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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ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

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ThomsonReuters

MAY 6, 2022

Department of Labor regulations, record retention, federal payroll tax forms, payroll systems, and accounting. Federal income tax withholding. Employers should not withhold federal income tax from the wages of a statutory employee. CPP for professional growth. ” Reflections on the exam.

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ThomsonReuters

AUGUST 18, 2022

A qualified small business (QSB) is defined as a corporation (including an S corporation) or partnership with: (1) gross receipts of less than $5 million for the tax year and o(2) no gross receipts for any tax year before the five-tax-year period ending with the tax year. Claiming and reporting the credit. .

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Going Concern

SEPTEMBER 2, 2022

The accounting firm’s internal negotiations over plans to split out its advisory business, in an effort to free itself of any conflicts-of-interest issues that prevent it from selling consultancy services to audit clients, will continue over the coming months, Financial News reported. Accounting Firm M&A.

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CPA Practice

JANUARY 31, 2023

Professionals on the Move is a round-up of recent hiring and leadership announcements in and around the accounting profession. Her experience includes helping claim tax credits for clients of all sizes, from startups to Fortune 500. In his practice, he provides accounting and audit services to the construction and non-profit sectors.

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xendoo

SEPTEMBER 2, 2021

Income Tax for Individuals, Sole Proprietors, and Single-Owner LLCs. Individual taxpayers, sole proprietors, and single-owner LLCs must make estimated tax payments on a quarterly basis and file an annual income tax return. . 2021 Tax Filing Deadlines for Estimated Income Tax.

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect.

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ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA).

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CPA Practice

NOVEMBER 7, 2023

Additionally, accounting can be done on a cash-basis reporting structure, and businesses will have access to accelerated depreciation, bonus depreciation, and full expensing under Sec. Investors in cannabis pass-through entities will also be able to claim the 20% Qualified Business Income deduction under Sec.

Non-Profits 40

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CTP

DECEMBER 28, 2023

The IC-DISC enables you to reclassify income so that it is taxed at the qualified dividend rate, which will be 20% at the most. Comparatively, the ordinary income tax rate can be as high as 37%. If you meet the qualifications, you can make an IC-DISC election with the IRS, which creates the IC-DISC as a brand new entity.

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inDinero Tax Tips

MARCH 17, 2023

Form 941 reports social security, income, and Medicare tax withholding to the IRS. This reporting form is separate from your responsibility to pay those taxes. Do that on a monthly or semi weekly basis via your tax accountant or through the EFTPS. Get help filing form 941 What is form 941?

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inDinero Tax Tips

MARCH 17, 2023

Form 941 reports social security, income, and Medicare tax withholding to the IRS. This reporting form is separate from your responsibility to pay those taxes. Do that on a monthly or semi weekly basis via your tax accountant or through the EFTPS. Get help filing form 941 What is form 941?

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MyIRSRelief

APRIL 22, 2024

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada.

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ThomsonReuters

DECEMBER 29, 2020

Eligible entities for the loans include for-profit businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives. Employer tax credit for paid family and medical leave.

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ThomsonReuters

FEBRUARY 22, 2021

It’s security for employees when they see wages hit their bank account on payday. In the IRS forms and publications arena, the Service has put out a final version of Publication 51 , which is the agricultural employer’s tax guide, for tax year 2021. Payroll (in the full sense of the word) in a pandemic is very important.

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