ThomsonReuters

JUNE 2, 2023

This includes the deferred amount of the employer or employee share of Social Security tax, amounts reported on Form 941 for the credit for qualified sick and family leave wages, and the employee retention credit (ERC). “The paper piled up…such as the employee retention credits,” Werfel added.

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Nancy McClelland, LLC

DECEMBER 28, 2022

As anyone who’s worked with me — clients, team members, colleagues, vendors — knows, I adore Gusto Payroll. They truly changed my life for the better (not to mention the lives of thousands of small business owners) when they decided to create a tech-forward payroll company that seamlessly syncs with QuickBooks Online.

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ThomsonReuters

MARCH 1, 2024

The following guide offers numerous strategies and tips that owners of S corporations can use to lower their taxes, including deductions and credits. IRS Form 1120-S is used to report income, losses, credits, and deductions, as well as employee wages, officer compensation, and any other information related to business income and expenses.

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Nancy McClelland, LLC

DECEMBER 29, 2022

The Illinois Workplace Transparency Act requires all employers to comply with the sexual harassment prevention training by December 31, 2020, and thereafter must provide annual training to all employees. It applies to any employee who works at least two hours in any two-week period. Tipped workers have a minimum wage of $8.70

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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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Nancy McClelland, LLC

JULY 7, 2022

The Chicago minimum wage is tiered for large businesses with 21 or more employees, and small businesses with 4-20 employees. Since reaching $15 per hour in 2021, the minimum wage for larger employees increases annually according to the Consumer Price Index or 2.5%, whichever is lower. per hour or $56,381.85

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Ronika Khanna CPA,CA

MAY 5, 2024

(Expenses can also be entered directly, without a corresponding bill, through the transactions that are downloaded) Bank transactions that are entered directly through the banking section Payroll that is entered through the employee section The transactions listed above have their own separate “ledgers” since these are common transactions.

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ThomsonReuters

SEPTEMBER 2, 2021

QUESTION: Our company sponsors an ERISA health plan and has received a request from the DOL for plan-related documents. The investigator may arrange to visit the plan sponsor’s offices and may request that additional documents be made available for review during the visit, such as payroll and claims processing records.

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xendoo

JULY 20, 2020

This loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Loan Information. LEARN MORE+. Covered Loan Period.

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Nancy McClelland, LLC

AUGUST 21, 2023

There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement. Wave One began in 2018, and included employers with 500 or more employees.

Illinois 52

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Nancy McClelland, LLC

AUGUST 21, 2023

There have been rumblings in the news for quite some time now about small businesses being required to provide retirement plans for their employees — but most owners seem to be turning a deaf ear, presuming that their small size exempts them from the requirement. Wave One began in 2018, and included employers with 500 or more employees.

Illinois 52

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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 Notice 2021-49]. ARPA also: .

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LyfeAccounting

FEBRUARY 4, 2021

However, the latest bill does away with this provision, and PPP forgiveness is no longer impacted by having received an EIDL grant. So if you applied for both grants, then that means you could have received two grants for your business in 2020. Or the net amount paid to employees? The answer is yes.

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ThomsonReuters

FEBRUARY 8, 2022

Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need. Respondents also indicated interest in receiving other services from their accounting firms. Your employees are your best referral sources.

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ThomsonReuters

AUGUST 3, 2021

From payroll to bookkeeping to tax questions, I realized that there was so much need for the knowledge and experience I had gained,” says Angie. I’ve made sure that my clients understand the value of having a CPA is the knowledge and year-round support they receive.”. When you get out of your comfort zone, that’s when you really grow.

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LyfeAccounting

JANUARY 19, 2021

Well we finally got it folks and things have changed a little bit this time around so I want to cover some of these changes a nd give you some tips on how you can secure the loan as fast as possible. The borrower must employ no more than 300 employees, or meet an alternative size standard. You just need to show a 30% reduction.

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LyfeAccounting

APRIL 22, 2021

And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. Trust us when we say that it is just the tip of the iceberg for available credits you may be eligible for. Take a look at the genius way Amazon chooses to compensate its employees. Must be nice, right? Here’s how.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Small business owners can also sign up to CRA “my business account” to see information relating to their GST/HST and payroll for those of you with employees. S ubscribe to her biweekly newsletter to receive articles on financial literacy, tips, tools and special offers for small businesses.

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ThomsonReuters

JUNE 21, 2021

Employers that deferred the employer and/or employee portion of Social Security tax should make careful note of the deferred tax deadlines and have a plan in place to pay these taxes. . Federal legislation in 2020 required certain employers provide paid leave to employees affected by the coronavirus (COVID-19) pandemic.

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ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. On June 3, 2021, White House Coronavirus Response Coordinator Jeffery Zients noted that some 63% of adult Americans have received at least one coronavirus (COVID-19) vaccine and 52% of the nation’s adults are fully vaccinated. The FLSA has different when it comes to seasonal employees in certain industries.

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Xero

FEBRUARY 21, 2023

Together, we’ll unpack the report findings and share stories and tips to help you build a stronger, more adaptable practice that moves with the times. So it’s no surprise that cultivating the right team environment is crucial to attracting (and retaining) employees; the challenge is how. appeared first on Xero Blog.

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ThomsonReuters

JANUARY 9, 2024

In addition to various rules for income tax deductions and depreciation , C corps also pay several other types of taxes, such as property taxes, payroll and unemployment taxes, sales and use taxes , and excise taxes—though some of these costs are passed on to consumers. Corporation Income Tax Return. The post How are C corporations taxed?

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ThomsonReuters

FEBRUARY 8, 2024

Now, if an LLC has employees in addition to its members, or owners, the LLC must collect and pay payroll taxes, which include unemployment, Medicare, and Social Security taxes — also known as FICA taxes (i.e., The percentage each member of the LLC receives is pre-determined in the LLC’s operating agreement.

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inDinero Accounting

JANUARY 9, 2023

When it comes to number of employees, sales, and market share, startups look an awful lot like small businesses. Thus, many startups are finding that maintaining a headquarters is overhead they don’t need, opening them up to employees from anywhere. Accounts Receivable/Payable – AR and AP are crucial to accrual accounting.

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inDinero Accounting

JANUARY 9, 2023

When it comes to number of employees, sales, and market share, startups look an awful lot like small businesses. Thus, many startups are finding that maintaining a headquarters is overhead they don’t need, opening them up to employees from anywhere. Accounts Receivable/Payable – AR and AP are crucial to accrual accounting.

Account 52

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ThomsonReuters

FEBRUARY 10, 2021

Eligible taxpayers treated as providing returns through the IRS’s nonfiler portal for purposes of the EIP may also receive advance payments. Taxpayers receiving an advance payment that exceeds the amount of their eligible credit will not be required to repay any amount of the payment. Child tax credit and earned income credit.

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LyfeAccounting

MAY 18, 2021

Or why they think they can get away with lying about businesses and employees when there are so many ways to easily invalidate their loans such as: payroll taxes and. Authorities claim Brooks fraudulent tax returns showed over 700 thousand in payments and 7 million in unemployment payments to employees of Cars Direct.

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LyfeAccounting

JULY 12, 2021

In short, if you are in business for yourself, have complete control over how you perform your job, and don’t receive a W-2 from an employer but receive income for services performed, you are self-employed. When you are a W-2 employee, the company you work for is responsible for 7.5% Are Taxes Taken Out for the Self-employed?

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Snyder

JUNE 20, 2022

The accounts that comprise transactions where cash goes out of your business: employee salaries, monthly utility payments, costs of goods sold, etc.; You invoice the customer waiting to receive payment at the end of the week. Date Account Debit Credit 22/01/2022 Sales $150 22/01/2022 Accounts receivable $150. Excise tax.

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ThomsonReuters

NOVEMBER 20, 2020

Biden also supports strong laws and aggressive prosecution of employers who violate labor laws, including those who intentionally misclassify employees as independent contractors. Biden supports the use of a strong three-prong “ABC test” to distinguish employees from independent contractors. Worker Classification.

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ThomsonReuters

NOVEMBER 20, 2020

Biden also supports strong laws and aggressive prosecution of employers who violate labor laws, including those who intentionally misclassify employees as independent contractors. Biden supports the use of a strong three-prong “ABC test” to distinguish employees from independent contractors. Worker Classification.

payroll 52

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Ryan Lazanis

APRIL 10, 2022

Here are a few tips for how you can leverage automation & digital technologies right now: Tip1: Document and Standardize Processes First. Tip 2: Leverage App Integrations. Pull employee data from Gusto to forecast payroll. Tip 3: Use Predictive Technology. Tip 2: Recruit & Train for Soft Skills.

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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

DECEMBER 3, 2020

Deferral of withholding and remittance of employee’s share of Social Security tax. The IRS has released Notice 2020-65 that postpones the withholding and remittance of the employee share of Social Security tax ratably between January 1, 2021, and April 30, 2021. Publication 15. Aggregate Forms 941. Required Documentation.

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ThomsonReuters

JUNE 28, 2023

The rule would change the current, more abbreviated and employer-friendly version of the DOL’s economic realities test, back to something representing its prior rule that would rely on several factors, which tend to favor an employee relationship. Background on DOL’s rule. 

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ThomsonReuters

AUGUST 2, 2021

Now let’s go over some of the more important payroll stories from the past week. . These revised FAQs make clear this includes leave taken by employees to care for certain individuals to obtain vaccines relating to COVID-19 or to recover from vaccines related to COVID-19. . Return to work guidance for employers and employees.

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ThomsonReuters

MARCH 1, 2021

In the early 1900s, automobile engineer Henry Ford made headlines for paying remuneration at two times the going hourly wage at the time – $5 per hour – to many of his employees. Whether it’s beer, bread or a decent hourly wage, employees want to be properly compensated for the work or service they perform for an employer.

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