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TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. Quarterly payroll and excise tax returns normally due on April 30, July 31 and Oct. By Janie Slaven, The Times-Tribune, Corbin, Ky.
As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. By Nellie Akalp. for both employees and employers.
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.
States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. A flurry of bills is being proposed in the payroll space — many having to do labor and employment. Currently, 14 states require employers to provide paid sick leave.
To qualify for payroll or cash refunds, the company must file an application and receive approval from the state prior to creating the new jobs. Alabama: The Alabama Job Act provides a cash refund of up to 4% of the previous year’s gross payroll for new jobs for up to 10 years. taxable wages for up to 15 years.
If you’re thinking about offering payroll services or switching from your current payroll software, this guide can help you decide if it’s time for a change. It will also highlight the essential features your new payroll solution should have. Required) When are you considering a payroll software platform change?
Approximately $185,000 worth of payroll fraud hit a Minnesota company, with local reports noting that a bookkeeper allegedly manipulated payroll data to overpay her salary. According to local Kentucky Today reports, $1.5 Reports said the former finance director allegedly stole $1.5
During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. They can help implement internal controls, review payroll processes, and provide guidance to minimize the risk of errors or discrepancies in future ERC claims.
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. Contact Anders The post Employer Payroll Tax Obligations When Employees Work Out-Of-State appeared first on Anders CPA.
Some states require employers to pay additional payroll taxes. In Kentucky, employers are required to withhold an Occupational Tax from employees’ wages. Many companies also register with a payroll service, so they don’t have to worry about each state’s tax rates. In all but three states, only employers contribute to SUI.
She is the CEO of CorpNet , the most innovative way to start a business, register for payroll taxes, and maintain business compliance across the United States. Generally, a company can choose a “future effective date” 30 to 90 days out. Nellie Akalp is a passionate entrepreneur, recognized business expert, and mother of four.
Brands – parent of Pizza Hut, Taco Bell and Kentucky Fried Chicken – saw its stock jump 5 percent. Many restaurants, for instance, are going to have trouble keeping employees on payrolls as some states ban indoor dining and winter makes outdoor dining a challenge in places like Illinois [and other cold-weather places].”.
KPMG on the job market in the US : Payroll employment rose by 256,00 in December, after a downwardly revised 212,000 in November. Brace yourself for significant downward revisions to payrolls in 2023 and early 2024 when benchmark revisions are released with the January employment report in early February. We generated 2.2
The largest increases in claims for the week ending May 23 were in Maine (11,941), Oklahoma (10,274), Michigan (7,859), Kentucky (6,417) and Oregon (4,913). In contrast, states that saw the biggest decreases were Georgia (65,041), New Jersey (27,324), Kentucky (22,051), Louisiana (11,580) and Pennsylvania (11,172). employers cut 2.76
In the aftermath of tax reform, more carriers are considering implementing per diem plans which can provide clear payroll and income tax savings. However, running afoul of the IRS’s accountable plan rules can jeopardize these savings.
The strategic acquisition also encompasses Mueller dotKonnect, a business process outsourcing firm specializing in finance, accounting, tax and payroll functions. Brentwood-based LBMC, a business consulting and financial services firm, will welcome Louisville-based accounting firm Strothman & Co under its family of companies.
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.
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 (..)
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.
Payroll diversion has become a significant form of payments fraud as well — in this case, the bad actors snare login credentials from employees, and change direct deposit information. In Kentucky. The students were complicit in the fraud, and reportedly accepted cash for their accounts to be used for the money laundering.
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?
Kentucky has also found an increase in the number of “imposter” claims, according to its website. Other states might also suffer from the same problem – Kentucky has acknowledged a problem – but we have no way of knowing for sure.” million in the week ended May 6.
Enerblu in turn existed simply as a firm domiciled in Kentucky that was, according to a suit, never more than “drawings on a piece of paper.” million in total funding, and executives had tens of thousands of dollars in reimbursed expenses and put relatives on the payroll. The company raised about $9.6
The Kentucky Office of Unemployment Insurance did not respond to our request. Impact on employer’s account: The Governor’s news release in regard to the legislation clearly states that workers who refuse an employer’s vaccine mandate will be eligible for unemployment benefits.
Wade is accused of failing to perform the work he’d been paid for by multiple clients, which included bookkeeping, tax preparation and filing, payroll work, and more, according to police.
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?
It also gives business owners more flexibility on how much has to go toward payroll. Thomas Massie of Kentucky the sole outlier voting against it. Prior to the passage of this bill, PPP recipients had to spend 75 percent of the money on employee pay in order to get the loans forgiven. We must get this done.
per hour effective July 24, 2009 (see Payroll Guide ¶18,200 ). See Payroll Guide ¶19,010 for a list of the current state minimum wage rates and further wage and hour information. per hour), Idaho, Iowa, Kansas, Kentucky, North Carolina, North Dakota, New Hampshire, Oklahoma, Pennsylvania, Utah, Wisconsin, and Wyoming.
If the coming pandemic relief package does not come with a payroll tax cut, President Trump has indicated this week that he will not sign the legislation. Workers and employers divide up payroll taxes among each other. Tax Foundation Senior Policy Analyst Garrett Watson said per the report, “Both sides have said it’s not well-targeted.”
Trump and advisors floated a number of possibilities, including an infrastructure package, along with a payroll tax cut, tax deductions for companies’ workers’ restaurant and entertainment expenses, and maybe more. And recent analyses have the economy taking until 2030 to start fully recovering.
There are no immediate plans for negotiations among Speaker Nancy Pelosi (D-California) and Senate Majority Leader Mitch McConnell (R-Kentucky). We should have a big Infrastructure Phase Four with Payroll Tax Cuts & more. It should be for only that reason, with no additions. Big Economic Bounceback!” Trump said in a tweet.
President Donald Trump signed into law a $484 billion COVID-19 rescue bill Friday (April 24) that includes $310 billion in new money for the popular Small Business Association’s (SBA) Paycheck Protection Program (PPP), which exhausted its funding for forgivable loans to small businesses that keep workers on the payroll.
The fourth, Senate Minority Leader Mitch McConnell, R-Kentucky, has not. “Of The Windfall Elimination Provision reduces Social Security benefits by up to half the pension amount for people receiving pension income from jobs that didn’t contribute Social Security payroll taxes. Of the four corners, three of them are covered.
Senate Majority Leader Mitch McConnell (R-Kentucky) is expected to present lawmakers with a draft of stimulus legislation authored by Republicans, with input from the White House, the news outlet reported. More relief could be on the way for Americans hurting from the economic impacts of COVID-19.
Daniel Webster of Florida and Thomas Massie of Kentucky introduced a bill that would repeal the tax and refill the trust funds by appropriating from the Treasury’s general fund. Republican Reps. The bill would bar tax increases to cover the losses. Angie Craig, D-Minn.,
8) from his golf club in Bedminster, New Jersey, provides federal unemployment benefits, defers some payroll taxes, helps renters and homeowners behind on their payments and extends relief on student loans. Jamie Raskin of Maryland said of the president’s actions on unemployment benefits and the payroll tax, according to WSJ.
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