CPA Practice

OCTOBER 22, 2024

In this white paper, we break down the key federal payroll laws, explore important compliance insights, highlight the role of technology, and provide practical tips for maintaining compliance. federal payroll compliance is an ongoing process that requires vigilance and dedication. Fill out the form below to access this resource.

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CPA Practice

FEBRUARY 2, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.

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Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

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MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. Q: My nonprofit is tax-exempt.

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ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. The following local income tax rates will increase on July 1: (1) Cridersville increases to 1.5% Washington. per hour. .

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Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

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MyIRSRelief

AUGUST 2, 2024

Recordkeeping Good recordkeeping is essential for tax compliance. Cannabis businesses should maintain detailed records of all transactions, including sales, purchases, payroll, and other expenses. Estimated Tax Payments Cannabis businesses, like other small businesses, are required to make quarterly estimated tax payments.

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ThomsonReuters

MARCH 22, 2021

So, why the brief history lesson on American Colony taxes? To illustrate the point that there are a lot of taxes to keep up with, even back in Colonial times. For payroll, in particular, there are a number of taxes. Is there interest on the late taxes? A number of those pages will directly affect payroll.

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CPA Practice

OCTOBER 16, 2023

Taylor, Kiplinger Consumer News Service (TNS) Many Californians thought their taxes were due today (Oct. 16), but the IRS has further postponed tax deadlines for people in 58 counties impacted by natural disasters last winter. 16, 2023, to file their 2022 federal income tax returns and pay any tax due.

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CPA Practice

SEPTEMBER 12, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following Tropical Storm Idalia, the IRS has granted tax relief to South Carolina residents impacted by the storm. The relief includes certain extended federal tax filing and payment deadlines. Some state tax filing and payment deadlines have also been extended.

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CPA Practice

JUNE 1, 2023

Therefore, if the goal is to maximize income, typically the longer you wait, the better. Pre-tax retirement accounts This includes traditional IRAs, 401(k)s, 403(b)s, 457s, SEP IRAs, etc. Basically, all the accounts you have yet to pay income taxes on. All contents copyright 2023 The Kiplinger Washington Editors Inc.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax.

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CPA Practice

MAY 11, 2023

Can the Earned Income Tax Credit Help You? Take advantage of tax credits and deductions. Keep in mind that there are several tax credits and deductions that you may qualify for and that you should take advantage of. Consider the Earned Income Tax Credit (EITC) if you have a low to moderate income.

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CPA Practice

AUGUST 26, 2024

Download the guide to ensure your next payroll software platform is the right one. Download the e-book today and take the first step toward positioning your firm for success with the power of collaboration. Sign in or subscribe to get access to this free resource, and all of our whitepapers.

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CPA Practice

SEPTEMBER 20, 2024

Download the guide to ensure your next payroll software platform is the right one. IRIS works with thousands of CPA firms in North America, including 52 of the top 100 CPA firms in the US, and provides innovative solutions to serve accountancy customers in the North American market, making IRIS the go-to partner for CPAs.

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CPA Practice

OCTOBER 23, 2024

Email (Required) Number of Employees at Your Firm (Required) Number of Employees at Your Firm Sole Proprietor 2 To 4 5 To 9 10 To 19 20 To 49 50 Or More Full Name (Required) State / Province (Required) State / Province Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas (..)

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CPA Practice

JULY 19, 2024

Download the guide to ensure your next payroll software platform is the right one. IRIS has over 100,000 UK and international customers, with 80% having a tenure of five or more years. Sign in or subscribe to get access to this free resource, and all of our whitepapers.

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CPA Practice

SEPTEMBER 3, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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Shay CPA

DECEMBER 7, 2022

Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts. State franchise and income tax accounts. Washington. File away R&D tax credit and pandemic aid documentation. Workers’ compensation. New Jersey.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S.

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CPA Practice

JULY 24, 2024

The tax relief postpones various tax filing and payment deadlines that occurred from July 5, 2024, through Feb. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on July 31 and Oct. 16, 2024, and Jan. 31, 2024, and Jan.

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CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 20, 2023, to Feb. 31, 2023, and Jan.

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TaxConnex

MARCH 30, 2023

The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s at stake for the revenue of states that already have their own sales tax? The provisions This bill imposes a national sales tax on the use or consumption in the U.S. What’s in the bill? The big view?

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CPA Practice

NOVEMBER 1, 2023

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Moreover, some of the income for high-income workers is often dependent on the stock market performance, which declined in 2022.” The knocks to personal incomes affected state revenues.

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CPA Practice

NOVEMBER 4, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

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CPA Practice

OCTOBER 30, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What software or tools are you using to manage your engagements, or how does your team currently manage client engagements and reporting processes?

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CPA Practice

NOVEMBER 22, 2024

It teaches them positive work values Ronne Brown is the owner of HERLISTIC, a plant-derived beauty and feminine care brand in Washington, D.C. Brown says she pays all of her children, including her 24-year-old son who is on payroll. She’s been participating in Small Business Saturday since she established her business in 2020.

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CPA Practice

OCTOBER 8, 2024

Eligibility should be focused only on incorporated companies with independent director majorities (not closely held companies , private partnerships or sole proprietorships) that must eventually pay federal corporate income taxes once they become profitable.

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CPA Practice

MARCH 7, 2023

By Justin Sink and Josh Wingrove, Bloomberg News (TNS) President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. The Democrats’ budget resolution had many amendments introduced to it in the Senate on February 5, 2021, including a topic that has been on the minds of many payroll professionals during the COVID-19 pandemic – teleworking.

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Dent Moses

MARCH 18, 2025

President Donald Trump has proposed eliminating federal income taxes on Social Security benefits, aiming to provide financial relief to retirees. Currently, up to 85% of these benefits can be taxed, depending on income levels. These benefits are funded by payroll taxeshalf paid by workers and half by employers.

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. It also has to do with a wide variety of topics such as reporting and paying taxes and keeping in compliance with laws. Payroll in a Pandemic.

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Going Concern

DECEMBER 23, 2022

Because robots can replace jobs, the idea goes, a stiff tax on them would give firms incentive to help retain workers, while also compensating for a dropoff in payroll taxes when robots are used. The post Friday Footnotes: EY Cancels Christmas; A Very Sucky PwC Report; Should We Tax Robots?

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CPA Practice

SEPTEMBER 3, 2024

While the political logic behind the plans is compelling, the plan to end taxes on tips is panned by tax experts. All I can say is, I hope what happens in Vegas stays in Vegas, because these are bad ideas,” said Steven Rosenthal, a senior fellow at the Washington-based Urban-Brookings Tax Policy Center.

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CPA Practice

AUGUST 20, 2024

Many tipped workers earn so little they already aren’t required to pay federal income taxes; Yale Budget Lab estimates this is the case for about 37% of tipped workers. That also means they must continue to report tips, even if federal taxes on tips are eliminated; also, the proposals would not affect state income tax requirements.

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CPA Practice

AUGUST 14, 2024

By Gregory Korte Bloomberg News (TNS) Donald Trump and Kamala Harris are in a tax policy arms race, copying and one-upping each other’s proposals in a bid to court key battleground state voting blocs ahead of a looming battle in Washington to rewrite the tax code.

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