayers to meet, and it may be even harder to meet this year.

› Verified 4 months ago

› Url: https://hc-cpa.co/2019/01/11/2-major-tax-law-changes-for-individuals-in-2019/ Go Now

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Year-End Tax Planning for Individuals – Hughes & Company

Details: While the tax penalty on individuals who fail to carry health insurance, which was enacted as part of the Affordable Care Act, has been eliminated for tax years after 2018, the penalty still applies for 2018 unless a taxpayer is exempt from the penalty because the taxpayer’s income falls beneath a certain level. Passthrough Tax Break.

› Verified 10 days ago

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TCJA temporarily lowers medical expense deduction

Details: Health insurance and long-term care insurance premiums can also qualify, with certain limits. Expenses reimbursed by insurance or paid with funds from a tax-advantaged account such as a Health Savings Account or Flexible Spending Account can’t be deducted.

› Verified 13 days ago

› Url: https://hc-cpa.co/2018/04/04/tcja-temporarily-lowers-medical-expense-deduction-threshold/ Go Now

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Do you have a side gig? Make sure you understand your tax

Details: Unlike traditional employees, independent contractors don’t receive benefits associated with employment or employer-sponsored health insurance. They also aren’t covered by the minimum wage or other protections of federal laws, aren’t part of states’ unemployment insurance systems, and are on their own when it comes to training

› Verified 9 days ago

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hc-cpa.co

Details: 2) Health care benefits (including group health insurance) 3) Interest on mortgages (not principal) 6) Interest on any other debt obligations that were incurred before the covered period (February 15, 2020). 4) Rent (including rent under a lease agreement) Payroll Costs (defined above) Rent Utiltities Lesser of (at borrower's choice):

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Tax-free fringe benefits help small businesses and their

Details: Health insurance. If you maintain a health care plan for employees, coverage under the plan isn’t taxable to them. Employee contributions are excluded from income if pretax coverage is elected under a cafeteria plan. Otherwise, such amounts are included in their wages, but may be deductible on a limited basis as an itemized deduction.

› Verified 9 days ago

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Assessing productivity as you cope with the pandemic

Details: In fact, when assessing productivity, business owners should bear in mind the dual challenge of work-life balance while working remotely (childcare obligations, etc.) and the mental health component of living through a pandemic. Solid metrics

› Verified 18 days ago

› Url: https://hc-cpa.co/2020/08/12/assessing-productivity-as-you-cope-with-the-pandemic/ Go Now

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ACA still in effect for 2018- What Employers Need to Know

Details: Employers generally must use a minimum value calculator developed by the U.S. Department of Health and Human Services (HHS) to determine if a plan with standard features provides minimum value. HHS has also proposed regulations for certain safe harbor plan designs that will satisfy minimum value.

› Verified 16 days ago

› Url: https://hc-cpa.co/2018/02/03/aca-still-in-effect-for-2018-what-employers-need-to-know/ Go Now

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The tax implications of employer-provided life insurance

Details: 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.

› Verified 5 months ago

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What’s your mileage deduction? – Hughes & Company

Details: Miles driven for health-care-related purposes are deductible as part of the medical expense deduction. And an AGI floor applies. Under the TCJA, for 2017 and 2018, medical expenses are deductible to the extent they exceed 7.5% of your adjusted gross income. For 2019, the floor will return to 10%, unless Congress extends the 7.5% floor.

› Verified 16 days ago

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Paycheck Protection Program Borrower Application Form

Details: Paycheck Protection Program Borrower Application Form 3 SBA Form 2483 (04/20) Purpose of this form: This form is to be completed by the authorized representative of the Applicant and submitted to your SBA Participating Lender.Submission of

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Clarifications of FAQs for the SBA Paycheck Protection

Details: Clarifications of FAQs for the SBA Paycheck Protection Program Application. Please be advised that the Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid

› Verified 19 days ago

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Answers to questions about the CARES Act employee

Details: Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit. Therefore, an employer may be able to claim it for qualified wages paid as early as March 13, 2020. Wages aren’t limited to cash payments, but also include part of the cost of employer-provided health care.

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You may need to add RMDs to your year-end to-do list

Details: ←S Corporations and Self-employed Health Insurance Deduction; Why you may want to accelerate your property tax payment into 2017 →

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itemized deductions – Hughes & Company

Details: With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and… Misty April 4, 2018 Personal Finances, Tax.

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Using your financial statements during an economic crisis

Details: Your balance sheet tallies your company’s assets, liabilities and net worth — creating a snapshot of its financial health on the statement date. Assets are typically listed in order of liquidity. Current assets (such as accounts receivable) are expected to be converted into cash within a year, while long-term assets (such as your plant and

› Verified 14 days ago

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2 tax credits just for small businesses may reduce your

Details: The maximum credit is 50% of group health coverage premiums paid by the employer, if it contributes at least 50% of the total premium or of a benchmark premium. For 2017, the full credit is available for employers with 10 or fewer full-time equivalent employees (FTEs) and average annual wages of $26,200 or less per employee.

› Verified 2 months ago

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Administration’s 2019 Budget proposal includes ACA repeal

Details: Among the initiatives listed in the Budget for the Department of Health and Human Services is one that would repeal the Affordable Care Act (ACA, or Obamacare), replace in with a “two-part approach” that begins with enacting legislation modeled closely after the Graham-Cassidy-Heller-Johnson bill (see Weekly Alert ¶ 2 09/28/2017), and

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Could the AMT boost your 2017 tax bill? – Hughes & Company

Details: A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer (and in some cases permanently reduce) your taxes.

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Putting the finishing touches on next year’s budget

Details: Be it health care benefits, hiring and independent contractor policies, or waste disposal, factor compliance risk into your budget. A third type of variance to consider is internal. If your business laid off employees this year, will you likely need to rehire some of them in 2021 as, one hopes, the economy rebounds from the pandemic?

› Verified 2 months ago

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Year-end Tax Planning for Businesses – Hughes & Company

Details: A “specified service trade or business” is defined as any trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, including investing and investment management, trading, or dealing in securities

› Verified 1 months ago

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Tax Cuts and Jobs Act 2017- What it Means for You

Details: Tax Cuts and Jobs Act 2017- What it Means for You. On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day.

› Verified 5 days ago

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