Withum

NOVEMBER 6, 2024

If a business issues the wrong type of compensation, it may have exposure for failure to withhold state taxes on nonresidents and may also overpay the employer’s portion of Social Security taxes. Professional service corporations, such as law firms, often choose the S corporation structure for its tax advantages.

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Cherry Bekaert

APRIL 4, 2023

As a key benefit to growing businesses, Cherry Bekaert can provide support for your organization’s tax credits and incentives requirements. utilizing energy-efficient technologies, LEED® certification, etc.) solar, fuel cell, small wind energy property, geothermal, micro-turbine, etc.)

Tax 75

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MyIRSRelief

MARCH 31, 2020

Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules under the Child Tax Credit).

Tax 100

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ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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RogerRossmeisl

AUGUST 9, 2021

According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud lose a median $200,000 per fraud incident, compared with $125,000 per incident for all organizations. These can lead to legal liability and fines.

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Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. What Is the Fix?

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RogerRossmeisl

NOVEMBER 7, 2020

IRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business travel expenses. In general, the IRS-approved per-diem maximum is the General Services Administration (GSA) per-diem rate paid by the federal government to its workers.

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KROST

JANUARY 15, 2021

Eligible employers can receive a refundable payroll tax credit of 50% of wages paid to employees between March 13th, 2020 and December 31st, 2020. Eligible employers can receive a refundable payroll tax credit up to 70% of qualifying wages paid between January 1, 2021 and July 1, 2021. Same as the 2020 law.

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inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

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Basis 365

OCTOBER 26, 2022

Organizations can save on taxes by using the Research and Development tax credit. Yet, this is everything you need about the research-and-development tax credit. What's the R&D tax credit for? What's the R&D tax credit for? The R&D credit is a tax incentive for U.S. This is equal to 50%.

Tax 95

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RogerRossmeisl

MAY 20, 2021

In 2019, AB 5 was signed into law with an effective date of 1/1/2020. This means that many workers previously classified as independent contractors are now employees under California law and you must withhold California income and payroll taxes, and meet California’s minimum wage and overtime requirements.

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Cherry Bekaert

APRIL 5, 2023

The Research and Development (R&D) Tax Credit is a federal incentive designed to promote innovation in the design, development and improvements of processes, products and services. It allows companies to receive tax credits when certain expenses are incurred for the performance of qualified R&D activities in the U.S.

Tax 75

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Patriot Software

DECEMBER 12, 2022

Back in 2020, Colorado voted to implement its own Paid Family and Medical Leave Insurance (FAMLI) program. It means you have a new payroll tax […] READ MORE. State paid family leave (PFL) programs aren’t slowing down anytime soon. And beginning in 2023, the Colorado paid family leave program takes effect.

Colorado 76

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CTP

AUGUST 10, 2023

Swarms of “ERC mills” have been making grand promises to taxpayers—but they provide very few details on how to ensure you actually qualify for this lucrative tax credit. So what do employers need to know about this tax credit? For 2020, eligible employers can claim 50% of qualified wages. Tax-Exempt Organizations.

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CTP

AUGUST 10, 2023

Taxpayers have been pummeled by the same eye-catching ads all tax season: “ Get $26,000 per employee through the Employee Retention Credit! These “ERC mills” make grand promises but provide very few details on how to actually qualify for this lucrative tax credit. The ERC is a fully refundable tax credit.

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CPA Practice

MAY 11, 2023

At the center of the scheme, according to federal prosecutors, is former IRS agent Frank Mosley, who was also identified as a “current city of Oakland tax enforcement officer.” In addition, charging documents said the Mosley brothers’ August 2020 application for their shell company, Forward Thinking Investors Inc.,

payroll 127

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inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

Tax 40

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SingleTrackAccounting

OCTOBER 6, 2020

An alarming amount of business owners are not taking advantage of a major federal tax saving filing status, s-corporation. You are probably overpaying your taxes. . The key feature that makes an s-corp different is the tax advantages it offers. An s-corp is a tax filing status with the IRS. . We’ll unpack this for you.

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CapataCPA

JANUARY 20, 2021

Employee Retention Credit The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was an economic stimulus bill that was signed into law on March 27, 2020. The post Employee Retention Credit appeared first on CPA firm in Orange County, CA | CAPATA.

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SkagitCountyTaxServices

MARCH 17, 2021

So, while the IRS has not yet released their guidance for 2021 on the Employee Retention Credit, we can go straight to the sources and pick apart the legislation to look for changes compared to the original CARES Act of 2020. Here’s probably the biggest whammy when it comes to claiming this tax credit. How much is the ERC?

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SkagitCountyTaxServices

SEPTEMBER 29, 2021

Is The Employee Retention Tax Credit Right For Your Skagit County Business? Late last year the Taxpayer Certainty and Disaster Tax Relief Act of 2020, following up on earlier relief laws, allowed the good folks at the IRS to give Skagit County employers like you a real tax break. How do you qualify?

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ThomsonReuters

APRIL 18, 2023

A DOL determination would have “ no direct impact on tax withholding,” Lebowitz noted. The employer is responsible for calculating the garnishment amount, withholding it through its payroll process, and forwarding payments to the correct agency or creditor. And Missing deadlines Federal taxes must be deposited on specific dates.

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ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? According to our most recent analysis, some of the most searched terms within Checkpoint Edge are tax credits, Employee Retention Credit (ERC) , and the Inflation Reduction Act (IRA). However, Form 941-X may currently only be submitted by paper, increasing processing times. (It

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Dent Moses

JULY 6, 2022

A couple of weeks ago we covered the IRS backlog of amended payroll tax returns (941X) for employee retention credits. Why? Because most taxpayers were apprehensive of reporting the ERC refunds as income (reduction of wages) for 2020 or 2021 when they had no idea when or if they would receive the refunds.

payroll tax 98

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

Tax 52

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Withum

JANUARY 4, 2023

The CARES Act, signed into law on March 27, 2020, created the ERC. It is a refundable payroll tax credit that applies to certain wages paid to employees starting March 13, 2020. The program has been amended various times and is available for most taxpayers through the third calendar quarter of 2021.

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MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

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Anders CPA

OCTOBER 11, 2022

There were several programs throughout the pandemic to aid businesses negatively impacted by the coronavirus pandemic, including Employee Retention Tax Credits (ERTC), Economic Injury Disaster Loans (EIDL), and Restaurant Revitalization Funds (RRF). For tax year 2021, the tax savings are much more generous and lucrative.

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CPA Practice

FEBRUARY 15, 2023

Unlike the big W-4 form shakeup of 2020, there aren’t significant changes to the new form. You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. Continue reading at the Patriot Software payroll blog.

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ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February. Reported state unemployment rates ranged from 2.9%

Hawaii 98

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ThomsonReuters

JANUARY 14, 2022

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (PL 116-260, Sec. 207) amended the ERC, allowing it to be claimed from January 1, 2021 through June 30, 2021 and increased the refundable payroll tax credit $7,000 per employee for each quarter of 2021. . COVID tax credits and paid leave. 116-136, Sec.

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CPA Practice

APRIL 28, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. The SITCA program will track tips automatically and doesn’t require a tax reporting commitment from employees.

Georgia 126

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ThomsonReuters

MARCH 10, 2021

Provides that paid sick and paid family leave credits may each be increased by the employer’s share of Social Security tax (6.2%) and employer’s share of Medicare tax (1.45%) on qualified leave wages. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. .

payroll 105

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Katz,Sapper&Miller

JUNE 3, 2020

Businesses that did not receive a forgivable loan under the Paycheck Protection Program (PPP), including business that repaid their PPP loan by May 18, 2020, may be able to find economic relief by claiming the Employee Retention Credit.

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . What is a tax deduction?

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Going Concern

APRIL 11, 2022

We are officially one week away until our tax pro friends complete the long, arduous first leg of busy season. Let’s take a look at how things have been going for the Internet’s most vexed tax accountants in the last 48 hours or so: #taxseason observations: 1. How do I pay my taxes? Tax season bingo card.

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