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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

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CPA Indicted for $800,000 in Tax Fraud, Claiming Fake Foster Child as Dependent

CPA Practice

Those charges were only three of 32 separate charges related to tax fraud, according to a grand jury indictment filed in the U.S. District Court for the Northern District of West Virginia. The dates of the offenses range from 2018 through 2021. A trip to the Insurance Depot revealed a closed office on Wednesday.

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

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Third Estimated Tax Payment Due Sept. 16, IRS Says

CPA Practice

As a general rule, taxpayers should make estimated tax payments if they expect: To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits. Late and skipped estimated tax payments can incur penalties even if a refund is due when a tax return is filed.

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Lodging Tax Insanity — So Many Ways to Tax Accommodations

CPA Practice

For example: Kansas requires marketplace facilitators to collect the tax due on rooms , lodgings, and sleeping accommodations booked through the platform, except “if such rooms, lodgings or sleeping accommodations are provided by a hotel.” These taxes are administered by the Wisconsin Department of Revenue.

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March 1 Tax Deadline Nears for Many Farmers, Fisherman

CPA Practice

Businesses with income from farming or fishing that have not paid all of their 2023 tax year estimated taxes by Jan. 16 must file their tax returns and pay their entire tax due on or before March 1. Only those taxpayers that have paid their estimated tax payments by Jan.

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Is Software as a Service Taxable? 

Anders CPA

Many states don’t require a company to collect tax if all they provide is nontaxable services. How a state may define SaaS could determine if a company is required to file a sales tax return in a particular state, regardless of if SaaS is actually taxable by law within that given state. Anders State and Local Tax services.