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

CPA Practice

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

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2022 Outlook for Potential FUTA Credit Reduction States

ThomsonReuters

States like California, Hawaii and Nevada registered unemployment rates at or above 9% in December 2020 and throughout the pandemic many other states suffered record-high unemployment rates rendering the state’s unemployment trust fund insolvent. The FUTA tax rate is currently 6.0% However, employers generally receive a 5.4%

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Friday Footnotes: Tim Ryan Works Too Hard; Fake CPA Gets Violent Over QuickBooks Files; PwC PR | 10.20.23

Going Concern

Nevada CPA Pleads Guilty To Filing False Tax Returns [ U.S. Attorney’s Office, District of Nevada ] According to court documents and statements made in court, Lance K. Bradford of Henderson, was a certified public accountant (CPA) and founder and manager of an accounting firm, LL Bradford & Company (LLB).

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Business Tax Rates: How Much Do Small Businesses Pay in Taxes?

xendoo

The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

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2022 Year-End Tax Planning Checklist

Withum

For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada. Consider increasing the amount you set aside for next year in your employer’s health flexible spending account (FSA). To qualify as a small business, a taxpayer must, among other things, satisfy a gross receipts test.

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Sales and Use Tax Updates from February

TaxConnex

Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges. Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. This affects returns for sales taking place from December through this month.

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