CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax 110

payroll tax West Virginia payroll cpas 110

TaxConnex

OCTOBER 7, 2021

There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. First came the state’s Remote Seller Sales Tax Commission of municipalities banding together to tax sales. In Georgia , tax collections were up 12.7% The gross sales tax take finished 15.9%

West Virginia 180

West Virginia Sales Tax Alaska 180

CPA Practice

OCTOBER 2, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 124

South Carolina Tax income tax Georgia 124

CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59

TaxConnex

FEBRUARY 23, 2023

The average tax rate among states that levy a retail sales tax has nearly doubled since 1970. In Alaska , which has no statewide sales tax, local communities are banding together to charge sales tax. Sales tax has been around a long time – and it isn’t going anywhere soon.

West Virginia 130

West Virginia Sales Rhode Island Tax 130

CPA Practice

FEBRUARY 9, 2024

Sports betting is illegal in Alabama, Alaska, California, Georgia, Hawaii, Idaho, Minnesota, Missouri, Oklahoma, South Carolina, Texas, and Utah. Gambling winnings tax If you are one of the millions to place a bet this year, you need to know that the IRS considers sports betting to be gambling. Usually, the payer (e.g.,

Gambling 122

Gambling Tax Sports South Carolina 122

CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 111

South Carolina income tax Georgia Vermont 111

TaxConnex

FEBRUARY 9, 2021

If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Forty-five states and the District of Columbia have a statewide sales tax. Alaska, Delaware, Montana, New Hampshire and Oregon do not.

Sales 142

Sales Delaware Alaska Montana 142

Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

TaxConnex

JUNE 21, 2022

Among states without a sales tax, Alaska municipalities were banding together to administer local sales taxes on remote commerce. Of all states with a sales tax, only Florida and Missouri remained holdouts when it came to enforcing economic nexus for out-of-state sellers. Wayfair tax obligations here to stay.

South Dakota 185

South Dakota E-commerce Alaska Missouri 185

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. Each state has its own requirements for withholding taxes for out-of-state employees. Wage Base is the maximum amount of wages per employee on which an employer owes state unemployment tax.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

TaxConnex

SEPTEMBER 22, 2022

Sales tax on digital products was the subject of a white paper draft at the Multistate Tax Commission’s annual meetings in Anchorage, Alaska. Here’s a review of some of the recent changes and updates. Virtual reality. In Texas , in Coppell v. Hegar and Round Rock v.

Sales 130

Sales Tax Indiana Colorado 130

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 98

Tax income tax South Dakota tax return 98

CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

tax return 116

tax return Tax South Dakota tax preparation 116

TaxConnex

DECEMBER 29, 2022

Nevertheless, some states looked to increase their sales tax base: Massachusetts floated the idea of following Maryland in taxing digital advertising sales. Alaska pondered its first statewide sales tax while proposals for higher local sales taxes were headed to ballots in November and before.

Sales 130

Sales Tax Maryland Louisiana 130

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 52

Tax income tax South Dakota tax return 52

ThomsonReuters

FEBRUARY 14, 2022

Withholding : Federal income tax (FIT) is not withheld; however, FICA (Social Security and Medicare taxes) must be withheld. . FUTA: Subject to FUTA (Federal Unemployment Taxes) when $7,000 wage cap has not yet been met. . See list of state tax agencies available on the IRS website. . State withholding.

payroll 98

payroll South Dakota New Hampshire Wyoming 98

Snyder

FEBRUARY 12, 2023

What is a payroll tax? How to calculate payroll taxes Federal Insurance Contributions Act (FICA) Federal Unemployment Taxes (FUTA) State Unemployment Taxes (SUTA) Income taxes Voluntary payroll deductions 3. Payroll tax process steps 4. To learn more about income taxes check our blog → Click here.

payroll tax 52

payroll tax payroll Tax income tax 52

ThomsonReuters

DECEMBER 7, 2022

As we know, governments collect taxes to fuel economic growth and fund investments in infrastructure, human capital, as well as the provision of services for individuals and businesses. This also extends to the income an individual receives after their death, which is subject to income tax. What is fiduciary tax?

Tax 59

Tax North Carolina income tax tax return 59

CPA Practice

JUNE 14, 2023

For tax years beginning after Dec.

Tax 85

Tax Alaska Manufacturing Tennessee 85

CPA Practice

APRIL 9, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.

Rhode Island 105

Rhode Island Alaska Tax New Hampshire 105

CPA Practice

APRIL 3, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.

Rhode Island 111

Rhode Island Alaska Tax New Hampshire 111

ThomsonReuters

JULY 10, 2023

Sales tax varies by state As noted earlier, sales tax can be an important source of revenue for governments at the state and local levels. This is a point where it can get confusing for businesses as local sales tax varies by state. In Ashland, which is in Alameda County, the tax rate jumps up to 10.25

Sales 98

Sales Tax Michigan Washington 98

ThomsonReuters

FEBRUARY 15, 2022

Alaska’s minimum wage rate did not change from $10.34 The Urban Alaska CPI-U decreased by 1.1% The Urban Alaska CPI-U decreased by 1.1% According to the Alaska Department of Labor and Workforce Development, because there was no inflation in 2020, the minimum wage rate remains unchanged in 2022.

payroll 98

payroll Alaska income tax Tax 98

MyIRSRelief

SEPTEMBER 1, 2020

You should look at the tax expenses of your state and consider other options if they provide for a better business environment. No Individual or Corporate Income Tax: Nevada, South Dakota, and Wyoming. No State Sales or Individual Income Tax: Alaska. No State Sales Tax: Montana, New Hampshire, and Oregon.

tax planning 100

tax planning Tax South Dakota New Hampshire 100

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

TaxConnex

JANUARY 4, 2024

National sales tax H.R.25 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” was this year’s attempt at finally creating a long-held dream of some: a national sales tax. The instantly embattled bill seeks a national sales tax on the use or consumption in the U.S.

Sales 232

Sales Tax Colorado Alaska 232

KROST

APRIL 19, 2021

Example 1: ABC Company owns three restaurants that each have their own EIN and each file their own Federal income tax returns. None of the three restaurants operate separately under its own EIN, and XYZ Company files Federal income tax returns that include gross receipts and expenses from all three restaurants.

tax return 52

tax return Tax Non-Profits Sales 52

TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. Alaska, one of the few states still without a statewide sale tax, is considering one as it tries to close a projected revenue shortfall of $450 million heading into the next fiscal year.

Sales 130

Sales Tax North Carolina Alaska 130

CPA Practice

NOVEMBER 1, 2023

The oil and gas industry boosted the per capita incomes for residents of North and South Dakota. States where inflation-adjusted income declined included Alaska, where oil drilling has been in long-term decline, as well as Georgia and Maryland. The knocks to personal incomes affected state revenues. Democratic Gov.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

CPA Practice

APRIL 13, 2023

In New York state, personal income tax revenue plummeted by $9.1 The Maryland economy appears to be underperforming compared to the national economy in terms of employment and consumer spending, which explains the decreased sales and use tax and withholding income tax forecasts,” she said. “On Democratic Gov.

Maryland 64

Maryland Virginia Alaska income tax 64

CPA Practice

MARCH 9, 2023

Werfel, a former acting commissioner of the IRS under the Obama administration, won the support of six Republicans, according to the NYT, despite increased scrutiny of the tax agency by many conservatives. Both bills are expected to stall in the Democratic-controlled Senate.

West Virginia 59

West Virginia North Carolina Iowa Alaska 59

CPA Practice

AUGUST 23, 2023

What he’s said: “Joe Biden should announce tonight that he will permit North Dakota, Texas and Alaska to produce as much oil and gas as they can to lower prices for Americans and squeeze Putin and Russia by helping our European allies.” He also proposed banning the importation of Russian oil over its invasion of Ukraine.

Tax 52

Tax North Dakota Arkansas South Carolina 52