ThomsonReuters

DECEMBER 3, 2020

The IRS has issued a draft of the 2021 version of Publication 15 ((Circular E), Employer’s Tax Guide). FFCRA offsets the costs of providing Qualified Paid Leave, up to certain amounts, with refundable tax credits against employment taxes for qualified leave wages taken beginning April 1, 2020 and ending December 31, 2020.

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ThomsonReuters

DECEMBER 11, 2020

The IRS has added an optional computational bridge to its 2021 version of Publication 15-T (Federal Income Tax Withholding Method) that employers can use if they want to treat 2019 or earlier Forms W-4 as if they were 2020 or later Forms W-4 for the purposes of determining federal income tax withholding.

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. if the employer qualifies for the full FUTA tax credit) on a certain amount of employee wages each year.

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Anders CPA

AUGUST 23, 2022

This act aims to combat climate change, make health care and prescription drugs affordable and raise the tax on wealthy corporations. 15% Corporate Alternative Minimum Tax. This provision is set to take effect for tax years beginning after 2022 and is similar to the provision that was proposed in the Build Back Better Act.

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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. How is the EITC changing?

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Basis 365

OCTOBER 26, 2022

Organizations can save on taxes by using the Research and Development tax credit. Yet, this is everything you need about the research-and-development tax credit. What's the R&D tax credit for? What's the R&D tax credit for? The R&D credit is a tax incentive for U.S. This is equal to 50%.

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ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? According to our most recent analysis, some of the most searched terms within Checkpoint Edge are tax credits, Employee Retention Credit (ERC) , and the Inflation Reduction Act (IRA). However, Form 941-X may currently only be submitted by paper, increasing processing times. (It

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MyIRSRelief

MARCH 31, 2020

Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules under the Child Tax Credit).

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Cherry Bekaert

APRIL 5, 2023

The Research and Development (R&D) Tax Credit is a federal incentive designed to promote innovation in the design, development and improvements of processes, products and services. It allows companies to receive tax credits when certain expenses are incurred for the performance of qualified R&D activities in the U.S.

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ThomsonReuters

FEBRUARY 1, 2021

Michael Mundaca has an insider’s perspective on the path ahead for the Biden Administration’s tax agenda as it’s buffeted by a divided Senate, the COVID-19 pandemic , and an economic downturn. Prior to re-joining EY in 2011, he served as the Assistant Secretary for Tax Policy at the U.S. Tax Proposals. 33 min listen.

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KROST

OCTOBER 9, 2020

As we venture into the next presidential election, it is important to note the differences between the two candidates’ tax proposals as we look toward the next four years. Individual Tax Rates. Proposes a permanent extension of individual tax provisions in the Tax Cuts and Jobs Act, including a reduction in the tax rate of 39.6%

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MazumaBusinessAccounting

AUGUST 29, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Do small businesses get tax refunds?

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MazumaBusinessAccounting

AUGUST 28, 2022

In 2021, the average tax refund was $3,039. New small business owners may be hopeful for a tax refund, a small gift to invest back into their operations. Not all types of small businesses can receive tax refunds, however. Do small businesses get tax refunds? Do small businesses get tax refunds?

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CPA Practice

FEBRUARY 15, 2023

You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. To combat this, the IRS released a new, optional computational bridge for 2021. Continue reading at the Patriot Software payroll blog.

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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. companies will operate under in 2021 and beyond will be shaped in the coming months by Biden Administration priorities, the balance of power in the U.S. 20 with an ambitious tax agenda and a singular priority. Recent Changes.

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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 first quarter of 2021 is nearly finished. 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.

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Cherry Bekaert

JANUARY 5, 2023

2022 brought significant developments to the tax treatment of Research & Development (R&D) costs. There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years. This article highlights key developments and their details.

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

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Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. government. He was also ordered to pay nearly $9.7 He was also ordered to pay nearly $9.7

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LyfeAccounting

JULY 12, 2021

It was recently determined that nearly 30% of Americans are self-employed, and 100% of the self-employed hate paying taxes. So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. What are Self-employment Taxes?

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . What is a tax deduction?

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CPA Practice

MARCH 7, 2023

One of the schemes, according to the IRS, encourages people to use tax software to manually fill out their W-2 form and provide false income information. People should not make up income and try to submit a fraudulent tax return in hopes of getting a huge refund.”

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. We have compiled a checklist of additional actions based on current tax rules that may help you save tax dollars if you act before year-end.

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ThomsonReuters

MARCH 22, 2021

Keeping Up with Taxes. The legislation levied a direct tax on the American Colonies in an effort to pay off debts and defend new American territories won from the French in the Seven Years’ War. So, why the brief history lesson on American Colony taxes? For payroll, in particular, there are a number of taxes.

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SingleTrackAccounting

MAY 13, 2021

The new presidential administration has proposed a large new tax bill to offset other priorities such as improving infrastructure, funding the American Rescue Plan, combating employment inequality and tackling climate change. These are expected to be financed with increased taxes targeted at high income brackets and corporations.

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ThomsonReuters

JUNE 2, 2023

A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment tax returns. The IRS also has a Form 941 backlog of 2.1

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ThomsonReuters

FEBRUARY 12, 2021

A vote back on February 5, 2021 allows the legislation to be fast-tracked without Republican support, but it has been said that a final version of the bill will not hit President Biden’s desk until mid-March 2021. Senate’s cut during its amendment process on February 5, 2021.at Calls for $15 Minimum Wage Silent for Now.

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ThomsonReuters

DECEMBER 20, 2022

more in payroll taxes in 2023. What is Social Security tax? . Social Security (Old-Age and Survivors Insurance and Disability Insurance) is financed through a payroll tax where employers and employees each pay 6.2% Employers make deposits and file reports to the IRS to account for these taxes.

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SkagitCountyTaxServices

MARCH 17, 2023

Forward-thinking is a must in business… that goes for your taxes too. But first, let’s talk about your tax filing. While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. And I’m going to dive into what that looks like today.

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CPA Practice

SEPTEMBER 14, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns.

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ThomsonReuters

DECEMBER 29, 2020

The Consolidated Appropriations Act, 2021 (CAA, 2021) has more than 5,500 pages and comes with a $2.3 trillion in omnibus spending for the 2021 fiscal year. The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021.

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Steve Feinberg

JULY 2, 2021

Don’t get caught by the nanny tax. This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. Nanny tax explained. The requirement comes into play if you pay any one individual $2,300 or more (in 2021). Could you be impacted? caretakers.

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Going Concern

DECEMBER 23, 2022

As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form 1099-K, Payment Card and Third Party Network Transactions, to the IRS or the payee for the lower, $600 threshold amount that was enacted as part of the American Rescue Plan Act (ARPA) of 2021, P.L. MIT News ].

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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. California. per hour. . per hour. . per hour. .

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CPA Practice

OCTOBER 20, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. Mr. Kess began volunteering with the AICPA when he created the Tax Strategies for High Income Individuals Conference more than 30 years ago.

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CPA Practice

OCTOBER 19, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. Mr. Kess began volunteering with the AICPA when he created the Tax Strategies for High Income Individuals Conference more than 30 years ago.

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ThomsonReuters

JUNE 7, 2023

. “Now think about managing that from halfway around the world when Japan has a new regulation for tax or a Work Council in Germany is dictating some specific methods and procedures and understanding what it means for the employer and workers.” Learn more about Thomson Reuters payroll solutions and request a free trail.

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