Shay CPA

MARCH 27, 2024

Did they burn through runway to offer competitive pay so they could lure the best employees? Or did they play it safe with payroll and hope their team could do what they needed? Under your plan, you issue a certain number of shares to an employee. Most restricted stock plans vest shares to employees over a period of 3–5 years.

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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 14, 2022

There are several considerations when handling the wages and benefits of a deceased employee. . Considerations regarding wages and benefits of a deceased employee. In general, state laws will dictate how wages are processed for a deceased employee. Handling wages paid after an employee’s death in the same year.

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MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Tax 52

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Cherry Bekaert

APRIL 4, 2023

As a key benefit to growing businesses, Cherry Bekaert can provide support for your organization’s tax credits and incentives requirements. utilizing energy-efficient technologies, LEED® certification, etc.) solar, fuel cell, small wind energy property, geothermal, micro-turbine, etc.)

Tax 75

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Withum

FEBRUARY 6, 2023

An incentive stock option (ISO) plan allows employees to purchase shares of their employer’s stock at a discounted price. ISOs offer many tax benefits, making them an attractive option for employees who wish to partake in the future growth of their employer’s stock. net investment income tax).

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CPA Practice

JULY 12, 2023

Fortunately, the Internal Revenue Code includes several tax strategies that may help your clients better prepare for the potential costs of long-term care—here are three to consider. HEALTH SAVINGS ACCOUNTS A health savings account (HSA) is one of the most tax-efficient ways to save for long-term care costs.

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Shay CPA

JANUARY 8, 2024

Startup founders, as you embark on making sure your tech company is compliant with all of its tax obligations in 2024, a host of deadlines are upcoming for you and your finance team to navigate which involve information returns (W2s, 1099s, and other reporting). and the social security or employer identification number.

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Shay CPA

JANUARY 6, 2023

You must issue a 1099-NEC to the following: Services performed by someone who is not your employee (including parts/materials) – (box 1). This would include any software developers that are not employees, graphic designers, lawyers, accountants, and any other vendors your company begins to work with. Payments to an attorney (box 1).

Tax 90

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Menzies

JANUARY 20, 2023

We’re devised this ‘Finance Directors’ tax toolkit’ to highlight the ways in which Menzies often help large and multinational companies including business tax, employment solutions and innovation incentives (e.g. Transfer pricing Transfer pricing is not only a tax compliance requirement.

Finance 52

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LyfeAccounting

DECEMBER 7, 2020

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

This is especially true with respect to the more technical aspects of business such as accounting and tax. While you may not see yourself as a business owner, the tax authorities do and they, unfortunately, have the final say on this. In this case it is important to register for payroll and hire them as an employee.

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CPA Practice

FEBRUARY 1, 2023

The current age to begin taking RMDs is 72, so individuals will have an additional year to delay taking a mandatory withdrawal of deferred savings from their retirement accounts. If you earn more than $145,000 in the prior calendar year, all catch-up contributions at age 50 or older will need to be made to a Roth account in after-tax dollars.

Illinois 96

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Withum

MARCH 3, 2021

However, one additional way that an owner could transition their business that is often overlooked is considering the sale of their interests to an Employee Stock Ownership Plan (ESOP). million employees (approximately 10% of the private sector workforce).

Construction 59

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SkagitCountyTaxServices

DECEMBER 8, 2021

And one way you can do so is by making some tax moves before the clock strikes 12 on New Year’s Eve. Now I get it … the rush of customers and clients, strange hours, extra errands: It’s a tough time of year to think about tax. Get your tax documents together to back the tax moves we talk about here and any others you might take.

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SkagitCountyTaxServices

NOVEMBER 16, 2022

And then when the new year strikes, we’re holding our breath for a few weeks … and then tax season is upon us. From your people to your payroll taxes, budgets to your bank: Though financial assessment can seem to be a big basket, with proper planning you can tick off one item at a time and set yourself up for 2023.

payroll 52

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ThomsonReuters

APRIL 18, 2023

That’s why it is no surprise that the AICPA’s most recent “Top Firm Issues Survey ” found that “keeping up with changes and complexity of tax laws” is among the top issues for firms large and small. Deliver frequently updated news and articles about employee benefits law and compliance. The accounting profession is no exception.

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ThomsonReuters

FEBRUARY 7, 2022

Signed in 1993, the FMLA provides workers of employers with at least 50 employees up to 12 weeks of unpaid leave per year for the birth, adoption, or foster care placement of a child, and time off to tend to their own serious health condition or of those in their family. Employers with less than 10 employees would be exempt.

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Missouri Rhode Island Nebraska Mississippi 98

xendoo

JULY 20, 2020

This loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Loan Information. LEARN MORE+. Covered Loan Period.

payroll 52

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KROST

DECEMBER 22, 2020

Below are the details of the Bill, with respect to PPP and EIDL loans and changes to the Employee Retention Credit rules: 1. Tax Deductibility. The Bill clarifies that business expenses claimed and forgiven under the PPP loan program are deductible for tax purposes. Employs not more than 300 employees, and.

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Snyder

DECEMBER 6, 2022

It included a money aid, or PPP loan, for small businesses to cover payroll expenses when no revenue hits the balance. The Small Business Administration (SBA) announced that PPP loans would have a two-year term at a 1% interest rate and that PPP loan payments would be deferred for six months. A great deal during hard times!

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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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ThomsonReuters

MAY 20, 2021

Factors to consider when deciding between the two types of safe harbor contributions include the effect on employee retirement benefits, cost to the employer, and administrative complexity. Matching contributions might help dissuade some employees from opting out of automatic deferrals. Matching Contributions.

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SkagitCountyTaxServices

SEPTEMBER 22, 2021

The rest, I’ll cover below… Small Business Tax Credit Updates Skagit County Owners Will Want to Consider “I always tried to turn every disaster into an opportunity. ” – John D. The 6-month run for employee subsidies and employer tax credits to help pay for COBRA health insurance. Rockefeller. Stay tuned.

business tax 52

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Ryan Lazanis

SEPTEMBER 1, 2023

14) Expensify Have employees that need expense reports generated? Employees scan their receipts. If you want to include mileage as a tax deduction, you have to painfully track your business trips. Give this to employees that may not need a full credit card and get expenses tracking and into your system easily.

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LyfeAccounting

FEBRUARY 4, 2021

Perhaps the most important part of the December 2020 stimulus surrounds the ability to deduct the expenses that the PPP loan was used to cover for federal tax purposes. This is a big deal for your business and will potentially save you a lot of money at tax time. Or the net amount paid to employees? The answer is yes.

payroll 52

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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.

Tax 40

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Going Concern

SEPTEMBER 1, 2023

The professional and business service sector added 19,000 jobs, including 2,700 in accounting, tax preparation, bookkeeping and payroll services. Law & Order Co-Owner of Media Brokerage Firm Pleads Guilty to Filing a False Tax Return [ Department of Justice ] According to court documents and statements made in court, Susan K.

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SkagitCountyTaxServices

AUGUST 26, 2020

And before I get into what I’m writing about today, a quick tax-related item: the payroll tax “holiday” (deferral) does not (as of this writing) come with guidance attached from the IRS. This means that your payroll company, whomever that might be, won’t have set up your system to implement it.

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FraudFiles

FEBRUARY 3, 2022

Personal income tax returns (Form 1040) for the last 5 years, including any amended returns. W-2 and/or pay stubs for all years for which personal income tax returns have not yet been completed or filed. Copies of all tax assessments of real estate owned. Copies of all employee contracts.

Real Estate 52

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PYMNTS

APRIL 10, 2020

For example, Seattle announced that it will allow eligible businesses to defer business and occupation taxes and expand its Small Business Stabilization Fund. For microbusinesses — those with less than five employees — the city will provide grants that cover 40 percent of payroll costs for two months.

Maine 56

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Going Concern

JUNE 14, 2022

To our knowledge – accounting firms don’t give employees drug tests as a condition of employment and simply defer to clients who require them (a certain Swiss Bank with proximity to shroom burgers comes to mind). KPMG did not require a drug test and I do not recall if employees were subjected to random testing. Wait, what?

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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. March 15 may be another day to beware of regarding non-qualified deferred compensation plans under Internal Revenue Code (IRC) §409A. In the U.S., club memberships and automobiles).

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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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ThomsonReuters

JUNE 21, 2021

Repaying Deferred Social Security Taxes . In addition, a Presidential Memorandum signed on August 8, 2020, allowed employers to defer the employee’s share of Social Security tax from September 1, 2020 through the end of tax year 2020. . As such, the IRS is allowing the due date to be January 3, 2022. .

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Anders CPA

SEPTEMBER 19, 2023

Transitioning from filing taxes as an employed physician with a Form W2 to becoming a self-employed or contractor position with a Form 1099 comes with significant tax implications. Remember that taxation varies between different entity structures, so a single-member LLC will be taxed differently than an S Corporation.

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