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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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.

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inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

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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. Create consumable content on-demand.

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inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. Even if your business qualified for the Paycheck Protection Program (PPP) first or second draw loans, your business may still qualify for the employee retention tax credit.

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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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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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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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CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. A 529 is a tax-advantaged account into which parents – and anyone, really – can deposit money in anticipation of one day paying college expenses. Is a 529 reported on the FAFSA? Should the school be paid directly?

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Education Transportation Michigan Virginia 98

SkagitCountyTaxServices

OCTOBER 19, 2022

Everybody keeps saying we’re slowly leaving the pandemic behind – and for Skagit County businesses, that means that pandemic tax relief is disappearing, too. BELIEVE ME when I tell you how the tax professional community has been viewing these companies – it isn’t kindly. You must pay taxes. Here’s what you should think about.

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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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SkagitCountyTaxServices

OCTOBER 19, 2022

Everybody keeps saying we’re slowly leaving the pandemic behind – and for Skagit County businesses, that means that pandemic tax relief is disappearing, too. BELIEVE ME when I tell you how the tax professional community has been viewing these companies – it isn’t kindly. You must pay taxes. Here’s what you should think about.

CPA 52

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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. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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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

JANUARY 9, 2024

“I think that’s where I’m more worried about it,” James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, began. ” However, there is some uneasiness about the use of AI in IRS audits by not realizing the full picture of a tax return.

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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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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

AUGUST 16, 2023

During his remarks on the one-year anniversary of the funding provided to the IRS by legislation from last year, Commissioner Daniel Werfel indicated that the electronic filing of the form used to make adjustments and corrections to previously filed employment tax returns is coming soon. This includes employment tax returns.

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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 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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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. Federal News.

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