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Oct. 16, 2023, is Deadline for Millions Who Filed Tax Extensions; But Many Get More Time Due to Disasters

CPA Practice

Those affected by flooding in Vermont. 24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. Taxpayers can get answers to many tax law questions by using the IRS’s Interactive Tax Assistant tool.

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Oct. 16, 2023, is Deadline for Taxpayers with an Extension

CPA Practice

Those affected by flooding in Vermont. 24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. Taxpayers can get answers to many tax law questions by using the IRS’s Interactive Tax Assistant tool.

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Avalara Gives Update on Online Marketplace and Tax Changes in 2024

CPA Practice

By 2027, marketplaces may account for 59% of ecommerce globally. Clothing priced less than $110 is exempt from state sales tax in New York but may be subject to local sales tax. Some states require marketplace facilitators to identify their own sales separately from third-party sales on their sales tax returns.

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Last Week in Payroll: Backup Withholding

ThomsonReuters

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. Form 1099-NEC took effect for the 2020 tax year. The draft forms include information related to the COVID-19 tax credits.

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Last Week in Payroll: Minimum Wage

ThomsonReuters

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. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette.

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