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

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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?

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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?

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Shay CPA

MARCH 6, 2024

As you wrapped up the 2023 books for your startup, you probably did some high-level financial review and analysis. For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. In other words, you can’t make this election retroactively.

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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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Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payroll tax and withholding updates or consistencies for 2024 that employers and employees should be aware of. per hour on January 1, 2024.

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Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

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Withum

FEBRUARY 29, 2024

Ohtani, his agents, and the Dodgers structured the contract so that $20 million will be paid to Ohtani from 2023-2033 ($2 million per year), with the remaining $680 million deferred amount to be paid from 2034-2043. Let’s start with his federal payroll tax liability. The Social Security tax withholding is 6.2%

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Cherry Bekaert

JULY 9, 2024

6(b) of the Income Tax Regulations, all members of a controlled group are treated as a single taxpayer for purposes of computing the research credit. Section G is optional for Qualified Small Businesses that are using the credits to offset payroll tax. This can be found at the start of the form. Section 1.41-6(b)

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CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” 1, 2023, the IRS submitted an appeal of U.S. million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years.

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Withum

FEBRUARY 29, 2024

Ohtani, his agents, and the Dodgers structured the contract so that $20 million will be paid to Ohtani from 2023-2033 ($2 million per year), with the remaining $680 million deferred amount to be paid from 2034-2043. Let’s start with his federal payroll tax liability. The Social Security tax withholding is 6.2%

Tax 97

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CPA Practice

JUNE 10, 2024

Americans are increasingly dissatisfied with their taxes. As of 2024, just 49% considered what they paid to be fair, the second-lowest reading in more than two decades (the lowest was in 2023). For one, the sheer complexity of the tax code allows those with means and sophistication to lower their bills in ways regular people can’t.

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CPA Practice

SEPTEMBER 12, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” 1, 2023, the IRS submitted an appeal of U.S. million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years.

Real Estate 95

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inDinero Tax Tips

MARCH 17, 2023

It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for you by a tax services provider. The 2023 version of the form can be downloaded here.

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inDinero Tax Tips

MARCH 17, 2023

It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for you by a tax services provider. The 2023 version of the form can be downloaded here.

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CPA Practice

MARCH 7, 2023

The form is designed to report household employment taxes if a taxpayer hired someone to do household work and those wages were subject to Social Security, Medicare, or FUTA taxes, or if the employer withheld federal income tax from those wages. ©2023 Advance Local Media LLC. Visit al.com.

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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.

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CPA Practice

MARCH 7, 2023

If the IRS believes salaries are below the typical wage for those positions because the business is trying to avoid paying payroll taxes, the company will lose its S Corp status. For example, companies with significant income may benefit from the 21% flat tax rate enacted by the Tax Cuts and Jobs Act of 2017 for C Corporations.

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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.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax.

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Shay CPA

OCTOBER 18, 2023

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). The Basics The R&D Tax Credit, or IRC 41, offers taxpayers a credit against income tax for qualified research expenses (QREs).

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SkagitCountyTaxServices

MARCH 17, 2023

In the interest of offering you some of my expert insight at no extra cost to you, I’d like to start the small business tax planning conversation here… Padgett & Padgett, PLLC CPA’s Tips for 2023 Small Business Tax Planning “Luck had nothing to do with this. As of 2023, it’s scheduled to reduce every year.

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Going Concern

NOVEMBER 16, 2023

The post Top Remote Accounting Freelancers of the Week: November 16, 2023 appeared first on Going Concern. Liz is a go-to person if you need a guest writer or a webinar/podcast contributor to talk shop. Don’t hesitate to reach out to liz@accountingfly.com.

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CPA Practice

OCTOBER 20, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. In the House of Representatives, H.R. 1705, the STEM Education in Accounting Act.

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CPA Practice

OCTOBER 19, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. In the House of Representatives, H.R. 1705, the STEM Education in Accounting Act.

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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. How is the EITC changing?

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inDinero Tax Tips

JANUARY 16, 2024

It’s always better to preemptively act than face the consequences of missing tax deadlines The Internal Revenue Service (IRS) will apply a Failure to File penalty to all businesses that submit their 2023 tax return late. The penalty won’t exceed 25% of your unpaid taxes. Let indinero’s experts help.

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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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CPA Practice

JULY 12, 2023

Earnings from investments in HSAs grow tax-free, which means there’s no tax on interest, dividends, or capital gains. Distributions from HSAs for qualified medical expenses are tax-free, which means there’s no tax on withdrawals if they’re used for health care purposes. Of course, there are limitations to HSAs.

Tax 98

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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 IRS also has a Form 941 backlog of 2.1

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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ThomsonReuters

MARCH 6, 2024

This led the IRS to call a halt of new claims processing on September 14, 2023, and the moratorium continues to remain in effect. In the meantime, the IRS renewed calls for businesses to review their eligibility for the ERC as the agency’s Criminal Investigations team begins a series of educational sessions for tax professionals.

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Shay CPA

MARCH 22, 2023

What if I don’t have time to provide this analysis before the filing deadline of April 18th, 2023? If you need more time to complete and prepare this analysis, your company can file a tax extension which gives you until Oct 17, 2023 to file the tax return. Any taxes due must be paid by April 18th, 2023, however.

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CPA Practice

SEPTEMBER 14, 2023

Following a recent hearing convened by the Oversight Subcommittee of the House Ways & Means Committee on July 27, 2023, AICPA submitted a written statement for the record expressing concerns with the increase of dishonest ERC mills and recommendations to address the issue.

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Cherry Bekaert

JULY 11, 2024

The Protecting Americans from Tax Hikes (PATH) Act in 2017 created an opportunity for start-up companies to monetize the tax credit as an offset to employer-paid payroll taxes. Starting in 2023, this increased up to another $250,000 to offset employer-paid Medicare taxes.

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