inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. When it comes to the employee retention tax credit vs. When it comes to the employee retention tax credit vs. PPP loans, the ERC is a bit more involved.

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ThomsonReuters

MARCH 5, 2024

Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. According to the IRS, this includes changes in deductions, expensing, tax credits, and other items that affect businesses and individuals.

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ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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inDinero Tax Tips

JANUARY 3, 2023

The purpose of the employee retention tax credit (ERC) was to encourage employers to keep employees on the payroll due to the effects of the coronavirus outbreak. When it comes to the employee retention tax credit vs. When it comes to the employee retention tax credit vs. PPP loans, the ERC is a bit more involved.

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ThomsonReuters

DECEMBER 6, 2023

The Employee Retention Credit (ERC) emerged as a lifeline for many companies during the COVID-19 pandemic, incentivizing them to retain their employees and navigate through the financial turmoil. “Tax preparation is kind of the Wild West,” Creech began.

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ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. Fremont For small employers (25 or fewer employees), the minimum wage rate increases to $15.00 per hour for large employers (26 or more employees). .

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ThomsonReuters

JUNE 2, 2023

More recently, employers may also use a Form 941-X to claim certain COVID-19-era tax credits aimed to help both businesses and workers during the health emergency. The Service explained that it works on this inventory in two sites (Cincinnati and Ogden) with trained staff to work any possible COVID-19 tax credits, such as the ERC.

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ThomsonReuters

JANUARY 4, 2024

In fact, many firms are opting for outsourcing rather than hiring full-time employees. Not only does it provide additional qualified staff when you need them most, but it also liberates your most valuable employees to concentrate on their core strengths, thus reducing frustration and boosting overall job satisfaction.

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ThomsonReuters

APRIL 9, 2021

Through ARRA, employees could continue health coverage by paying 35% of the premiums rather than the usual 100% with employers paying the remaining 65%. Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. The credit will be against the employer’s share of Medicare tax.

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ThomsonReuters

FEBRUARY 28, 2022

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. Federal law requires employers to withhold certain taxes from the pay of employees.

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ThomsonReuters

AUGUST 5, 2021

On August 4, 2021, the IRS released Notice 2021-49 that provides additional guidance regarding claiming the Employee Retention Credit (ERC) for employers who pay qualified wages after June 30, 2021, and before January 1, 2022 [IR 2021-165,?Notice The Employee Retention Credit is a refundable tax?credit

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ThomsonReuters

FEBRUARY 9, 2021

FFCRA offsets the costs of providing Qualified Paid Leave, up to certain amounts, with refundable tax credits against employment taxes for qualified leave wages taken beginning April 1, 2020 and ending December 31, 2020. See regarding refundable tax credits. New Thomson Reuters COVID-19 Paid Leave Tax Credit tool.

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ThomsonReuters

FEBRUARY 14, 2022

Over the years, the role of tax and accounting firm employees has become increasingly digital-focused. With different tax, accounting, and payroll software and solutions , you need to find employees who are familiar with and comfortable working with various systems. Solid technical skills and software experience.

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ThomsonReuters

NOVEMBER 21, 2023

From there, create on-demand blogs or videos on these topics that clients can consume in their own time. Employee retention credits. Lots of clients are amending their payroll tax returns because of cash flow issues and hoping to improve those issues through a tax credit. Create consumable content on-demand.

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LyfeAccounting

JANUARY 20, 2021

You had paid salaries and payroll taxes or paid independent contractors. Your businesses has fewer than 500 employees whose principal residence was in the United States. Faith-based organizations that have less than 150 employees. You have fewer than 300 employees. housing cooperatives (new additions). 10 million.

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Nancy McClelland, LLC

AUGUST 15, 2022

Employee Retention Credits (ERC) (nsacoop.org). My colleagues at the National Society of Accountants for Cooperatives are offering a 75-minute webinar on Tuesday, August 23 to discuss the requirements and pitfalls in claiming Employee Retention Credits (ERC). Employee Retention Credits (ERC) (nsacoop.org).

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LyfeAccounting

APRIL 22, 2021

Amazon uses credits. See, credits provide a dollar-for-dollar reduction of your income tax and are given by the government to reward certain types of behavior that benefit the US economy. And the credit that Amazon uses is not just available to Amazon but is also available to you too. The credit is called the U.S.

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ThomsonReuters

MARCH 15, 2021

Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. The legislation comes with another stimulus payment and a number of other provisions that are payroll-related. The first quarter of 2021 is nearly finished. Federal News.

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ThomsonReuters

JUNE 14, 2021

During the coronavirus (COVID-19) pandemic, many employees began working remotely. In a number of these situations, the employee’s remote work location is in a different state from the employer’s work location. Cap reached for H-1B visas. The H-2B temporary non-agricultural worker program is designed to serve U.S.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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ThomsonReuters

JUNE 28, 2021

Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. There may also be adjustments to consider for the tip credit and other factors depending on the jurisdiction.

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ThomsonReuters

JANUARY 9, 2024

Creech provided an example from several years ago where the IRS created a program called the “Reasonable Cause Assistant” (RCA), a computer-based decision support system designed to help IRS employees make fair and consistent abatement decisions based upon reasonable cause for failure to file, pay, and deposit penalties under Code Sec.

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ThomsonReuters

MARCH 8, 2021

Perkins chose to challenge and made changes in many ways for women but also for the payroll professional. Minimum wage and overtime laws, unemployment and Social Security are but some of her contributions that almost every payroll professional is familiar with. IRS guidance on claiming the employee retention credit.

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ThomsonReuters

APRIL 26, 2022

Plant workers, through their union and negotiations with the plant facilitated by the governor, were able to negotiate worker retention during the process, early retirement for older workers, and retraining for younger workers. Clean energy employers in the state have noted that there is a lack of employees that resulted in slow growth. .

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ThomsonReuters

AUGUST 16, 2023

The Service also indicates that although not all of the backlogged returns involve a COVID-19 tax credit, the inventory is being worked on at two sites (Cincinnati and Ogden) with trained staff to work on any possible tax credits related to the pandemic. Employee retention credit causing issues.

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inDinero Tax Tips

DECEMBER 13, 2021

Credit: Kelly Sikkema The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. Federal Tax Changes for 2021 The IRS allows a number of credits and deductions to businesses of all sizes. The credit pays 50% of wages paid up to $10,000 for qualifying businesses.

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inDinero Tax Tips

DECEMBER 13, 2021

Credit: Kelly Sikkema. The IRS allows a number of credits and deductions to businesses of all sizes. Employee Retention Credit. In 2020, major efforts were made to help employees keep their jobs in the height of the pandemic. The credit pays 50% of wages paid up to $10,000 for qualifying businesses.

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CTP

AUGUST 10, 2023

Taxpayers have been pummeled by the same eye-catching ads all tax season: “ Get $26,000 per employee through the Employee Retention Credit! These “ERC mills” make grand promises but provide very few details on how to actually qualify for this lucrative tax credit. The ERC is a fully refundable tax credit.

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CTP

AUGUST 10, 2023

“ Get $26,000 per employee through the Employee Retention Credit! Swarms of “ERC mills” have been making grand promises to taxpayers—but they provide very few details on how to ensure you actually qualify for this lucrative tax credit. So what do employers need to know about this tax credit?

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ThomsonReuters

DECEMBER 29, 2020

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Paid Sick and Family Leave Credits.

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ThomsonReuters

JUNE 2, 2023

When Tiliakos took the stage in Denver on the final day of the 2023 Payroll Org Congress, he explained how far payroll has come by going all the way back to 3000 B.C. where worker pay details were chiseled into stone tablets. food, housing, and clothing).

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ThomsonReuters

JANUARY 20, 2021

Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Employee Retention Credit (ERC) provides a refundable payroll tax credit for 50% of qualified wages of up to $10,000 per employee for a maximum credit of $5,000 per employee. Employee retention tool.

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ThomsonReuters

MARCH 15, 2023

Payroll on Checkpoint asked  Jeffrey Paravano , partner at  BakerHostetler  and leader of the firm’s national tax practice group, to share his thoughts. ​ ​Extension of statute of limitations​ The IRS recently issued another alert to businesses and tax practitioners regarding scams related to the employee retention credit (ERC).

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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. Deferral of withholding and remittance of employee’s share of Social Security tax.

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ThomsonReuters

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. to describe the total amount of money paid to a business’s employees over a period of time. Over time, payroll has become much more than just paying wages to employees. Payroll in a Pandemic. Department of Labor, among other agencies.

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ThomsonReuters

JULY 29, 2021

It is important for employers to keep a close eye on employees to make sure there are no health issues arise. If you are an employee who works outside, please take care of yourself. Now let’s go over some of the more important payroll stories from the past week. Federal News. Unemployment tax rate freeze through 2023.

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ThomsonReuters

DECEMBER 14, 2020

This legislation provided relief for businesses and workers, impacted employer-paid sick leave and family leave, deferred the payroll tax, and made changes that affected the employee retention credit, net operating loss (NOLs) reporting, business interest limitations, the alternative minimum tax credit, and other issues.

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