RogerRossmeisl

JANUARY 25, 2021

Taxpayers could apply to have the loans forgiven to the extent their proceeds were used to maintain payroll during the COVID-19 pandemic and to cover certain other expenses. The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

APRIL 10, 2023

You can save family income and payroll taxes by putting your child on the payroll. The post The Tax Advantages of Hiring Your Child This Summer appeared first on Roger Rossmeisl, CPA. Summer is around the corner so you may be thinking about hiring young people at your small business. It’s a win-win!

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RogerRossmeisl

AUGUST 9, 2021

Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. For example, paying under-the-table cash wages to avoid paying payroll taxes could result in criminal charges and significant penalties. These can lead to legal liability and fines.

Construction 240

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RogerRossmeisl

JANUARY 11, 2021

The provision established the Payroll Protection Program (PPP), which provides up to 24 weeks of cash-flow assistance through 100% federally guaranteed loans to eligible recipients for the purpose of maintaining payroll during the coronavirus (COVID-19) pandemic and to cover certain other expenses.

payroll 217

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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.

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RogerRossmeisl

NOVEMBER 8, 2023

Construction Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. To prevent payroll fraud, have someone independent of your accounting department verify the names and pay rates on your.

Real Estate 230

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Going Concern

JANUARY 22, 2025

According to the indictment, Jerkins, a Certified Public Accountant, owned Jerkins Business Solutions (JBS) which provided tax preparation, bookkeeping, and payroll services, among other accounting and financial services, for individuals and businesses since 2015. JBS was a sole proprietorship, and Jerkins controlled its bank accounts.

Tennessee 59

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CPA Practice

AUGUST 9, 2024

Hosts Randy Johnston and Brian Tankersley, CPA, review CYMA Payroll , a system designed for providers offering volume payroll processing and unique markets that process complex payroll. Well, I want to talk to you today about an accounting software product called Saima Cy MA and their payroll system.

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RogerRossmeisl

NOVEMBER 16, 2021

Employers don’t have to pay payroll taxes on HSA contributions made by employees through payroll deductions. The post Establishing a Health Savings Account for your Business appeared first on Roger Rossmeisl, CPA. Distributions from HSAs to cover qualified medical expenses aren’t taxed. Eligibility rules To be.

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Accounting Today

APRIL 16, 2024

A CPA's embezzlement turns out to be no excuse for trust fund recovery penalties.

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RogerRossmeisl

JANUARY 15, 2021

allowing eligible employers to obtain forgivable loans for certain payroll and non-payroll purposes. The post SBA Re-Opening PPP for All Lenders by 1/19/2021 appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

AUGUST 9, 2022

For example, a colluding manager might override controls to allow another employee to commit expense reimbursement or payroll fraud. The post 5 Ways to Stop Employees from Colluding in Fraud appeared first on Roger Rossmeisl, CPA. Colluding thieves usually either ignore internal controls or take steps to hide noncompliance.

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RogerRossmeisl

JULY 14, 2021

And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business is organized), and Enable retirement plan contributions for the children. However, in order for your.

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RogerRossmeisl

JUNE 10, 2021

If a worker is an employee, your company must withhold federal income and payroll taxes, pay the employer’s share of FICA taxes on the wages, plus FUTA tax. The post Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees appeared first on Roger Rossmeisl, CPA. In addition, there may be state tax obligations.

payroll tax 246

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RogerRossmeisl

MAY 15, 2023

If a worker is an employee, your company must withhold federal income and payroll taxes and pay the employer’s share of FICA taxes on the wages, plus FUTA tax. The post If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled appeared first on Roger Rossmeisl, CPA. In addition, there.

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RogerRossmeisl

FEBRUARY 5, 2023

While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021. The post Employers Should be Wary of ERTC Claims that are Too Good to be True appeared first on Roger Rossmeisl, CPA.

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CPA Practice

OCTOBER 23, 2023

Joshua Lance, founder and managing director of Chicago-based Lance CPA Group and a six-time “40 Under 40” honoree by CPA Practice Advisor , passed away on Oct 21. In a post on Instagram , Lance CPA Group said its offices will be closed today to “honor our friend.” “We He was 40 years old.

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CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. By Nellie Akalp. Filing tax returns and remitting payments on time.

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RogerRossmeisl

NOVEMBER 7, 2020

it isn’t subject to income or payroll-tax withholding), it isn’t reported on the employee’s Form W-2, and receipts for expenses aren’t required. The post Per-Diem Rates for Post-9/30/20 Business Travel appeared first on Roger Rossmeisl, CPA.

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CPA Practice

OCTOBER 3, 2024

This webinar will be held on Thursday, November 14, 2024 at 2:00pm ET Sponsor: IRIS Payroll Duration: 1 Hour Register Now Gustavo Fernandez, President of Payroll Service Pros, will share real-world examples to demonstrate the differences and the choices you make play out in practice.

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CPA Practice

JANUARY 9, 2024

FreshBooks , a maker of cloud-based accounting software for small businesses and accountants, is expanding its suite of services with the launch of FreshBooks Payroll. This is an integrated payroll solution for U.S. based customers, leveraging Gusto’s top-of-the-line payroll technology.

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RogerRossmeisl

NOVEMBER 7, 2020

If your small business is planning for payroll next year, be aware that the 2021 Social Security wage base is increasing. The post 2021 Social Security Wage Base is Increasing appeared first on Roger Rossmeisl, CPA. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% In addition.

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RogerRossmeisl

DECEMBER 31, 2023

In general, anything of value that you transfer to an employee is included in his or her taxable income (and, therefore, subject to income and payroll taxes) and deductible by your business. The post Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks appeared first on Roger Rossmeisl, CPA.

Tax 190

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CPA Practice

APRIL 15, 2024

NLP integrates data analytics tools, identifies patterns, and performs predictive analysis, enabling CPAs to offer expert financial advice to their clients. The accounting profession is moving beyond bookkeeping and payroll activities and has taken a turn toward strategizing for future businesses. What is next?

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CPA Practice

OCTOBER 27, 2023

The Internal Revenue Service is reminding employers that the best way to file their next quarterly payroll tax return by the Oct. Two options to electronically file payroll tax returns The first option for employers is to self-file by purchasing IRS-approved software that meets their specific needs. 31 payroll tax deadline.

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CPA Practice

JANUARY 23, 2024

Patriot Software, a national accounting and payroll software company, has released its inaugural Small Business Payroll Index , which will be published monthly. This index represents the monthly percentage change in the number of workers who were added to or removed from Patriot’s payroll software. “I

payroll 105

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CPA Practice

OCTOBER 2, 2023

However, it doesn’t mean CPA firms are finding it any easier to staff available positions — or hold on to the valued employees they already have in place. Our research provides some answers that can help CPA firms with hiring and retention. This is good news for employers overall. Robert Half’s research on U.S.

accounting and finance 128

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Going Concern

JANUARY 3, 2025

The San Francisco-based HR tech company Employer.com focuses on payroll and onboarding, in contrast to Bench, which specializes in accounting and tax. Upon completing its investigation, Wonder CPA began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

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CPA Practice

OCTOBER 28, 2024

If applicable, final payroll tax returns must also be filed and payroll accounts closed, as well as any sales tax. She is the CEO of CorpNet.com , the smartest way to start a business, register for payroll taxes, and maintain business compliance across the United States. Any outstanding tax obligations must be paid.

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CPA Practice

NOVEMBER 1, 2023

CPA firm leaders outlining staffing plans for the coming year can’t help but worry if they will hit their hiring goals. CPA firms are bearing the brunt of other trends, too, like the dwindling population of college students graduating with accounting degrees.

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Going Concern

OCTOBER 20, 2023

Local CPA weighs in on accountant shortage [ WMDT ] The Salisbury, MD news spoke to a UHY partner about the issue. CPA at UHY Group Mark Welsh tells 47ABC that recruiting slowing down has meant firms are turning to AI, Bots, and international workers to help fill demand, raising prices as much as ten percent for end-users. Welsh said.

CPA 111

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RogerRossmeisl

NOVEMBER 13, 2022

Employers don’t have to pay payroll taxes on HSA contributions made by employees through. The post 2023 Limits for Businesses that Have HSAs appeared first on Roger Rossmeisl, CPA. Distributions from HSAs to cover qualified medical expenses aren’t taxed.

payroll tax 147

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MyIRSRelief

JANUARY 2, 2023

Owing back taxes: If you owe back taxes , personal income tax, corporate income tax, or employment 941 payroll tax, the IRS may take enforcement action, such as placing a lien on your property or garnishing your wages and levying your bank accounts. you may be subject to penalties and interest on failure to file and on any unpaid taxes.

Tax 147

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Going Concern

AUGUST 29, 2024

ACCOUNTING CANDIDATES FTE Accounting | Candidate ID #22164759 Certifications: CPA in process Education: BA and MA Accounting Experience (years): 20 years business experience Work experience (detail): 6+ in public accounting Provides accounting services for multiple clients Payroll processing and tax filing Prepares Federal filings for SMBs, S-Corps (..)

Real Estate 105

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RogerRossmeisl

APRIL 30, 2024

Family members on the payroll Family-owned businesses aren’t usually run like large public companies. The post Challenges of Valuing Family-Owned Businesses appeared first on Roger Rossmeisl, CPA. Working together can bring out the best — and worst — in families. For starters, “family business” and “nepotism” often go hand in hand.

payroll 130

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Withum

JANUARY 20, 2025

As a result, we recommend a comprehensive review of your employment tax reporting function, including: Payroll and accounts payable personnel should identify and review any workers who may be receiving both Form W-2 and Form 1099. Your written worker classification policy should be reviewed and potentially revised.

Healthcare 78

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CPA Practice

AUGUST 14, 2024

Credit: CPA Practice Advisor Earlier this year, Cassidy shared the company’s three year strategy with investors, which is based upon four pillars. Credit: CPA Practice Advisor. Credit: CPA Practice Advisor. Xero CEO Sukhinder Singh Cassidy addresses Xerocon 2024.

Technology 122

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