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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payroll tax payroll tax return Tax 98

ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about taxable and nontaxble fringe benefits. Payroll conference guidance on fringe benefits. Payroll Guide ¶3540 discusses fringe benefits. Payroll Guide ¶3585 discusses qualified transportation fringe benefits. Overtime investigations.

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payroll Transportation payroll tax Start-ups 93

ThomsonReuters

MARCH 10, 2021

The American Rescue Plan Act of 2021 (ARPA) extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA, 2021). 501(c)(1) and exempt from tax under Code Sec. Background.

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payroll payroll tax Tax Non-Profits 105

ThomsonReuters

JULY 7, 2021

And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect. In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. They are as follows: Worksheet 1. Worksheet 2.

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payroll Tax income tax payroll tax 59

CPA Practice

APRIL 1, 2024

Since 2021, the American Institute of CPAs (AICPA) has spoken out against unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. A key warning sign that businesses should be aware of are vendors that require large contingency fees and/or fail to sign the amended payroll tax returns.

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cpas payroll tax tax return payroll 114

ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. The tax year 2021 version’s instructions note that the U.S. The 2022 tax year version may include more states if the loans are not repaid.

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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. Eligible Employers.

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payroll tax payroll CPA Tax 52

KROST

FEBRUARY 27, 2021

The House has voted 219-212 to extend the Employee Retention Credit through December 31, 2021 as part of the $1.9 The Employee Retention Credit is a 70% refundable payroll tax credit on up to $10,000 of qualifying wages per quarter in 2021 for qualifying companies. Trillion Covid relief bill.

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Tax Real Estate payroll tax CPA 52

ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. The minimum wage rate is scheduled to increase in many localities in California on July 1, 2021: . California. per hour. . per hour. .

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CTP

AUGUST 10, 2023

For 2021, eligible employers can claim up to 70%, and wages are limited to $10,000 per employee per calendar quarter. Of course, with a hobby, the taxpayer would not be allowed to deduct any expenses or claim any losses related to that activity on their tax return. Tax-Exempt Organizations. What if an organization is tax-exempt?

payroll tax 95

payroll tax payroll Tax tax return 95

Withum

SEPTEMBER 17, 2024

This final rule repeals the Independent Contractor Status Under the Fair Labor Standards Act rule (2021 IC Rule), issued on January 7, 2021. They include: Back Taxes: Employers may be liable for unpaid payroll taxes, including both the employer and employee portions of FICA taxes, along with interest.

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ThomsonReuters

JUNE 7, 2023

From the middle of the bustling expo at PayrollOrg’s 41st Congress conference in Denver on May 17, Lisa Weckman, VP of Product at Ceridian, talked with Checkpoint Payroll Update about global payroll challenges facing the industry. in many areas, including human resources and payroll. “If you just look at the U.S.,

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ThomsonReuters

MARCH 22, 2021

Shortly thereafter, colonists raised the issue of taxation without representation in protest and within a year’s time the British government repealed the Stamp Act tax. So, why the brief history lesson on American Colony taxes? To illustrate the point that there are a lot of taxes to keep up with, even back in Colonial times.

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CPA Practice

MAY 11, 2023

According to charging documents, Mosley took advantage of the federal government’s COVID-era Payroll Protection Program by submitting fraudulent applications and then using the loan money for personal expenses and investments. They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege.

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payroll tax return payroll tax Tax 127

xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. 2021 Tax Prep for Businesses.

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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. Specifically, how it affects YOU, and your Skagit County business.

payroll tax 98

payroll tax tax return payroll Non-Profits 98

ThomsonReuters

MARCH 11, 2021

American Rescue Plan Act of 2021, H.R. ARPA establishes a 100% COBRA premium subsidy for certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021 (the first day of the first month beginning after the bill is signed by the President), and ending on September 30, 2021. Available at [link].

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payroll tax payroll Tax Government 135

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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payroll tax tax return payroll Tax 98

ThomsonReuters

APRIL 9, 2021

ARPA established a 100% COBRA premium subsidy for continuing health coverage between April 1, 2021 through September 30, 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.

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Hawaii South Dakota payroll tax payroll 98

LyfeAccounting

JANUARY 20, 2021

aka PPP loan 2021. PPP Loan 2021 Most Commonly Asked Questions (And Our Answers!). You had paid salaries and payroll taxes or paid independent contractors. You apply by March 31, 2021, or until funds are exhausted. times your average monthly payroll costs and healthcare costs or. $10 Yes, there is hope.

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Cherry Bekaert

APRIL 4, 2023

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

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Tax payroll tax Real Estate payroll 75

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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tax return payroll tax payroll Tax 52

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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Tax payroll tax tax return payroll 52

ThomsonReuters

DECEMBER 11, 2020

The IRS has added an optional computational bridge to its 2021 version of Publication 15-T (Federal Income Tax Withholding Method) that employers can use if they want to treat 2019 or earlier Forms W-4 as if they were 2020 or later Forms W-4 for the purposes of determining federal income tax withholding. Background.

income tax 98

income tax Agriculture Tax Non-Profits 98

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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payroll tax tax return payroll audit 52

CTP

AUGUST 10, 2023

For 2021, eligible employers can claim up to 70%, and wages are limited to $10,000 per employee per calendar quarter. Normally, our instinct would be to say that of course a tax-exempt organization would not be eligible for a tax credit. So a small employer’s full payroll can count toward their possible credit.

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Tax payroll tax payroll tax return 52

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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Tax payroll tax payroll income tax 95

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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FusionCPA

NOVEMBER 24, 2020

Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1 US corporations are taxed at a rate of 21 percent by the United States government.

corporation tax 52

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MyIRSRelief

MARCH 31, 2020

The CARES Act expands the definition of expenses qualifying for the exclusion to include employer payments of student loan debt made before January 1, 2021. portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis.

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Tax payroll tax payroll Non-Profits 100

Withum

JANUARY 4, 2023

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. The CARES Act, signed into law on March 27, 2020, created the ERC.

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ThomsonReuters

JUNE 11, 2024

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. And there are more than just tax challenges an employer may face when employees work remotely.

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accounting firms accountant Account accounted 59

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

Tax payroll tax tax return payroll 40

CPA Practice

JUNE 10, 2024

In 2021, the latest year for which the Internal Revenue Service provides data, the top 0.1% of all federal income taxes(1), up from 8.1% This remains true, and profoundly relevant as policy makers consider what to do about a 2017 tax law that increased complexity while lowering revenue. accounted for 14.3% Cuts aren’t cures.

Tax 85

Tax income tax payroll tax Government 85

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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ThomsonReuters

JUNE 2, 2023

A recent Treasury Inspector General for Tax Administration (TIGTA) report shows that although 95% of the total deferred Social Security tax has been paid, some 384,314 employers still owe the IRS approximately $6 billion in this payroll tax and will be subject to collection actions.

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payroll tax payroll tax return Tax 52

CPA Practice

FEBRUARY 15, 2023

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. To combat this, the IRS released a new, optional computational bridge for 2021. Continue reading at the Patriot Software payroll blog.

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