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. You have up to three years to file amended returns to claim the Employee Retention Credit. Who Qualifies for the Employee Retention Tax Credit? Get up to $26,000 per employee.

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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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LyfeAccounting

JANUARY 20, 2021

aka PPP loan 2021. PPP Loan 2021 Most Commonly Asked Questions (And Our Answers!). 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.

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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.

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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. You have up to three years to file amended returns to claim the Employee Retention Credit. Who Qualifies for the Employee Retention Tax Credit?

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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.

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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.

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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 return must still be filed on paper.

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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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CPA Practice

MARCH 7, 2023

People should not make up income and try to submit a fraudulent tax return in hopes of getting a huge refund.” These credits were available for self-employed individuals for 2020 and 2021 during the pandemic; they are not available for 2022 tax returns.

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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. Worksheet 2. Worksheet 3.

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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?

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Cherry Bekaert

JANUARY 5, 2023

There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years. As part of the Tax Cuts and Jobs Act of 2017 (TCJA), IRC Section 174 was amended for tax years beginning after December 31, 2021.

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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. You can only get seven grand per employee per quarter max in 2021 but still, who couldn’t use this kind of cash? That’s when “retroactively” becomes a big word – you can amend past returns.

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ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. California. per hour. . per hour. . per hour. .

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Anders CPA

DECEMBER 27, 2022

Key Takeaways: Research & Development tax credits will remain the same outside of extensions added through the Inflation Reduction Act of 2022 (IRA). The expense is deducted on the current year tax return, just like any other tax business expense. R&D Tax Credit Defined.

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Steve Feinberg

JULY 2, 2021

Don’t get caught by the nanny tax. This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. Nanny tax explained. The requirement comes into play if you pay any one individual $2,300 or more (in 2021). Could you be impacted? caretakers.

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SkagitCountyTaxServices

MARCH 17, 2023

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. But also, there’s little more than a month before personal tax returns are due. After December 31, 2021, you have to amortize your research and development expenditures over five years.

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ThomsonReuters

MARCH 22, 2021

The third early release draft of Form W-4P notes that its purpose is to provide instructions for an optional computational bridge between the 2021 or earlier Forms W-4P and 2022 and later Forms W-4P. The IRS notes that it has not yet updated these FAQs for the American Rescue Plan Act (ARPA), which was signed into law on March 11, 2021.

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Going Concern

APRIL 11, 2022

It just took me 90 minutes to assemble ONE tax return. I can't tell you how many returns have been redos already! " It's a payroll tax notice dated 12/31/21. I do not do payroll. I’m sorry I haven’t given you any of my 2021 tax information. TaxTwitter. Happy Sunday! SO MANY!!!!

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CPA Practice

OCTOBER 20, 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.

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CPA Practice

OCTOBER 19, 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.

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ThomsonReuters

FEBRUARY 9, 2022

The tax year 2021 version’s instructions note that the U.S. The 2022 tax year version may include more states if the loans are not repaid. States and localities may also provide tax relief for businesses affected by a disaster. Topics around payroll are just about everywhere. Ever hear the story about how U.S.

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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. Trades and Businesses.

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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. Tax-Exempt Organizations. What if your organization is tax-exempt? Normally, our instinct would be to say that of course a tax-exempt organization would not be eligible for a tax credit.

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KROST

NOVEMBER 8, 2021

3684) was passed by the House on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention tax credit (with the exception of the recovery startup business credit) is no longer in effect for the fourth quarter of 2021. The Infrastructure Bill (H.R.

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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. Delayed payment of employer payroll taxes. Taxes that can be deferred include the 6.2% Employee retention credit for employers.

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ThomsonReuters

MARCH 15, 2021

The first quarter of 2021 is nearly finished. Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. On March 11, 2021, President Biden signed his $1.9 Increasing the earned income tax credit percentage and phase-out percentage from 7.65% to 15.3%

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KROST

APRIL 19, 2021

Opening soon, with expenses incurred as of March 11, 2021. Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Step 3: Subtract the aggregate original disbursement amount(s) of any First Draw PPP Loan and Second Draw PPP Loan received, regardless of whether received in 2020 or 2021.

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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.

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ThomsonReuters

JANUARY 16, 2024

For tax purposes, a payment generally applies first to stated interest that remains unpaid as of the date the payment is due, second to any loan origination fees allocable to the payment, third to any capitalized interest that remains unpaid as of the date the payment is due, and fourth to the outstanding principal.

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ThomsonReuters

FEBRUARY 6, 2024

Corporate income tax is a significant source of revenue for governments. In fact, it is the third-largest source of federal revenue, albeit smaller than individual income tax and payroll taxes. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities.

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LyfeAccounting

JULY 12, 2021

This simply means that business profits, losses, and any taxes, pass through to your personal tax return where you pay for those taxes. Second, the self-employed pay taxes on their net earnings also known as profit, and not their revenue. Other Taxes To Keep In Mind When Self Employed.

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SkagitCountyTaxServices

DECEMBER 10, 2020

2021 is hurtling at us, isn’t it? Employers can ALSO deduct the amount and not pay federal payroll taxes on the payments. Here are some more “quick and dirty” ideas to help you before year-end… Look ahead to 2021 — project what your income might be, then make withholding and tax moves accordingly.

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KROST

NOVEMBER 24, 2020

Eligible taxpayers with an average of $50 million or less in gross receipts over the previous three years may claim the federal R&D tax credit against their alternative minimum tax liability. For companies with foreign subsidiaries, the tax rate on Global Intangible Low Tax Income may double from 10.5% California.

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