Anders CPA

MAY 23, 2023

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.

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RogerRossmeisl

JULY 14, 2021

And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business is organized), and Enable retirement plan contributions for the children. However, in order for your.

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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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Ronika Khanna CPA,CA

APRIL 26, 2024

Business tax instalment payments (including GST-QST instalments ) This means that instead of entering the data on the forms that are available via my business account at CRA and RQ and then going to your bank to make payment, either online or via mail, it can all be done at one time through one form that serves as both tax filing and payment.

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CPA Practice

MARCH 18, 2024

The state’s Supreme Court recently upheld a controversial capital gains tax , which has been re-challenged in court and could be on the state’s ballot in November for potential repeal. Will other states, like California, implement similar initiatives involving payroll tax deductions? of your adjusted gross income.

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Shay CPA

MAY 3, 2023

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. As a quick reminder, this is the 6.2%

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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.

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CPA Practice

MAY 15, 2024

At the same time, the nearly universal adoption of cloud-based accounting, payroll and management systems by businesses has made it easier for firms to work with clients in real time, providing rapid response to issues, as well as access to live data and account information. Now, on to the results!

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Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payroll tax and withholding updates or consistencies for 2024 that employers and employees should be aware of. per hour on January 1, 2024.

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MyIRSRelief

JANUARY 2, 2023

Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes. It is also a good idea to stay current on your tax filings and payments to avoid future tax problems.

Tax 147

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Ronika Khanna CPA,CA

NOVEMBER 3, 2023

In this case, where your worker is clearly an employee, you must register for payroll, pay them a salary and submit regular, periodic payroll reports and payments to the Canada Revenue Agency (CRA). Digital Download Available at Amazon how do you register for a federal Payroll Account?

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SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

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CPA Practice

FEBRUARY 12, 2024

However, this isn’t the first time lawmakers have introduced legislation to end income tax on Social Security benefits. As Kiplinger reported, the Social Security tax wage base jumped 5.2% The Social Security payroll tax wage base was $160,200 last year. payroll tax on nearly $100,000 more of their wages.

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Shay CPA

OCTOBER 18, 2023

The Inflation Reduction Act of 2022 has brought some significant amendments to the R&D Tax Credit, making it more accessible and beneficial for qualified small businesses (QSBs). The Basics The R&D Tax Credit, or IRC 41, offers taxpayers a credit against income tax for qualified research expenses (QREs).

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SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

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Going Concern

FEBRUARY 23, 2024

Sadly, I had to argue with them over their own language in black and white on how… — Eric Pierre, CPA (@yourfavecpa) February 22, 2024 Deloitte’s Adam Powick wrestles with the complaints of former staff and directors about the pressure to perform in a gruelling corporate culture. in last 12 months. appeared first on Going Concern.

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CPA Practice

FEBRUARY 2, 2024

Rhode Island tax deadline extensions As a result of the severe storms, the following federal tax deadlines for affected taxpayers in Rhode Island have been extended until June 17, 2024: Individual income tax returns and payments normally due on April 15, 2024. 2023 estimated income tax payments normally due on Sept.

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Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.”

Montana 52

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Shay CPA

MAY 1, 2024

Employment taxes based on the employee’s location Even if the employee working from across state lines doesn’t establish a sufficient nexus to subject you to, say, sales tax in that state, you probably need to consider income tax. Again, this hinges on state law, and it can get complicated.

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CPA Practice

SEPTEMBER 25, 2023

The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. 15, 2023, and Jan.

Massachusetts 115

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MyIRSRelief

JANUARY 3, 2022

With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man. If you’re a small business owner, you will likely already be aware that employment 941 payroll trust fund taxes can cause monumental headaches.

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MyIRSRelief

APRIL 22, 2024

Navigating tax issues can be daunting, especially when facing audits, unpaid taxes, or payroll problems. This FAQ guide provides insights into common tax problems and solutions available in Corona, CA. Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. What should I do?

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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. The new IRS W-4 complements the changes to the tax law that took effect in 2018. Continue reading at the Patriot Software payroll blog.

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CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. Unfortunately, there’s also a “critical talent shortage,” says Tom Hood, CPA, a vice president with the AICPA. ( [link] ).

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CPA Practice

DECEMBER 11, 2023

Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year.

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Ronika Khanna CPA,CA

FEBRUARY 9, 2024

While there are numerous payroll software that handle the filing of the T4 and RL1 slips , the RL1 summary is usually left to the employer (and/or their accountants) to file. The first important year end deadline for corporations , with employees, is the end of February. The employer portion is calculated at 1.4

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Shay CPA

JANUARY 17, 2024

ASAP: Check state deadlines While a lot of states follow the IRS’s lead and require tax filings by mid-April, not all do. Usually, there’s not a ton of deviation from the IRS’s date — Iowa requires corporate income taxes by April 30, for example. You still need to pay any taxes you owe by April 15. Disregard that.

Delaware 52

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CPA Practice

OCTOBER 20, 2023

Here’s the crux of the matter: If a worker is classified as an employee, the employer must pay its share of payroll taxes, withhold the employee’s share of payroll taxes and required income taxes and report those amounts to the IRS. How can you tell them apart?

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CPA Practice

SEPTEMBER 1, 2023

The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. 15, 2023, and Jan.

Tax 120

Tax income tax tax return payroll 120

Ronika Khanna CPA,CA

MAY 5, 2024

(Expenses can also be entered directly, without a corresponding bill, through the transactions that are downloaded) Bank transactions that are entered directly through the banking section Payroll that is entered through the employee section The transactions listed above have their own separate “ledgers” since these are common transactions.

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Withum

FEBRUARY 8, 2023

The IRS will request more documentation than your CPA or ERC provider did when they prepared the claim. An IRS agent may limit the scope of the examination to just the ERC, to a full-blown payroll tax audit, to a review of your federal income tax returns, or some combination of all three.

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CPA Practice

JANUARY 26, 2023

Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud. Use same employer identification number on all forms Employers need to make sure the employer identification number (EIN) on their wage and tax statements (Forms W-2, W-3, etc.)

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CPA Practice

MAY 7, 2023

Although the rent is taxable to you, you don’t owe payroll taxes on it. As a result, you must pay income tax on the rental income, but neither you nor the company owe any payroll tax on this amount. Based on these facts, the total tax savings come to $1,530 ($750 x 2).

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MyIRSRelief

DECEMBER 17, 2021

With tax season now right around the corner, it’s more important than ever to get your accounts and payroll 941/940 tax returns in order, rather than potentially find yourself staring down the wrong end of a substantial penalty from the Internal Revenue Service. They know the different employment taxes. Sounds complex?

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CPA Practice

JANUARY 24, 2024

Should a government agency help pay for personal, family, funeral, living or repair expenses due to a disaster, that payment can be excluded from taxable income. 15 and April 15; quarterly payroll and excise tax returns due on Jan.

Connecticut 73

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CPA Practice

FEBRUARY 29, 2024

The June 17, 2024, deadline applies to individual income tax returns and payments normally due on April 15, 2024. The tax relief also applies to quarterly estimated tax payments, normally due on Sept. Penalties on payroll and excise tax deposits due on or after Aug. 15, 2023, and Jan. 31, 2023, and Jan.

Washington 98

Washington Tax tax return income tax 98

Withum

JUNE 6, 2023

A taxpayer that has historically claimed exemption from state income taxes under P.L. 86-272 may want to limit its locations so it may continue to claim protection from state income taxes under P.L. Having a physical location and storing inventory in a state will break P.L. 86-272 protection. State Throwback Rules.

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