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What's new in May for state sales and use taxes

TaxConnex

Voters will likely be asked this fall if they’re willing to increase the city’s 5% sales tax to 6% during the summer in exchange for exempting food from sales tax year-round. Alabama has enacted that some agriculture products are exempt from sales and use tax if these sales are made by the producer, immediate family or an employee.

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IRS Form 941: What Employers Need to Know in 2023

inDinero Tax Tips

Form 941 reports social security, income, and Medicare tax withholding to the IRS. This reporting form is separate from your responsibility to pay those taxes. Do that on a monthly or semi weekly basis via your tax accountant or through the EFTPS. Are there exceptions when you don’t have to file?

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IRS Form 941: What Employers Need to Know in 2023

inDinero Tax Tips

Form 941 reports social security, income, and Medicare tax withholding to the IRS. This reporting form is separate from your responsibility to pay those taxes. Do that on a monthly or semi weekly basis via your tax accountant or through the EFTPS. Are there exceptions when you don’t have to file?

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Property tax 101

ThomsonReuters

Accountants who help clients effectively manage property taxes can further strengthen their role as a trusted advisor. As a significant source of state and local revenue in the United States, the importance of property taxes is not to be underestimated. Thirty-six states levy TPP taxes on machinery and equipment.

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Last Week in Payroll: Repaying Deferred Social Security Taxes

ThomsonReuters

Agricultural worker wage protection. . Colorado legislation will remove the exemption from agricultural workers from the state and local minimum wage and overtime pay requirements and would require that wages be adjusted annually for cost of living. Unemployment accounts not chargeable for unemployment benefits. .

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2022 Year-End Tax Planning Checklist

Withum

Specifically targeted industries, such as technology, manufacturing, agriculture, or film. Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Innovative businesses. Job creation. Energy credits.