CPA Practice

OCTOBER 31, 2023

This article first appeared on the Thomson Reuters blog. used in the hiring process under Title VII of the Civil Rights Act of 1964 (see Payroll Guide ¶20,450 ). used in the hiring process under Title VII of the Civil Rights Act of 1964 (see Payroll Guide ¶20,450 ). Recently, Checkpoint Payroll Update spoke with John L.

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ThomsonReuters

JANUARY 30, 2023

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. Voters approved a ballot measure that will gradually eliminate the tip credit.

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ThomsonReuters

APRIL 25, 2023

The CPI and payroll are intertwined in a variety of ways. Employers and payroll professionals look to these monthly numbers to make changes and adjustments to payroll systems and also to forecast possible impact on the business in the near future. What is the CPI? . The IRS uses the CPI to make these annual determinations.

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Shay CPA

JUNE 7, 2023

And, of course, you can’t forget about how your layoffs impact your books and payroll. And if you’re in this boat, you should know what it means for your books and your payroll. As we reviewed in a recent blog, having an employee in another state establishes a tax nexus for your company there.

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LyfeAccounting

NOVEMBER 17, 2020

I missed payroll tax filing deadlines that cost me thousands of dollars. Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In this post, I’m going to fully explain the difference between payroll taxes and income taxes. Now, let’s talk about payroll taxes.

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ThomsonReuters

JULY 7, 2021

In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. These two federal laws contained payroll-related provisions aimed at helping employers and employees during the pandemic. Payroll tax relief. Worksheet 5. Federal News.

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ThomsonReuters

JULY 25, 2023

The IRS also states that an employer also cannot make an adjustment for Additional Medicare Tax withholding because the employee determines liability for Additional Medicare Tax on the employee’s income tax return for the prior year. Try the software out with a free demo.

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ThomsonReuters

APRIL 6, 2023

By definition, accounts payable (AP) refers to all the expenses of a business, except payroll. Accounts payable are liabilities that represent the purchase of goods or services that a business has not yet paid for. Accounts payable are liabilities that represent the purchase of goods or services that a business has not yet paid for.

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ThomsonReuters

SEPTEMBER 22, 2023

used in the hiring process under Title VII of the Civil Rights Act of 1964 (see Payroll Guide ¶20,450 ). Recently, Checkpoint Payroll Update spoke with John L. Checkpoint Payroll Update: You work a bit with clients regarding a variety of workplace matters. Checkpoint Payroll Update: Can A.I. Also, both New Jersey ( L.

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Legal audit payroll Technology 52

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. Payroll Changes Coming in July appeared first on Tax & Accounting Blog Posts by Thomson Reuters. West Virginia. per week on July 1, 2021. .

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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

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. The federal government will be funding continuing coverage with employers claiming the reimbursement as a payroll tax credit, much like under ARRA, through Form 941. in February.

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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. This form is typically used for small employers with a minimal tax liability.

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income tax tax return payroll Tax 98

ThomsonReuters

FEBRUARY 28, 2024

The value of offering bundled service packages By being able to meet quarterly with her staff, clients were given better visibility into their business year and potential tax liabilities throughout the year, avoiding the big surprise every March.

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Shay CPA

FEBRUARY 28, 2024

for a more in-depth look, check out this blog) Dues and subscriptions (e.g., D&O [Founder Shield], liability, workers’ comp) Legal & Professional (e.g., Amazon, Staples) Payroll (e.g., for a more in-depth look, check out this blog) Dues and subscriptions (e.g., Amazon, Staples) Payroll (e.g.,

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ThomsonReuters

JULY 6, 2023

Data integration: Tax provision calculations require data from multiple sources , such as financial systems, general ledgers, payroll systems, and tax forms. Additionally, APIs provide a way for tax professionals to access real-time data for analysis, which can help them make better decisions about their company’s tax liabilities.

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ThomsonReuters

MAY 6, 2022

Other offerings such as bookkeeping and payroll are year-round services that could boost your firm’s profits and diversify income. This service looks in depth at the company’s current assets and liabilities, financial forecasts, and profitability analysis. 4 year-round services to create consistent cash flow.

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xendoo

AUGUST 24, 2021

Payroll , however, is most likely not their passion. In this blog post, we will walk you through paying yourself as a sole proprietor! . If your business is profitable, start by subtracting liabilities (any debt your company owes) from assets (items of value the company owns that will provide benefit in the future).

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Nancy McClelland, LLC

AUGUST 21, 2023

It’s a combination of legislation that requires most employers to offer a retirement plan to their employees — and a system that fills the gap for employers who do not currently offer retirement savings via payroll deductions. ” Check out this excellent 20-minute video for an overview.

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Nancy McClelland, LLC

AUGUST 21, 2023

It’s a combination of legislation that requires most employers to offer a retirement plan to their employees — and a system that fills the gap for employers who do not currently offer retirement savings via payroll deductions. The deadline for wave Five, employers with five or more employees, is Nov.

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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. Guarantees.

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payroll Tax Legal Start-ups 52

ThomsonReuters

MARCH 1, 2024

How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs). You may wonder how the S corporation taxation generally works.

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ThomsonReuters

APRIL 18, 2023

Payroll errors For accounting professionals, payroll services have long been viewed as a time-consuming, high-risk loss leader. There’s no doubt that without the right technologies in place, payroll errors can be a real concern. Payroll is complex and one of the most regulated functions in an organization.

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ThomsonReuters

JUNE 16, 2023

They may improperly keep certain liabilities “off the books,” capitalize standard operating expenses, or fail to report accounts payable. The post How to spot accounting fraud appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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Shay CPA

FEBRUARY 15, 2023

for a more in-depth look, check out this blog ) Dues and subscriptions (e.g., D&O [Founder Shield], liability, workers’ comp) Legal & Professional (e.g., Amazon, Staples) Payroll (e.g., for a more in-depth look, check out this blog ) Dues and subscriptions (e.g., Amazon, Staples) Payroll (e.g.,

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Menzies

JANUARY 19, 2023

Be aware that having a subsidiary does not take away the need to comply, but it does ring-fence the reporting and liability of a global organisation. Blog Cash flow planning for first-time exporters read more Step 5 – Transfer pricing Where a branch structure is not in use, transfer pricing is an important consideration.

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Ronika Khanna CPA,CA

JUNE 30, 2023

I have addressed some of them in my blog posts on the factors to consider when choosing salary or dividends and the types of ways to structure your remuneration. Once you have the payroll numbers, you can either calculate your salary manually or employ a service to take care of the calculations and reporting on your behalf.

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tax return Non-Profits income tax Tax 52

Inform Accounting

APRIL 26, 2022

For more information on these key tax changes, take a look at our blog Changes affecting staff costs and dividends from April 2022. This blog is for information purposes only, and should not be used as a substitute for independent tax advice. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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ThomsonReuters

MAY 4, 2023

Not only that, but investing in quality payroll solutions can save businesses time, money, and resources. Lastly, termination clauses should be included to safeguard both parties from liability if things don’t work out as planned further down the line. Stronger client relationships and increased revenue for the practice.

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ThomsonReuters

OCTOBER 24, 2023

based CFO Consultants, in a blog post. accounting software, payroll, etc.) Accurately estimating tax liabilities can be complex, especially amid ever-changing tax regulations and evolving business structures. Fortunately, tax departments are not powerless. Companies use various software platforms (i.e.,

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ThomsonReuters

SEPTEMBER 8, 2023

New companies can be set up in five different structures: Partnership, Limited Liability Company (LLC), Sole Proprietorship, S Corporation or C Corporation. Compliance requirements are also stricter with an S corp than they are with other business entities, such as an LLC or limited liability partnership (LLP).

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income tax Tax Legal tax return 75

ThomsonReuters

APRIL 18, 2023

Financing activities are usually related to changes in long-term liabilities and/or equity. Operating activities are typically related to the income statement and changes in current assets and current liabilities.

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LyfeAccounting

JUNE 11, 2021

Meanwhile, self-employment taxes do apply to all other pass-through entities, like sole proprietors, partnerships, and limited liability companies. And for these wages, you will need to set up a payroll system to pay yourself through. appeared first on Small Business Accounting & Finance Blog. Contact us now!

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ThomsonReuters

MAY 4, 2023

Not only that, but investing in quality payroll solutions can save businesses time, money, and resources. Lastly, termination clauses should be included to safeguard both parties from liability if things don’t work out as planned further down the line. Stronger client relationships and increased revenue for the practice.

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Cheap Accounting

AUGUST 31, 2023

It is worth noting that a sole trader (an unincorporated business structure) has unlimited liability which means that you are personally liable for the debts of the business should it fail. Forums, searches, articles and blogs can be great sources of information, but they are general and may just not be right for your specific needs.

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ThomsonReuters

APRIL 25, 2024

Consider factors like the timing and amount of withdrawals to minimize tax liability over the long term. For instance, allocating assets between taxable and tax-advantaged accounts can impact the overall tax liability. Ensure they understand the impact of their choices on their overall tax liability. Convert to a Roth IRA.

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ThomsonReuters

APRIL 6, 2023

It is reflected in the balance sheet under current liabilities. On the other hand, accounts receivable is where a business records the sale of its goods or services but has not yet collected any funds. appeared first on Tax & Accounting Blog Posts by Thomson Reuters. Check out our accounts payable FAQ.

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