Shay CPA

FEBRUARY 10, 2025

However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. But for tax years beginning after December 31, 2021, the TCJA now requires R&D expenses to be capitalized and amortized over: 5 years for domestic research, and 15 years for foreign research.

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CPA Practice

JULY 25, 2025

Mary Girsch-Bock Professionals on the Move is a round-up of recent hiring, promotion and staffing announcements from around the accounting and tax profession. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She is a member of the American and Pennsylvania Bar Associations.

West Virginia 40

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Accounting Today

JULY 10, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email Underhanded underground; down on the farm; reality check; and other highlights of recent tax cases. Augusta, Georgia: Two ghost preparers have pleaded guilty to a tax scheme. All rights reserved. By Jeff Stimpson July 10, 2025, 6:14 p.m.

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CPA Practice

JUNE 19, 2025

a pack federal excise tax , when they import cigarettes into the U.S. as long as they export the same amount—even though there’s no federal excise tax charged on exported cigarettes. excise tax on the more than three billion packs it ships from its Philip Morris USA Manufacturing Center by Interstate 95 in South Richmond.

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CPA Practice

JULY 17, 2025

The GOP megabill staggers the rollout of its sweeping budget provisions, including tax breaks and social program cuts. With next year’s midterms looming, strategic timing is everything: tax breaks to households (and corporations) begin in 2025, while most sweeping social program cuts are delayed until 2028.

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CPA Practice

JULY 24, 2025

However, recurring claims for the last couple of months have hovered around the highest levels since 2021. Photo caption: A now hiring sign sets outside of Wendy’s in Saginaw, MI, on July 23, 2021. Weekly claims remain near the subdued levels seen prior to the pandemic, indicating employers are largely retaining staff.

Technology 52

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CPA Practice

JULY 18, 2025

Premiums might get much pricier How it works now: Premium tax credits help taxpayers afford marketplace health insurance premiums. Since 2021, “enhanced” premium tax credits have been larger and available to more people. Smaller tax credits—and therefore more expensive premiums—go back into effect starting in 2026.

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CPA Practice

JULY 17, 2025

At the same time, recurring claims near the highest since 2021 suggests unemployed Americans continue to find difficulty in securing a new job as the pace of hiring has slowed. Leave a Reply Cancel reply Δ CPA Practice Advisor is the definitive technology and practice management resource for accounting and tax professionals.

Technology 105

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CPA Practice

JULY 15, 2025

Toy prices increased at the fastest pace since early 2021, while the costs of household furnishings and sports equipment climbed by the most since 2022. Inflation Insights LLC President Omair Sharif pointed out that excluding cars, core goods prices climbed 0.55% in June — the biggest monthly advance since November 2021.

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MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems.

New York 147

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Patriot Software

DECEMBER 28, 2020

A new type of payroll tax is coming your way in 2021. Learn all about the Eugene Community Safety Payroll tax and whether or not you need to withhold and remit it to the city. What is the Eugene Community Safety Payroll Tax? Attention Oregon employers! The Eugene Community […] READ MORE.

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inDinero Tax Tips

MAY 21, 2021

Did you know your business could qualify for a ‘sweet’ tax credit. 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. What is the R&D Tax Credit?

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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.

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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].

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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

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. Background.

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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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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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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. How much is the ERC?

payroll tax 98

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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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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.

payroll tax 98

payroll tax tax return payroll Tax 98

SkagitCountyTaxServices

SEPTEMBER 29, 2021

Is The Employee Retention Tax Credit Right For Your Skagit County Business? Late last year the Taxpayer Certainty and Disaster Tax Relief Act of 2020, following up on earlier relief laws, allowed the good folks at the IRS to give Skagit County employers like you a real tax break. How do you qualify? Where do you sign up?

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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. State Income Tax.

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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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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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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. Tax , Tax Specialty Services , Financial Services.

Real Estate 52

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CTP

AUGUST 10, 2023

Taxpayers have been pummeled by the same eye-catching ads all tax season: “ Get $26,000 per employee through the Employee Retention Credit! These “ERC mills” make grand promises but provide very few details on how to actually qualify for this lucrative tax credit. The ERC is a fully refundable tax credit.

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Withum

SEPTEMBER 17, 2024

This can lead to severe penalties, legal challenges, and back taxes for businesses. This final rule repeals the Independent Contractor Status Under the Fair Labor Standards Act rule (2021 IC Rule), issued on January 7, 2021. This audit should involve a detailed analysis of job descriptions, duties, and working relationships.

Legal 105

Legal payroll tax audit Tax 105

CPA Practice

MAY 11, 2023

At the center of the scheme, according to federal prosecutors, is former IRS agent Frank Mosley, who was also identified as a “current city of Oakland tax enforcement officer.” They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege. Justice Department spokesman said Wednesday.

payroll 127

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CPA Practice

JUNE 10, 2024

By Kathryn Anne Edwards, Bloomberg Opinion (TNS) For more than two decades, America has pursued a policy as costly as the New Deal of the 1930s or the Great Society of the 1960s, but with a much narrower aim: cut taxes. Americans are increasingly dissatisfied with their taxes. of all federal income taxes(1), up from 8.1%

Tax 85

Tax income tax payroll tax Government 85

FusionCPA

NOVEMBER 24, 2020

It's that time of the year again where businesses are preparing their end-of-year tax. 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

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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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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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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. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

payroll 59

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inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

Tax 52

Tax payroll tax tax return payroll 52

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. Second, you can use your 2019 and 2020 annual tax returns to confirm the revenue reduction.

Non-Profits 52

Non-Profits payroll Healthcare Hospitality 52

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.

income tax 130

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