MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. They can help implement internal controls, review payroll processes, and provide guidance to minimize the risk of errors or discrepancies in future ERC claims.

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SingleTrackAccounting

OCTOBER 6, 2020

Yes, you will need to pay social security & medicare taxes on your W-2 income, but by running some of your profits through Owner payroll, the entire remainder of your net income is saved from paying ANY self employment tax. Even better, the business can write off your salary and it’s portion of your payroll taxes.

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Going Concern

SEPTEMBER 1, 2023

The professional and business service sector added 19,000 jobs, including 2,700 in accounting, tax preparation, bookkeeping and payroll services. Law & Order Co-Owner of Media Brokerage Firm Pleads Guilty to Filing a False Tax Return [ Department of Justice ] According to court documents and statements made in court, Susan K.

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accountant Account accounted audit 111

SingleTrackAccounting

FEBRUARY 7, 2020

Carrying health insurance is still mandatory under the Affordable Care Act and most small business owners can deduct health insurance related expenses for themselves and their employees on their business tax return. On her business tax return, she can deduct the entire $15,000. Let’s dive more into this.

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SingleTrackAccounting

FEBRUARY 11, 2020

Self Employment tax on the entire amount on your 1099 …. on top of your regular income tax! Most self-employed people only find out about this nightmare situation after they file tax returns with 1099s and are then hit with the tax bill. YOU are paying the highest % of tax out there. When Should I convert.

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ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. The 2022 tax year version may include more states if the loans are not repaid. The guide also contains information on FUTA taxes.

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MyIRSRelief

APRIL 3, 2025

With income from film shoots across California and gear expenses piling up, his last tax return was a messfiled late, deductions overlooked, and a $1,500 penalty hanging over his head. Success brought complexity: payroll for three employees, sales tax from her bustling storefront, and a side gig catering events.

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CPA Practice

JULY 24, 2024

3, 2025, to file various federal individual and business tax returns and make tax payments. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred. Quarterly estimated income tax payments normally due on Sept.

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ThomsonReuters

AUGUST 2, 2021

Now let’s go over some of the more important payroll stories from the past week. . The IRS has updated its lengthy list of FAQs on paid sick and family leave tax credits under the American Rescue Plan Act (ARPA) relating to COVID-19 vaccines. Federal News . IRS posts Form 941-X draft. Learn more.

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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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