ThomsonReuters

JANUARY 30, 2023

States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. A flurry of bills is being proposed in the payroll space — many having to do labor and employment. per hour to $15 per hour by 2025. Rhode Island. West Virginia.

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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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CPA Practice

SEPTEMBER 10, 2024

3, 2025, to submit a variety of tax filings and payments, the Internal Revenue Service announced on Tuesday. 3, 2025 will be extended to that latter date. Also delayed will be the deadlines for quarterly payroll and excise tax returns normally due at the end of October and January. 18 and Feb.

Connecticut 110

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Xero

JULY 30, 2024

The new plan line-up will launch on 12 September 2024 and bundles key features such as Xero Payroll, Xero Projects and Analytics Plus into some plans, making it easier to choose the best option for your business or clients. This means some customers will not be migrated by Xero by March 2025 as originally communicated.

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Xero

AUGUST 8, 2024

The new plans, which will launch on 12 September 2024, bundle key features such as Xero Payroll, Xero Expenses, multicurrency, Xero Analytics Plus and bill payments into some plans, making it easier to choose the best option for your business or clients. If you choose to move, you won’t be included in Xero’s migration.

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Xero

JUNE 30, 2024

Learn more about our new small business plans or plans for accounting and bookkeeping partners. With our new plan line-up, our old plans – Payroll Only, Starter, Standard and Premium business plans, and GST Cashbook and Cashbook Payroll partner plans – are no longer available for purchase.

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inDinero Tax Tips

OCTOBER 22, 2024

In this article, we’ll cover everything you need to know about Nevada LLC taxes, from pass-through treatment to self-employment, sales, and payroll taxes. If you have employees, you also file a Form 941 , which reports payroll tax withheld on their behalf. The 2024-2025 deadline is August 14, 2025.

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CPA Practice

DECEMBER 11, 2023

By Leada Gore, al.com (TNS) The maximum contribution amount for employees participating in a flexible spending account will increase in 2024, according to the IRS. Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year. ©2023 Advance Local Media LLC.

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SMBAccountant

MAY 17, 2024

Are you a small business owner seeking expert guidance on accounting practices? Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. These services can facilitate growth and financial management.

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ThomsonReuters

MARCH 5, 2024

Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. ” The TCJA took effect on January 1, 2018 and many of its provisions remain in effect through 2025. 199A , should the provision sunset after 2025.

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Accounting Insight

SEPTEMBER 27, 2024

It’s a huge testament to the powerful accounting and finance community in the North.” ‘Fantastic exhibitors presenting cutting-edge tools and solutions’ A diverse range of over 120 software and service providers showcased their products, from payroll and pensions to cybersecurity and cryptocurrency.

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ThomsonReuters

OCTOBER 15, 2024

Critiques of CFPB’s interpretation of EWA In its interpretive rule, which received nearly 150,000 comments, the CFPB states that “it does not matter that the obligation to repay is sometimes satisfied via payroll deduction” and that it “is still an act of repayment.” 3401(b).

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Withum

SEPTEMBER 16, 2024

Plans may permit repayable, in-service access to up to the lesser of $10,000 or 50% of the participant’s account balance from a defined contribution plan for a participant who is a victim of domestic abuse. Effective starting December 29, 2025. The Form 5500 should present these investments at fair value. Other Notable SECURE 2.0

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Ronika Khanna CPA,CA

JUNE 7, 2024

for example payroll remittances are referred to as deductions at source). If you do not have any payroll in a month or period, you can simply file a $0 or nil return, online with both CRA and RQ. The administration and tax filings is significantly less onerous than for payroll, however, there are other drawbacks.

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Xero

JUNE 4, 2024

We’ve put a lot of consideration into creating simplified plans with bundled tools and features, to help solve your most important accounting and people management tasks. Find out more about the plans and what’s included for small businesses and for accountants and bookkeepers. What will happen to my plan on 12 September 2024?

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Xero

APRIL 30, 2024

We’ve put a lot of consideration into creating streamlined plans with bundled tools and features, to help solve your most important accounting and people management tasks. Find out more about the plans and what’s included for small businesses and accountants and bookkeepers. What will happen to my plan on 1 July 2024?

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SchoolofBookkeeping

JUNE 13, 2024

Plus, there are shiny new features like document management and enhanced payroll tools (with lots of fine print, of course). September 1, 2024 : Existing accountant-billed subscriptions. QuickBooks Online Payroll Price Increases: August 1, 2024 : For new subscriptions and existing client-billed subscriptions.

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CPA Practice

AUGUST 6, 2024

Brown Plus Welcomes Four New Team Members Leading accounting and advisory firm,Brown Plus, recently announced the hiring of four new team members: Michael Corona started with Brown Plus as an intern and is now an Audit Associate. He graduated from York College with a Bachelor’s degree in Accounting. Sikich Announces 2024 James A.

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CPA Practice

FEBRUARY 12, 2024

That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026). The Social Security payroll tax wage base was $160,200 last year. payroll tax on nearly $100,000 more of their wages. Angie Craig (D-Minn.). from 2023 to 2024.

Minnesota 131

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ThomsonReuters

JANUARY 22, 2024

Key provisions include: Increased Refundable Portion : The refundable portion of the child tax credit will gradually increase over the years 2023-2025, offering more financiaTax assistance to families. Bonus Depreciation: 100 % bonus depreciation is extended through 2025, allowing businesses to fully expense qualified property.

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CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Avalara has more than 2,000 accounting firms that use their system to electronically file these forms on behalf of their clients.

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ThomsonReuters

JUNE 7, 2024

Some of the resistance points from payroll professionals and concerns with tax compliance are being addressed through communication and the use of data analytics, among other things. The correct handling of tax obligations, withholdings, and payroll deductions is vital to staying within legal parameters.

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Reckon

SEPTEMBER 10, 2024

So, what’s gone wrong, and how do you, as a small business owner, ensure that your payroll and super obligations are compliant? Make sure that whatever option they have is correctly entered into your payroll system so that superannuation payments can be accurately allocated. Unsure where to begin?

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CPA Practice

OCTOBER 18, 2024

The Florida Institute of Certified Public Accountants (FICPA) recently announcedJim Gurowka, CAE, as its new Chief Growth Officer (CGO), effective Sept. Gurowka comes to the FICPA after a 19-year tenure as Senior Vice President of the Institute Management Accountants (IMA). Christine has a BBA in Accounting from St.

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CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. The catch-up amount for people age 50 and older in 2023 is currently $7,500.

Illinois 96

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Reckon

JUNE 18, 2024

The message is simple: if you have any staff of minimum wages or modern awards, you need to check every award, update your payroll, and begin paying the new rate from 1 July 2025. Hot Tip : Update your payroll software just before 1 July to make sure your next pay run is correct. increment until it reaches 12%.

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Snyder

JULY 6, 2022

The number of digital banking users in the US is expected to reach a staggering 217 million people by 2025 or about 80% of the targeted population. If we talk about the basics, checking accounts is the first thing that springs to mind. What is a checking account? What does a checking account provide?

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ThomsonReuters

JANUARY 4, 2024

Jump to: Utilize short-term staffing solutions Incorporate AI and automation into your workflow Become a strategic advisor As accounting firms usher in 2024, it’s important to take a fresh look at the business landscape — both its challenges and its opportunities — to best prepare for the year ahead.

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Going Concern

OCTOBER 25, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. LLP, with WAMY and its counsel, engaged in wrongful conduct during Marks’ engagement with WAMY.

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ThomsonReuters

MARCH 6, 2024

To effectively address these subjects and more, tax and accounting experts today must have comprehensive and current tax research tools and expert editorial analysis at their disposal. Employers who wish to claim the ERC must file amended returns for any quarter ending in 2021 no later than April 15, 2025.

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ThomsonReuters

DECEMBER 6, 2023

ERC background and issues The ERC provided eligible employers with a refundable credit allowed against certain employment taxes during most of 2020 and 2021, which was accounted for using Form 941 , Employer’s Quarterly Federal Tax Return.

tax preparation 105

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Ronika Khanna CPA,CA

DECEMBER 28, 2023

GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. QST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. The maximum amount that you can contribute can be found on your 2022 notice of assessment or by going to CRA my account.

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Dent Moses

JUNE 14, 2023

Key Provisions: The bill exempts Alabama state tax withholding on overtime from January 2024 through June of 2025 – extension will require a renewal by lawmakers. Payroll software will require revisions to accommodate the new law. Lawmakers believe the bill helps hourly workers and also employers by enticing employees to work overtime.

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ThomsonReuters

JUNE 2, 2023

A recent Treasury Inspector General for Tax Administration (TIGTA) report shows that although 95% of the total deferred Social Security tax has been paid, some 384,314 employers still owe the IRS approximately $6 billion in this payroll tax and will be subject to collection actions. The return must still be filed on paper.

payroll tax 52

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CPA Practice

FEBRUARY 27, 2024

2023 contributions to IRAs and health savings accounts for eligible taxpayers. Quarterly payroll and excise tax returns normally due on Jan. Also, penalties for failing to make payroll and excise tax deposits due on or after Jan. 2024 estimated tax payments normally due on April 15, 2024. 31 and April 30, 2024.

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Anders CPA

JUNE 21, 2023

If you are above the age of 50, you are currently allowed to make an additional “catch-up” contribution to your account as you are nearing retirement age. Additional Changes to Catch Up Contribution Limits in 2025 Note that starting January 1, 2025, an additional change will be implemented.

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KROST

JANUARY 14, 2021

Mortgage Debt Forgiveness for income from the discharge of qualified principal residence indebtedness is extended through 2025. Payroll Related Provisions. Empowerment Zones (EZs) Tax Incentives for areas of high poverty and unemployment were extended through 2025. Mortgage Insurance Deduction extended through 2021. Learn more.

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