Morgan Zimbelman, EA

Morgan Zimbelman, EA

Tip Credit

Certain food and beverage establishments are able to claim a credit for social security and Medicare taxes paid or incurred by the employer on certain employees’ tips.  The following criteria must be met to claim the credit: Have had employees…

Increased Social Security Wage Base

The Social Security Administration (SSA) announced that the wage base for Social Security will increase from $132,900 to $137,700 for 2020. This is an increase of $4,800. If employers and employees exceed this wage base they will be paying an…

Per Diem Rate for Truckers

Notice 2019-55 released the 2019-2020 special per diem rates for those in the transportation industry to be effective as of October 1, 2019. The new meal and incidental expenses (M&IE) rates for truckers is $66 per day. This is the…

Switching Gears

After the rush of the individual tax season and plenty of work left to be done; now is the time to start switching gears towards thinking about 2018 fiscal year ends, pass-through entities and some of the big changes that…