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

CPA Practice

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.

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Third Estimated Tax Payment Due Sept. 16, IRS Says

CPA Practice

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. 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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Clerical Error Results in Wrong Tax Refunds for Hundreds of Iowans

CPA Practice

By Erin Murphy, The Gazette, Cedar Rapids, Iowa (TNS) Hundreds of Iowans did not get their correct federal tax refund due to a clerical error by the state revenue department, the department confirmed Friday, and state money will be used to fix the mistake. Once the error was discovered, a corrected file was sent to the IRS.

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Monthly Insights for Pass-Through Entity Tax: August 2023

Cherry Bekaert

Hawaii The Hawaii Department of Taxation issued Tax Information Release Notice 2023-01. This notice proposed temporary regulations and guidance on the Hawaii’s PTET election and tax credit , which is available starting in the 2023 tax year. Louisiana Louisiana House Bill No.

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Last Week in Payroll: Backup Withholding

ThomsonReuters

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.

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Friday Footnotes: CPA Says Stop ERC Fearmongering; Deloitte Cussed Out For ‘Grueling Culture’; Worst Books Ever | 2.23.24

Going Concern

Top Remote Accounting Candidates: February 22, 2024 Law & Order Co-Owner of Media Brokerage Firm Sentenced for Filing False Tax Returns [ Department of Justice ] According to court documents and statements made in court, Susan K. From 2012 to April 2018, according to the criminal information document signed by U.S.

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