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As accountants and CPAs, dealing with payrolltaxes is essential to managing finances for your business clients. Understanding the details of payrolltaxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. By Nellie Akalp. for both employees and employers.
Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payrolltax complications. Multi-state payrolltax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.
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.
This changing employment landscape requires employers to reassess their payrolltax 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.
How to manage state and local tax Do you have clients who live in one state but work in another state? If so, they may be able to lower incometaxes through a state-by-state reciprocity agreement, should the agreement exist. Bilateral vs. unilateral agreements Do state reciprocity agreements apply to remote workers?
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.
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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Checkpoint Payroll Update caught up with John Wertz, tax attorney and partner at Holland & Knight’s New York office, to discuss this first-of-its-kind law. Wertz, a veteran in state and local taxes for over 30 years, explained that the law applies only to full-time hourly employees.
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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“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. In Connecticut, personal incometax revenue took a $1.3
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?
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?
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.
And seniors are well-represented in swing states like Pennsylvania, Michigan, Wisconsin, Florida and Arizona. Members of Congress on both sides of the aisle have pushed to exempt Social Security payments from incometax, though no bipartisan proposal has emerged this Congress. Republican Reps. Angie Craig, D-Minn.,
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