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? What are the differences between CPI-U and CPI-W? .

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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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LyfeAccounting

DECEMBER 7, 2020

Today, we’re going to be deep-diving into US payroll taxes. My promise to you is that any question you have about payroll taxes will be answered and the high-level details you need to know about payroll taxes will be shared. Categories of US Payroll Taxes. Types of US Payroll Taxes. So let’s get started!

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ThomsonReuters

APRIL 18, 2024

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. ” Withholding tax considerations for the hybrid worker Gandhi explained that generally, residents pay on 100% of their income in the state of residency. Communication is key to tax compliance.

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Xero

SEPTEMBER 7, 2022

To help you navigate these challenges, I was delighted to showcase our suite of employee management tools in Xero, and launch an Australian beta trial of Xero Payroll plus Planday. 37% of small businesses in Australia and 29% in New Zealand are worried their staff will be paid incorrectly due to confusing payroll obligations .

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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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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. What is the IRS Form 941? What taxes are reported on Form 941? Who needs to file Form 941?

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LyfeAccounting

JUNE 11, 2021

But what in the world is a reasonable salary? What is an S-Corporation? Let’s start by telling you what it is not. According to the IRS : S-Corporations must pay reasonable compensation to a shareholder-employee, which is basically a shareholder who works in the business. How to pay yourself in an S-Corporation?

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PYMNTS

SEPTEMBER 7, 2016

Payroll cards have been hit with a new controversy. Only days ago, an employee of the restaurant chain Dave & Buster’s filed a lawsuit against the company over its payroll practices. That sentiment echoes other states’ legislative efforts to protect workers from payroll card fees. The suit was filed in Oregon.

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ThomsonReuters

MAY 4, 2023

Not only that, but investing in quality payroll solutions can save businesses time, money, and resources. In this article, we discuss the importance of setting a client scope agreement, what components make up a successful scope agreement, and why you should invest in one early on in a client relationship.

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ThomsonReuters

JULY 6, 2023

What career can an accountant switch to? However, many forward-looking accountants are making a simple change that is reigniting their passion for the profession. It’s called advisory services, and it builds on the client relationships you already have and the expertise you’ve worked so hard for. But where do you start?

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LyfeAccounting

FEBRUARY 4, 2021

Now, what has changed? What You Need For Your PPP Forgiveness Application. A quick side note here, if don’t know what a covered period is, it simply means 8 or 24 weeks from the day you received the loan. And you can choose which period to use and match it up with your payroll which is called the alternative covered period.

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ThomsonReuters

JANUARY 26, 2023

Legal insights into the proposed rules Payroll on Checkpoint discussed the proposed rules with Todd Lebowitz, a partner at BakerHostetler. He leads the firm’s Contingent Workforce Practice Team and runs the blog, WhoIsMyEmployee.com , which addresses issues of independent contractor misclassification and joint employment.

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ThomsonReuters

MARCH 1, 2024

What IRS tax forms do S corps file? 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. What are the tax advantages of an S corporation? S corps enjoy several tax advantages.

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ThomsonReuters

APRIL 18, 2023

What are the current issues in accounting? To assist today’s firms, this article will provide an overview of some of the top accounting issues firms face and the solutions that can help them tip the scale in their favor. Some of the issues vary by firm — depending on the size of the firm, the resources a firm currently has in place, etc. —

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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. There are however specific questions that common up frequently: What is the difference between a salary and dividend? What are the reporting requirements for salary?

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ThomsonReuters

MAY 4, 2023

Not only that, but investing in quality payroll solutions can save businesses time, money, and resources. In this article, we discuss the importance of setting a client scope agreement, what components make up a successful scope agreement, and why you should invest in one early on in a client relationship.

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ThomsonReuters

MAY 6, 2022

A referral plan that compensates clients for sending new business your way is a simple way to incentivize those all-important word-of-mouth referrals. It’s worth considering what it would be like if you dropped those low-value services entirely. Increasing profitability is a fundamental part of growing and maintaining a business.

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ThomsonReuters

AUGUST 5, 2021

3121(a) and compensation under Code Sec. 3121(a) and compensation under Code Sec. The notice explains that cash tips of $20 or more per month are treated as “wages” or “compensation” under?Code Notice 2021-49]. The Employee Retention Credit is a refundable tax?credit ARPA also: . Notice 2021.49.

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ThomsonReuters

DECEMBER 5, 2023

As the end of the calendar year approaches, businesses embark on the crucial task of finalizing their payroll processes. Balancing artificial intelligence As a way to help minimize errors and speed up certain tasks associated with payroll year-end, some businesses are implementing next-generation artificial intelligence (AI).

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ThomsonReuters

JULY 6, 2023

But what does accounting advisory mean and how can your firm take advantage of this unique opportunity to showcase your knowledge and build deeper relationships with your clients? Let’s take a look at the basics. What is accounting advisory? Watch now >> What is the difference between accounting advisory and consulting?

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LyfeAccounting

NOVEMBER 2, 2020

Because if we’re being honest, your payroll is the number one reason why people would even consider working with you. Okay, so here’s what we’re going to cover. #1 1 – What are going to define what a 1099 worker is and what a w2 worker is. #2 3 – We are going to look at what is best for your business.

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ThomsonReuters

APRIL 25, 2024

• Retirement tax breaks • Tax planning for retirement • Tax qualified retirement plans • Supporting your clients in retirement 10 tax-efficient retirement strategies As older adults approach retirement, a common question is often whether or not they have to pay taxes on their retirement income. Delay Social Security. Don’t forget about healthcare.

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LyfeAccounting

APRIL 22, 2021

Take a look at the genius way Amazon chooses to compensate its employees. Amazon ultimately decided to choose Virginia due to Virginia having what some call the best tech workforce in the nation. And the credit that Amazon uses is not just available to Amazon but is also available to you too. The credit is called the U.S.

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Xero

SEPTEMBER 1, 2022

It now surfaces results based on what the search ‘contains’ rather than what it ‘starts with’, so you can find the document pack you need without remembering the exact name. Sometimes, there’s a discrepancy between what is received from the bank and the amount on the customer’s bill or invoice. New features.

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Nancy McClelland, LLC

DECEMBER 28, 2022

Note: much of the information below was pulled from the old Polito Eppich website — however, they have since merged with another firm to become Magnus Blue , and as such have removed their former blog content. If you’re not careful, then the deduction is mistakenly taken on both the entity-level and personal returns.

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ThomsonReuters

JANUARY 9, 2024

But what does that mean for your taxes? And what tax benefits and strategies are available to a C corp that aren’t available to an S corp or LLC? What is “double taxation”? One unique aspect of C corporations is that they are subject to “ double taxation.”

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ThomsonReuters

AUGUST 16, 2021

In this blog, I’ll list and describe the vaccine and mask mandates. The Order does not detail what may qualify and how an individual may inform his/her employer of such an objection, or if an employer must document the objection for recordkeeping purposes. The List and Legality of Employee Vaccination Requirements. Connecticut. .

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LyfeAccounting

JANUARY 25, 2021

And it could be extremely stressful if you don’t know what you’re doing. I’ve been through it all, from trying to figure out how to do payroll for my very first employee, to figuring out how much I should pay my employees. I’ve paid thousands of dollars in payroll tax penalties. What’s the EASIEST way to set-up a payroll system?

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ThomsonReuters

APRIL 6, 2023

Whether you’re an accountant, a small business owner, or a professional working within an organization, understanding what accounts payable is and how it works is essential. As an important cash flow indicator, accounts payable is a sign of the health of a business. The term accounts payable refers to all business expenses except payroll.

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LyfeAccounting

NOVEMBER 4, 2020

If you’re a new business owner or thinking about starting a business for the first time, or even if you already have a business and want to make sure you’re doing everything correctly, then this post is for you! And just so you know, these penalties are costly, easily reaching thousands of dollars. Sound good? Let’s get started! Partnership.

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ThomsonReuters

JUNE 2, 2023

When Tiliakos took the stage in Denver on the final day of the 2023 Payroll Org Congress, he explained how far payroll has come by going all the way back to 3000 B.C. where worker pay details were chiseled into stone tablets. food, housing, and clothing). food, housing, and clothing).

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ThomsonReuters

DECEMBER 20, 2022

more in payroll taxes in 2023. What is Social Security tax? . Social Security (Old-Age and Survivors Insurance and Disability Insurance) is financed through a payroll tax where employers and employees each pay 6.2% Payroll is expensive for a business. . In general, payroll is the greatest expense for a business.

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ThomsonReuters

NOVEMBER 22, 2021

On November 19, 2021, the House passed a $2 trillion spending bill with a number of payroll-related provisions that include paid family and medical leave. Some payroll provisions. . Thomson Reuters’ Checkpoint payroll. appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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ThomsonReuters

MARCH 1, 2021

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. This makes a business’s payroll department very important since it is typically an employer’s greatest expense. This can make March an interesting month for payroll professionals.

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