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As accountants and CPAs, dealing with payrolltaxes is essential to managing finances for your business clients. Understanding the details of payrolltaxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Filing tax returns and remitting payments on time.
Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payrolltax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payrolltax problems.
This changing employment landscape requires employers to reassess their payrolltax 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.
Employers were reimbursed with a payrolltax 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. What’s on the horizon?
Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. She is the CEO of CorpNet , the most innovative way to start a business, register for payrolltaxes, and maintain business compliance across the United States.
Recent Arkansas legislation says that benefits will not be charged against the unemployment taxaccount of an employer starting with the week ending April 4, 2020 if the benefits paid are a direct result of the Arkansas Governor declaring a disaster emergency or a disaster resulting in a state or federal disaster declaration.
But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State PayrollTax Changes. per hour on July 1. . South Dakota. West Virginia.
For more details on the payroll-related provisions of ARPA, please see our Thomson Reuters Tax and Accounting blog post. These extensions include the paid sick and family leave tax credits (extended through first quarter 2021) and the employee retention tax credit (extended through second quarter 2021).
In the 2020 elections, seniors accounted for more than a quarter of all voters, and three-quarters of them actually voted, compared with just over half of 18- to 24-year-olds, for example, according to census data compiled by KFF. And seniors are well-represented in swing states like Pennsylvania, Michigan, Wisconsin, Florida and Arizona.
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