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IRS Again Extends Income Tax Deadline For Hawaii Wildfire Victims

CPA Practice

7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. 8, 2023, wildfires in Hawaii. The previous federal tax relief, announced shortly after the fires, mainly lasted through Feb. 15 , which did not cover federal income tax filings for tax year 2023.

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Trendspotting: Top Ten Payroll Issues of State Legislatures

ThomsonReuters

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. Hawaii is also looking to require supplemental paid sick leave for public health emergencies.

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Employer Payroll Tax Obligations When Employees Work Out-Of-State

Anders CPA

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

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Last Week in Payroll: Federal Employment Taxes

ThomsonReuters

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. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

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ERC IRS Audit Representation: Your Comprehensive FAQ Guide

MyIRSRelief

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Understanding ERC IRS Audits 1.1 What is an ERC IRS Audit? ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

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How Layoffs Affect Your Tech Company’s Books and Payroll

Shay CPA

And, of course, you can’t forget about how your layoffs impact your books and payroll. And if you’re in this boat, you should know what it means for your books and your payroll. Meet with your accountant to decide if it’s right for you. Having a quality bookkeeping and accounting team around you can go a long way here.

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The Benefits of Delayed Business Filings

CPA Practice

Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. It’s common for companies to choose an effective date of January 1 to simplify selecting a calendar year for taxes and relieve businesses of paying state franchise taxes for the prior year.