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Industries, NTC Industries, West Texas Equipment and West Texas Scrap. The defendants allegedly submitted 29 Paycheck Protection Program loan applications that inflated payroll expenses and manipulated bank statements and IRS tax forms. It covered small businesses’ payroll, rent and other expenses, but ended in May 2021.
Miguel Lopez, a shareholder at Littler Mendelson and an expert in employment law, shared his insights on the Act with Thomson Reuters’ Checkpoint Payroll Update a couple of weeks before the start of New York Fashion Week 2025 on February 13.
A Texas man is facing charges of filing fraudulent loan applications seeking more than $5 million in forgivable loans from the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), according to the U.S. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent and utilities.
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.
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. Rhode Island. House Bill 1125 would increase the minimum wage from $7.25 West Virginia.
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.
As of this fall, Ohio’s sales tax exemptions added diapers, creams and wipes, child-restraint devices or booster seats, cribs and strollers and Texas stopped collecting sales tax on baby products like diapers and wipes, as well as menstrual products. Texas state sales tax revenue totaled $3.57 National sales tax H.R.25
Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.
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.
I am proud to welcome Uber’s investment in the great state of Texas, along with the 3,000 jobs the company will bring to its new Dallas office,” Abbott said in a press release. This investment will bolster Texas’ continued economic success and reputation as the best state for business. General and Administrative Hub in Dallas.
Dinesh Sah, 55, of Coppell, Texas, was charged with three counts of wire fraud, three counts of bank fraud and one count of money laundering. Sah was initially charged in a sealed complaint, arrested and ordered detained until trial, according to federal court records for the Northern District of Texas, where the case has been brought.
The company has also made it more efficient for employers to monitor leave and create reports that can help run payroll and receive qualified tax credits, according to the release. GoCo is also offering educational materials to assist HR professionals in making sense of the new standards.
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?
In a little law and order news courtesy the Department of Justice, a law firm controller has pleaded guilty this week to inflating her payroll amount by $1.48 Attorney’s Office, Northern District of Texas : Christiane Kathleen Irwin, 44, was indicted in March 2022. News Salaries TLDR Controllers fuck you pay me payroll
Amid the growing list of cybersecurity concerns businesses must keep on top of, payroll is a growing target for attackers both inside and outside the enterprise. The latest cases of payroll-related cyber incidents reveal the vulnerabilities of the financial process of compensating employees.
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. The incentive amount varies by location and industry.
Payroll startup Gusto announced Wednesday (July 24) that it has raised $200 million led by former U.S. Gusto aims to unravel payroll complexity for small and medium businesses (SMBs). has its own set of diverse and complex labor laws, making it hard for SMBs to find a suitable payroll product. “I Every state in the U.S.
ITEP estimated tax payments including sales and excise taxes, property taxes paid directly or on taxes folded into rent payments, and payroll taxes, which are paid either through paycheck withholding or filing income tax returns.
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. So how is payroll tax calculated? What is a payroll tax?
For payroll, in particular, there are a number of taxes. A number of those pages will directly affect payroll. It is a resource that offers a sense of security even if the company has its own full payroll department or outsources payroll duties to a third-party provider. Is there interest on the late taxes?
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.
The only region to show no growth in employment was the Southwest (Arizona, New Mexico, Oklahoma and Texas), where employment was flat. Top Growth Regions The Small Business Index identifies eight regions throughout the U.S., seven of which saw small business employment growth in the last month.
The strategic acquisition also encompasses Mueller dotKonnect , a business process outsourcing firm specializing in finance, accounting, tax and payroll functions. PKF Mueller clients will benefit from new and innovative business advisory services included in Cherry Bekaert’s robust portfolio.
Congressional members from both parties said businesses taking loans from the Paycheck Protection Program (PPP) should be allowed to deduct related expenses, like payroll, from taxes. That provision is not in the current Republican draft for the next proposal. All were disappointed to see the idea absent from the GOP bill.
From its start on April 3, PPP provided payroll assistance to more than 1.6 billion in loans, Texas at $28.4 Still, Carranza and Mnuchin said in their statement that the program “enjoyed broad-based participation across the country from lenders of all sizes and a wide array of industries and businesses. billion. .
times their W-2 payroll if they apply. The loans are forgiven if the firms that receive the loans keep their payroll constant over the next eight weeks. Texas has had more than 88,000 loans approved, worth $21.8 In terms of the mechanics of the loans themselves, an important provision of the PPP program is loan forgiveness.
Georgia R&D Tax Credit Georgia offers an R&D Tax Credit that can be immediately monetized to offset payroll tax liabilities. Texas R&D Tax Credit Texas offers an R&D Tax Credit that can be used to offset sales and use tax or franchise tax. The credit is based on qualified research expenses incurred in Texas.
Some states require employers to pay additional payroll taxes. Plus, currently, nine states do not levy a state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming, although Washington does impose a state capital gains tax.
The Lakers qualified for and received a loan under the Payroll Protection Program,” the Lakers said in a statement to ESPN. Among the corporations that received money were Texas Taco Cabana, which has 164 outlets and posted $661 million in sales last year with a net loss of $84.4 It received $10 million.
Texas, North Carolina, Florida and Tennessee round out the five leading growth states. The trend of southern states netting larger numbers of one-way U-Haul customers continued during 2024, with South Carolina topping the U-Haul Growth Index for the first time.
In its original incarnation, the PPP would “forgive” any loans made if a company avoided layoffs and used 75 percent of the money for costs like employee payroll. Cindy Blankenship, president of the Texas-based Bank of the West, told Reuters that demand has “just dried up.” million loans for a net tally of about $511.2
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. States with tighter schedules include Illinois and New York (up to 60 days) and Virginia (up to 15 days).
Under the revised PPP, eligible businesses could use the forgivable loans on payroll for more than the eight weeks under the original program and relax a requirement that 75 percent of the loans be used for payroll. It was introduced by Minnesota Democrat Dean Phillips and Texas Republican Chip Roy. “We
The IRS is on the hunt for those kinds of people right now — look at this 53 million in PPP fraud case in north Texas. Communicate with your team that keeping the lights on is more important than temporary payroll reductions; you might even find one or two people willing to volunteer cuts. Who does what and for how long?
The vaccine-driven rally in dine-in restaurants was widespread, as shares of Texas Roadhouse, Ruth’s Chris Hospitality Group, Cracker Barrel, Cheesecake Factory, Denny’s and Dave & Buster's also rose by 15 to 35 percent on the day. economy and job market, “it will be very interesting to see how that plays out.
Digital payroll solutions provider Gusto , for one, launched an instant payments solution — dubbed Flexible Pay — for small to mid-sized businesses (SMBs) last year, granting employees on-demand wage access. Flexible Pay, which is currently in use at Texas SMBs, utilizes direct deposit to disburse workers’ earnings as consumer loans.
States with the largest increases in claims for the week ending July 25 were in Virginia (5,020), Nevada (2,842), Missouri (2,606), Indiana (2,218) and New Jersey (2,141), while the biggest decreases were in California (44,941), Georgia (37,329), Florida (17,514), Louisiana (13,568) and Texas (11,104). percent, down from 11.1
which has seen spikes in numerous populated states like Texas and Florida. Louis Federal Reserve said the employment situation could have worsened since mid-July when the non-farm payrolls survey was conducted. And, the number of jobs added has slowed, with just 1.48 million jobs expected to be added for July, down from the 4.8
s Willow Village in Menlo Park, California, or Elon Musk’s proposed Snailbrook development outside Austin, Texas, with housing offered below market rates to attract and retain employees — a strategy not dissimilar to the “company towns” and “utopias” from a century ago. Companies can create planned communities such as Meta Platforms Inc.’s
If the IRS believes salaries are below the typical wage for those positions because the business is trying to avoid paying payroll taxes, the company will lose its S Corp status. The IRS is Watching The Internal Revenue Service (IRS) closely monitors S Corps owners to ensure they take (and pay) “reasonable salaries” to all employees.
Mary’s University and an MBA in Finance from Texas Tech University. In addition to assisting in the coordination and management of the Association’s annual audit and budget, she oversees the payroll and benefits accounting. Christine has a BBA in Accounting from St. She holds a B.S.
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.
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