MyIRSRelief

MAY 1, 2024

Yet, amidst the excitement lurks a dark alley – the realm of taxes. Navigating complex tax codes, understanding specific forms like 1120, 1120S, and 1065, and ensuring compliance can feel like deciphering ancient scrolls. Here’s where a qualified business tax professional becomes your secret weapon.

Tax 130

Tax tax planning audit Non-Profits 130

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.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

ThomsonReuters

APRIL 18, 2024

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. This may pose significant issues.

payroll tax 52

payroll tax Tax payroll Connecticut 52

CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels. for Medicare.

New Hampshire 114

New Hampshire tax return Tax income tax 114

ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February. Possible state amendments to existing mini-COBRA laws.

Hawaii 98

Hawaii South Dakota payroll tax payroll 98

CPA Practice

DECEMBER 19, 2023

Incorporating at the End of the Year The primary advantage of incorporating before the end of the year is your clients can then take advantage of the tax benefits owning a corporation offers, including writing off the costs of incorporating on this year’s taxes.

Rhode Island 116

Rhode Island West Virginia South Dakota North Dakota 116

Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

Tax 59

Tax Technology CPA tax planning 59

PYMNTS

SEPTEMBER 11, 2019

App-based businesses tried to work out immunity to no avail and the bill passed the California State Senate in a 29 to 11 vote, The New York Times reported on Wednesday (Sept. An alliance of labor groups in New York is asking for similar legislation. California lawmakers passed a controversial labor bill on Tuesday (Sept.

California 60

California Oregon payroll tax New York 60

ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. New Mexico. New York City remains at $15.00

payroll 72

payroll Virginia Utah West Virginia 72

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

Tax 52

Tax income tax tax planning payroll 52

ThomsonReuters

JUNE 11, 2024

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. Wylam added that these additional tax jurisdiction concerns can also occur at the local level.

accounting firms 59

accounting firms accountant accounted Account 59

xendoo

JULY 15, 2022

Not only do you have to calculate wages, but you must also account for employment taxes—income, Social Security and Medicare. Also known as Employer Tax ID, an EIN is a unique nine-digit number that identifies your business for tax purposes. For example, a few states like Florida do not collect state income taxes.

payroll 59

payroll payroll tax income tax Tax 59

ThomsonReuters

FEBRUARY 10, 2022

Department of Labor explains that unemployment insurance is a federal-state program financed through federal and state employer payroll taxes. Federal Unemployment Tax Act (FUTA) taxes are paid and reported by employers. Generally, most employers receive a FUTA credit and only pay a net tax rate of 0.6%

South Dakota 52

South Dakota Wisconsin North Carolina Nebraska 52

Shay CPA

SEPTEMBER 18, 2024

Getting an audit notice from a tax authority is enough to stop most founders in their tracks. Here, though, we’re focusing on audits performed by tax authorities like the IRS and state tax boards. The audit notice you get tells you what tax authority is auditing you, and what kind of records they want to see and verify.

audit 52

audit auditor income tax payroll 52

ThomsonReuters

FEBRUARY 7, 2022

California, Connecticut, the District of Columbia, Massachusetts, New Jersey, New York, Rhode Island, and Washington have Paid Family and Medical Leave Insurance (PFMLI) programs with employers and/or employees contributing to the fund. There is also speculation that a scaled-back proposed UPFML may be in the works. .

Missouri 98

Missouri Rhode Island Nebraska Mississippi 98

inDinero Tax Tips

MARCH 13, 2023

Your profits have increased steadily over the years, and so has your self-employment tax bill. An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. What is an S Corp?

income tax 52

income tax Non-Profits payroll tax Tax 52

inDinero Tax Tips

MARCH 13, 2023

Your profits have increased steadily over the years, and so has your self-employment tax bill. An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. What is an S Corp?

income tax 52

income tax Non-Profits payroll tax Tax 52

PYMNTS

JULY 6, 2020

115,000 worth of fraudulent payments were reportedly made by former leaders of a small town in Missouri , the New York Times recently reported. Attorney David Anderson releasing a statement last month noting that the shop “was not paying required payroll taxes for his employees” despite obtaining the PPP funding.

accounts payable 59

accounts payable Missouri Real Estate payroll 59

CPA Practice

AUGUST 31, 2023

Toss on the tax savings : Quantify for your client how increased pre-tax retirement contributions (401(k) and/or IRA) could decrease their overall tax liability. You can use a tool such as Intuit Tax Advisor to calculate the impact quickly and easily, and present it in an easy-to-understand format.

quickbooks 59

quickbooks bookkeeping course Tax CPA 59

ThomsonReuters

FEBRUARY 9, 2022

Typically, when an employer needs to terminate an employment relationship with workers, the employer’s unemployment tax rate for the following year may increase. If a state does not repay these loans within around two years, the Federal Unemployment Tax Act (FUTA) tax credit for employers in those states is reduced.

payroll 98

payroll California Connecticut New Jersey 98

Going Concern

SEPTEMBER 16, 2022

EY fired auditor for not approving illegal transactions, says a new lawsuit [ Reuters ] Ernst & Young LLP has been sued by a former partner who says she was forced out of her job for refusing to sign off on client transactions that violated tax and securities laws. As a result, the uncollected taxes—the tax gap—have grown.

auditor 98

auditor Iowa audit Mississippi 98

ThomsonReuters

OCTOBER 21, 2022

Payroll has come a long way since the ratification of the 16th Amendment to the U.S. Constitution in 1913, which gives Congress the “power to lay and collect taxes on incomes.” American Payroll Association ?seminar seminar in New York City? Speakers at a July 2019? discussing the gig economy ?said

payroll 52

payroll Technology Tax Start-ups 52

ThomsonReuters

OCTOBER 21, 2022

Payroll has come a long way since the ratification of the 16th Amendment to the U.S. Constitution in 1913, which gives Congress the “power to lay and collect taxes on incomes.” American Payroll Association ?seminar seminar in New York City? Speakers at a July 2019? discussing the gig economy ?said

payroll 40

payroll Technology Tax Start-ups 40

TaxConnex

JANUARY 4, 2024

No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. In 2023, familiar trends and new issues showed up across the states. As we start the new year, here’s a look back at some significant sales tax events from 2023.

Sales 264

Sales Tax Colorado Alaska 264

Withum

JULY 28, 2023

Enacted on July 21, 2023, New Jersey A4694 creates a “Convenience of Employer” rule, affecting both employers and employees for payroll tax reporting purposes. This resulted in New Jersey losing significant tax revenue to New York’s rule.

New Jersey 94

New Jersey payroll tax payroll Tax 94

ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. IRS tax tip on repayment of deferred Social Security taxes.

payroll 98

payroll Connecticut Massachusetts income tax 98

Withum

NOVEMBER 6, 2024

If a business issues the wrong type of compensation, it may have exposure for failure to withhold state taxes on nonresidents and may also overpay the employer’s portion of Social Security taxes. Professional service corporations, such as law firms, often choose the S corporation structure for its tax advantages.

payroll tax 72

payroll tax Florida New York payroll 72

Going Concern

FEBRUARY 23, 2024

Top Remote Accounting Candidates: February 22, 2024 Law & Order Co-Owner of Media Brokerage Firm Sentenced for Filing False Tax Returns [ Department of Justice ] According to court documents and statements made in court, Susan K. From 2012 to April 2018, according to the criminal information document signed by U.S.

CPA 105

CPA Illinois auditor Iowa 105

Going Concern

AUGUST 25, 2023

News US Accounting Board Looks Across the Ocean to Fill Hole in Rules [ Bloomberg Tax ] The flood of government aid that helped keep companies afloat during the coronavirus pandemic exposed a hole in US accounting rules: Businesses have no way to record the grants, loans, and tax breaks that bolstered their bottom lines.

tax preparation 98

tax preparation CPA Illinois payroll tax 98

CPA Practice

FEBRUARY 2, 2023

By Matthew Medsger, Boston Herald (TNS) A plan by Republican lawmakers which would see the IRS done away with entirely and the current tax system replaced by a flat consumer tax would apparently be vetoed by the president if it made it to his desk. Except one thing: They want … to replace (it) with a 30% sales tax. Not a joke.

income tax 98

income tax Georgia payroll tax Tax 98

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.

Tax 98

Tax Hospitality payroll tax income tax 98

Going Concern

OCTOBER 27, 2023

noting the Democrats’ signature tax and climate law “dumped” $80 billion into IRS accounts. ” Werfel said he would continue to focus on three areas to convince lawmakers his transformation of IRS was working: improving customer service, boosting enforcement of high-earning tax cheats and reducing tax scams. .”

CPA 104

CPA accounting and finance auditor Washington 104

Going Concern

DECEMBER 23, 2022

This year, when its US arm severed ties with Donald Trump after years of working with the former president and amid the New York Attorney General’s investigation into the Trump Organization. Should we tax robots? [ MIT News ]. placed a tax on robots? What if the U.S. jobs, the research finds.

Tax 98

Tax auditor audit accounting and finance 98

PYMNTS

APRIL 10, 2020

We should have a big Infrastructure Phase Four with Payroll Tax Cuts & more. Chuck Schumer (D-New York) and House Minority Leader Kevin McCarthy (R-California) to get another $250 billion approved. “… we want to make sure that every single small business can participate. Big Economic Bounceback!”

Kentucky 78

Kentucky payroll tax California Hospitality 78

PYMNTS

AUGUST 3, 2020

Stephen Moore and Phil Kerpen, two of the president’s economic advisers, published a Wall Street Journal opinion piece over the weekend urging Trump to declare a “national economic emergency” and announce that the Internal Revenue Service would temporarily defer the collection of payroll taxes.

payroll tax 54

payroll tax payroll Washington New York 54

PYMNTS

MAY 14, 2020

It’s unclear where President Donald Trump stands on a new stimulus package. In a press conference this week, he mentioned a possible payroll tax cut, but Democrats say that won’t provide relief to the unemployed. PYMNTS reported on Thursday (May 14) that new unemployment claims reached 2.98

North Carolina 60

North Carolina payroll tax Washington New York 60

CPA Practice

DECEMBER 4, 2024

One is for Majority Leader Chuck Schumer, D-New York, who is co-sponsoring a Senate bill that does the same thing, to invoke a Senate rule that would skip a committee hearing, where the legislation may stall, and send the bill directly to a floor vote by the full Senate. “We’d like to bring it to the floor,” Cassidy said Tuesday.

Louisiana 116

Louisiana Kentucky New York Virginia 116