CPA Practice

SEPTEMBER 10, 2024

3, 2025, to submit a variety of tax filings and payments, the Internal Revenue Service announced on Tuesday. 3, 2025 will be extended to that latter date. That will cover people, businesses or tax-exempt organizations that already have extensions to file their 2023 returns. 18 and Feb.

Connecticut 110

Connecticut New York Tax tax return 110

Ronika Khanna CPA,CA

JUNE 7, 2024

for example payroll remittances are referred to as deductions at source). It is therefore prudent for both sole proprietorships and incorporated businesses to keep on top of their tax filings In this article I enumerate the tax obligations for most small businesses in Canada along with links to articles to help you understand each one better.

Tax 84

Tax corporation tax tax return payroll 84

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

payroll tax payroll Tax Missouri 52

SMBAccountant

MAY 17, 2024

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.

accounting software 130

accounting software Legal tax return financial statements 130

inDinero Tax Tips

OCTOBER 22, 2024

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 payroll tax withheld on their behalf.

Nevada 59

Nevada Tax income tax payroll tax 59

Xero

JUNE 4, 2024

Additionally, existing add-ons (payroll, projects and Analytics Plus) will no longer be available for separate purchase from this date. Moving to a new plan From 12 September 2024, we’ll be moving existing plans to new plans in a phased approach and we intend to move all plans by March 2025.

bookkeeping 95

bookkeeping payroll accounting basics tax return 95

Xero

APRIL 30, 2024

Ledger — annual tax basics to help prepare and submit annual tax returns for simple non-trading clients Cashbook — bookkeeping essentials for non GST registered clients. From 1 July 2024, Xero Cashbook + GST and Xero Cashbook + Payroll will no longer be sold. What will happen to my plan on 1 July 2024?

bookkeeping 98

bookkeeping payroll accounting basics tax return 98

Withum

OCTOBER 9, 2023

Historically, most businesses in Massachusetts apportioned income using a three-factor apportionment formula comprising of property, payroll, and double-weighted sales. Also, the legislation closed a loophole for individuals subject to the millionaire’s tax, which imposed a 4% surtax for income over $1M.

Massachusetts 72

Massachusetts Sales Tax tax return 72

CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 31 and April 30, 2024.

tax return 69

tax return income tax California payroll 69

Ronika Khanna CPA,CA

DECEMBER 28, 2023

GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. QST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. It should be noted that penalties and interest on overdue balances are not tax deductible expenses.

business tax 52

business tax Tax income tax tax return 52

Withum

MARCH 20, 2024

March 17, 2023 Montana Enacts Single Factor Sales Apportionment Effective 1/1/2025 Authored by: Jessie Racioppi and Bonnie Susmano , JD, MBA Effective January 1, 2025, C Corporations and pass-through entities that file Montana income tax returns will be required to use single sales factor apportionment.

Montana 52

Montana Tax income tax tax return 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

tax return payroll tax payroll Tax 52

ThomsonReuters

DECEMBER 6, 2023

” He noted that in a “normal time,” the lack of regulations regarding tax return preparation “wasn’t seen as something that could be a huge issue.” ” To learn more about how Checkpoint’s payroll solution can help your business, visit  [link].

tax preparation 105

tax preparation Tax tax return payroll 105

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

Reckon

JUNE 18, 2024

The message is simple: if you have any staff of minimum wages or modern awards, you need to check every award, update your payroll, and begin paying the new rate from 1 July 2025. Hot Tip : Update your payroll software just before 1 July to make sure your next pay run is correct. increment until it reaches 12%.

payroll 52

payroll Non-Profits tax return Tax 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

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

inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

Tax 52

Tax payroll tax tax return payroll 52

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

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

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

CPA Practice

OCTOBER 18, 2024

The Greater Washington Society of CPAs (GWSCPA) recently announced its list of board members and nominations for the 2024/2025 year. In addition to assisting in the coordination and management of the Association’s annual audit and budget, she oversees the payroll and benefits accounting. She holds a B.S.

CPA 110

CPA Non-Profits cpas Washington 110

CPA Practice

FEBRUARY 1, 2023

You can either schedule it for December 31, 2024, or delay taking the distribution until no later than April 1, 2025. The penalty will be further reduced to 10% for IRA owners if the account owner withdraws the RMD amount previously not taken and submits a corrected tax return in a timely manner.

Illinois 96

Illinois Start-ups Tax CPA 96

inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

Tax 40

Tax payroll tax tax return payroll 40

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

SkagitCountyTaxServices

OCTOBER 19, 2022

The Employee Retention Credit (ERC) is gone now, but it might be worth the trouble to retroactively file certain quarterly tax returns and try to get money back. The ERC was designed to help Skagit County employers like you keep employees on the payroll during the tough times of the pandemic. Here’s what you should think about.

payroll 81

payroll Tax CPA tax return 81

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

CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. A special rule allows gift givers to spread larger one-time gifts across five years’ worth of gift tax returns to preserve their lifetime gift exclusion. Should the school be paid directly?

Education 98

Education Transportation Michigan Virginia 98

Xero

MAY 29, 2024

We know areas like payroll and expenses can be critical to running a small business, so we’re bundling these features into some of our UK plans. Xero Payroll, Xero Expenses, multicurrency, Xero Analytics Plus and bill payments are all examples of bundled features in some of our plans. Read more about our latest payroll improvements.

payroll 22

payroll bookkeeping accounting basics tax return 22

SkagitCountyTaxServices

OCTOBER 19, 2022

The Employee Retention Credit (ERC) is gone now, but it might be worth the trouble to retroactively file certain quarterly tax returns and try to get money back. The ERC was designed to help Skagit County employers like you keep employees on the payroll during the tough times of the pandemic. Here’s what you should think about.

CPA 52

CPA payroll Tax tax return 52

Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. The Act delays the IRC §174 R&E capitalization requirement until the taxable year starting after December 31, 2025.

income tax 80

income tax Tax accounting standards accounting and finance 80

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

JUNE 28, 2021

per hour incrementally by 2025. Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. Now let’s go over some federal and state payroll stories from the past week.

payroll 52

payroll California income tax North Dakota 52

CPA Practice

JULY 24, 2024

3, 2025, to file various federal individual and business tax returns and make tax payments. The tax relief postpones various tax filing and payment deadlines that occurred from July 5, 2024, through Feb. 3, 2025, to file returns and pay any taxes that were originally due during this postponement period.

Tax 52

Tax tax return Texas income tax 52

ThomsonReuters

AUGUST 16, 2023

During his remarks on the one-year anniversary of the funding provided to the IRS by legislation from last year, Commissioner Daniel Werfel indicated that the electronic filing of the form used to make adjustments and corrections to previously filed employment tax returns is coming soon. This includes employment tax returns.

tax return 52

tax return Tax Government accounted 52

ThomsonReuters

JANUARY 9, 2024

.” Per the IRS’s Strategic Operating Plan for fiscal year (FY) 2023 through 2031, expanded enforcement is on the radar for large partnerships and large corporations, with additional focus on the employment tax returns these and other entities file.

audit 98

audit Legal Tax tax return 98