ThomsonReuters

NOVEMBER 8, 2022

In this edition, we take a look at the new 1099 filing platform, WARN laws, and annual cost-of-living adjustments to key figures. New 1099 Filing Platform to Launch in 2023. Who needs to know : Payroll professionals, payroll departments, tax departments, third-party payroll providers. Not yet a subscriber?

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ThomsonReuters

JANUARY 16, 2024

Yes, interest paid on a qualified student loan is deductible up to $2,500 per return except for married taxpayers filing separate returns (for whom it is denied). This is a significant decrease and will trigger more electronic filing in the 2024 processing year. This deduction phases out at higher income levels.

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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., If it is a multi-member LLC: The LLC files Form 1065 , U. Federal Insurance Contributions Act), or “self-employment” tax.

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Tax income tax payroll tax Healthcare 52

ThomsonReuters

DECEMBER 20, 2022

more in payroll taxes in 2023. Social Security (Old-Age and Survivors Insurance and Disability Insurance) is financed through a payroll tax where employers and employees each pay 6.2% Employers make deposits and file reports to the IRS to account for these taxes. Payroll is expensive for a business. .

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