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House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. 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).

Tax 131
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An Employer’s Guide to Multi-State Payroll Tax Withholding for Remote Workers

Anders CPA

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

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San Diego Taxpayers Get Extension Until June 15 Due to Flooding

CPA Practice

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 31 and April 30, 2024.

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Know Your Small Business Tax Deadlines For 2024

Ronika Khanna CPA,CA

Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST. GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. If tax returns are filed on time, but the balance due is not paid, only interest applies.

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Top searched terms on Checkpoint Edge show a continued interest in the ERC

ThomsonReuters

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

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Significant Amended Return Backlog Remains As IRS Issues Revised Form 941-X and Instructions

ThomsonReuters

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 return must still be filed on paper.

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Do You Need Help With 174?

Withum

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.