CapataCPA

SEPTEMBER 1, 2020

Deferring Employee Payroll Taxes The U.S. Treasury and IRS have released the initial guidance, Notice 2020-25, to put into operation the President’s Executive Order, which allows employers to defer employee payroll taxes beginning on September 1, 2020. The employer is the “affected taxpayer” in this Executive Order.

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ThomsonReuters

JANUARY 14, 2022

The top payroll related searches for 2021. Payroll practitioners and employers alike continue to be challenged by the unique issues that COVID-19 has imposed on payroll administration. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021.

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. Benefits and pensions are payroll-related and some human-resource-related duties also involve payroll. Payroll in a Pandemic.

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ThomsonReuters

DECEMBER 29, 2020

After much negotiating, the latest COVID-19 relief bill was signed into law by President Trump on December 27, 2020. The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. trillion price tag – $900 billion in stimulus relief for the COVID-19 pandemic and $1.4

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ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits. increase was based on the increase in inflation between August 2020 and August 2021, as published in the BLS’s CPI.

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ThomsonReuters

FEBRUARY 9, 2022

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. California also uses the ABC test for worker classification purposes.

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ThomsonReuters

MARCH 15, 2021

Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. The taxable wage base increases to $11,800 ($11,600 in 2020). Federal News.

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ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. The Payroll Guide for Checkpoint Edge has detailed information on unemployment for each state, the District of Columbia, and territories like the U.S.

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ThomsonReuters

MARCH 10, 2021

Allows for the credits for paid sick and family leave to be structured as a refundable payroll tax credit against Medicare tax only (1.45%), beginning after March 31, 2021. The current 10-day limitation runs from the start of the credits in 2020 through March 31, 2021. 501(c)(1) and exempt from tax under Code Sec.

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ThomsonReuters

FEBRUARY 10, 2021

While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Additional 2020 Recovery Rebates. The guidance will apply to expenses paid or incurred after March 12, 2020.

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ThomsonReuters

NOVEMBER 20, 2020

Biden favors an ABC test very close to the newly adopted test in California (see Payroll Guide ¶19,045 ). in some states, and seven states have outlawed it altogether, meaning employers are required to directly pay the full applicable minimum wage (see Payroll Guide ¶18,260 ). The credit is lower than $5.12

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PYMNTS

JULY 31, 2020

And in next-gen payments, companies and workers are seeking quicker and more flexible payroll solutions , particularly in a time of uncertainty. 278%: Shipt’s revenue bounce in Q1 2020 compared to 2019. 60%: Share of PPP funding that must be used for payroll-related costs to qualify for loan forgiveness.

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ThomsonReuters

JULY 13, 2021

Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee. Now let’s take a look at some of the more important payroll stories from the past week. e-filing rate for tax year 2020, with a 52.6% Form 1099-NEC took effect for the 2020 tax year. Federal News.

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ThomsonReuters

APRIL 25, 2023

The CPI and payroll are intertwined in a variety of ways. Employers and payroll professionals look to these monthly numbers to make changes and adjustments to payroll systems and also to forecast possible impact on the business in the near future. What is the CPI? . The IRS uses the CPI to make these annual determinations.

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SchoolofBookkeeping

OCTOBER 29, 2021

If you have employees, Payroll is a huge part of your business. There are so many aspects of Payroll, it's a full-time job (get it?). There are a variety of Payroll services. We have created a Payroll Chooser to help guide you based on your needs. Below are some of the highlights of the different Payroll offerings.

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ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. Federal News.

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Katz,Sapper&Miller

SEPTEMBER 24, 2020

Recent guidance provides significant clarifications regarding owner-compensation limitations, payroll costs, and self-rental costs. Small Business Administration (SBA) officially opened the Paycheck Protection Program (PPP) forgiveness application portal to lenders on Aug.

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ThomsonReuters

JUNE 7, 2023

From the middle of the bustling expo at PayrollOrg’s 41st Congress conference in Denver on May 17, Lisa Weckman, VP of Product at Ceridian, talked with Checkpoint Payroll Update about global payroll challenges facing the industry. in many areas, including human resources and payroll. “If you just look at the U.S.,

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PYMNTS

MAY 12, 2020

On that list of well understood shortcomings is employee payroll, Ceridian Chairman and CEO David Ossip told Karen Webster in a recent conversation, and the speed and accuracy at which the money people earn is made available for them to spend. Ceridian (@Ceridian) May 11, 2020. Breaking Out Of Payroll’s Past.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Further, the new employer rate calculation will not include benefits paid to claimants and taxable wages reported for calendar years 2020 and 2021. For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog.

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RogerRossmeisl

AUGUST 9, 2021

According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud lose a median $200,000 per fraud incident, compared with $125,000 per incident for all organizations. These can lead to legal liability and fines.

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RogerRossmeisl

FEBRUARY 5, 2023

While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021. However, the IRS is warning employers to beware of third parties that may be advising them to claim the ERTC when they don’t qualify.

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PYMNTS

NOVEMBER 23, 2020

For purposes of this analogy, the “basement” into which bad mice are creeping is most likely your legacy payroll/expense management software and its possibly compromised connections. While technological advancements have revolutionized many aspects of operations, payroll and expense management are not [among] them. Fishing For BaaS.

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ThomsonReuters

JULY 7, 2021

In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. In January 2020, the IRS already issued the 2020 version of Form 941. Now let’s go over some of the more important payroll news stories from last week. Worksheet 5.

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ThomsonReuters

MARCH 15, 2023

Payroll on Checkpoint asked  Jeffrey Paravano , partner at  BakerHostetler  and leader of the firm’s national tax practice group, to share his thoughts. ​ ​Extension of statute of limitations​ The IRS recently issued another alert to businesses and tax practitioners regarding scams related to the employee retention credit (ERC).

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KROST

OCTOBER 9, 2020

Consider accelerating income for 2020. Payroll Taxes. Proposes permanent exemption from tax for employee payroll taxes deferred under COVID executive order through the end of 2020. Social Security Payroll Tax for earnings in excess of $400,000 (tax would be evenly split between employers and employees).

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ThomsonReuters

JUNE 14, 2021

The agreement is effective for dividends paid on or after January 1, 2020. Additionally, current Iowa law grants an income tax exemption for forgiven federal Paycheck Protection Program (PPP) loans for tax years beginning on our after January 1, 2020. State and Local News. Delay in first quarter 2021 unemployment charging statements.

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ThomsonReuters

JUNE 28, 2021

million workers age 16 and older were paid at an hourly rate in 2020. Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. This represents 55.5% Of those 73.3

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KROST

JANUARY 15, 2021

Eligible employers can receive a refundable payroll tax credit of 50% of wages paid to employees between March 13th, 2020 and December 31st, 2020. Eligible employers can receive a refundable payroll tax credit up to 70% of qualifying wages paid between January 1, 2021 and July 1, 2021. Same as the 2020 law.

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CPA Practice

FEBRUARY 15, 2023

Unlike the big W-4 form shakeup of 2020, there aren’t significant changes to the new form. You may not file Form W-4 with the IRS, but your payroll depends on it. Read on to learn about 2023 changes to the new W-4 form and what you need to know about 2020 and later versions of Form W-4. By Rachel Blakely-Gray.

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CPA Practice

MAY 11, 2023

According to charging documents, Mosley took advantage of the federal government’s COVID-era Payroll Protection Program by submitting fraudulent applications and then using the loan money for personal expenses and investments. They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege.

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CPA Practice

MAY 5, 2023

By Alex Gault, Watertown Daily Times, NY (TNS) Nearly a million businesses are owed an employee retention credit for keeping their staff on payroll through the early days of the COVID-19 pandemic, and Sen. At the height of the pandemic, thousands of small businesses did the right thing and kept their employees on payroll,” Gillibrand said.

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared. Categories of US Payroll Taxes. Types of US Payroll Taxes. So let’s get started!

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ThomsonReuters

MARCH 22, 2021

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?

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ThomsonReuters

AUGUST 2, 2021

The women’s soccer team has also made headlines recently when the team appealed a court case to overturn a 2020 decision against their equal pay lawsuit on July 23, 2021, the day the Tokyo Olympics got underway. In May of 2020, a judge ruled that there was no basis to prove the players’ claims that the U.S. Athletes and Equal Pay.

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ThomsonReuters

JULY 29, 2021

Now let’s go over some of the more important payroll stories from the past week. The Trump Administration rule was finalized in January of 2020. The Trump Administration rule took effect in March of 2020 but faced a lawsuit that invalidated part of the rule in September of 2020. Federal News. Stop work penalties updated.

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ThomsonReuters

MARCH 8, 2021

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. She was also honored with a postage stamp that year. Federal News.

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