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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. Social Security Tax : Employers and employees each contribute 6.2%

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How the 50 States Rank By Lifetime Taxes

CPA Practice

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

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The accountant’s guide to state taxes on retirement income

ThomsonReuters

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

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States ease nexus thresholds

TaxConnex

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. South Dakota joins California, Colorado, Iowa, Maine, North Dakota, Washington and Wisconsin in eliminating transaction-based nexus thresholds.

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Friday Footnotes: Florida Man’s Tax Problem; Accountants Are Walking Out; BDO Assures on Tether | 2.10.23

Going Concern

Talent As tax season approaches, accounting firms are short on staff [ Marketplace ] Oh hey! How can employers optimise working environments to support the needs of their accountancy teams and ultimately retain them, all while adding value to their organisation? The stablecoin firm released BDO’s assurance opinion on Feb.

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Happy fifth birthday, Wayfair, as your rules keep changing

TaxConnex

Supreme Court’s Wayfair decision gave tax jurisdictions the power to require out-of-state companies collect and remit sales tax. But the latter then had to evaluate changing tax responsibilities under economic nexus thresholds and physical presence standards. Government Accountability Office. Easing off? As of Aug.

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Monday Morning Accounting News Brief: Blaming PwC’s Bro Culture; How Do We Do Office Professional Now? | 10.2.23

Going Concern

O’Neill also said the “full shape” of PwC’s alleged wrongdoings would not be known until separate investigations by the Australian federal police and the Tax Practitioner’s Board are finalised and two Senate inquiries finish their reports. Global accounting and advisory firm Deloitte is well and truly pulling away from its Big Four rivals.