Withum

SEPTEMBER 16, 2024

Here are key insights and reminders to help you navigate the complexities of employee benefit plan compliance for the 2023 filing year. Participants may spread income recognition over a 3-year period for Federal income tax purposes. Therefore, the RPEC has elected to not release a new mortality improvement scale for 2023.

CPA 124

CPA audit Real Estate income tax 124

ThomsonReuters

NOVEMBER 27, 2023

As the holidays approach, many employers plan on paying out bonuses, incentives, or other supplemental wages to employees that may have unexpected tax and compliance implications. Payroll Guide ¶ 4100 et seq. Whichever option you choose will have different tax and compliance implications.

payroll 93

payroll income tax Tax Account 93

ThomsonReuters

NOVEMBER 27, 2023

The ALV is determined according to a table as provided in IRS regulations (see Payroll Guide ¶3580 ). However, the fleet-average valuation rule cannot be used if the FMV of the vehicle when it is first made available for employee use in 2023 exceeds $60,800. For 2023, the business mileage rate is 65.5¢. 8,750 ÷ 12 = $729.17

income tax 97

income tax payroll Tax Account 97

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Federal News.

payroll 98

payroll income tax Vermont Iowa 98

CPA Practice

FEBRUARY 2, 2024

Individuals and businesses affected by the severe storms now have until June 17 to meet certain tax obligations. 2023 quarterly estimated income tax payments normally due on Jan. 16, 2024, and estimated tax payments normally due on April 15, 2024. 2023 quarterly estimated income tax payments normally due on Jan.

Rhode Island 113

Rhode Island Tax income tax tax return 113

Snyder

OCTOBER 30, 2022

So it’s no wonder that the business tax season is a hot time for small business owners, just as it is for accountants , especially when you need to deal with all this manual data entry and reconcile the accounts without any discrepancies. But is there a way to escape tax filing season disturbance? How to file income tax?

tax preparation 98

tax preparation E-commerce Tax income tax 98

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties.

Government 124

Government income tax tax return Florida 124

Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

CPA Practice

SEPTEMBER 25, 2023

The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. Quarterly payroll and excise tax returns normally due on Oct.

Massachusetts 115

Massachusetts Maine Tax income tax 115

Withum

AUGUST 14, 2024

For example, the February 3, 2025, deadline will now apply to the following: Any individual, business, or tax-exempt organization with a valid extension can file their 2023 federal return. Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025.

South Carolina 126

South Carolina North Carolina Georgia Tax 126

CPA Practice

MARCH 29, 2024

7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. 8, 2023, wildfires in Hawaii. The previous federal tax relief, announced shortly after the fires, mainly lasted through Feb. 15 , which did not cover federal income tax filings for tax year 2023.

Hawaii 59

Hawaii income tax Tax tax return 59

ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits. Beginning in 2023, any rate adjustments will be based on the CPI. Inflation has risen 7% over the past year.

payroll 98

payroll Alaska income tax Tax 98

CPA Practice

SEPTEMBER 1, 2023

Filing and Payment Relief The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 27, 2023, through Feb. 15, 2024, to file returns and pay any taxes that were originally due during this period. Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan.

Tax 119

Tax income tax tax return payroll 119

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 2022 tax year version may include more states if the loans are not repaid. The guide also contains information on FUTA taxes.

payroll 98

payroll California Connecticut New Jersey 98

CPA Practice

DECEMBER 11, 2023

Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year. For FSAs that allow carryover of unused amounts, the maximum for 2024 to 2025 is $640, up from $610 that can be carried over from 2023 to 2024. ©2023 Advance Local Media LLC.

income tax 116

income tax payroll Start-ups Tax 116

Withum

JANUARY 12, 2023

These relief provisions provide an extended due date to May 15, 2023, for disaster-affected taxpayers to file returns. For more information about the IRS’ relief provisions for California taxpayers affected by this winter’s storms, please see IRS CA-2023-02 and IRS Alert IR-2023-03. Contact Us. Let’s Chat.

California 122

California Tax tax return payroll tax 122

Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. What Items Are Now Extended Until October 16, 2023? The IRS also announced that the Oct. Who Is an Affected Taxpayer?

California 119

California tax return Nevada payroll 119

CPA Practice

OCTOBER 1, 2024

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Any individual, business, or tax-exempt organization that has a valid extension to file their 2023 federal return. 2024 quarterly estimated income tax payments normally due on Jan.

South Carolina 130

South Carolina North Carolina Tax Alabama 130

CPA Practice

SEPTEMBER 8, 2023

Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan. Therefore, the employee saves both income tax and payroll taxes on contributions to the plan. Similarly, the employer saves on its share of payroll taxes.

payroll tax 119

payroll tax Healthcare Account accountant 119

CPA Practice

SEPTEMBER 13, 2023

Filing and Payment Relief The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 30, 2023, through Feb. 15, 2024, to file returns and pay any taxes that were originally due during this period. Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan.

Georgia 105

Georgia South Carolina income tax tax return 105

ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. Employer blood donation credit enacted.

payroll 98

payroll Missouri Virginia Delaware 98

Withum

FEBRUARY 29, 2024

Ohtani and the Dodgers want to win a World Series, Ohtani wants to be paid at the highest market value for his talent and the Dodgers would like to retain as much payroll flexibility as possible, so the team can be competitive in the future. Let’s start with his federal payroll tax liability.

income tax 105

income tax Tax Sports payroll 105

CPA Practice

FEBRUARY 29, 2024

The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2023, and Jan. 31, 2023, and Jan.

Washington 98

Washington tax return Tax income tax 98

CPA Practice

MARCH 24, 2023

Residents and businesses in five New York counties affected by recent winter storms now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced. 17, 2023, and April 18, 2023. 31 and April 30, 2023. 23 and Dec.

New York 105

New York Tax tax return income tax 105

CPA Practice

FEBRUARY 28, 2023

16 various tax filing and payment deadlines, including those for most calendar-year 2022 individual and business returns. This includes: Individual income tax returns, originally due on April 18; Various business returns, normally due on March 15 and April 18; and Returns of tax-exempt organizations, normally due on May 15.

Tax 128

Tax Alabama Georgia tax return 128

Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

payroll tax 52

payroll tax payroll Tax income tax 52

Withum

SEPTEMBER 1, 2023

On August 30, 2023, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in parts of Florida that were affected by Hurricane Idalia. The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period.

Tax 98

Tax tax return Florida payroll 98

CPA Practice

AUGUST 19, 2023

Filing and Payment Relief The tax relief postpones various tax filing and payment deadlines that occurred from Aug. 8, 2023, through Feb. 15, 2024, to file returns and pay any taxes that were originally due during this period. Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan.

Hawaii 97

Hawaii Tax income tax tax return 97

CPA Practice

JULY 8, 2024

1, 2024, deadline will now apply to: Individual income tax returns and payments normally due on April 15, 2024. 2023 contributions to IRAs and health savings accounts for eligible taxpayers. Quarterly estimated income tax payments normally due on April 15, June 17 and Sept. This means, for example, that the Nov.

Kentucky 105

Kentucky Tax tax return income tax 105

CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Another option is the Direct File pilot program.

tax return 116

tax return Tax income tax tax preparation 116

Ronika Khanna CPA,CA

FEBRUARY 9, 2024

While there are numerous payroll software that handle the filing of the T4 and RL1 slips , the RL1 summary is usually left to the employer (and/or their accountants) to file. The rate for 2023 is 0.0006 (0.06%) and maximum salary to which this applicable, for each individual employee is $91,000 in 2023.

payroll 98

payroll income tax Manufacturing accounting and finance 98

Withum

FEBRUARY 29, 2024

Ohtani and the Dodgers want to win a World Series, Ohtani wants to be paid at the highest market value for his talent and the Dodgers would like to retain as much payroll flexibility as possible, so the team can be competitive in the future. Let’s start with his federal payroll tax liability.

Tax 97

Tax income tax Sports payroll 97

CPA Practice

APRIL 3, 2023

Individuals and households that reside or have a business in Cross, Lonoke and Pulaski counties in Arkansas now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced. See Publication 547 for details.

Arkansas 98

Arkansas Tax tax return income tax 98

CPA Practice

SEPTEMBER 13, 2024

3, 2025, deadline will now apply to: Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. 16, 2024, and Jan. 15, 2025.

Louisiana 104

Louisiana Tax tax return income tax 104

Withum

JANUARY 31, 2024

The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments. Please note that, as of this time, Rhode Island has not provided an extension of time to file the state income tax returns.

Rhode Island 72

Rhode Island income tax tax return Tax 72

ThomsonReuters

APRIL 25, 2023

On April 12, 2023, the U.S. The CPI and payroll are intertwined in a variety of ways. Employers and payroll professionals look to these monthly numbers to make changes and adjustments to payroll systems and also to forecast possible impact on the business in the near future. in March and increased 5.0% What is the CPI?

payroll 59

payroll income tax California Tax 59

inDinero Tax Tips

MAY 13, 2024

What is payroll tax? Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge. In this article, we’ll explain the basics of the tax and how to do payroll yourself. How Much Is Payroll Tax?

payroll tax 52

payroll tax payroll Tax income tax 52