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 accountant Account accounted 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

tax planning Tax Technology tax return 78

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

tax return payroll tax payroll Tax 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

tax return payroll tax income tax Tax 69

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

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 accountant Account accounted 59

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

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

Tax tax return payroll tax Delaware 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. 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

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

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

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

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

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

MARCH 15, 2023

Also, he clarified that the statutes of limitation relating to employment tax returns 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.

payroll tax 52

payroll tax payroll Tax Construction 52

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