B.A. Harris Blog

Per Diem Rules

If you or your employees travel for business, it might be beneficial to implement a qualified per diem plan. Rather than reimbursing for actual expenses, an employer can provide a per diem amount based on IRS approved rates. One of the major benefits of the per diem method is the more lenient recordkeeping – employees typically are not required to keep receipts. Instead, a company simply pays the allowance to the employee.

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Idaho IDeal Contribution Limits Have Increased!

Beginning January 1, 2017 the Idaho state deduction for contributions to an Idaho IDeal plan has increased from $4,000 to $6,000 ($8,000 to $12,000 if married filing jointly). If you have any questions on this Idaho tax deduction please do not hesitate to reach out to any of our knowledgeable staff.

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Are You Subject to the Household Services (Nanny) Tax?

If you pay an individual more than $2,000 in a calendar year for household services such as childcare/nanny services, you are considered a household employer. As such you are responsible for the reporting and payment of payroll taxes on your household employee(s). This includes filing quarterly state unemployment reports with the Idaho Department of Labor (and quarterly payment of state unemployment tax along with the filing), annual forms 910 and 967 with the Idaho State Tax Commission and annual forms W-3 and W-2 with the Social Security Administration.

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Affordable Care Act and Health Reimbursement Arrangements

The Affordable Care Act (ACA) added new requirements for health insurance coverage.  Although small employers (those with fewer than 50 full-time employees) are not required to provide health insurance coverage, there are still some rules that come into play. Health Reimbursement Arrangements (HRA) that are not integrated with an employer group health plan are not permissible under the ACA unless the HRA applies only to excepted benefits or it caters solely to retirees.

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Substantiation of Business Expenses

For certain business expenses, taxpayers are required to provide specific information substantiating the expense in order to deduct.  These four common expenses require specific detail: Travel expenses, including meals and lodging. Entertainment expenses. Business gifts (limited to $25) Property that lends itself to personal use such as automobiles and property used for entertainment or recreation. The taxpayer is required to substantiate by "adequate records or by sufficient evidence corroborating the taxpayer's own statement"

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