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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CPA Practice

FEBRUARY 12, 2024

However, this isn’t the first time lawmakers have introduced legislation to end income tax on Social Security benefits. As Kiplinger reported, the Social Security tax wage base jumped 5.2% from 2023 to 2024. The Social Security payroll tax wage base was $160,200 last year. Here’s what you need to know.

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Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

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CPA Practice

FEBRUARY 15, 2023

The new W-4 form for 2023 is now available. 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. New W-4 form 2023: Changes So, what’s new with the 2023 W-4 form?

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CPA Practice

SEPTEMBER 8, 2023

Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan. Therefore, the employee saves both income tax and payroll taxes on contributions to the plan. Similarly, the employer saves on its share of payroll taxes.

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Withum

JANUARY 12, 2023

These relief provisions provide an extended due date to May 15, 2023, for disaster-affected taxpayers to file returns. For more information about the IRS’ relief provisions for California taxpayers affected by this winter’s storms, please see IRS CA-2023-02 and IRS Alert IR-2023-03. Contact Us. Let’s Chat.

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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. The 2023 version of the form can be downloaded here.

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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. The 2023 version of the form can be downloaded here.

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Withum

FEBRUARY 29, 2024

Ohtani, his agents, and the Dodgers structured the contract so that $20 million will be paid to Ohtani from 2023-2033 ($2 million per year), with the remaining $680 million deferred amount to be paid from 2034-2043. Let’s start with his federal payroll tax liability. The Social Security tax withholding is 6.2%

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Shay CPA

OCTOBER 18, 2023

The Inflation Reduction Act of 2022 has brought some significant amendments to the R&D Tax Credit, making it more accessible and beneficial for qualified small businesses (QSBs). The Basics The R&D Tax Credit, or IRC 41, offers taxpayers a credit against income tax for qualified research expenses (QREs).

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Withum

FEBRUARY 29, 2024

Ohtani, his agents, and the Dodgers structured the contract so that $20 million will be paid to Ohtani from 2023-2033 ($2 million per year), with the remaining $680 million deferred amount to be paid from 2034-2043. Let’s start with his federal payroll tax liability. The Social Security tax withholding is 6.2%

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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. In the House of Representatives, H.R. 1705, the STEM Education in Accounting Act.

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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. In the House of Representatives, H.R. 1705, the STEM Education in Accounting Act.

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SkagitCountyTaxServices

MARCH 17, 2023

In the interest of offering you some of my expert insight at no extra cost to you, I’d like to start the small business tax planning conversation here… Padgett & Padgett, PLLC CPA’s Tips for 2023 Small Business Tax Planning “Luck had nothing to do with this. As of 2023, it’s scheduled to reduce every year.

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Going Concern

NOVEMBER 16, 2023

The post Top Remote Accounting Freelancers of the Week: November 16, 2023 appeared first on Going Concern. Liz is a go-to person if you need a guest writer or a webinar/podcast contributor to talk shop. Don’t hesitate to reach out to liz@accountingfly.com.

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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 IRS also has a Form 941 backlog of 2.1

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ThomsonReuters

MARCH 6, 2024

This led the IRS to call a halt of new claims processing on September 14, 2023, and the moratorium continues to remain in effect. In the meantime, the IRS renewed calls for businesses to review their eligibility for the ERC as the agency’s Criminal Investigations team begins a series of educational sessions for tax professionals.

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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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CPA Practice

MARCH 7, 2023

The form is designed to report household employment taxes if a taxpayer hired someone to do household work and those wages were subject to Social Security, Medicare, or FUTA taxes, or if the employer withheld federal income tax from those wages. ©2023 Advance Local Media LLC. Visit al.com.

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Shay CPA

MARCH 22, 2023

What if I don’t have time to provide this analysis before the filing deadline of April 18th, 2023? If you need more time to complete and prepare this analysis, your company can file a tax extension which gives you until Oct 17, 2023 to file the tax return. Any taxes due must be paid by April 18th, 2023, however.

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CPA Practice

MARCH 7, 2023

If the IRS believes salaries are below the typical wage for those positions because the business is trying to avoid paying payroll taxes, the company will lose its S Corp status. For example, companies with significant income may benefit from the 21% flat tax rate enacted by the Tax Cuts and Jobs Act of 2017 for C Corporations.

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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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Cherry Bekaert

JANUARY 5, 2023

For the first tax year, taxpayers with offshore R&E costs are limited to a deduction of only 3.33% of their R&E expenses incurred in the tax year. 2023-11 in December 2022. Rev Proc 2023-11 and the TCJA amendment to IRC Section 174 provide that the accounting method is changed by taxpayers using a cut-off method.

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CPA Practice

SEPTEMBER 14, 2023

Following a recent hearing convened by the Oversight Subcommittee of the House Ways & Means Committee on July 27, 2023, AICPA submitted a written statement for the record expressing concerns with the increase of dishonest ERC mills and recommendations to address the issue.

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ThomsonReuters

JUNE 7, 2023

To Weckman’s point, there are already significant challenges in processing a timely and accurate payroll in the United States. Multi-state employers must understand income tax withholding rates, unemployment tax rates, minimum wage and labor laws, and any local payroll tax laws or regulations.

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CPA Practice

JULY 12, 2023

Earnings from investments in HSAs grow tax-free, which means there’s no tax on interest, dividends, or capital gains. Distributions from HSAs for qualified medical expenses are tax-free, which means there’s no tax on withdrawals if they’re used for health care purposes. Of course, there are limitations to HSAs.

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Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payroll tax and withholding updates or consistencies for 2024 that employers and employees should be aware of. per hour on January 1, 2024.

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Withum

MARCH 3, 2023

The dates these laws became effective vary by state, with Missouri’s requirement effective in 2023. The remaining five states do not impose a sales tax. To get started, you will need the following: Where the company currently files income tax, payroll tax, unclaimed property, and sales tax.

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SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

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SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

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ThomsonReuters

FEBRUARY 9, 2022

States and localities may also provide tax relief for businesses affected by a disaster. California, which has been affected by numerous wildfires, posts disaster tax relief for payroll taxes on the Employment Development Department’s website. Topics around payroll are just about everywhere. H-1B visas allow U.S.

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TaxConnex

MARCH 19, 2024

What is the latest word on uniform sales taxes globally? national sales proposal is The FairTax Act, aimed to replace major sources of federal revenue such as income taxes, estate and gift taxes, capital gains and payroll tax. 25-Fair Tax Act of 2023. 25 years and counting One recent U.S.

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xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. This will end in 2023. Employee benefits.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

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inDinero Tax Tips

JANUARY 16, 2024

It’s always better to preemptively act than face the consequences of missing tax deadlines The Internal Revenue Service (IRS) will apply a Failure to File penalty to all businesses that submit their 2023 tax return late. The penalty won’t exceed 25% of your unpaid taxes. Let indinero’s experts help.

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CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” 1, 2023, the IRS submitted an appeal of U.S. million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax.

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