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. [This article first appeared on the Patriot Software blog.] By Rachel Blakely-Gray.

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income tax payroll Tax payroll tax 130

Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

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TaxConnex

MARCH 19, 2024

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. It would also do away with the IRS.

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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. Plus, there’s no tax on amounts withdrawn if they are used to pay for qualified expenses.

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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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California Tax tax return payroll tax 122

Patriot Software

DECEMBER 12, 2022

And beginning in 2023, the Colorado paid family leave program takes effect. It means you have a new payroll tax […] READ MORE. Back in 2020, Colorado voted to implement its own Paid Family and Medical Leave Insurance (FAMLI) program. What does this mean for Colorado employers?

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Shay CPA

MARCH 6, 2024

As you wrapped up the 2023 books for your startup, you probably did some high-level financial review and analysis. For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. your quarterly Form 941). The bad news?

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payroll tax payroll Tax tax return 52

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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payroll tax payroll Tax income tax 52

Withum

DECEMBER 11, 2024

Payroll tax offset: Beginning in 2016, qualified small businesses (defined as those with less than $5 million in gross receipts and those in their first 5 years of existence) can elect to use the R&D tax credit to offset their quarterly payroll taxes, which can provide a significant cash flow benefit.

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E-commerce Tax payroll tax income tax 52

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.

payroll tax 52

payroll tax payroll Tax income tax 52

inDinero Tax Tips

MAY 13, 2024

What is payroll tax? Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge. In this article, we’ll explain the basics of the tax and how to do payroll yourself. How Much Is Payroll Tax?

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payroll tax payroll Tax income tax 52

inDinero Tax Tips

MAY 13, 2024

What is payroll tax? Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge. In this article, we’ll explain the basics of the tax and how to do payroll yourself. How Much Is Payroll Tax?

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payroll tax payroll Tax income tax 52

Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

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West Virginia Virginia income tax Tax 98

Patriot Software

MARCH 7, 2023

On February 6, the IRS released a proposed revenue procedure—Notice 2023-13—establishing SITCA. Have you heard about the Service Industry Tip Compliance Agreement program, otherwise known as SITCA? Learn what it is and why it matters to service industry employers.

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payroll tax payroll Tax 98

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

OCTOBER 13, 2023

For 2023, the wage base is $160,200. If you earn more than $160,200 this year, you won’t have to pay the Social Security payroll tax on the amount that exceeds that limit. That can result in considerable tax savings for those who earn more than the wage base. Distributed by Tribune Content Agency LLC.

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Tax payroll tax Washington payroll 116

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.

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Cherry Bekaert

JULY 9, 2024

Section D – Qualified Small Business Payroll Tax Election and Payroll Tax Credit Available for companies with $5,000,000 or less in gross receipts in the five years beginning with the first year the taxpayer had gross receipts. Section B – Alternative Simplified Credit No longer contains line items to show QREs.

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Tax payroll tax payroll income tax 96

CPA Practice

OCTOBER 26, 2023

According to the 2023 Social Security trustees report , both Social Security and Medicare face long-term financing shortfalls. The concerns raised in the 2023 report aren’t new. At that time, the law raised both the payroll tax rate and Social Security’s full retirement age, albeit slowly, from 65 to 67.

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payroll tax payroll Tax Start-ups 111

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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payroll tax payroll Agriculture Tax 52

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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payroll tax payroll Agriculture Tax 52

TaxConnex

MARCH 30, 2023

Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill?

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Sales Tax income tax Louisiana 147

CPA Practice

MAY 11, 2023

They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege. The Payroll Protection Program was designed to help businesses during the pandemic and run by the Small Business Administration under the March 2020-enacted Coronavirus Aid, Relief, and Economic Security Act. (c)2023

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payroll tax return payroll tax Tax 127

ThomsonReuters

DECEMBER 20, 2022

On October 13, 2022, the Social Security Administration (SSA) announced a $13,200 increase in the Social Security taxable wage base from $147,000 to $160,000 in 2023. more in payroll taxes in 2023. What is Social Security tax? . Some economists have said a recession is on the horizon for 2023.

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Legal payroll payroll tax income tax 59

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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Real Estate Tax Education Hospitality 115

Shay CPA

FEBRUARY 10, 2025

a pre-seed startup that invests $1 million in domestic R&D during 2023. Under old rules, they would have deducted the full $1 million in 2023. American Innovation and Jobs Act (2023) Sought to reinstate immediate expensing and bolster the R&D tax credit for smaller companies. calendar years.

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CPA Practice

JUNE 13, 2023

But part of what’s driving the ERC backlog in particular are adjusted or amended payroll tax returns, according to Michael Wronsky, a senior manager with Baker Tilly’s tax team. And don’t forget the recently passed debt ceiling deal, also known as the Fiscal Responsibility Act of 2023.

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Oregon tax return payroll tax Tax 111

CPA Practice

MAY 24, 2023

in unpaid sales and payroll taxes. The unpaid taxes had been accumulating for over a year. ©2023 MediaNews Group, Inc. On May 16, the Colorado Department of Revenue posted big notices on the doors of the company’s headquarters and its three remaining restaurants announcing an asset seizure to recoup $328,592.34

Colorado 52

Colorado payroll tax payroll Sales 52

CPA Practice

APRIL 28, 2023

Like salaried wages, tips are subject to income and payroll taxes. Waiters, for instance, are technically required to report tips to their employer, who then withholds and pays the proper taxes. This doesn’t mean you shouldn’t take advantage of the public comment period, which goes until May 7, 2023. By Nick Hawkins, Inc.

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Georgia payroll tax payroll Education 126

ThomsonReuters

APRIL 18, 2023

Charles Hall , a practicing CPA and Certified Fraud Examiner, suggested walking through payroll — from the hiring of an employee all the way through to a payroll payment and posting — to identify any control weaknesses. During the walkthrough, consider such questions as: Who monitors compliance with payroll laws and regulations?

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payroll payroll tax Tax audit 107

Withum

JANUARY 24, 2024

for 2023, the company must not have gross receipts prior to tax year 2019) would be considered a qualified small business (“QSB”) and can use the credit to offset up to $250,000 of their payroll tax liability, with an increase to $500,000 for tax years beginning after December 31, 2022.

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CPA Practice

FEBRUARY 2, 2023

25 , or the Fair Tax Act. This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. Buddy Carter has introduced the plan to this Congress as H.R.25

income tax 98

income tax Georgia payroll tax Tax 98

CPA Practice

AUGUST 7, 2023

The accounting software and payroll services provider, Patriot Software, has processed over $13 billion in payroll and payroll tax dollars since 2018, a milestone for the SaaS developer says it hit in June 2023. Patriot’s Full Service Payroll handles federal, state, and local payroll tax deposits and filings.

payroll 52

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CPA Practice

SEPTEMBER 12, 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.

Real Estate 95

Real Estate Tax Education Hospitality 95

CPA Practice

AUGUST 3, 2023

A hearing convened by the Oversight Subcommittee of the House Ways & Means Committee on July 27, 2023, addressed the persistent fraud and backlog of the ERC. The hearing included testimony from several tax practitioners, including a CPA who expressed great concern about the level of fraud in the program.

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CPA Practice

MARCH 7, 2023

By Justin Sink and Josh Wingrove, Bloomberg News (TNS) President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.

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Tax Hospitality payroll tax income tax 98

CPA Practice

OCTOBER 17, 2023

In 2023, an average of almost 67 million Americans per month will receive a Social Security benefit totaling about $1.4 For every $1,640 earned in 2023, one credit will be granted up to $6,560. It is important to note that if the individual is receiving a W-2, the individual and their employer each share the tax burden of 6.2%.

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