MyIRSRelief

APRIL 22, 2024

Compliance with Tax Filings: All tax returns must be filed. The process involves submitting an application to the IRS with a detailed explanation of your financial situation, often with the help of a tax professional. How Can I Resolve Unfiled Tax Returns in Corona, CA? Victoria Gardens: Shopaholics rejoice!

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CPA Practice

MAY 31, 2023

A California man was sentenced in late May to 12 months in prison for willfully failing to account for and pay over employment taxes. According to court documents and statements made in court, Larry Kudsk of Berkeley, California, operated two construction businesses, Kudsk Construction, Inc., Gutierrez, Inc. Gutierrez, Inc.,

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MyIRSRelief

JANUARY 2, 2023

Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes. Amending your tax returns could correct these errors.

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CPA Practice

AUGUST 2, 2024

ITEP estimated tax payments including sales and excise taxes, property taxes paid directly or on taxes folded into rent payments, and payroll taxes, which are paid either through paycheck withholding or filing income tax returns.

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MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. The EDD is responsible for administering unemployment and disability insurance, payroll tax collection, and job training/workforce services in California.

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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inDinero Tax Tips

DECEMBER 13, 2022

The tax credit can also carry over for up to 20 years, so even if you don’t have a federal income tax liability this year , then it is still well worth investigating your eligibility for the R&D tax credit. Does Your Business Qualify for the Payroll Tax Offset? Does Your Business Have a Qualified Purpose?

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xendoo

FEBRUARY 15, 2022

The National Society of Accountants (NSA) reports that tax consultants typically charge between $176 and $457. It may cost more if you are filing more complex and specialized tax forms. It costs $323 on average for an individual filing a tax return Form 1040 and a state return with itemized deductions.

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Shay CPA

SEPTEMBER 18, 2024

In most cases, payroll audits are looking for employee misclassification. Plenty of startups misclassify people working for them as contractors — rather than employees — to minimize payroll taxes, benefits, etc. Sales tax: Either state or local (e.g., municipal) tax authorities conduct these types of audits.

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ThomsonReuters

JUNE 11, 2024

Beary explained that employers could struggle to understand when to trigger filing and reporting requirements for payroll taxes due to varying rules across states. Rules vary greatly, from as little as withholding tax for an hour of work to up to 30 days if under a certain threshold.

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accounting firms Account accounted accountant 59

ThomsonReuters

JULY 7, 2021

In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. An employer withholds these taxes from the wages of each employee and file and pay the taxes with the IRS. Payroll tax relief.

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ThomsonReuters

FEBRUARY 9, 2022

The DOL also has a list of potential FUTA credit reduction states for tax year 2022, which includes California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania, and the U.S. The IRS has a dedicated webpage for tax relief in disaster situations. Virgin Islands.

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ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. California. per hour. . per hour. . New Mexico.

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inDinero Tax Tips

MARCH 13, 2023

An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages. The LLC partners have 3.5

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inDinero Tax Tips

MARCH 13, 2023

An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages. The LLC partners have 3.5

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income tax Non-Profits payroll tax Tax 52

ThomsonReuters

MARCH 22, 2021

In California , the cities of Pomona , San Francisco, San Mateo and Santa Ana have all have hazard pay ordinances that call for additional wages per hour for certain workers (mainly grocery and/or drug store employees) employed by larger employers in the grocery or drug store business during the COVID-19 pandemic.

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ThomsonReuters

JANUARY 16, 2024

For tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal.

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MyIRSRelief

APRIL 19, 2021

If you have not filed your tax returns, or if you owe unpaid back taxes, employment 941/940 payroll tax, or could possibly be audited, the IRS is raising the bar and hiring more revenue officers and revenue agents. IRS to increase back tax collection, audit enforcement action, Los Angeles, California.

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ThomsonReuters

MARCH 15, 2021

The IRS has posted a final version of the 2021 Form 941 , Employer’s Quarterly Federal Tax Return and its instructions that take into account the COVID-19 tax credit extensions provided for in the Consolidated Appropriations Act, 2021. 2021 Form 941. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5%

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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. California. California Competes Tax Credit. College Access Tax Credit. New Employment Credit.

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Going Concern

JANUARY 19, 2023

Las Vegas tax preparer sentenced to prison for multiple fraud schemes King Isaac Umoren was sentenced to 13 years and three months in prison for filing false tax returns, aggravated identity theft, wire fraud, money laundering and impersonating an FBI agent. government. He was also ordered to pay nearly $9.7

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ThomsonReuters

FEBRUARY 12, 2021

The 2021 final version of Publication 15 is pretty similar to the draft version issued in December of 2020 and notes some items of importance like Certified Professional Employer Organizations (CPEOs) must e-file Forms 941 , Employer’s Quarterly Federal Tax Return , beginning in 2021 (except for the first quarter the CPEO was certified).

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Going Concern

AUGUST 23, 2024

Audit Founder of Trump Media’s Ex-Auditor Faces CPA License Loss [ Bloomberg Tax ] The founder of an audit firm that was branded as a “massive fraud” by the SEC risks losing his certified public accounting license, a punishment that would prevent his firm, BF Borgers CPA PC, from performing external audits or certain complex tax returns.

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