CPA Practice

OCTOBER 17, 2023

Here’s what you need to know: If the individual works for an employer, the Social Security tax is withheld from the paycheck and gets reported by their employer through payroll taxes. It is important to note that if the individual is receiving a W-2, the individual and their employer each share the tax burden of 6.2%.

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ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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ThomsonReuters

MARCH 15, 2023

Also, he clarified that the statutes of limitation relating to employment tax returns do not restart for purposes of IRS assessment when an amended return is filed. Take action Thomson Reuters Checkpoint offers insights and ongoing developments for payroll practitioners.

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CPA Practice

MAY 31, 2023

A California man was sentenced in late May to 12 months in prison for willfully failing to account for and pay over employment taxes. These companies served as general contractors or subcontractors, including on some government projects. Gutierrez, Inc. Gutierrez, Inc.,

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Withum

MARCH 27, 2023

Provide at least $300 million for the Pandemic Inspectors General and Pandemic Response Accountability Committee (PRAC) investigative staff. Problems With Your PPP Application – Here’s Why You’re in Trouble To investigate PPP fraud, the government is now doubling down. If these forms do not match up, an investigation is launched.

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MyIRSRelief

FEBRUARY 1, 2023

An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws. How to resolve employment 941 payroll taxiety problems? if you do not pay your tax debt.

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SkagitCountyTaxServices

MARCH 17, 2021

And I wanted to write about this today because I’m actually seeing some misinformation being pushed out by some of my fellow accountants, and I thought you should get the good stuff. If you have any of these special circumstances, we definitely need to have a conversation right away to get you the maximum benefit from this tax credit.

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Withum

FEBRUARY 1, 2023

With its passage, R&D tax credits in the form of payroll tax offsets have effectively doubled for qualified small businesses. The payroll tax offset cap is increasing from $250,000 for the 2022 tax year to $500,000 for tax years starting after December 31, 2022.

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Evaluate the potential benefits of converting traditional retirement accounts to Roth IRAs. Consider pension and annuity payments. Delay Social Security.

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MyIRSRelief

JANUARY 6, 2020

Back Taxes Help. Do you owe the IRS back taxes? Maybe you filed your tax return last year but weren’t able to pay what you owed. Maybe you didn’t file any tax return at all last year, or in years past. Let’s take a look at a couple of Back Taxes scenarios: You didn’t file your returns.

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Ronika Khanna CPA,CA

APRIL 26, 2024

Business tax instalment payments (including GST-QST instalments ) This means that instead of entering the data on the forms that are available via my business account at CRA and RQ and then going to your bank to make payment, either online or via mail, it can all be done at one time through one form that serves as both tax filing and payment.

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Going Concern

FEBRUARY 23, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. million in related income that she and her husband had earned from 2012 through 2014.

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CPA Practice

JANUARY 19, 2024

Accounting Thought Leaders Say CAS Will Become a Must for Firms in 2024 As technology continues to dramatically shape the accounting profession, the latest big conversations have been around AI and automation. The Role of Accounting in CAS 7. Or is it CAAS (Client Accounting and Advisory Services)? Pricing CAS Services 4.

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xendoo

JANUARY 16, 2023

How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

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Going Concern

AUGUST 25, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting industry is in a state of transition. The influx of private equity, labor shortages, and remote/hybrid work have all impacted accounting firms to varying degrees.

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Going Concern

OCTOBER 27, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. They also expressed doubt IRS would deliver on its promise to not increase audits on those making less than $400,000 per year, promising to hold IRS Commissioner Danny Werfel accountable. “My

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inDinero Accounting

DECEMBER 22, 2021

With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. However, with so many options on the market today, finding the right enterprise accounting software can be difficult, especially if you don’t have in-house experts to help you navigate the process.

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Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. government. Without any further ado, IRS-CI’s top ten cases of 2022: 10. million in restitution.

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inDinero Accounting

DECEMBER 22, 2021

With reliable enterprise accounting software, businesses can have up-to-date information about their finances in real-time. However, with so many options on the market today, finding the right enterprise accounting software can be difficult, especially if you don’t have in-house experts to help you navigate the process.

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ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February.

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MyIRSRelief

MARCH 31, 2020

In addition to the summary of IRS actions and earlier-enacted federal tax legislation that I previously sent you, I now want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, 2020.

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

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Snyder

FEBRUARY 7, 2023

Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. government received total tax receipts of 4,05 trillion USD within a year.

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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. Employee retention credits.

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xendoo

JANUARY 30, 2023

You’ll also learn how to maximize their impact with the help of an experienced CPA or tax accountant. Small Business Tax Credits vs. Deductions Small business tax credits and deductions are valuable tools for reducing your tax bill. Your filing date should match the deadline for your tax return.

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LyfeAccounting

MAY 18, 2021

We’re not sure why people are not taking the government seriously. Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. previously filed business returns. Brooks applied for 1.5 Let’s unpack this.

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ThomsonReuters

FEBRUARY 9, 2022

Typically, when an employer needs to terminate an employment relationship with workers, the employer’s unemployment tax rate for the following year may increase. Taxes are still due. Sometimes the federal and state governments provide tax relief for employers affected by disasters. Employees still need to get paid.

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LyfeAccounting

DECEMBER 28, 2020

And while I can’t tell you if those stories are true or not, or whether or not they’re committing fraud or not… I can tell you for a FACT that there are incentives BAKED into the tax law that allows businesses and individuals to save on their taxes. This is how powerful small business tax credits are. So let’s jump in.

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ThomsonReuters

JANUARY 16, 2024

Among the key retirement provisions in the Act are: Expanding automatic enrollment in retirement plans; increasing the age for the required beginning date for mandatory distributions; a higher catch-up limit to apply at ages 60, 61, 62, and 63; and eliminating the additional tax on corrective distributions of excess contributions.

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MyIRSRelief

NOVEMBER 19, 2021

In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money. Small-business tax credits.

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ThomsonReuters

DECEMBER 29, 2020

After the FFCRA and CARES Act were signed into law, there was plenty of federal government agency guidance from the IRS, Department of Labor and other agencies, as well as state and local legislation, executive orders, and even more guidance. Extension of Certain Deferred Payroll Taxes. Extension of no waiting week for benefits.

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ThomsonReuters

MARCH 22, 2021

Keeping Up with Taxes. On March 22, 1765, the British government passed the Stamp Act. The legislation levied a direct tax on the American Colonies in an effort to pay off debts and defend new American territories won from the French in the Seven Years’ War. So, why the brief history lesson on American Colony taxes?

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KROST

APRIL 19, 2021

Any state or local government- operated businesses. Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Step 1: Calculate your annualized 2019 gross receipts: Step 1(a): Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Non-profits.

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