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9 Key Tips for CPAs and Financial Pros Navigating Household Employment in 2024

Posted by HomeWork Solutions on 9/5/24 5:28 PM

At HomeWork Solutions, we understand that household employment can bring unique challenges for CPAs and financial professionals. Whether it’s a client who just hired a nanny or a question about how to handle household payroll taxes, we're here to make sure you have the insights you need. To help you guide your clients confidently, we’ve compiled a list of nine essential tips that will keep you on the right track.

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Topics: CPA, homework solutions

Optimize Your CPA Firm's Efficiency with Expert Household Payroll Services

Posted by HomeWork Solutions on 7/16/24 5:25 PM

As a CPA, your expertise is unparalleled, but staying abreast of every niche area of accounting can be overwhelming. Industry-specific laws and regulations, especially those governing household employees, are complex and ever-evolving. This is where outsourcing can make a significant difference, relieving you from the burden of constant learning and allowing you to provide more comprehensive service to your clients.

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Topics: household payroll, CPA, schedule H

Minimum Wage Increases Coming in July 2024

Posted by HomeWork Solutions on 6/24/24 12:42 PM

Minimum wage will be increasing in many states and cities across the country.  As longtime advocates for fair and legal pay, we believe this is long overdue!  Domestic employees deserve a living wage that fairly compensates them for the invaluable work they do to keep our households running.

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Topics: senior care, nanny, agency, senior, CPA

Why CPAs Should Engage Clients on Caregiving Needs

Posted by HomeWork Solutions on 6/13/24 7:07 PM

As the Baby Boomer generation ages, a growing number of them face decisions around long-term care needs for themselves or their parents. This presents an opportunity for CPAs to have important family wealth-planning conversations. By proactively discussing potential home caregiver requirements, you can position your firm as a trusted advisor while identifying clients who may need support transferring assets or updating estate plans.

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Topics: senior caregivers, accountants, CPA

Managing Household Payroll: A CPA’s Guide to Navigating Your Clients’ Nanny Taxes

Posted by HomeWork Solutions on 6/6/24 1:56 PM

For CPAs, now is a great time of year to ensure clients with household employees—like nannies—are doing things the right way to make tax time easier for them and for you. It’s ideal if these clients have diligently tracked hours, issued accurate paychecks with the appropriate Social Security and Medicare taxes withheld, and kept up with quarterly unemployment tax filings and W-2 distribution. Unfortunately, this scenario is more the exception than the rule. Many employers of household employees are either not fully aware of their responsibilities or find themselves too pressed for time to manage them effectively, often creating additional workload for their CPAs.

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Topics: household employee, household payroll, CPA

Labor Rules Roundup: June, 2024

Posted by HomeWork Solutions on 6/5/24 8:45 AM

May was an extremely busy month for labor rules across the U.S. Read on for our latest roundup of the Department of Labor's final rule, its ramifications across industries, and expert opinions on how all these topics impact your practice and your clients.

DOL Finalizes Fiduciary Investment Advice Regulation | Practical Law The Journal | Reuters
Reuters

The Department of Labor (DOL) has finalized a regulation on the definition of fiduciary investment advice under the Employee Retirement Income ... 

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Topics: FLSA, independent contractor, accountants, CPA

The Six-Factor Worker Classification Shakeup: What the DOL's New Rule Means for Your Clients

Posted by HomeWork Solutions on 5/8/24 6:07 PM

On January 10, 2024, the U.S. Department of Labor (DOL) issued a final rule revising its guidance on how to determine whether a worker is an employee or independent contractor under the Fair Labor Standards Act (FLSA). Effective March 11, 2024, this new rule rescinds the prior independent contractor rule from 2021. 

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Topics: CPA

How Does The IRS Find Out About Under-Reported Income?

Posted by HomeWork Solutions on 3/5/24 11:25 AM

When new household employees reach out to HomeWork Solutions for information on how their employers should report wages, some respond with “I don’t want to pay taxes, maybe we will just do this under the table.” While under the table payments might seem tempting at first, it really isn’t a good idea to work “off the books." We remind these callers when unreported or under-reported income comes to light the taxpayer not only owes the original amount, but also penalties and interest. Often these callers ask how the IRS will find out about the payments.  So, let’s look into how under the table wages may be discovered.

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Topics: senior care, nanny, agency, senior, CPA

Does it Matter What Type of Bonus I Give My Nanny or Other Household Employee?

Posted by HomeWork Solutions on 2/8/24 3:47 PM

In the world of employment and compensation, bonuses are like icing on the cake. They are the reward that make hard work and dedication feel appreciated and recognized. For hourly employees like nannies, caregivers, and , bonuses can take two primary forms: discretionary and non-discretionary. But what are the key differences between these two, and how do they impact overtime pay? 

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Topics: senior care, nanny, agency, senior, CPA

Unlocking Tax Savings with Employee Benefits: The Power of QSEHRA/ICHRA for Your Household Employee

Posted by HomeWork Solutions on 1/16/24 11:38 AM

In the modern economy, more and more households are hiring domestic help, whether it's a nanny, caregiver, or housekeeper. These household employees play a crucial role in keeping our lives running smoothly, and it's important to recognize their dedication and hard work. One effective way to show appreciation and also maximize tax savings for you, and your employee, is by offering a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) or an Individual Coverage Health Reimbursement Arrangement (ICHRA).

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Topics: nanny agencies, senior care, nanny, nanny tax, household payroll tax, nanny benefits, household independent contractor, household payroll, agency, senior, CPA

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