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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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$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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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. Oliver is 55 and hails from Rivesville. The dates of the offenses range from 2018 through 2021.

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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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Heads Up! Payroll Changes Coming in July

ThomsonReuters

Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments. West Virginia.

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Schneider Downs Announces Seven Additions to Ownership Group

CPA Practice

Ryan received both his Bachelor’s and Master’s degrees from West Virginia University. Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. Additionally, he frequently presents during internal firm training seminars and writes articles for the firm’s website.