MyIRSRelief

AUGUST 2, 2024

Recordkeeping Good recordkeeping is essential for tax compliance. Cannabis businesses should maintain detailed records of all transactions, including sales, purchases, payroll, and other expenses. Estimated Tax Payments Cannabis businesses, like other small businesses, are required to make quarterly estimated tax payments.

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MyIRSRelief

JULY 3, 2023

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.

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Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

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PYMNTS

FEBRUARY 26, 2020

Software developer and Ukrainian native Volodymyr Kvashuk, 25, from Renton, Washington, worked for Microsoft from 2016 to 2018, and was tasked with testing Microsoft’s online retail sales platform. On fake tax returns, he said the bitcoin was gifted to him from a relative. million in bitcoin.

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CPA Practice

MAY 19, 2023

The Washington Post reported Monday that the IRS had already built a prototype of the system that will launch to a small group of users in January. A free, government-run, online tax-filing system for taxpayers has been talked about as a possibility for many years.

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MyIRSRelief

MAY 15, 2024

Handling Volunteer Labor and Related Issues Nonprofits often utilize volunteers, but this can lead to tax-related complexities, particularly concerning reimbursement and compensation. Common 990 Compliance Issues: preparation & planning Misclassification of volunteers as employees, leading to potential payroll tax liabilities.

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CPA Practice

SEPTEMBER 12, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following Tropical Storm Idalia, the IRS has granted tax relief to South Carolina residents impacted by the storm. The relief includes certain extended federal tax filing and payment deadlines. Some state tax filing and payment deadlines have also been extended.

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CPA Practice

AUGUST 12, 2024

The Washington Post reported that more than 7,300 businesses have retracted their ERC claims—totaling $677 million—since the IRS launched a withdrawal process last year. The ERC was created to help struggling businesses keep their doors open and employees on the payroll during the COVID-19 pandemic. Businesses have filed at least 3.6

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ThomsonReuters

MARCH 22, 2021

Shortly thereafter, colonists raised the issue of taxation without representation in protest and within a year’s time the British government repealed the Stamp Act tax. So, why the brief history lesson on American Colony taxes? To illustrate the point that there are a lot of taxes to keep up with, even back in Colonial times.

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CPA Practice

OCTOBER 16, 2023

Taylor, Kiplinger Consumer News Service (TNS) Many Californians thought their taxes were due today (Oct. 16), but the IRS has further postponed tax deadlines for people in 58 counties impacted by natural disasters last winter. 16, 2023, to file their 2022 federal income tax returns and pay any tax due.

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Shay CPA

DECEMBER 7, 2022

Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts. State franchise and income tax accounts. Washington. File away R&D tax credit and pandemic aid documentation. File a final corporate tax return.

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MyIRSRelief

MAY 1, 2024

They stay current on the latest regulations, ensuring your business maximizes legal tax breaks on forms like 1120, 1120S, and 1065, while minimizing liabilities. Compliance Navigation: Tax compliance goes far beyond just filing. Year-round support and assistance with any tax-related questions or concerns that may arise.

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LyfeAccounting

MAY 18, 2021

Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. Washington, DC 20416. We’re not sure why people are not taking the government seriously. Maybe Mark Zuckerberg?

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Going Concern

SEPTEMBER 29, 2023

(Reminder: Layoff Watch ’23: Deloitte UK Cuts More Than 800 People Because Business is Slow and People Aren’t Quitting , September 13, 2023) Audit China Evergrande’s Rise, Massive Default and Debt Restructuring [ Washington Post ] Prism, a small accounting firm named as Evergrande’s auditor in January, added a disclaimer of opinion to Evergrande’s (..)

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Reckon

FEBRUARY 20, 2023

Not only will you need detailed and accurate records for calculating profits, you also need to record expenses to claim when you process your tax return. A female Caucasian laborer works on a large scale light-rail project in Washington state. You can simply use the inbuilt payroll functionality in your accounting software.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. 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.

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CPA Practice

MAY 17, 2023

The Washington Post reported Monday that the IRS had already built a prototype of the system that will launch to a small group of users in January. A free, government-run, online tax-filing system for taxpayers has been talked about as a possibility for many years.

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ThomsonReuters

FEBRUARY 6, 2024

Corporate income tax is a significant source of revenue for governments. In fact, it is the third-largest source of federal revenue, albeit smaller than individual income tax and payroll taxes. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities.

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CPA Practice

MAY 17, 2024

You know, one of the visions that I think you and I talked about, I remember the conversation you probably do, too, in Washington, DC, where we were talking to each other about, Wow, isn’t this interesting that you can get a receipt in and get it visible inside the accounting system? And it gets us much closer to real time visibility.

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CPA Practice

OCTOBER 18, 2024

The Greater Washington Society of CPAs (GWSCPA) recently announced its list of board members and nominations for the 2024/2025 year. In addition to assisting in the coordination and management of the Association’s annual audit and budget, she oversees the payroll and benefits accounting. She holds a B.S.

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ThomsonReuters

MARCH 8, 2021

Department of Labor in Washington D.C. Perkins chose to challenge and made changes in many ways for women but also for the payroll professional. Minimum wage and overtime laws, unemployment and Social Security are but some of her contributions that almost every payroll professional is familiar with. the Frances Perkins Building.

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CPA Practice

JULY 24, 2024

3, 2025, to file various federal individual and business tax returns and make tax payments. The tax relief postpones various tax filing and payment deadlines that occurred from July 5, 2024, through Feb. Quarterly estimated income tax payments normally due on Sept. 16, 2024, and Jan. 31, 2024, and Jan.

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Going Concern

SEPTEMBER 26, 2024

ERC was one of many COVID-19 relief measures hastily issued by the government in early 2020 to encourage employers to keep people on the payroll through lockdown-related business disruptions. 14, 2023, to give the agency time to digitize information on the large study group of ERC claims, which are made on amended paper tax returns.

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CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 20, 2023, to Feb.

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Going Concern

OCTOBER 27, 2023

IRS encourages employers to electronically file payroll tax returns [ IRS Newsroom ] The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. There are only 1300 Enrolled Agents in Washington State. He spoke via a livestream.

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. The Democrats’ budget resolution had many amendments introduced to it in the Senate on February 5, 2021, including a topic that has been on the minds of many payroll professionals during the COVID-19 pandemic – teleworking.

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Going Concern

DECEMBER 23, 2022

Because robots can replace jobs, the idea goes, a stiff tax on them would give firms incentive to help retain workers, while also compensating for a dropoff in payroll taxes when robots are used. Trump tax controversy fuels passage of presidential audits bill [ POLITICO ]. appeared first on Going Concern.

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