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This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. If you have employees, you also file a Form 941 , which reports payrolltax withheld on their behalf.
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Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payrolltax complications. Multi-state payrolltax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.
The post Top Remote Accountants of the Week | January 17, 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.
In 2025, there are several updates to various payrolltax withholding limits, including Social Security tax and 401(k) elective deferrals. Below, we highlight any payrolltax and withholding updates or consistencies for 2025 that employers and employees should be aware of. on wages up to $176,100.
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.
Blog home The IRS published the final Form 6765 and its instructions for the tax year 2024 on February 10, 2025. The IRS is seeking feedback on the form and instructions until June 30, 2025, to ensure that the instructions for tax year 2025 (processing year 2026) are clear and up to date. Michelle Abel, J.D.,
Per the Small Entity Compliance Guide published by the Financial Crimes Enforcement Network, companies created or registered to do business before January 1, 2024, will have until January 1, 2025 to file their initial BOI reports. Establish a system for collecting and remitting sales tax if required.
In 2024, there are several updates to various payrolltax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payrolltax and withholding updates or consistencies for 2024 that employers and employees should be aware of. per hour on January 1, 2024.
The post Top Remote Accountants of the Week | February 6, 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.
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 taxreturn provider. Want to start 2024 off strong with an advisory mindset?
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.
Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income taxreturns 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.
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 taxreturns, usually Form 941.
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 taxreturn to the extent these out-of-pocket expenses exceeded 2% of the employee’s adjusted gross income. What is an accountable plan?
A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal TaxReturn or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment taxreturns. The return must still be filed on paper.
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 taxreturns. Missing these tax payment deadlines might result in penalties or interest charges. What Is a Tax Extension?
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.
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 taxreturns, usually Form 941.
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.
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
Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payrolltaxreturns. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.
Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payrolltaxreturns. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.
Also, he clarified that the statutes of limitation relating to employment taxreturns do not restart for purposes of IRS assessment when an amended return is filed. 31, 2025 the Work Opportunity Tax Credit under Code Sec. 31, 2025 the exclusion of certain employer payments of student loans expires after Dec.
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.
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.
The post Top Remote Accountants of the Week | February 20, 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.
As your go-to tax pro whos on the roller coaster ride with you, let me assure you that I will do anything I can to help prepare your Skagit County business tax-wise for whats coming. Let me briefly address some 2024 trends that could bring potential 2025tax changes at the local and state levels across the country.
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 PayrollTaxes. Employer tax credit for paid family and medical leave. Indian employment credit.
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