Going Concern

JANUARY 2, 2025

The post Top Remote Accountants of the Week | January 2, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 52

Real Estate Account accounted accountant 52

Withum

JANUARY 4, 2023

It is a refundable payroll tax credit that applies to certain wages paid to employees starting March 13, 2020. 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.

audit 136

audit payroll tax Tax Start-ups 136

CPA Practice

JUNE 21, 2024

The instructions will provide that Section G will be optional for: Qualified Small Business (QSB) taxpayers, defined under section 41(h)(1) & (2) who check the box to claim a reduced payroll tax credit; or Taxpayers with total qualified research expenditures (QREs) equal to or less than $1.5

payroll tax 59

payroll tax payroll Tax Sales 59

ThomsonReuters

JANUARY 4, 2024

Although most clients won’t be affected until 2025, it is essential to prepare them for compliance. This measure aims to combat illegal activities like money laundering and tax evasion. Employee retention credits : Many clients are amending payroll tax returns to address cash flow issues , aiming to leverage tax credits.

tax planning 78

tax planning Tax Technology tax return 78

ThomsonReuters

JANUARY 14, 2022

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (PL 116-260, Sec. 207) amended the ERC, allowing it to be claimed from January 1, 2021 through June 30, 2021 and increased the refundable payroll tax credit $7,000 per employee for each quarter of 2021. . COVID tax credits and paid leave. 117-2, Sec.

payroll 94

payroll payroll tax Tax Education 94

Patriot Software

FEBRUARY 8, 2023

Employers now have until 2024 (and in some cases, 2025) to claim the credit retroactively. Think it’s too late to take advantage of the Employee Retention Credit? Think again. So, how do you know if you qualify for the credit? And, what are the steps for claiming Employee Retention Credit retroactively?

payroll tax 78

payroll tax payroll Tax 78

ThomsonReuters

FEBRUARY 7, 2022

The collection of contributions would not begin until 2025 under the measure. The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. It proposes different contribution rates for medical leave benefits, family caregiving benefits, and parent leave benefits. 2022, S1). .

Missouri 98

Missouri Rhode Island Nebraska Mississippi 98

inDinero Tax Tips

JANUARY 3, 2023

While you have until 2024 to claim the 2020 credit and 2025 to claim the 2021 credit, waiting means missing out on investment opportunities in the meantime. Originally employers reported the qualified wages and claimed the credit on their federal employment tax returns, usually Form 941.

Tax 52

Tax payroll tax tax return payroll 52

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.

tax return 52

tax return payroll tax payroll Tax 52

Withum

OCTOBER 7, 2024

Prior to the Tax Cuts and Jobs Act of 2017 (“TCJA”), unreimbursed out-of-pocket expenses paid by employees were treated as a miscellaneous itemized deduction on an employee’s personal tax return to the extent these out-of-pocket expenses exceeded 2% of the employee’s adjusted gross income. What is an accountable plan?

Expense Reimbursements 59

Expense Reimbursements Account accounted accountant 59

SkagitCountyTaxServices

DECEMBER 6, 2024

Because even seemingly minor bookkeeping mistakes from this year that sneak into 2025 unnoticed can mean significant tax penalties when filing season arrives and can result in skewed budgeting and cash flow problems. So, heres a short bookkeeping checklist to help you during your year-end accounting process: 1.

general ledger 52

general ledger Account accounted accountant 52

Withum

SEPTEMBER 15, 2023

Businesses and accounting firms will monitor the progression of the bill closely, however, 2023 estimated tax payments should still include the capitalization of 174 R&E. Another significant difference between expenditures for the research credit versus Section 174 R&E expenditures surrounds contract wages.

tax return 69

tax return payroll tax income tax Tax 69

ThomsonReuters

JUNE 2, 2023

A recent Treasury Inspector General for Tax Administration (TIGTA) report shows that although 95% of the total deferred Social Security tax has been paid, some 384,314 employers still owe the IRS approximately $6 billion in this payroll tax and will be subject to collection actions.

payroll tax 52

payroll tax payroll tax return Tax 52

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. A total of 23 individual and business tax TCJA provisions are set to expire on December 31, 2025. A tax professional can help you understand these changes and their impact on your business.

business tax 52

business tax Tax income tax payroll tax 52

inDinero Tax Tips

JANUARY 3, 2023

While you have until 2024 to claim the 2020 credit and 2025 to claim the 2021 credit, waiting means missing out on investment opportunities in the meantime. Originally employers reported the qualified wages and claimed the credit on their federal employment tax returns, usually Form 941.

Tax 40

Tax payroll tax tax return payroll 40

ThomsonReuters

NOVEMBER 21, 2023

Consider educating your clients on the following timely tax planning topics: Corporate Transparency Act. Most clients will not be affected until 2025, but new clients with new businesses started in 2024 will have to file a report with FinCEN within 30 days. Tax Cuts and Jobs Act (TCJA). Employee retention credits.

tax planning 52

tax planning Tax payroll tax Education 52

ThomsonReuters

DECEMBER 11, 2020

Following the enactment of the Tax Cuts and Jobs Act (TCJA) in late-December 20217, the IRS needed to significantly revise Form W-4 (Employee’s Withholding Certificate) (see Payroll Guide 4010). This is because the TCJA made several changes that included eliminating withholding allowances from 2020 through 2025.

income tax 98

income tax Agriculture Tax Non-Profits 98

ThomsonReuters

JANUARY 16, 2024

Act While many of the tax benefits related to the COVID-19 pandemic have expired or reverted to their pre-pandemic levels, expanded health insurance subsidies are extended through 2025. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

Tax 52

Tax income tax tax planning payroll 52

inDinero Tax Tips

JANUARY 16, 2024

In addition to annual business tax deadlines, businesses are also responsible to know when taxes are due for quarterly payroll taxes. These taxes include Social Security, Medicare, and federal income tax withholding from employees’ wages.

Tax 52

Tax tax return payroll tax Delaware 52

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.

cpas 52

cpas CPA Education accounting and finance 52

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

Snyder

JANUARY 8, 2023

billion in 2025. For example, if you need to hire employees, then payroll and payroll tax expenses will add up, and so on. These numbers point to a very large market for online retail. Secondly, the dropshipping industry itself is expected to reach a global market valuation of $372.47

E-commerce 98

E-commerce Non-Profits Start-ups Maine 98

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.

Tax 122

Tax income tax Government payroll 122

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. GREEN ENERGY.

Tax 98

Tax Real Estate payroll tax payroll 98

Going Concern

SEPTEMBER 16, 2022

PwC has predicted that ESG assets will account for more than 50% of mutual fund assets by 2025 – representing compound annual growth of 28.8% According to the SEC’s order, Gol bribed prominent Brazilian government officials in exchange for certain favorable payroll tax and aviation fuel tax reductions. from 2019 onwards.

auditor 98

auditor Iowa audit Mississippi 98

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.

Sales 264

Sales Tax Colorado South Dakota 264

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.

payroll 118

payroll Non-Profits Agriculture payroll tax 118

TaxConnex

MARCH 30, 2023

The provisions This bill imposes 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 will be 23% in 2025, adjusted in subsequent years.

Sales 147

Sales Tax income tax Louisiana 147

ThomsonReuters

DECEMBER 2, 2024

This new rule aimed to increase the minimum salary thresholds to $844 per week, effective July 1, 2024, and $1,128 per week, effective January 1, 2025. Additionally, another three million employees earning between $844 and $1,128 per week would have been impacted starting January 1, 2025. On November 15, 2024, U.S.

Texas 59

Texas Tax accounted Account 59

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.

tax return 122

tax return California payroll income tax 122

ThomsonReuters

NOVEMBER 22, 2024

DOL actions post-election Regarding the 2024 rule, Wake said it is unlikely that the DOL will appeal the decision that deemed it unlawful and anticipates that the DOL will seek to withdraw the rule after President-Elect Donald Trump is sworn into office on January 20, 2025.

Legal 52

Legal Texas Tax accounted 52

ThomsonReuters

MARCH 15, 2023

. ”In fact, I would put the odds of enactment before 2025, after the next election cycle, of any provision described in the Biden Budget or Treasury Greenbook as less than 10%,” he said. 31, 2025 the Work Opportunity Tax Credit under  Code Sec. 31, 2025 the Work Opportunity Tax Credit under  Code Sec.

payroll tax 52

payroll tax payroll Tax Construction 52

KROST

OCTOBER 9, 2020

Proposes a permanent extension of 20% Qualified Business Deduction enacted in the TCJA (199A); presently the deduction is set to expire in 2025. Payroll Taxes. Proposes permanent exemption from tax for employee payroll taxes deferred under COVID executive order through the end of 2020. KROST Insight.

Real Estate 75

Real Estate Tax payroll tax income tax 75

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.

income tax 98

income tax Georgia payroll tax Tax 98

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.

payroll 95

payroll income tax California Hawaii 95

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.

Tax 52

Tax income tax payroll tax corporation tax 52

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. “But

Nevada 95

Nevada Tax Texas income tax 95