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.

payroll 105

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ThomsonReuters

MARCH 15, 2023

Payroll on Checkpoint asked  Jeffrey Paravano , partner at  BakerHostetler  and leader of the firm’s national tax practice group, to share his thoughts. ​ ​Extension of statute of limitations​ The IRS recently issued another alert to businesses and tax practitioners regarding scams related to the employee retention credit (ERC).

payroll tax 52

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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.

payroll 94

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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.

Tax 98

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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.

income tax 116

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ThomsonReuters

DECEMBER 29, 2020

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Certain Deferred Payroll Taxes.

payroll 118

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Xero

MAY 17, 2022

And this year is no different, with updates coming to payroll in FY23. . Starting from 1 July 2022, there are a number of government requirements that will impact how you manage payroll (including superannuation) for employees. each year until it reaches 12% in 2025. So, what do these payroll changes mean for my business? .

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ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits. This is important to employers for payroll because there are a lot of minimum wage rate changes to keep up with.

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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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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. in 2025, and a base rate of $16.00 For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog. Under the Act, all non-retail, non-food service, or non-car rental employees must be paid at least $13.50

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ThomsonReuters

APRIL 24, 2024

Overview of the Alabama exclusion of overtime wages On June 8, 2023, Alabama Governor Kay Ivey signed House Bill 217 into law, excluding wages earned for hours worked in excess of 40 in a workweek from gross income, beginning January 1, 2024, through June 30, 2025. The legislation drew bipartisan support.

West Virginia 52

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CPA Practice

MARCH 12, 2024

Arvo Tech , a maker of tax strategy solutions for small businesses, is acquiring Mark Murphy and Associates and Lee and Associates, full-service accounting firms dedicated to helping companies maximize their financial futures. Given these factors, it is critical that small businesses develop a more comprehensive tax strategy.

accounting firms 52

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ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. per hour in 2025.

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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.

Tax 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.

Tax 105

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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.

Technology 123

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ThomsonReuters

JUNE 28, 2021

per hour incrementally by 2025. Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. per hour for federal contractor workers in 2022. Federal News.

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Ryan Lazanis

APRIL 10, 2022

In this guide, I’m going to outline what the future of accounting looks like for accounting firms and how to best prepare for it in 2022. So if you’re looking to improve your firm in 2022 and keep yourself on the cutting edge of accounting, you’ll love this new guide. Future of Accounting Table of Contents.

Account 111

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ThomsonReuters

JANUARY 16, 2024

Act While many of the tax benefits related to the COVID-19 pandemic have expired or reverted to their pre-pandemic levels, expanded health insurance subsidies are extended through 2025. The Act also includes several smaller non-retirement tax provisions, including changes to ABLE accounts under Code Sec.

Tax 52

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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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CPA Practice

FEBRUARY 7, 2024

For many tax and accounting firms, that information reporting season is getting much busier as more businesses of all sizes are challenged by new 1099 reporting rules. And starting in 2025, the IRS is likely to finally implement even lower dollar amount thresholds for when businesses must prepare and submit form 1099-Ks.

Tax 97

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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.

tax planning 78

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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?

Account 52

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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.

tax return 52

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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 20

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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.

business tax 52

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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

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

JANUARY 9, 2024

AI and the ERC When it comes to issues for the IRS, few have been more troublesome in recent years than the massive influx of questionable employee retention credit (ERC) claims submitted since the credit expired at the end of 2021 for all employers (see Payroll Guide ¶20,905 ).

audit 98

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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.

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Missouri Rhode Island Nebraska Mississippi 98