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 results in employers paying more in FUTA taxes. Virgin Islands is currently the only tax jurisdiction that is a FUTA credit reduction state.

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payroll California Connecticut Tax 98

ThomsonReuters

JANUARY 30, 2023

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. The bill also calls for any unused PFMLI premiums to be reverted to the General Fund.

payroll 105

payroll Hawaii West Virginia Oklahoma 105

Anders CPA

JANUARY 2, 2024

Snyder, CPA in Tax and Clay M. About Ryan Huff Ryan began his accounting career at Anders in 2008 and has worked his way up to principal as a technical resource for the tax department. To help his clients with complex tax situations, Ryan stays on top of the latest tax legislation and researches unique strategies.

Missouri 59

Missouri forensic accounting Illinois public accounting 59

CPA Practice

JULY 12, 2023

Fortunately, the Internal Revenue Code includes several tax strategies that may help your clients better prepare for the potential costs of long-term care—here are three to consider. HEALTH SAVINGS ACCOUNTS A health savings account (HSA) is one of the most tax-efficient ways to save for long-term care costs.

Tax 98

Tax tax return payroll tax Illinois 98

CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

business tax 59

business tax Tax Alaska South Dakota 59

CPA Practice

MAY 11, 2023

In a recent study, Tipalti found which states were the best to pursue a career in finance or accounting by analyzing the number of jobs available, average salaries, and university rankings. Here’s which states ranked best for a career in finance or accounting. They also determined the best-paying jobs for finance graduates.

Account 104

Account accountant accounted accounting and finance 104

CPA Practice

MAY 1, 2023

(TNS) If your small business doesn’t offer a retirement account to your employees, now may be a good time to change that. More small businesses across the country are taking advantage of new tax credits to offer 401(k) programs , according to a report from the Wall Street Journal.

Oregon 134

Oregon Nebraska Colorado Illinois 134

CPA Practice

AUGUST 15, 2023

Jared Ballew, 2022-23 Chair of the ETAAC and Vice President of Government and Industry Relations at Taxwell; and Ann Campbell, CPA CIA and Drake Software Trainer will share an overview of the cyber threats that taxpayers and tax professionals face daily. Program level: Basic (no prerequisites required).

Tax 52

Tax North Carolina Indiana CPA 52

MyIRSRelief

JULY 3, 2023

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?

audit 130

audit North Carolina Oklahoma Ohio 130

ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax. District of Columbia. The minimum wage rate increases to $15.20 per hour. .

payroll 72

payroll Virginia Utah West Virginia 72

CPA Practice

DECEMBER 19, 2023

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.

Rhode Island 116

Rhode Island West Virginia South Dakota North Dakota 116

Nancy McClelland, LLC

DECEMBER 29, 2022

Illinois Department of Human Rights Sexual Harassment Training For the record, this one is state-mandated, not just city-wide. The Illinois Workplace Transparency Act requires all employers to comply with the sexual harassment prevention training by December 31, 2020, and thereafter must provide annual training to all employees.

Illinois 52

Illinois payroll Education CPA 52

CPA Practice

OCTOBER 19, 2023

Top 30 accounting firm Cherry Bekaert has acquired PKF Mueller, a full-service CPA firm based in Elgin, IL. Financial terms of the deal were not disclosed, but as part of the transaction, Cherry Bekaert also receives Mueller dotKonnect, a business process outsourcing firm that specializes in finance, accounting, tax and payroll functions.

cpa firm 52

cpa firm CPA Illinois Management Consulting 52

CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. There is one caveat, however.

Illinois 96

Illinois Start-ups Tax CPA 96

Going Concern

AUGUST 21, 2023

This week I’ll be covering the Illinois CPA Society SUMMIT23 so if you want to keep up with all that from the comfort of your home or office go on Twitter. Weaver, a Houston-based national accounting and advisory firm, plans to open a new office The Woodlands later this year. Good morning afternoon and happy Monday to you.

audit 52

audit Account accountant accounted 52

ThomsonReuters

FEBRUARY 7, 2022

Example 1: In Illinois, the maximum amount that can be withheld from wages for a creditor garnishment is the lesser of Lesser of 15% of gross weekly wages or amount over 45 times the state minimum wage of $12.00 It is crucial that payroll professionals familiarize themselves with minimum wage rates for garnishment calculations in 2022. .

Rhode Island 92

Rhode Island South Dakota Connecticut Agriculture 92

ThomsonReuters

FEBRUARY 7, 2022

The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. Covered business entities are businesses that contract with one or more individuals and are required to report payments for services on Form 1099-MISC or 1099-K for more than 25% of its Illinois workforce (effectively gig workers).

Missouri 98

Missouri Rhode Island Nebraska Mississippi 98

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

payroll tax 52

payroll tax payroll Tax Missouri 52

PYMNTS

OCTOBER 24, 2019

The closure of New York-based payroll processing firm MyPayrollHR left some 8,000 people and about 400 companies without their paychecks. Now, small business owners are struggling to make up thousands of dollars in tax payments that vanished or are in limbo , Chicago’s Daily Herald reported Tuesday (Oct. 28 and Sept.

payroll 41

payroll Illinois New York Start-ups 41

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

Tax 52

Tax income tax tax planning payroll 52

ThomsonReuters

JANUARY 24, 2022

The question arises whether a worker who refuses an employer’s vaccine mandate is eligible to collect unemployment benefits, and if so, are employer unemployment accounts impacted by those claims. Meanwhile, employers across the nation, who are not prohibited by a state law, may impose their own vaccination policy. California.

Rhode Island 119

Rhode Island West Virginia South Dakota Maryland 119

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. Chicago/Cook County, Illinois: $14.00 This includes withholding taxes. Federal News.

payroll 52

payroll income tax California North Dakota 52

ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” Also, 12 U.S. Department of Labor enforcement. Increase in wage theft penalties.

payroll 98

payroll Vermont Tax Connecticut 98

ThomsonReuters

APRIL 26, 2022

Illinois Clean Jobs Workforce Network Program. that is tasked with accounting all workers in the fossil fuel energy sector as well as the anticipated closure dates of fossil fuel plants, nuclear power plants, and coal mines, and the impacts of closures including layoff numbers, early retirements, and salary changes. The state’s?

payroll 95

payroll Vermont Rhode Island Hawaii 95

ThomsonReuters

APRIL 14, 2022

FAQ # 11 specifically says that remuneration paid in virtual currency to an employee in exchange for services constitutes wages for federal employment tax purposes. dollars at the date of receipt, is subject to federal employment taxes and must be reported on Form W-2 (Wage and Tax Statement). employment taxes).

New York 119

New York Tax Illinois payroll 119

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware does tax companies. In 2011, Delaware garnered $860 million in taxes and fees from out-of-state business entities incorporated under its laws. With so few taxes, how does Delaware rake it in?

Delaware 64

Delaware Wyoming Nevada Oregon 64

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.

CPA 88

CPA Illinois auditor Iowa 88

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.

tax preparation 86

tax preparation CPA payroll tax Illinois 86

ThomsonReuters

APRIL 24, 2024

Checkpoint Payroll Update caught up with John Wertz, tax attorney and partner at Holland & Knight’s New York office, to discuss this first-of-its-kind law. Wertz, a veteran in state and local taxes for over 30 years, explained that the law applies only to full-time hourly employees.

West Virginia 52

West Virginia Alabama Legal Tax 52

ThomsonReuters

JUNE 28, 2023

Recently, Checkpoint Payroll Update  had the opportunity to speak with two labor and employment law specialists and subject matter experts. 5th 903 ruling with an ABC test (see Payroll Guide ¶19,045 ) that generally considers all workers employees unless the employer can prove each part of the three-factor test. That said, can A.I.

Legal 98

Legal payroll California audit 98

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

CPA 76

CPA auditor accounting and finance audit 76

ThomsonReuters

AUGUST 15, 2022

The data is referred to as Component 2 data and includes employee wage data from Box 1 of the Form W-2 (Wage and Tax Statement). Interested in payroll topics? The post Employers Should Be Prepared to Collect Employee Pay Data Again on the EEOC’s Annual Survey appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Illinois 97

Illinois payroll California Government 97

ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. 20 with an ambitious tax agenda and a singular priority. Recent Changes.

business tax 94

business tax Tax Montana New Hampshire 94

ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. Federal News.

payroll 98

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