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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inDinero Tax Tips

MAY 21, 2021

If that sounds like your business, the R&D tax credit and the payroll tax offset should absolutely be part of your tax strategy. The R&D tax credit wasn’t always available to small businesses. Until 2015, the credit had been subject to renewal by Congress, making it less reliable as a tax strategy.

payroll tax 95

payroll tax payroll Tax income tax 95

ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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inDinero Tax Tips

DECEMBER 13, 2021

Credit: Kelly Sikkema The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. This can be especially nerve wracking as business taxes constantly change from year to year. Here are 2021 tax changes to look out for.

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inDinero Tax Tips

DECEMBER 13, 2021

The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. This can be especially nerve wracking as business taxes constantly change from year to year. Here are 2021 tax changes to look out for. Federal Tax Changes for 2021. 2021 Tax Changes in California.

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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. Eligible Employers.

payroll tax 52

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CPA Practice

APRIL 1, 2024

Since 2021, the American Institute of CPAs (AICPA) has spoken out against unscrupulous third-party vendors promoting improper Employee Retention Credit (ERC) claims. A key warning sign that businesses should be aware of are vendors that require large contingency fees and/or fail to sign the amended payroll tax returns.

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cpas payroll tax tax return payroll 114

KROST

FEBRUARY 27, 2021

The House has voted 219-212 to extend the Employee Retention Credit through December 31, 2021 as part of the $1.9 The Employee Retention Credit is a 70% refundable payroll tax credit on up to $10,000 of qualifying wages per quarter in 2021 for qualifying companies. Trillion Covid relief bill.

Tax 52

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xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. 2021 Tax Prep for Businesses.

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CTP

AUGUST 10, 2023

For 2021, eligible employers can claim up to 70%, and wages are limited to $10,000 per employee per calendar quarter. Of course, with a hobby, the taxpayer would not be allowed to deduct any expenses or claim any losses related to that activity on their tax return. Tax-Exempt Organizations. What if an organization is tax-exempt?

payroll tax 95

payroll tax payroll Tax tax return 95

ThomsonReuters

MARCH 6, 2024

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

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ThomsonReuters

MARCH 11, 2021

American Rescue Plan Act of 2021, H.R. ARPA establishes a 100% COBRA premium subsidy for certain assistance eligible individuals (AEIs) during the period beginning on April 1, 2021 (the first day of the first month beginning after the bill is signed by the President), and ending on September 30, 2021. Available at [link].

payroll tax 135

payroll tax payroll Tax Government 135

Dent Moses

JULY 6, 2022

A couple of weeks ago we covered the IRS backlog of amended payroll tax returns (941X) for employee retention credits. Why? Because most taxpayers were apprehensive of reporting the ERC refunds as income (reduction of wages) for 2020 or 2021 when they had no idea when or if they would receive the refunds.

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LyfeAccounting

JANUARY 20, 2021

aka PPP loan 2021. PPP Loan 2021 Most Commonly Asked Questions (And Our Answers!). You had paid salaries and payroll taxes or paid independent contractors. You apply by March 31, 2021, or until funds are exhausted. PPP Loan 2021: Quick Recap. Yes, there is hope. Well, there you have it!

Non-Profits 52

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Cherry Bekaert

APRIL 4, 2023

Cost Segregation Plus Services Conducting a cost segregation analysis can help your organization implement a tax planning strategy that could accelerate substantial depreciation deductions, reduce tax liability and defer tax payments. utilizing energy-efficient technologies, LEED® certification, etc.)

Tax 75

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Withum

JANUARY 4, 2023

It is a refundable payroll tax credit that applies to certain wages paid to employees starting March 13, 2020. The program has been amended various times and is available for most taxpayers through the third calendar quarter of 2021. The CARES Act, signed into law on March 27, 2020, created the ERC.

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SkagitCountyTaxServices

MARCH 17, 2021

So, while the IRS has not yet released their guidance for 2021 on the Employee Retention Credit, we can go straight to the sources and pick apart the legislation to look for changes compared to the original CARES Act of 2020. Here’s probably the biggest whammy when it comes to claiming this tax credit. Who is eligible for the ERC?

payroll tax 98

payroll tax tax return payroll Non-Profits 98

ThomsonReuters

APRIL 9, 2021

ARPA established a 100% COBRA premium subsidy for continuing health coverage between April 1, 2021 through September 30, 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.

Hawaii 98

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Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. What Is the Fix?

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inDinero Tax Tips

JANUARY 3, 2023

Your business may still be eligible to claim the employee retention tax credit for 2021 and 2020. Provided you are eligible, the maximum amount of credit per employee is $26k which combines the $5k credit from 2020 with $7k for the first three quarters of 2021. Who Qualifies for the Employee Retention Tax Credit?

Tax 52

Tax payroll tax tax return payroll 52

FusionCPA

NOVEMBER 24, 2020

Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1 US corporations are taxed at a rate of 21 percent by the United States government.

corporation tax 52

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Anders CPA

OCTOBER 11, 2022

Important ERTC Takeaways: Still applicable to 2020 and 2021 taxes No application necessary, simply file an amended payroll tax return Strong chance for an IRS audit within 5 years ERTC can increase businesses’ taxable income Tip wages also count towards ERTC. ERTC for Restaurants.

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KROST

NOVEMBER 8, 2021

3684) was passed by the Senate on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention credit (with the exception of the recovery startup business credit) is terminated retroactively beginning October 1, 2021. The Infrastructure Bill (H.R.

payroll tax 52

payroll tax tax return payroll CPA 52

CTP

AUGUST 10, 2023

For 2021, eligible employers can claim up to 70%, and wages are limited to $10,000 per employee per calendar quarter. Normally, our instinct would be to say that of course a tax-exempt organization would not be eligible for a tax credit. These wages are also limited to $10,000 per employee for 2020. Trades and Businesses.

Tax 52

Tax payroll tax payroll tax return 52

CPA Practice

MAY 11, 2023

From July 2020 to September 2021, the group allegedly faked documents for four shell companies, asserting that each were businesses with between 19 to 49 employees with a monthly payroll between $150,000 to $430,000. They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege.

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payroll tax return payroll tax Tax 127

ThomsonReuters

MARCH 10, 2021

The American Rescue Plan Act of 2021 (ARPA) extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA, 2021). 501(c)(1) and exempt from tax under Code Sec. Background.

payroll 105

payroll payroll tax Tax Non-Profits 105

MyIRSRelief

MARCH 31, 2020

The CARES Act expands the definition of expenses qualifying for the exclusion to include employer payments of student loan debt made before January 1, 2021. portion of the Social Security (OASDI) payroll tax (or against the Railroad Retirement tax) for 50% of certain wages (below) paid to employees during the COVID-19 crisis.

Tax 100

Tax payroll tax payroll Non-Profits 100

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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CPA Practice

JUNE 10, 2024

In 2021, the latest year for which the Internal Revenue Service provides data, the top 0.1% of all federal income taxes(1), up from 8.1% This remains true, and profoundly relevant as policy makers consider what to do about a 2017 tax law that increased complexity while lowering revenue. accounted for 14.3% Cuts aren’t cures.

Tax 49

Tax income tax payroll tax Government 49

inDinero Tax Tips

JANUARY 3, 2023

S-Corps R&D Tax Questionnaire Your business may still be eligible to claim the employee retention tax credit for 2021 and 2020. Get up to $26,000 per employee Provided you are eligible, the maximum amount of credit per employee is $26k which combines the $5k credit from 2020 with $7k for the first three quarters of 2021.

Tax 40

Tax payroll tax tax return payroll 40

Anders CPA

AUGUST 23, 2022

Included in the new act is an extension of the Affordable Care Act provisions that were provided in the American Rescue Plan Act of 2021, which helped individuals in buying health coverage on the marketplace, which has now been extended through 2025. AFFORDABLE CARE ACT. GREEN ENERGY.

Tax 98

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ThomsonReuters

JULY 7, 2021

And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect. In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. They are as follows: Worksheet 1. Worksheet 2.

payroll 59

payroll Tax income tax payroll tax 59

KROST

OCTOBER 9, 2020

Consider deferring long term capital gains until 2021. Payroll Taxes. Proposes permanent exemption from tax for employee payroll taxes deferred under COVID executive order through the end of 2020. Consider accelerating capital gains before expiration in 2021. KROST Insight. Proposes 12.4%

Real Estate 75

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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.

cpas 64

cpas payroll tax CPA tax return 64

Cherry Bekaert

APRIL 5, 2023

For most companies, the R&D tax credit provides a dollar-for-dollar reduction of income tax liabilities. For some start-up companies, a portion of R&D tax credits can be used to offset federal payroll tax liabilities. Why Investigate the R&D Tax Credit Now?

Tax 75

Tax payroll tax general ledger payroll 75

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.

tax return 69

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SkagitCountyTaxServices

JANUARY 6, 2021

Yes, it’s “just a date” on a Gregorian calendar, but … 2021 holds great promise for our Mount Vernon business clients. billion to reopen and strengthen PPP for first and second time borrowers and reauthorizes the program through March 31, 2021. Wow, does it ever feel good to have turned the page on 2020.

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