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.

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Ronika Khanna CPA,CA

JANUARY 21, 2022

She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. Benefits of Filing a Tax Returns Receive a refund—or avoid penalties and interest! In this case you might have overpaid or underpaid your taxes.

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CTP

AUGUST 10, 2023

This credit was introduced toward the beginning of the COVID-19 pandemic in 2020 in response to the massive number of workers who could not work due to government shutdowns and related reasons. The ERC is a fully refundable tax credit. Tax-Exempt Organizations. What if an organization is tax-exempt?

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MyIRSRelief

MARCH 31, 2020

In addition to the summary of IRS actions and earlier-enacted federal tax legislation that I previously sent you, I now want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020.

Tax 100

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ThomsonReuters

APRIL 18, 2023

Charles Hall , a practicing CPA and Certified Fraud Examiner, suggested walking through payroll — from the hiring of an employee all the way through to a payroll payment and posting — to identify any control weaknesses. During the walkthrough, consider such questions as: Who monitors compliance with payroll laws and regulations?

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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. in South Dakota to a high of 9.2%

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Basis 365

OCTOBER 26, 2022

Year Qualified research expenses 2019 $50,000 2020 $45,000 2021 $60,000 The average QRE of Bob's Plumbing for the last three years would have been $48,333. Protecting Americans From Tax Hike (PATH Act) of 2015 allows small and new businesses to apply for R&D credits against their payroll tax (FICA).

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SingleTrackAccounting

OCTOBER 6, 2020

Yes, you will need to pay social security & medicare taxes on your W-2 income, but by running some of your profits through Owner payroll, the entire remainder of your net income is saved from paying ANY self employment tax. Even better, the business can write off your salary and it’s portion of your payroll taxes.

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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. Fit any of those? 360-424-1040.

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CPA Practice

MARCH 7, 2023

People should not make up income and try to submit a fraudulent tax return in hopes of getting a huge refund.” These credits were available for self-employed individuals for 2020 and 2021 during the pandemic; they are not available for 2022 tax returns.

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ThomsonReuters

MARCH 6, 2024

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

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inDinero Tax Tips

JANUARY 3, 2023

Your business may still be eligible to claim the employee retention tax credit for 2021 and 2020. You have up to three years to file amended returns to claim the Employee Retention Credit. The employer experienced a significant decline in gross receipts (revenue) when comparing quarters between 2019 and 2020 or 2021.

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Anders CPA

OCTOBER 11, 2022

Important ERTC Takeaways: Still applicable to 2020 and 2021 taxes No application necessary, simply file an amended payroll tax return Strong chance for an IRS audit within 5 years ERTC can increase businesses’ taxable income Tip wages also count towards ERTC. ERTC for Restaurants.

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Cherry Bekaert

APRIL 5, 2023

For most companies, the R&D tax credit provides a dollar-for-dollar reduction of income tax liabilities. For some start-up companies, a portion of R&D tax credits can be used to offset federal payroll tax liabilities. Why Investigate the R&D Tax Credit Now?

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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ThomsonReuters

JULY 7, 2021

In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. An employer withholds these taxes from the wages of each employee and file and pay the taxes with the IRS. Payroll tax relief.

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inDinero Tax Tips

JANUARY 3, 2023

S-Corps R&D Tax Questionnaire Your business may still be eligible to claim the employee retention tax credit for 2021 and 2020. You have up to three years to file amended returns to claim the Employee Retention Credit.

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CTP

AUGUST 10, 2023

This credit was introduced toward the beginning of the COVID-19 pandemic in 2020 in response to the massive number of workers who could not work due to government shutdowns and related reasons. For 2020, eligible employers can claim 50% of qualified wages. These wages are also limited to $10,000 per employee for 2020.

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ThomsonReuters

JUNE 2, 2023

A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment tax returns. The return must still be filed on paper.

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payroll tax payroll tax return Tax 52

LyfeAccounting

MAY 18, 2021

Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. That was until Brooks allegedly brought the business back to life in May of 2020. Let’s unpack this.

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Florida tax return Washington Gambling 71

LyfeAccounting

JANUARY 20, 2021

If you did not receive round 1 of PPP loans or returned your loan, you are eligible to receive PPP for the first time if you meet the following conditions: Your businesses was in operation on February 15, 2020 and is currently operational. You had paid salaries and payroll taxes or paid independent contractors.

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KROST

APRIL 19, 2021

As of March 13, 2020, own or operate (together with any affiliated business) 20 or fewer locations, regardless of name or type of business at those locations. As of March 13, 2020, own or operate (together with any affiliated business) more than 20 locations, regardless of name or type of business at those locations. ii) Calculation 2.

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Going Concern

APRIL 11, 2022

It just took me 90 minutes to assemble ONE tax return. I can't tell you how many returns have been redos already! Today is March 772, 2020. It’s Monday 8:36am and I’m already f**king tired of the “status” emails – yes I’m fully aware your return isn’t filed. I do not do payroll. TaxTwitter.

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xendoo

SEPTEMBER 28, 2021

In order to help, the team at Xendoo has created this guide to tax prep for small businesses. Our goal is to make sure that you have the tools you need to appropriately file your tax return this year. Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021.

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MyIRSRelief

NOVEMBER 19, 2021

The American Opportunity Tax Credit (AOTC) is a tax credit that allows people who pay taxes to deduct up to $2,500 per year for four years of post-secondary education. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe. Small-business tax credits.

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ThomsonReuters

MARCH 22, 2021

The IRS has updated a number of its Coronavirus Tax Relief frequently asked questions (FAQs) regarding paid sick and family leave tax credits. These updates are based on the Consolidated Appropriations Act (CAA), which was signed into law on December 27, 2020. EEO-1 reporting update. The extended due date is now June 15, 2021.

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ThomsonReuters

JANUARY 16, 2024

For tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal.

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ThomsonReuters

FEBRUARY 9, 2022

States and localities may also provide tax relief for businesses affected by a disaster. California, which has been affected by numerous wildfires, posts disaster tax relief for payroll taxes on the Employment Development Department’s website. Topics around payroll are just about everywhere.

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SkagitCountyTaxServices

DECEMBER 10, 2020

Let’s make some tax-smart moves before 2020 comes to a close. Here’s one not many people are talking about: tax-deductible, employer-paid student loan payments. Employers can ALSO deduct the amount and not pay federal payroll taxes on the payments. 2021 is hurtling at us, isn’t it? 360-424-1040.

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payroll tax tax preparation CPA Tax 72

KROST

NOVEMBER 8, 2021

The employee retention credit is now in effect for eligible businesses for qualified wages paid from March 13, 2020 – September 30, 2021. The maximum eligible credit is now $26,000 ($5,000 in 2020, and $21,000 in 2021) per employee if a business qualified for each eligible period.

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payroll tax tax return payroll CPA 52

KROST

NOVEMBER 8, 2021

The employee retention credit is now in effect for eligible businesses for qualified wages paid from March 13, 2020 – September 30, 2021. These credits can be claimed on amended payroll tax returns for qualified periods. The statute of limitations to file ERTC claims was previously extended from three years to five years.

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ThomsonReuters

MARCH 15, 2021

The joint employer rule was met with a lawsuit in 2020 from 17 states and the District of Columbia arguing it violated the Administrative Procedure Act. The court vacated the majority of the rule in September 2020 stating the rule was contrary to the FLSA. The taxable wage base increases to $11,800 ($11,600 in 2020).

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KROST

NOVEMBER 24, 2020

Bonus depreciation continues as 100% for property placed in service in 2020. The Section 179 deduction limit increased to $1,040,000 for 2020 from $1,020,000 in 2019. These two incentives can provide significant tax relief in 2020 if financed and placed in service by midnight, December 31, 2020.

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ThomsonReuters

MARCH 15, 2023

Also, he clarified that the statutes of limitation relating to employment tax returns do not restart for purposes of IRS assessment when an amended return is filed. ” In 2020, the Eleventh Circuit ruled in  TriNet Group, Inc. United States , 979 F.3d 3d 1311 (11th Cir.

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payroll tax payroll Tax Construction 52

ThomsonReuters

DECEMBER 29, 2020

After much negotiating, the latest COVID-19 relief bill was signed into law by President Trump on December 27, 2020. The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. trillion price tag – $900 billion in stimulus relief for the COVID-19 pandemic and $1.4

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ThomsonReuters

FEBRUARY 12, 2021

per hour minimum wage hike in the November 3, 2020 election. Senator Thune (R-SD) introduced an amendment on the topic to the budget resolution and noted in a press release that it is based on his bipartisan legislation, the Remote and Mobile Worker Relief Act of 2020. That said, the Biden Administration wants to see a $15.00

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