ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? 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).

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect.

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ThomsonReuters

NOVEMBER 12, 2020

.” The respect, and perquisites provided to veterans for their sacrifices to our country, have even touched the world of payroll, and on Veterans Day, we present a quick retrospective of some of the special tax provisions offered for veterans. Overview of tax breaks for those serving in the military. 3401(a)(1) ; Reg.

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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. Beginning July 1, new forms will be used to report withholding tax. The cash minimum wage for tipped workers is $6.60 per hour. .

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

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ThomsonReuters

FEBRUARY 7, 2022

A new year brings minimum wage increases in 21 states while Connecticut and Florida will increase their minimum wage rates later in the year. The state does not permit the use of a tip credit. . The state does not permit the use of a tip credit. . The state does not permit the use of a tip credit. . per hour, $9.80

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ThomsonReuters

FEBRUARY 7, 2022

While the fate of a federal FMLA program remains unknown, state legislators across the nation are proposing PFMLI programs as well as considering employer-provided paid family and medical leave (PFML) requirements. The legislative season has just begun in many states. Paid family and medical leave proposals by State.

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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. Is The State of Illinois Going To Manage My Retirement Plan?

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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. Is The State of Illinois Going To Manage My Retirement Plan?

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ThomsonReuters

AUGUST 5, 2021

The Employee Retention Credit is a refundable tax?credit credit against certain employment taxes of the qualified wages an eligible employer pays to employees?after The Notice states that there is no provision in CARES Act or subsequent legislation that prevents the receipt of both the ERC and the Code Sec. Notice 2021-49].

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ThomsonReuters

JUNE 14, 2021

Department of Labor (DOL) issued Unemployment Insurance Program Letter (UIPL) 20-04 to state workforce agencies regarding the localization of work provisions. The UIPL discusses the principles for determining where wages should be reported when work is performed entirely in one state or in a number of different states.

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ThomsonReuters

FEBRUARY 15, 2022

The Consumer Price Index is involved in payroll topics like minimum wage, benefits, and the federal tax brackets. Bureau of Labor Statistics posts the CPI each month for a number of geographic regions in the United States. For the purposes of payroll, the CPI is important for topics such as minimum wage and benefits.

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ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. To meet IRC §409A’s “short-term deferral” exemption, such payments must be made by March 15 of the following calendar year. In the U.S., club memberships and automobiles). Federal News.

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ThomsonReuters

JUNE 28, 2021

A reason why these statistics have been on a continuing decline may be in part because a number of states and localities have enacted their own minimum wage laws. Then, minimum wage rate adjustments for the state or locality are based on the Consumer Price Index (CPI) or other cost of living adjustments. Federal News.

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ThomsonReuters

JUNE 21, 2021

Repaying Deferred Social Security Taxes . In addition, a Presidential Memorandum signed on August 8, 2020, allowed employers to defer the employee’s share of Social Security tax from September 1, 2020 through the end of tax year 2020. . Biden Administration asks Supreme Court not to hear non-resident state taxation case. .

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ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. states have 70% of adults with at least one vaccine and 28 states and the District of Columbia have fully vaccinated 50% or more of their adult population. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Also, 12 U.S. Federal News.

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ThomsonReuters

FEBRUARY 9, 2022

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. Now, in New Jersey, state law dictates the ABC test to be used to determine worker classification.

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ThomsonReuters

APRIL 14, 2022

FAQ # 11 specifically says that remuneration paid in virtual currency to an employee in exchange for services constitutes wages for federal employment tax purposes. dollars at the date of receipt, is subject to federal employment taxes and must be reported on Form W-2 (Wage and Tax Statement). employment taxes).

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ThomsonReuters

FEBRUARY 10, 2021

The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Individual Returns.

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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 Certain Deferred Payroll Taxes.

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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

FEBRUARY 22, 2021

The first recorded use of the word “payroll” appeared around 1740 A.D. Over time, payroll has become much more than just paying wages to employees. It also has to do with a wide variety of topics such as reporting and paying taxes and keeping in compliance with laws. Payroll in a Pandemic.

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ThomsonReuters

APRIL 24, 2024

The National Conference of State Legislatures reported that it is a job seekers market and retaining workers has become increasingly challenging. States have passed or proposed legislation aimed at helping bolster the workforce. Some states have removed some restrictions in child labor provisions to fill gaps.

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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. Senate, the future of COVID-19 relief, and the fiscal crisis facing the 50 states. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar.

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ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. Federal News.

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