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.

Tax 98

Tax payroll Expense Reimbursements Gaming 98

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.

payroll 52

payroll Construction Education Nevada 52

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?

bookkeeping 98

bookkeeping payroll accounting basics tax return 98

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.

Tax 131

Tax Minnesota income tax payroll tax 131

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.

Tax 105

Tax business tax accounting and finance payroll 105

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.

Technology 123

Technology accounts payable accounting firms income tax 123

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

Illinois Start-ups Tax CPA 96

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.

tax planning 78

tax planning Tax Technology tax return 78

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?

Account 52

Account accountant accounted Maine 52

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.

tax return 52

tax return payroll tax payroll Tax 52

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.

business tax 52

business tax Tax income tax tax return 52

Xero

MAY 29, 2024

We know areas like payroll and expenses can be critical to running a small business, so we’re bundling these features into some of our UK plans. Find out more about the new simplified plans and what’s included for small businesses and accountants and bookkeepers. Read more about our latest payroll improvements.

payroll 22

payroll bookkeeping accounting basics tax return 22

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

tax preparation Tax tax return payroll 105

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.

tax return 69

tax return income tax California payroll 69

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.

income tax 52

income tax Alabama Tax payroll 52

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

payroll tax payroll tax return Tax 52

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.

audit 52

audit payroll Tax Start-ups 52

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.

Real Estate 67

Real Estate CPA Hospitality Tax 67

ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. Many of the TCJA provisions are planned to expire in 2025.

tax planning 52

tax planning Tax payroll tax Education 52

Withum

SEPTEMBER 15, 2023

Form 3115 is not required for the change in method of accounting related to Section 174 R&E expenditures if the change was made in the taxpayers’ first taxable year beginning after December 31, 2021.

tax return 69

tax return payroll tax income tax Tax 69

Anders CPA

MAY 25, 2023

Some provisions within the act will be introduced over the course of the next one to three years, making this the ideal time for plan sponsors to begin making preparations and adjustments to account for the amended regulations. Withdrawals can be made from emergency savings accounts tax and penalty-free. SECURE Act 2.0 SECURE Act 2.0

Education 52

Education audit Tax income tax 52

ThomsonReuters

FEBRUARY 7, 2022

The collection of contributions would not begin until 2025 under the measure. The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. The post Federal Paid FMLA May Be Out While States Consider Possibilities appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Missouri 98

Missouri Rhode Island Nebraska Mississippi 98

CPA Practice

MARCH 22, 2023

Typically, these accounts operate like traditional IRAs. Beginning in 2025, the limit for that group is equal to the greater of $5,000 or 150% of the regular 2025 catch-up contribution amount. This will also be adjusted annually for inflation after 2025. Now the new SECURE Act 2.0

Tax 59

Tax Account accountant accounted 59

Anders CPA

DECEMBER 8, 2022

The IRS has clarified that those who took advantage of the increased gift tax exclusion between 2018 and 2025 “will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.” Reevaluate Payroll Deductions and Other Benefits. Manage Flexible Savings Account Funds.

tax planning 52

tax planning Tax Missouri Education 52

CPA Practice

MARCH 22, 2023

For starters, an employee can elect to defer part of their salary on a pre-tax basis to a personal account, subject to generous limits. The amounts contributed to the account compound without any current tax erosion until withdrawals are made—usually, in retirement. These distributions are taxed at ordinary income rates.

Tax 117

Tax Account accountant accounted 117

CPA Practice

MARCH 27, 2023

Background information: With a 401(k) plan, an employee can elect to defer part of their salary on a pre-tax basis to a personal account, subject to generous limits. The amounts contributed to the account compound without any current tax erosion until withdrawals are made—usually, in retirement. SECURE Act 2.0

Tax 59

Tax Maine Start-ups Account 59

CPA Practice

MARCH 24, 2023

Typically, these accounts operate like traditional IRAs. Beginning in 2025, the limit for that group is equal to the greater of $5,000 or 150% of the regular 2025 catch-up contribution amount. This will also be adjusted annually for inflation after 2025. Now the new SECURE Act 2.0

Tax 52

Tax Account accountant accounted 52

CPA Practice

OCTOBER 25, 2023

If it does, the employees can contribute to their accounts within generous limits, building up funds for their retirement. The amounts contributed to your account compound without any tax erosion. law adds another layer, beginning in 2025, for participants who are age 60 through 63. requirement affecting high-earning employees.

Tax 75

Tax Account accountant accounted 75

Xero

MAY 13, 2024

Preparing your payroll to make finalisation as easy as possible come July. Check your employees’ records As part of Single Touch Payroll (STP) , there are key compliance requirements that affect the way employees are set up in Xero. A good place to start? Completing your EOFY is better off on Xero.

payroll 81

payroll general ledger Tax Account 81

CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. Grandparents, then, can maintain a 529 account, with their grandchildren as the beneficiaries, and distribute those funds to their grandchildren without it impacting aid eligibility. What is a 529 account?

Education 98

Education Transportation Michigan Virginia 98

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

income tax Tax accounting standards accounting and finance 80

Withum

JANUARY 4, 2023

It is a refundable payroll tax credit that applies to certain wages paid to employees starting March 13, 2020. One such promise is the offer to provide audit “support,” which is not the same as promising to hire a qualified lawyer or accountant to represent you before the IRS if you are audited.

audit 136

audit payroll tax Tax Start-ups 136

CPA Practice

OCTOBER 20, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. 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. 1705, the STEM Education in Accounting Act.

cpas 52

cpas CPA Education audit 52

CPA Practice

OCTOBER 19, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. 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. 1705, the STEM Education in Accounting Act.

cpas 52

cpas CPA Education audit 52

Withum

OCTOBER 11, 2023

On October 7, 2023, California Governor Newsom signed SB 253 and SB 261 , collectively known as the “California Climate Accountability Package,” into law. The reporting aligns with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and its Scope 3 counterpart.

California 59

California payroll Start-ups accounting and finance 59

Going Concern

JUNE 2, 2022

When did pizza establish itself as a corporate reward far more valuable than a few extra digits in a payroll ledger? 16 May 2025. Let’s just be grateful accounting firms pay you enough for you to afford a decent rotation of blue button-up shirts and a cremation. National Pizza Party Day dates. 19 May 2023. 17 May 2024.

West Virginia 102

West Virginia Virginia Management Consulting accounting firms 102

Nancy McClelland, LLC

JANUARY 10, 2023

The course description from CPA Academy: §199A is a key tax deduction available to pass-through entities through tax year 2025. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

Education 52

Education CPA tax planning Tax 52