CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax 110

payroll tax West Virginia payroll cpas 110

MyIRSRelief

AUGUST 2, 2024

Employment Taxes Cannabis businesses are not exempt from employment tax obligations. They must withhold federal income tax, Social Security, and Medicare taxes from employees’ wages and pay the employer’s share of these taxes. Ensure that your tax returns accurately reflect these limitations.

audit 130

audit Tax Nevada Colorado 130

CPA Practice

MARCH 10, 2023

In 2005, Brother A purchased a home in Paradise Valley, Arizona for $1,525,000. On his 2012 federal income tax return, Brother C deducted $66,354 of mortgage interest paid relating to the Paradise Valley property—half of the total mortgage interest paid in 2012 on the loan as reported by Wells Fargo.

Tax 98

Tax Arizona income tax Construction 98

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

payroll 98

payroll income tax Vermont Iowa 98

ThomsonReuters

JULY 10, 2023

At the state level, it is not uncommon to have more than one sales tax rate. Items deemed necessities like groceries may have a lower tax rate (or even be exempt) in an effort to provide some low-income tax relief. As noted above, many states also have local sales taxes. However, many consumers do not pay the tax.

Sales 97

Sales Tax Arizona Georgia 97

CPA Practice

APRIL 11, 2024

This year, for the first time, residents of 12 states who file simple tax returns can file online for free using the IRS’s new Direct File portal. Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and cheaper for eligible filers.

Tax 52

Tax tax return income tax Arizona 52

CPA Practice

SEPTEMBER 23, 2024

Maryland and North Carolina will join several other states participating in the online initiative, following the success of pilot programs in Arizona and New York. Four states developed a personalized companion tool using the pilot, allowing their residents to file state returns.

North Carolina 59

North Carolina Maryland Tax Technology 59

Cherry Bekaert

SEPTEMBER 22, 2024

The states with the largest number of those new jobs include Arizona, Georgia, Kansas and Tennessee 2. July 3, 2024: IR-2024-182 – IRS Warns of New Scam Targeting Clean Energy Tax Credits The IRS has identified instances where some tax return preparers misrepresent the rules for claiming clean energy credits under the IRA.

Manufacturing 64

Manufacturing tax return Tax Kansas 64

TaxConnex

NOVEMBER 12, 2024

Seven states made up 60% of out-of-state audits in the survey: Alabama, Arizona, California, Colorado, Georgia, New York and Texas. Auditors routinely request sales tax returns, federal income tax returns, G/L details, fixed asset schedules, sales journals and purchase journals. Review the paperwork.

audit 113

audit Sales Tax auditor 113

CPA Practice

MARCH 12, 2024

After several weeks of testing , the IRS said on Tuesday that eligible taxpayers in 12 states can now use its new Direct File service to submit their tax returns online for free directly with the agency. This includes 5.2 million in California, 3.8 million in Texas, 2.8 million in New York, 2.4 million in Florida, and 1.1

South Dakota 108

South Dakota income tax tax return Arizona 108