CPA Practice

MAY 11, 2023

They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege. The Mosley brothers face an additional maximum of three years in prison for aiding and advising in filing of false tax returns. c)2023 Silicon Valley, San Jose, CA.

payroll 127

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CPA Practice

JUNE 13, 2023

But part of what’s driving the ERC backlog in particular are adjusted or amended payroll tax returns, according to Michael Wronsky, a senior manager with Baker Tilly’s tax team. These returns are where the majority of credits have been claimed, and they must be paper filed,” Wronsky explains.

Oregon 111

Oregon tax return payroll tax Tax 111

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.

payroll tax 52

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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.

payroll tax 52

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Cherry Bekaert

JULY 9, 2024

This will require more project information to be filed with the tax return, which is in line with how the IRS has been examining research credit calculations. Section G is optional for Qualified Small Businesses that are using the credits to offset payroll tax. 2024-9 Questions?

Tax 96

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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.

Real Estate 115

Real Estate Tax Education Hospitality 115

CPA Practice

OCTOBER 17, 2023

In 2023, an average of almost 67 million Americans per month will receive a Social Security benefit totaling about $1.4 For every $1,640 earned in 2023, one credit will be granted up to $6,560. It is important to note that if the individual is receiving a W-2, the individual and their employer each share the tax burden of 6.2%.

Tax 115

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CPA Practice

AUGUST 3, 2023

A hearing convened by the Oversight Subcommittee of the House Ways & Means Committee on July 27, 2023, addressed the persistent fraud and backlog of the ERC. The hearing included testimony from several tax practitioners, including a CPA who expressed great concern about the level of fraud in the program.

cpas 98

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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.

payroll tax 52

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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. ©2023 Advance Local Media LLC. Visit al.com.

tax return 98

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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

Real Estate Tax Education Hospitality 95

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?

payroll 107

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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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CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels.

New Hampshire 114

New Hampshire tax return Tax income tax 114

SkagitCountyTaxServices

MARCH 17, 2023

While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. But also, there’s little more than a month before personal tax returns are due. As of 2023, it’s scheduled to reduce every year. Check with us.

tax planning 52

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SkagitCountyTaxServices

DECEMBER 7, 2023

This is something we specialize in so be sure to get on our calendar to set up your EOY tax planning appointment: app.acuityscheduling.com/schedule.php?owner=19530343 owner=19530343 Making time to look at numbers before January 1 allows us to help you make last-minute adjustments so your tax return works in your favor.

payroll 83

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CPA Practice

SEPTEMBER 12, 2023

A Kansas woman pleaded guilty on Sept 1, 2023, to willfully failing to account for and pay over employment taxes to the IRS. For the first quarter of 2010 through the last quarter of 2011, however, Clanton did not pay approximately $980,536 in employment taxes owed to the IRS.

Kansas 52

Kansas Tax payroll tax Construction 52

CPA Practice

SEPTEMBER 6, 2023

A Kansas woman pleaded guilty on Sept 1, 2023, to willfully failing to account for and pay over employment taxes to the IRS. For the first quarter of 2010 through the last quarter of 2011, however, Clanton did not pay approximately $980,536 in employment taxes owed to the IRS.

Kansas 52

Kansas Tax payroll tax Construction 52

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.

tax return 52

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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).

payroll tax 52

payroll tax Tax income tax tax return 52

ThomsonReuters

JANUARY 4, 2024

Consider adopting a strategy to advise clients on timely tax planning strategies. Proactively addressing these issues will position your firm as a trusted advisor instead of simply a once-a-year tax return provider. Want to start 2024 off strong with an advisory mindset?

tax planning 78

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inDinero Tax Tips

JANUARY 16, 2024

Important Tax Deadlines for Businesses You should always keep in mind the importance of these dates. They represent the filing deadline, the final day for submitting your business tax returns. Missing these tax payment deadlines might result in penalties or interest charges. What Is a Tax Extension?

Tax 52

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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.

cpas 52

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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.

cpas 52

cpas CPA Education accounting and finance 52

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.

tax return 69

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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.

payroll tax 52

payroll tax payroll tax return Tax 52

Shay CPA

MARCH 22, 2023

If your company receives the R&D Tax Credit, for example, this would mean that those costs will now be capitalized. Founders and their finance teams will need to provide an analysis of their research and experimental expenses (Section 174 Costs) to accurately prepare corporate tax returns. What is an IRC Section 174 expense?

tax return 52

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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 IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

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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. times the loan amount.

payroll tax 52

payroll tax tax return payroll audit 52

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.

cpas 64

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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

E-commerce Tax payroll tax income tax 52

CPA Practice

DECEMBER 8, 2023

Tankersley, CPA.CITP, CGMA 07:57 I would just say that I think the nightmare scenario for most of us is that if you’re the accountant for a small and midsize business, and you handle their personal property tax returns and their sales tax returns and their payroll tax returns, and their income tax returns for federal and state and their excise tax (..)

Technology 52

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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?

Tax 59

Tax Technology CPA tax planning 59

Reckon

JUNE 6, 2023

Yep, it’s that time of year again – 1 July 2023 is looming, and you need to get your ducks in a row. Reconcile your PAYG withholding payment summary report and payroll tax. First off, your advisor can remind you about any tasks you can perform now to make sure you’re ready for your tax return and other EOFY deliverables.

payroll tax 52

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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

Tax payroll tax Manufacturing tax return 40

xendoo

JANUARY 30, 2023

Startups that have less than $5 million in annual gross receipts could apply up to $250,000 of the credit to offset payroll taxes. Since the IRS calculates the tax credit amount based on the amount a company spends on R&D, most early-stage startups don’t qualify for the full amount. For non-profits, it is up to 35%.

business tax 52

business tax Tax tax return income tax 52

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.

Tax 72

Tax Pharmaceutical Construction Manufacturing 72