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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. Minimum wage increases. 13 states are looking to increase their current minimum wage rates.

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Last Week in Payroll: Backup Withholding

ThomsonReuters

Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee. Federal News.

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2022 Minimum Wage and Overtime Salary Threshold Increases

ThomsonReuters

per hour (employers with gross volume of sales of $500,000 or more) . per hour (employers with gross volume of sales of less than $500,000) . per hour for most employers with annual gross sales of $110,000 or less . Minimum wage rates will also increase in many localities around the nation. . per hour, $9.80 California.

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Deep Dive: Wayfair’s Complex, Ongoing And Unexpected Effects On Retailers

PYMNTS

Wayfair’s case enabled cities and states to pass economic nexus laws that require out-of-state sellers to collect and remit taxes on local residents’ sales, and it permitted these jurisdictions to implement marketplace facilitator laws necessitating that eCommerce platforms collect and remit taxes on third-party merchants’ sales. .

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Midwest and Mountain West Saw Biggest Income Gains Over Last 4 Years

CPA Practice

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Incomes in Arizona, Idaho and Missouri increased by about 7%. In Connecticut, personal income tax revenue took a $1.3 Ned Lamont signed a tax cut bill in June. New Jersey and New York weren’t far ahead.

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X-Border Sales Dream Team?

PYMNTS

The solution helps merchants make the most of cross-border opportunities – enabling payments for goods purchased, while staying on the right side of fraud, risk, tax and regulatory and legal compliance. A win, let alone a momentous win, is good for sales. We had merchandise ready to go the moment that game was over,” he said.

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