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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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April 15 is Tax Deadline for 2024, But Some Taxpayers in These States Will Get More Time

CPA Practice

Kiplinger Consumer News Service Tax Day 2024 is April 15. That’s the day taxes are due for most taxpayers. However, each year, the IRS extends tax deadlines for taxpayers in designated areas impacted by severe storms and natural disasters. The IRS announces these tax deadline extensions for various states as disasters occur.

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Schneider Downs Announces Seven Additions to Ownership Group

CPA Practice

Schneider Downs, one of the 60 largest certified public accounting and business advisory firms in the United States, is proud to announce the addition of seven new shareholders to its ownership group. Ryan received both his Bachelor’s and Master’s degrees from West Virginia University. Deatrick joined the firm in 2009.

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Heads Up! Payroll Changes Coming in July

ThomsonReuters

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 Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax.

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Sales and Use Tax Updates from March

TaxConnex

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

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Lodging Tax Insanity — So Many Ways to Tax Accommodations

CPA Practice

Still, whatever discomfort I experience when booking a room has nothing on what lodging platforms have to endure to comply with the multitude of lodging tax requirements in the United States. We talk a lot about how complicated sales tax compliance is at the Avalara Tax Desk, and it is. Sometimes you just have to go with it.

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Accounting Thought Leaders Discuss the Real Impact of AI on Accounting Firms

CPA Practice

Over the last year, the hottest topic of discussion among accounting professionals has been about how artificial intelligence will shape professional firms. For a profession as risk averse as accounting, what can we gather from this? AI has potential to save accounting.