Inform Accounting

NOVEMBER 28, 2022

With all of the U-turns on tax policy in the last couple of months, businesses may be confused about what changes are going ahead and which ones have been scrapped by the new chancellor. HMRC suggest that end-users utilise the Check Employment Status for Tax service to help them decide if the off-payroll working rules apply.

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Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. So how is payroll tax calculated? What has to be included?

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ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. After checking into my hotel, I went for a walk to get a bite to eat. There are many restaurants in Miami Beach. Unemployment and FUTA. Virgin Islands.

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ThomsonReuters

JANUARY 14, 2022

The top payroll related searches for 2021. Payroll practitioners and employers alike continue to be challenged by the unique issues that COVID-19 has imposed on payroll administration. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021.

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Xero

MARCH 13, 2024

If you’re using Xero, you can find more helpful information in our handy guide for getting ready for financial year end. Evaluate your business expenses You may be able to claim business expenses in your tax return to reduce the total tax you need to pay. You may want to seek advice on what you could be eligible for.

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LyfeAccounting

NOVEMBER 17, 2020

With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. To start, I didn’t know what forms I needed to fill-out. I missed payroll tax filing deadlines that cost me thousands of dollars. Lastly, the information in this post is solely for informational purposes only.

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Nancy McClelland, LLC

JANUARY 18, 2024

First off, as the company/ employer, I received an email from Gusto (though it incorrectly stated that these are client tasks, rather than firm tasks) stating that I need to distribute important payroll forms to recipients before the IRS deadline of January 31, 2024. ” I clicked on “Create packet”, and nothing happened.

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LyfeAccounting

DECEMBER 31, 2020

For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. These programs completely automate the process of calculating and filing your payroll taxes. Payroll Tax Filings: Forms That You Need. Payroll Tax Filings: Things to Keep in Mind.

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ThomsonReuters

APRIL 18, 2024

Rather than require a full return-to-office schedule, employers are offering employees a hybrid arrangement. Challenges presented by the hybrid worker for human resources and payroll With over 30 years of experience in state and local tax laws, Lynn A. However, the individual can receive a credit from the state of residency.

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ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? Because the ERC expired for most employers on September 30, 2021, the credit is claimed by submitting an amended employment tax return on Form 941-X. Employers can claim the ERC on an original or amended employment tax return for qualified wages paid between March 13, 2020, and Dec.

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ThomsonReuters

DECEMBER 6, 2023

” He noted that in a “normal time,” the lack of regulations regarding tax return preparation “wasn’t seen as something that could be a huge issue.” . “Tax preparation is kind of the Wild West,” Creech began. billion of potentially fraudulent ERC claims for tax years 2020 through 2023.

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Basis 365

JUNE 29, 2023

In this blog, we'll explore the differences between a bookkeeper and a controller and help you determine which role(s) you need for your business. What is a Bookkeeper? They may also manage payroll and prepare sales tax filings. What is a Controller? Bookkeeper vs. Controller: What's the Difference?

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ThomsonReuters

MARCH 22, 2021

For payroll, in particular, there are a number of taxes. What are the due dates? What is the penalty if the filings or payments might be late? A number of those pages will directly affect payroll. What can help with this daunting task of keeping up with taxes? Keeping Up with Taxes. Is electronic filing required?

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: What is the future of accounting? Clients are expecting much more than traditional bookkeeping, tax returns, and payroll services. What is the future of accounting? Clients are turning to their professional teams, including their accounting firms, to take on more advisory roles.

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Inform Accounting

MARCH 15, 2023

In short, a P11D form allows you to inform HMRC of any benefits you’ve given to employees outside of payroll, so that the correct tax can be paid by your employees. In this blog we take a deeper dive into P11Ds, when they might arise, and what you need to do as a result. What benefits need to be declared on the P11D?

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ThomsonReuters

AUGUST 25, 2023

Jump to: What is software depreciation? What is software depreciation? Take this example: Your business client purchased software in December 2022 to process payroll, accounts payable, and accounts receivable, but they didn’t put that software into service until January 2023. How is software depreciated for tax purposes?

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ThomsonReuters

JULY 6, 2023

What are APIs and how do they work? What are the benefits of tax provision software? Data integration: Tax provision calculations require data from multiple sources , such as financial systems, general ledgers, payroll systems, and tax forms. However, corporate tax teams find it difficult to automate this process.

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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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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. Check out these other blogs about taxes: Important Info for Filing Taxes This Year. You have up to three years to file amended returns to claim the Employee Retention Credit.

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ThomsonReuters

JULY 6, 2023

What career can an accountant switch to? If you are an accounting professional who has been contemplating a change in career path, you’re not alone. Accountants have the knowledge and experience necessary to work as trusted advisors to the public or within a company, so your certification qualifies you for a variety of career paths.

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ThomsonReuters

NOVEMBER 8, 2022

The ability to unleash your firm’s true potential and focus in on what matters most: analyzing data, advising clients, and?uncovering What technologies, applications, programs, and/or tools is your firm currently using? Streamline the printing and publishing of returns. The result? uncovering new opportunities. .

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ThomsonReuters

JANUARY 4, 2024

With so much change inside and outside the profession, now is the perfect time to reflect on your goals, how they’ve changed, and what you can do to incorporate new learnings to make this your best year yet. The report mandates the disclosure of beneficial ownership and sensitive information. Partial outsourcing is also an option.

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xendoo

MARCH 17, 2022

Even with the help of bookkeeping software, it takes financial expertise to put the data into context and use it to make informed decisions. In this blog post, we will discuss how online bookkeeping works and how it is crucial to business growth! To save time, some choose to partner with an online bookkeeper. . Going Digital.

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ThomsonReuters

JUNE 16, 2023

a misrepresentation, information omission, or other misconduct ). They may not make proper provisions for returns, or sales made to related parties may not be properly recorded as revenues. When one thinks of accounting fraud, it is likely that these are some of the cases that come to mind. Do you know how to spot it?

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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. Credits were claimed through Form 941, the quarterly employment tax return. What is the COBRA premium subsidy period? What are the new notice requirements for the subsidy? in February. Who is eligible?

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. What IRS tax forms do S corps file?

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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! . The remaining amount is referred to as ownership equit y, which is what you will take your draw from. Where to Begin? They may be changing the world and even their own lives.

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Inform Accounting

APRIL 26, 2022

So as we enter the new tax year, what is the most tax efficient way for a director to draw money 2022/23? For more information on these key tax changes, take a look at our blog Changes affecting staff costs and dividends from April 2022. Key tax changes for 2022/23. The employment allowance has increased to £5,000.

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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. You have up to three years to file amended returns to claim the Employee Retention Credit. Who Qualifies for the Employee Retention Tax Credit?

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Cheap Accounting

MARCH 28, 2022

It’s that time of the year when I update our annual blog advising those operating via a Limited Company on how to extract money from their business to pay themselves. This year the blog is different. I am not going to be setting out what you should pay yourself in a salary and how much tax you’ll pay on this and your dividends.

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ThomsonReuters

JUNE 15, 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. When I worked for a former employer, they did nothing but tax returns for their clients – no tax planning, no projections, no advice around law changes – that was it,” says Angie.

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Snyder

JANUARY 8, 2023

What does it mean for small businesses? This article answers the questions for anyone curious about how to start a dropshipping business: What is dropshipping? What are the best products to sell online? What is a dropshipping business? What is a dropshipping business? More and more people are shopping online.

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Snyder

JUNE 13, 2022

What Is an EIN? Keep in mind that simply getting an EIN won’t help you with your taxes–you need a tool that provides accounting for Shopify to keep all your tax related information updated. . You’ll get your EIN confirmation notice as soon as the IRS validates your information. What Are the Benefits of an EIN?

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Inform Accounting

OCTOBER 17, 2022

In short, most of what he announced has been ditched by the new chancellor Jeremy Hunt. What we know now: The basic rate of income tax remains at 20% and likely to stay there for the foreseeable future. The repeal of the 2017 and 2021 changes to off-payroll rules, AKA IR35, is now cancelled.

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ThomsonReuters

NOVEMBER 8, 2022

In short, accounting technology enables accountants to focus less on tax return preparation and more on the value they provide to their clients. Accounting firm technology trends. Automation. Today, automation is the name of the game. So how does automation work at an accounting firm? How has accounting changed with technology?

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ThomsonReuters

NOVEMBER 21, 2023

Use the year-end to communicate the scope of what you will offer in 2024 and what is expected in terms of billing in the year ahead. Schedule anticipated client touchpoints. Tell them what you expect from them (and when) to ensure they are “tax ready” for 2024. Or, you might consider switching to a value pricing model.

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ThomsonReuters

DECEMBER 20, 2021

While there are a lot options out there, look for affordable, high-powered tax software that provides accurate and secure tax return preparation geared specifically toward small firms. Features like an instant tax prep checklist and pre-populated returns can maximize your productivity. Determine your roadmap.

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