Accountant Advocate

The Certified Payroll Professional Corner: Worker Status

ThomsonReuters

JULY 1, 2022

Forms W-2 (Wage and Tax Statement) must be filed with the Social Security Administration (SSA) by January 31 of the following tax year. The 2022 Form W-2 instructions note that the annual maximum penalty for failure to file returns is $3,532,500 ($1,177,500 for small businesses). There are three sections to Form I-9.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

bookkeeping

bookkeeping tax return Non-Profits Tax

Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

DECEMBER 26, 2023

As is the case every year, we’re hearing from lots of folks confused about when to send a 1099 form or other “information returns” to someone. It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. NEC” stands for “non-employee compensation”.

bookkeeping

bookkeeping tax return Non-Profits Tax

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Payroll Considerations: When an Employee Dies

ThomsonReuters

FEBRUARY 14, 2022

Employers should submit a Form W-9 (Request for Taxpayer Identification Number and Certification) to obtain accurate information for the beneficiary or estate to be used on Form 1099-MISC where payments related to a deceased employee must be reported. . W-2 reporting: A W-2 must be issued in the employee’s name.

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A Quick Guide to Payroll Tax Filings!

LyfeAccounting

DECEMBER 31, 2020

Payroll Tax Filings: Forms That You Need. So before you actually start paying your employees, there are a few forms you need to have them fill out. Those are forms I9 and W-4. You use Form I-9 to verify the identity and employment authorization of individuals. Payroll Tax Filings: Things to Keep in Mind.

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payroll tax payroll Tax tax return

Reasons Why Your Tax Refund is Delayed: Why You’re Still Waiting + What To Do Next

LyfeAccounting

JULY 2, 2021

So, in this post, we want to go over the top 9 reasons why your tax refund is delayed this year. 9 Reasons Why Your Tax Refund is Delayed. Direct Deposit Accounts Don’t Match Up. When your bank account does not match the information on your return, your refund is sure to be delayed. Income Discrepancy.

Tax

Tax tax return accounting and finance tax preparation

Nonresident alien tax 101

ThomsonReuters

JANUARY 17, 2023

Helping business owners navigate the complexities is an ideal opportunity for tax and accounting professionals to strengthen their role as a trusted advisor. What tax form does a nonresident alien file? Employers must collect from each recipient who will be paid by their organization either a Form W-9 as a certificate of U.S.

Tax

Tax income tax tax return Non-Profits

Last Week in Payroll: Localization of Work

ThomsonReuters

JUNE 14, 2021

Draft instructions of Form 941 and schedules. The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA).

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14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]

LyfeAccounting

NOVEMBER 3, 2020

Also, small disclaimer, the information I’m providing in this post is for informational purposes only and is not meant to take the place of legal and accounting advice. If you want specific accounting advice, then please contact your attorney or CPA. In this post, I’m going to give you BIGGEST tax write-offs for small businesses.

Tax

Tax tax return business tax accounting and finance

How to Pay Your Employees in a Small Business

LyfeAccounting

JANUARY 25, 2021

Because we had no payroll system at the time and was literally paying this person by check, this person was not a W-2 employee. So if they made $1600/month, that’s the exact amount that went into their bank account. Obviously, that wasn’t ideal, so we converted this person into a W-2 employee. And now, we’re doing much better.

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What are Tax Deductions? | CPA Explains How Taxes Work

LyfeAccounting

JANUARY 13, 2021

And I get it – unless you got a CPA license and Master’s degree in accounting like I do, you’ll likely never learn this stuff. While for our accounting firm, it might be technology and software. Surely, I couldn’t deduct car tools for our accounting business. Make sure you have a business bank account.

CPA

CPA Tax income tax bookkeeping

10 midyear tax planning moves

ThomsonReuters

JULY 7, 2022

Clients who owed taxes for 2021 may want to revise their Form W-4. The current version of the form has many clients scratching their heads, but help is available via the IRS’s “Tax Withholding Estimator ”. 9—Hire family members. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust

tax planning

tax planning Tax income tax Start-ups

IRS Releases Draft of Publication 15 (Circular E) for 2021

ThomsonReuters

DECEMBER 3, 2020

The draft addresses issues such as qualified leave wages for 2020 paid in 2021, the impact of the 2020 COVID-19 related tax credits on the 2021 look-back period and provides further clarification on lock-in letters and invalid W-4 forms. Aggregate Forms 941. Background. The Families First Coronavirus Response Act (FFCRA, P.L.

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income tax Tax payroll tax payroll

What payroll-related services might be affected if a federal government shutdown is not avoided by December 16?

ThomsonReuters

DECEMBER 5, 2022

According to the Government Accountable Office (GAO) , there were 47 CRs between fiscal year (FY) 2010 and 2022, which ranged from one to 176 days. Some Form W-2 submissions also affected. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. CRs help but shutdowns still occur.

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Last Week in Payroll: In Like a Lion; Out Like a Lamb

ThomsonReuters

MARCH 1, 2021

Nonetheless, by the end of February, several employer reporting responsibilities have concluded, like reporting Forms W-2 to the Social Security Administration (SSA) (and issuing employees their copies) and filing Form 940 with the IRS. IRS forms and publications. 1:20-cv-1689-GHW, 9/8/2020). Scalia , DCNY, Dkt.

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Accountant Advocate

The Certified Payroll Professional Corner: Worker Status

Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Webinars

Payroll Considerations: When an Employee Dies

A Quick Guide to Payroll Tax Filings!

Reasons Why Your Tax Refund is Delayed: Why You’re Still Waiting + What To Do Next

Nonresident alien tax 101

Last Week in Payroll: Localization of Work

14 Biggest Tax Write Offs for Small Businesses! [What the Top 1% Write-Off]

How to Pay Your Employees in a Small Business

What are Tax Deductions? | CPA Explains How Taxes Work

10 midyear tax planning moves

IRS Releases Draft of Publication 15 (Circular E) for 2021

What payroll-related services might be affected if a federal government shutdown is not avoided by December 16?

Last Week in Payroll: In Like a Lion; Out Like a Lamb

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