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

MARCH 6, 2024

Employers who did not claim the ERC on an originally filed quarterly payroll tax return in 2021 can claim the credit by filing an amended return for each quarter for which they were eligible for the credit. Employers who wish to claim the ERC must file amended returns for any quarter ending in 2021 no later than April 15, 2025.

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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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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.

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inDinero Tax Tips

JANUARY 16, 2024

For sole proprietors and certain single-member LLC’s, fill out IRS Form 4868 Corporations, partnerships, and multimember LLC’s should use IRS Form 7004 When are Taxes Due for Quarterly payments in 2024? Estimated tax payments are to be made quarterly; they can be submitted online or posted in the mail with Form 1120-W.

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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. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.

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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. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.

cpas 52

cpas CPA Education accounting and finance 52

Withum

JULY 30, 2024

While business leaders and accountants would like to believe that federal tax reform will be the priority issue for congressional leaders after the November elections, tax reform may need to be placed to the side until the U.S. This would result in a level of uncertainty regarding federal tax payments surrounding the 2025 taxable year.

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Anders CPA

AUGUST 23, 2022

Included in the new act is an extension of the Affordable Care Act provisions that were provided in the American Rescue Plan Act of 2021, which helped individuals in buying health coverage on the marketplace, which has now been extended through 2025. RESEARCH CREDIT FOR SMALL BUSINESSES. GREEN ENERGY.

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TaxConnex

JANUARY 4, 2024

The instantly embattled bill seeks a national sales tax on the use or consumption in the U.S. of taxable property or services in lieu of the current income taxes, payroll taxes and estate and gift taxes. The rate of the sales tax would be 23% in 2025 and adjusted in subsequent years.

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TaxConnex

MARCH 30, 2023

The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s at stake for the revenue of states that already have their own sales tax? The provisions This bill imposes a national sales tax on the use or consumption in the U.S. What’s in the bill? The big view?

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ThomsonReuters

DECEMBER 29, 2020

Section 288 aligns the definitions of qualified wages for paid sick and family leave with the Internal Revenue Code and excludes leave payments from employer Social Security employment taxes. Extension of Certain Deferred Payroll Taxes. Employer tax credit for paid family and medical leave. Indian employment credit.

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payroll Non-Profits Agriculture payroll tax 118

Withum

JANUARY 13, 2025

The fires, which began on January 7, 2025, have led to the destruction of homes, businesses, and infrastructure, prompting widespread evacuations and emergency responses. In response to this devastation, the Internal Revenue Service (IRS) announced tax relief for affected individuals and businesses on January 10, 2025.

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tax return California payroll income tax 122

ThomsonReuters

MARCH 15, 2023

Using its regulatory authority, the IRS implemented the Certified Professional Employer Organization (CPEO) program that includes staffing companies and payroll companies, so that such businesses may be treated as the statutory employer for  Code Sec. 3401(d)  purposes and be liable for the federal employment and income tax withholding.

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KROST

OCTOBER 9, 2020

Proposes taxing capital gains and dividends at same rate as ordinary income tax for taxpayers with over $1MM in income. Proposes to eliminate step up in basis for capital gains and tax all unearned capital gains at death. Pass-through Business Income. Corporate Tax Rates. Payroll Taxes.

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CPA Practice

FEBRUARY 2, 2023

“This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years.

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ThomsonReuters

FEBRUARY 12, 2021

national minimum wage by 2025 and noted during a January 22, 2021 speech that the increase would help bring all Americans above the poverty line. Of course, a number of states and localities have already passed minimum wage rate laws that incrementally increase the dollar amount past the $7.25 million Americans out of work.

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CPA Practice

JUNE 28, 2024

In fact, because many such individuals pay into Social Security via payroll taxes but cannot receive benefits, illegal immigrants bolster rather than drain the finances of the program. Trump on Biden tax plan “He’s the only one I know he wants to raise your taxes by four times,” Trump said of Biden.

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CPA Practice

JUNE 14, 2024

Many Republicans said the idea had merit and should be part of the conversation as Congress weighs how to address the expiration of 2017 tax law provisions slated for the end of 2025. That should be on the table … when we handle the Tax Cuts and Jobs Act renewal next year,” Sen. Brian Fitzpatrick, R-Pa.,

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CPA Practice

AUGUST 14, 2024

Largely absent from the discussion, for now, are the tax cuts from Trump’s 2017 tax law that will expire at the end of 2025. We’re not dealing with the elephant in the room, which is the expiration of the Tax Cuts and Jobs Act,” said Erica York of the nonpartisan Tax Foundation. Extending those cuts carries a $4.6

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