ThomsonReuters

JANUARY 30, 2023

States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. A flurry of bills is being proposed in the payroll space — many having to do labor and employment. Currently, the state indexes its minimum wage annually for inflation. per hour to $11.39.

payroll 105

payroll Hawaii West Virginia Oklahoma 105

Shay CPA

FEBRUARY 10, 2025

American Innovation and Jobs Act (2023) Sought to reinstate immediate expensing and bolster the R&D tax credit for smaller companies. Tax Relief for American Families and Workers Act (January 2024) Included a provision to defer amortization until 2026. Outcome: Proposed but not enacted.

accrual accounting 52

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Withum

OCTOBER 3, 2024

The IRS is also providing penalty relief to businesses that make payroll and excise tax deposits. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are you interested in making qualified disaster relief payments to your employees?

South Carolina 130

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ThomsonReuters

JANUARY 22, 2024

Flexible Income Lookback : Taxpayers can choose to use either current or prior-year income to calculate the child tax credit in 2024 and 2025, providing flexibility in determining eligibility. Inflation Adjustment : Starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.

Tax 105

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Withum

OCTOBER 11, 2023

Planning and advocating Congressional leaders for IRC §174 immediate expensing should continue to be a top priority for all businesses conducting R&E. Even more of the TCJA provisions expire in 2026, including the elimination of the pass-through (199A) deduction and an increase in the top individual income tax rates to 39.6%.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. toward health or other benefits including paid leave starting in 2026. For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog. per hour starting in 2022, $14.25 in 2023, $15.00 in 2024, $16.00

payroll 98

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KROST

NOVEMBER 24, 2020

Eligible taxpayers with an average of $50 million or less in gross receipts over the previous three years may claim the federal R&D tax credit against their alternative minimum tax liability. Pass-through entities may want to consider recognizing gains in 2020 that may have otherwise been recognized in early 2021. California.

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