Shay CPA

MARCH 6, 2024

It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. your quarterly Form 941).

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Withum

DECEMBER 11, 2024

Payroll tax offset: Beginning in 2016, qualified small businesses (defined as those with less than $5 million in gross receipts and those in their first 5 years of existence) can elect to use the R&D tax credit to offset their quarterly payroll taxes, which can provide a significant cash flow benefit.

E-commerce 52

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MyIRSRelief

JANUARY 3, 2022

As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. The trust fund recovery penalty imposed by the IRS is basically a penalty which is equal to the balance of any unpaid employment 941 payroll taxes from your business.

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SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

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SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023.

California 122

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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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Cherry Bekaert

JULY 9, 2024

This guide will break down the different sections of Form 6765, highlighting key changes and requirements, to help businesses accurately claim their R&D Tax Credit. Beginning of Form 6765 At the beginning of the form the taxpayer must show whether it is electing the reduced tax credit under Section 280C.

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CPA Practice

APRIL 22, 2024

Nevertheless, he was aware of the failure to pay employment taxes on time, so the Tax Court treated him as a responsible person liable for the RFRP (Kazmi, TC Memo 2022-13, 3/1/22). At all times, he worked under the supervision of his immediate supervisor, a physician.

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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. Now, the Treasury and IRS have responded to requests from taxpayers for relief from penalties with IR-2022-89.

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CPA Practice

DECEMBER 18, 2023

Individual partners and individual shareholders will be able to access business tax account information once they have filed a business return with the Schedule K-1 and it is processed by the IRS. To access business tax account, individuals must have a Schedule K-1 for a minimum of one year during the 2019-2022 period on file.

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Insightful Accountant

FEBRUARY 27, 2023

Check out how the payroll services can help simplify your payroll, taxes, HR and benefits.

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ThomsonReuters

APRIL 18, 2023

Payroll errors are certainly a real concern, but with the right tools and resources in place, payroll services can be a growth opportunity for firms. Today’s global workforce, remote and hybrid work environments, and the ever-changing regulatory landscape have added additional layers of complexity to payroll. Who makes them?

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Shay CPA

FEBRUARY 22, 2023

Per the Protecting Americans from Tax Hikes (PATH) Act of 2015 , if your gross receipts are less than $5 million and you’ve been in business for fewer than five years, you can most likely claim a credit of up to $250,000 to apply toward the social security tax on your payroll. Let us crunch the numbers.

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CPA Practice

OCTOBER 13, 2023

If you earn more than $160,200 this year, you won’t have to pay the Social Security payroll tax on the amount that exceeds that limit. That can result in considerable tax savings for those who earn more than the wage base. As a result, the maximum Social Security tax jumps from $9,932 to $10,453.

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Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Why Is the IRS Sending CP256V Notices?

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Withum

JANUARY 24, 2024

for 2023, the company must not have gross receipts prior to tax year 2019) would be considered a qualified small business (“QSB”) and can use the credit to offset up to $250,000 of their payroll tax liability, with an increase to $500,000 for tax years beginning after December 31, 2022.

Tax 121

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Basis 365

OCTOBER 26, 2022

They would calculate the available R&D credit if Bob's Plumbing had $70,000 in research expenses in 2022. 70,000 - $24,167 = $45,833 + 14% = $6.417 Tax savings of 6% are available if the company has not had any research expenses in the past three years. Many states also have their R&D tax credit programs.

Tax 95

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ThomsonReuters

FEBRUARY 7, 2022

2022, S31 ). . 2022, H2499 ). . 2022, S1). . 2022, H2407/S336 ). . 2022, H2407/S336 ). . The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. 2022, H447 ). . 2022, H5029 ) seeks to establish a PFMLI program. 2022, H1162 ).

Missouri 98

Missouri Rhode Island Nebraska Idaho 98

MyIRSRelief

OCTOBER 3, 2022

Our Los Angeles tax services can become an essential part of the taxing process. According to the IRS, in 2019, Los Angeles county residents had 4,806,030 total 1040 tax returns. The minimum combined 2022 sales tax rate for Los Angeles County, California is 10.25%. The Los Angeles County sales tax rate is 0.25%.

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Withum

SEPTEMBER 17, 2024

Memorandum of Understanding (MOU) Between the IRS and DOL On December 14, 2022, the IRS and DOL signed a Memorandum of Understanding (MOU) establishing a system for referrals between the DOL’s Wage and Hour Division (WHD) and the IRS’s Small Business/Self Employed Specialty Employment Tax Unit (SB/SE).

Legal 105

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Withum

JANUARY 4, 2023

It is a refundable payroll tax credit that applies to certain wages paid to employees starting March 13, 2020. In fact, there have been no substantive changes to the ERC rules in 2022. Below are the facts about these claims, which we hope clears up the confusion. The CARES Act, signed into law on March 27, 2020, created the ERC.

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Cherry Bekaert

JANUARY 5, 2023

2022 brought significant developments to the tax treatment of Research & Development (R&D) costs. There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years. 2023-11 in December 2022.

Tax 40

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Cherry Bekaert

JUNE 30, 2023

This increased focus on developing new technology is great for the ultimate consumer, but there are also strategic tax and incentive opportunities for companies to capitalize on this related increased R&D spend.

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ThomsonReuters

MAY 6, 2022

The Spring 2022 Certified Payroll Professional (CPP) exam testing period ended a few weeks ago on April 16, 2022. The next testing period for the CPP begins on September 10, 2022, with registration for it opening on July 6, 2022. Thoughts and tips from a payroll pro. Hopefully, there are many CPPs out there!

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CPA Practice

AUGUST 7, 2023

The accounting software and payroll services provider, Patriot Software, has processed over $13 billion in payroll and payroll tax dollars since 2018, a milestone for the SaaS developer says it hit in June 2023. Patriot’s Full Service Payroll handles federal, state, and local payroll tax deposits and filings.

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Withum

APRIL 20, 2023

Payroll tax offset : Beginning in 2016, qualified small businesses (defined as those with less than $5 million in gross receipts and those in their first 5 years of existence) can elect to use the R&D tax credit to offset their payroll taxes (quarterly FICA taxes), which can provide a significant cash flow benefit.

Manufacturing 75

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ThomsonReuters

MARCH 10, 2021

. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. Allows for the credits for paid sick and family leave to be structured as a refundable payroll tax credit against Medicare tax only (1.45%), beginning after March 31, 2021. Refundable tax credit.

payroll 105

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MyIRSRelief

MARCH 31, 2020

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. Delayed payment of employer payroll taxes. Taxes that can be deferred include the 6.2% Employee retention credit for employers.

Tax 100

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Cherry Bekaert

OCTOBER 5, 2023

Exploring Sage Intacct Sage Intacct delivers comprehensive accounting capabilities including payroll, tax filing and inventory tracking tools across multiple industries, and it is built to scale, providing multi-dimensional analysis to automate tasks and improve performance. G2 (2022, November 20). com Questions?

Real Estate 115

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Shay CPA

OCTOBER 18, 2023

Let’s dive in and examine what the Inflation Reduction Act of 2022 has in store for you. The Inflation Reduction Act of 2022 has brought some significant amendments to the R&D Tax Credit, making it more accessible and beneficial for qualified small businesses (QSBs). What’s New? How Does This Benefit Startups?

payroll tax 52

payroll tax Tax income tax tax return 52

Accounting Seed

JULY 21, 2022

You’ll have to look up how to calculate state and federal payroll taxes and know when the payments are due. Like so many other aspects of startup accounting, payroll may be easy to manage by yourself when you have one or two employees. But as you grow, investing money in payroll software can take the work off your plate. .

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Withum

JUNE 11, 2024

Payroll tax offset: Beginning in 2016, qualified small businesses (defined as those with less than $5 million in gross receipts and those in their first 5 years of existence) can elect to use the R&D tax credit to offset their quarterly payroll taxes, which can provide a significant cash flow benefit.

Tax 59

Tax payroll tax income tax payroll 59

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

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ThomsonReuters

JULY 1, 2022

Payroll conference guidance on fringe benefits. This year, the highest court in the land has agreed to decide whether a supervisor of offshore oil rig workers is entitled to overtime pay under federal law even though he earns more than $200,000 a year. Listening sessions for overtime salary basis. Also, the U.S.

payroll 93

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Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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CTP

JUNE 21, 2023

The implications of recent changes to section 174 and no movement from Congress have left many business owners unsure of how to move forward with R&E (Research & Experimentation) expenses for the 2022 tax year and beyond. Business owners are unsure about how to proceed with their 2022 R&E deduction strategy.

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payroll tax Tax payroll Government 75