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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. By Nellie Akalp. Filing tax returns and remitting payments on time.

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How Will New Jersey Legislation (A5323) Affect Financial Services?

Withum

On July 3, 2023, New Jersey enacted comprehensive tax legislation (A5323) that will likely impact every business in one shape or another. For background, in 2019, New Jersey implemented Corporate Business Tax (CBT) reform, which adopted market-based sourcing for the receipt of services.

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Payroll trends to watch in 2022 (Part 1)

ThomsonReuters

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. Now, in New Jersey, state law dictates the ABC test to be used to determine worker classification.

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Trendspotting: Top Ten Payroll Issues of State Legislatures

ThomsonReuters

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. While Jersey City has a pay transparency requirement, New Jersey does not.

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Payroll problem tax debt relief – get professional representation

MyIRSRelief

One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government. Get debt relief.

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Payroll trends to watch in 2022 (Part 2)

ThomsonReuters

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. The Payroll Guide for Checkpoint Edge has detailed information on unemployment for each state, the District of Columbia, and territories like the U.S.

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Last Week in Payroll: Backup Withholding

ThomsonReuters

Now let’s take a look at some of the more important payroll stories from the past week. Federal News. New Jersey legislation has expanded the summer work hours for minors between the ages of 16 and 18 to 50 hours per week with parental permission. The IRS’s most recent estimate of the tax gap was $441 billion.

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