Xero

MARCH 16, 2023

That’s why we have prepared some resources to guide you through a frictionless payroll year end, and be ready for the start of the 2023/24 tax year. We have also introduced a new checklist within Xero Payroll to streamline your tasks and make it easy as we approach year end.

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ThomsonReuters

MAY 6, 2022

The Spring 2022 Certified Payroll Professional (CPP) exam testing period ended a few weeks ago on April 16, 2022. The next testing period for the CPP begins on September 10, 2022, with registration for it opening on July 6, 2022. Thoughts and tips from a payroll pro. Hopefully, there are many CPPs out there!

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MyIRSRelief

JANUARY 3, 2022

As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. If you’re a small business owner, you will likely already be aware that employment 941 payroll trust fund taxes can cause monumental headaches.

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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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CPA Practice

DECEMBER 18, 2023

The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. Available at IRS.gov/businessaccount , the new business tax account is a key part of the agency’s continuing service improvement initiative.

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Shay CPA

FEBRUARY 22, 2023

If you’re not capitalizing on the federal research tax credit — commonly called the R&D tax credit — you could be missing out in a major way here. This credit lets you reduce your tax liability. In other words, there’s no double tax benefit here (unfortunately). That percentage can range from 3 to 16%.

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Withum

JANUARY 24, 2024

The R&D Tax Credit is a tax incentive that can be applied as a dollar-for-dollar offset against a company’s tax liability if they engage in activities related to the design and development of a product, process, formula, invention, software, or technique within the United States.

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Shay CPA

OCTOBER 18, 2023

The landscape for small businesses and startups is constantly evolving, especially when it comes to taxes. One area ripe for taking advantage of is the Research and Development (R&D) Tax Credit. Recent changes in tax laws have made this opportunity even more enticing. What’s New? How Does This Benefit Startups?

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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%

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ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about taxable and nontaxble fringe benefits. Payroll conference guidance on fringe benefits. Payroll Guide ¶3540 discusses fringe benefits. Payroll Guide ¶3585 discusses qualified transportation fringe benefits. Also, the U.S.

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CPA Practice

OCTOBER 13, 2023

Taylor, Kiplinger Consumer News Service (TNS) The Social Security tax, withheld from each paycheck, stops once your income reaches a certain amount. That is due to the “Social Security wage base,” which is the maximum amount of earnings subject to Social Security tax. In this case, they would save $620 on Social Security taxes.

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Withum

JANUARY 12, 2023

The IRS announced comprehensive tax relief provisions for taxpayers affected by California’s winter storms. Additionally, eligible taxpayers will have until May 15 to make 2022 contributions to their IRAs and health savings accounts. Contact Us. Let’s Chat.

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CPA Practice

JANUARY 26, 2023

Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud. Use same employer identification number on all forms Employers need to make sure the employer identification number (EIN) on their wage and tax statements (Forms W-2, W-3, etc.)

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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. 2023-11 in December 2022.

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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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Withum

APRIL 20, 2023

The R&D tax credit is a tax incentive encouraging companies to invest in research and development activities in the United States. Alternative simplified credit (ASC) : The ASC is a simplified method for calculating the R&D tax credit.

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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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Insightful Accountant

FEBRUARY 27, 2023

Check out how the payroll services can help simplify your payroll, taxes, HR and benefits.

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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. Eliminate uncertainty.

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ThomsonReuters

MARCH 10, 2021

Provides that paid sick and paid family leave credits may each be increased by the employer’s share of Social Security tax (6.2%) and employer’s share of Medicare tax (1.45%) on qualified leave wages. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. .

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ThomsonReuters

MARCH 22, 2021

Keeping Up with Taxes. The legislation levied a direct tax on the American Colonies in an effort to pay off debts and defend new American territories won from the French in the Seven Years’ War. So, why the brief history lesson on American Colony taxes? For payroll, in particular, there are a number of taxes.

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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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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. Now, the Treasury and IRS have responded to requests from taxpayers for relief from penalties with IR-2022-89. Also, many claimed they were unable to pay the additional tax without the corresponding refund.

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? According to our most recent analysis, some of the most searched terms within Checkpoint Edge are tax credits, Employee Retention Credit (ERC) , and the Inflation Reduction Act (IRA). However, Form 941-X may currently only be submitted by paper, increasing processing times. (It

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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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Going Concern

APRIL 11, 2022

We are officially one week away until our tax pro friends complete the long, arduous first leg of busy season. Let’s take a look at how things have been going for the Internet’s most vexed tax accountants in the last 48 hours or so: #taxseason observations: 1. How do I pay my taxes? Tax season bingo card.

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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . in partnership with the American Payroll Association (APA) and the Global Payroll Management Institute (GPMI).

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Shay CPA

MARCH 22, 2023

R&D Expenditure Capitalization Rules (New for 2022) The TCJA amended Section 174 relating to the federal tax treatment of research or experimental expenditures paid or incurred during the taxable year. will no longer be able to deduct 100% of their expenses starting in 2022 and for future year tax years.

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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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inDinero Tax Tips

MARCH 17, 2023

It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for you by a tax services provider. Pay above this amount is not subject to social security tax.

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inDinero Tax Tips

MARCH 17, 2023

It’s due to the IRS on a quarterly basis and is part of your responsibility to withhold and remit payroll taxes. You can file for free through the mail, online for a fee through an IRS approved software provider, or have it done for you by a tax services provider. Pay above this amount is not subject to social security tax.

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Anders CPA

DECEMBER 27, 2022

To incentivize investing in research and development, companies may be eligible for tax credits or a tax deduction for qualifying expenses. Key Takeaways: Research & Development tax credits will remain the same outside of extensions added through the Inflation Reduction Act of 2022 (IRA). R&D Tax Credit Defined.

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Cherry Bekaert

JUNE 30, 2023

This increased focus on developing new technology is great for the ultimate consumer, but there are also strategic tax and incentive opportunities for companies to capitalize on this related increased R&D spend.

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CPA Practice

MARCH 12, 2024

trillion budget proposal, issued March 11, covers a broad range of priorities in key areas including health care, child care and education, and includes calls for expanding benefits under Biden’s landmark Inflation Reduction Act of 2022.

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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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Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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