inDinero Tax Tips

JANUARY 3, 2023

For March 13th, 2020 through December 31st, 2020 a significant decline in gross receipts (revenue) is less than 50% of gross receipts (revenue) for the same calendar quarter in 2019. Credit: Nataliya Vaitkevich How Does a Business Claim an Employee Retention Tax Credit?

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CPA Practice

SEPTEMBER 12, 2023

Tostrud issued summary judgment in Mayo Clinic’s favor in 2019. Those recalculations later expanded to include a total of seven years of Mayo Clinic tax returns—2003, 2005-2007 and 2010-2012. As employees, the medical residents have payroll taxes, Social Security and Medicare taxes that must be paid. (c)2023

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Basis 365

OCTOBER 26, 2022

Year Qualified research expenses 2019 $50,000 2020 $45,000 2021 $60,000 The average QRE of Bob's Plumbing for the last three years would have been $48,333. Protecting Americans From Tax Hike (PATH Act) of 2015 allows small and new businesses to apply for R&D credits against their payroll tax (FICA).

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MyIRSRelief

MARCH 31, 2020

Tax filers must have provided, on the relevant tax returns or other documents (see below), Social Security Numbers (SSNs) for each family member for whom a rebate is claimed. IRS will compute the rebate based on a taxpayer’s tax year 2019 return (or tax year 2018, if no 2019 return has yet been filed).

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ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February.

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SkagitCountyTaxServices

SEPTEMBER 29, 2021

Under the newest rules, if your business took at least a 20% hit for a quarter in 2021 compared to the same quarter in 2019, you are eligible. ERC regs for 2020 required a 50% decline over the same quarter in 2019 (or a government shutdown). That’s when “retroactively” becomes a big word – you can amend past returns.

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MyIRSRelief

APRIL 15, 2021

This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too. In 2019 alone, it is estimated that more than $18 Billion in R&D tax credits were reported by businesses in virtually every industry imaginable.

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Going Concern

JANUARY 19, 2023

Las Vegas tax preparer sentenced to prison for multiple fraud schemes King Isaac Umoren was sentenced to 13 years and three months in prison for filing false tax returns, aggravated identity theft, wire fraud, money laundering and impersonating an FBI agent. government. He was also ordered to pay nearly $9.7

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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. An employer withholds these taxes from the wages of each employee and file and pay the taxes with the IRS. Payroll tax relief.

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ThomsonReuters

DECEMBER 29, 2020

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Certain Deferred Payroll Taxes.

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KROST

APRIL 19, 2021

For Applicants that were in operation (making sales) prior to or on January 1, 2019 use calculation 1 below: (i) Calculation 1. Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Step 1(b): Calculate your 2019 average monthly gross receipts. ii) Calculation 2.

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LyfeAccounting

JANUARY 20, 2021

If you did not receive round 1 of PPP loans or returned your loan, you are eligible to receive PPP for the first time if you meet the following conditions: Your businesses was in operation on February 15, 2020 and is currently operational. You had paid salaries and payroll taxes or paid independent contractors. 10 million.

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KROST

NOVEMBER 24, 2020

The Section 179 deduction limit increased to $1,040,000 for 2020 from $1,020,000 in 2019. These two incentives can provide significant tax relief in 2020 if financed and placed in service by midnight, December 31, 2020. You must receive a certificate from CEFA before you can claim the credit on your state income tax return.

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ThomsonReuters

MARCH 22, 2021

The Equal Employment Opportunity Commission (EEOC) has announced that the EEO-1 Component 1 data collection for the 2019 and 2020 calendar years will open at the end of April 2021 and will close in July 2021. This applies to the quarterly payroll tax returns (Form 941) normally due on April 30, 2021.

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