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. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

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CPA Practice

FEBRUARY 27, 2024

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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Cherry Bekaert

APRIL 10, 2023

Contributor: Nick Cousino, CPA, Senior Manager, State Tax Credits & Incentives Advisory Understanding the Credit Transfer Provisions To remain competitive against other states and a favorable state for businesses to operate in, Georgia has offered a Manufacturing Investment Tax Credit.

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ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? According to our most recent analysis, some of the most searched terms within Checkpoint Edge are tax credits, Employee Retention Credit (ERC) , and the Inflation Reduction Act (IRA). However, Form 941-X may currently only be submitted by paper, increasing processing times. (It

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CPA Practice

FEBRUARY 1, 2023

You can either schedule it for December 31, 2024, or delay taking the distribution until no later than April 1, 2025. The penalty will be further reduced to 10% for IRA owners if the account owner withdraws the RMD amount previously not taken and submits a corrected tax return in a timely manner. There is one caveat, however.

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ThomsonReuters

JUNE 2, 2023

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 IRS also has a Form 941 backlog of 2.1

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Withum

SEPTEMBER 15, 2023

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. appeared first on Withum.

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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.

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Anders CPA

MAY 25, 2023

Provisions Effective January 1, 2024 Aged-Based Catch-Up Contributions   Update Currently, catch-up contributions can be made on either a pretax basis or an after-tax basis if they are permitted by the plan. requires their catch-up contributions to be treated as after-tax contributions. SECURE Act 2.0

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CPA Practice

OCTOBER 20, 2023

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. Mr. Kess began volunteering with the AICPA when he created the Tax Strategies for High Income Individuals Conference more than 30 years ago.

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CPA Practice

OCTOBER 19, 2023

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. Mr. Kess began volunteering with the AICPA when he created the Tax Strategies for High Income Individuals Conference more than 30 years ago.

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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. on wages up to $168,600.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

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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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Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.”

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. They represent the filing deadline, the final day for submitting your business tax returns.

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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. Now let’s go over some federal and state payroll stories from the past week.

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” in 2025, and a base rate of $16.00 Also, 12 U.S. Department of Labor enforcement. per hour starting in 2022, $14.25 in 2023, $15.00 in 2024, $16.00

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Anders CPA

AUGUST 23, 2022

This act aims to combat climate change, make health care and prescription drugs affordable and raise the tax on wealthy corporations. 15% Corporate Alternative Minimum Tax. This provision is set to take effect for tax years beginning after 2022 and is similar to the provision that was proposed in the Build Back Better Act.

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ThomsonReuters

DECEMBER 11, 2020

The IRS has added an optional computational bridge to its 2021 version of Publication 15-T (Federal Income Tax Withholding Method) that employers can use if they want to treat 2019 or earlier Forms W-4 as if they were 2020 or later Forms W-4 for the purposes of determining federal income tax withholding. Background.

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TaxConnex

JANUARY 4, 2024

No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. As we start the new year, here’s a look back at some significant sales tax events from 2023. This year, multiple states introduced new sales tax exemptions, too.

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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? Is the idea bad? The bill won’t pass.

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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.

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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).

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. It also has to do with a wide variety of topics such as reporting and paying taxes and keeping in compliance with laws. Payroll in a Pandemic.

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KROST

OCTOBER 9, 2020

As we venture into the next presidential election, it is important to note the differences between the two candidates’ tax proposals as we look toward the next four years. Individual Tax Rates. Proposes a permanent extension of individual tax provisions in the Tax Cuts and Jobs Act, including a reduction in the tax rate of 39.6%

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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.

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ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. national minimum wage by 2025 and noted during a January 22, 2021 speech that the increase would help bring all Americans above the poverty line. 5 ) that provides for supplemental unemployment benefits and other pandemic relief.

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CPA Practice

FEBRUARY 2, 2023

By Matthew Medsger, Boston Herald (TNS) A plan by Republican lawmakers which would see the IRS done away with entirely and the current tax system replaced by a flat consumer tax would apparently be vetoed by the president if it made it to his desk. Except one thing: They want … to replace (it) with a 30% sales tax. Not a joke.

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