CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Online Account.

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ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base. The guide also contains information on FUTA taxes.

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ThomsonReuters

JULY 7, 2021

In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. An employer withholds these taxes from the wages of each employee and file and pay the taxes with the IRS. Worksheet 5. Federal News.

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ThomsonReuters

MARCH 15, 2021

Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. The first quarter of 2021 is nearly finished. Federal News. On March 11, 2021, the U.S.

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ThomsonReuters

JULY 13, 2021

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. The IRS’s most recent estimate of the tax gap was $441 billion. Form 1099-NEC took effect for the 2020 tax year.

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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). Federal News.

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ThomsonReuters

JUNE 28, 2021

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. Federal News.

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