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. Virgin Islands with outstanding federal unemployment loans. This results in employers paying more in FUTA taxes. Virgin Islands.

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CPA Practice

FEBRUARY 15, 2023

You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax.

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ThomsonReuters

NOVEMBER 27, 2023

As the holidays approach, many employers plan on paying out bonuses, incentives, or other supplemental wages to employees that may have unexpected tax and compliance implications. Payroll Guide ¶ 4100 et seq. Whichever option you choose will have different tax and compliance implications.

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

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ThomsonReuters

NOVEMBER 8, 2022

Who needs to know : Payroll professionals, payroll departments, tax departments, third-party payroll providers. Payroll Guide ¶4264 Basic Principles. Payroll Guide ¶4268 Form 1099-MISC. Payroll Guide ¶4271 Form 1099-NEC. Be Aware of Federal/State WARN Act Laws. Not yet a subscriber?

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ThomsonReuters

JULY 25, 2023

Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes? In simple terms, an overpayment on taxes is paying more than what is owed.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

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ThomsonReuters

NOVEMBER 27, 2023

But how do you tax the value of a noncash fringe benefit? The ALV is determined according to a table as provided in IRS regulations (see Payroll Guide ¶3580 ). If the employer provides fuel in addition to the car, the value of the fuel must also be reported in addition to the value of the vehicle for federal income tax purposes.

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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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ThomsonReuters

APRIL 18, 2024

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. This may pose significant issues.

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LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. To start, I didn’t know what forms I needed to fill-out. What are Income Taxes?

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

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LyfeAccounting

DECEMBER 7, 2020

Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Note that for guidance or advice specific to your business, you should consult with a tax or legal professional. Categories of US Payroll Taxes.

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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 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?

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ThomsonReuters

AUGUST 25, 2023

Jump to: What is software depreciation? How is software depreciated for tax purposes? However, when it comes to software tax depreciation, the complexities can quickly add up. What is software depreciation? How is software depreciated for tax purposes? Can software be amortized?

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LyfeAccounting

DECEMBER 31, 2020

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. And have noticed that taxes were withheld from their paychecks.

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Xero

JUNE 8, 2023

So if you’re looking to do the same (and tackle tax time while you’re at it), below are a few simple tips to consider ahead of the ‘23 year-end. So if you’re looking to do the same (and tackle tax time while you’re at it), below are a few simple tips to consider ahead of the ‘23 year-end.

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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

MARCH 22, 2021

Keeping Up with Taxes. The legislation levied a direct tax on the American Colonies in an effort to pay off debts and defend new American territories won from the French in the Seven Years’ War. So, why the brief history lesson on American Colony taxes? For payroll, in particular, there are a number of taxes.

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ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? What is a C corporation? What is an S corporation? What is an LLC? Many entrepreneurs wonder what types of business ownerships are possible and how to determine which one is right for their business. What are the main types of business ownership?

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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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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . in partnership with the American Payroll Association (APA) and the Global Payroll Management Institute (GPMI).

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xendoo

AUGUST 24, 2021

Payroll , however, is most likely not their passion. How do taxes factor in? Tax filing is simplified too! 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. How Do I Pay Myself?

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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . in partnership with the American Payroll Association (APA) and the Global Payroll Management Institute (GPMI).

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LyfeAccounting

NOVEMBER 16, 2020

But for the 1% of small businesses who have not taken advantage of the PPP loan then let me quickly review what it is. What is a PPP Loan? The primary goal of this program was to provide loans to small businesses, so they could keep their payroll and people on their staff during an economic shutdown. Tax Deductibility.

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ThomsonReuters

APRIL 18, 2023

What are the current issues in accounting? The ability to prioritize and monitor tasks, track any regulatory changes, leverage customizable templates for schedules and tax work papers, and set up rules and permissions for each user within the firm. but there are several common hurdles that often run industry wide.

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LyfeAccounting

JUNE 11, 2021

But what in the world is a reasonable salary? Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. What is an S-Corporation? Let’s start by telling you what it is not. An S-Corporation is a tax entity.

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LyfeAccounting

JULY 12, 2021

It was recently determined that nearly 30% of Americans are self-employed, and 100% of the self-employed hate paying taxes. So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. What are Self-employment Taxes?

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LyfeAccounting

JUNE 4, 2021

If you pay yourself too little, you might be overwhelmed by all of the taxes you owe as an LLC. And speaking of taxes, how exactly does that work when you pay yourself? And speaking of taxes, how exactly does that work when you pay yourself? Should it be deducted from your paycheck, paid quarterly at tax time, or what?

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LyfeAccounting

JULY 20, 2021

You see, everyone talks about getting an LLC but not many people talk about what to do after you start an LLC. And this is kind of scary if you don’t know what to do. So in this post, we’re going to tell you what to do after you start an LLC. What to Do After You Start an LLC. We wish it was that easy, right?

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LyfeAccounting

MARCH 5, 2021

?. Which business entity is going to save you the most money on your taxes? Now, your tax expense can greatly vary based on the entity you select here. So by the end of this post, we hope that you’re saving thousands and not paying thousands more than you have to in taxes. Legal vs Tax Entity. So, you’re taxed twice.

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Snyder

JUNE 20, 2022

What is small business accounting? Get to know small business tax obligations and procedures. What is small business accounting? What is small business accounting? Let’s start with defining what small business accounting is. Accounting is the language of numbers. Contents: 1. Open a business bank account.

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LyfeAccounting

APRIL 22, 2021

We’ve all heard it before… Amazon paid $0 in taxes while making over 11 billion dollars in profit. And while most businesses were paying their fair share of taxes, in 2018, Amazon received a rebate of $129 million. This basically means Amazon got a federal tax refund for millions of dollars. Must be nice, right?

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LyfeAccounting

DECEMBER 28, 2020

Do you want to know how the rich get away with paying little to no taxes, while many others overpay on their taxes? Well here it is – Tax Credits and Tax Incentives! If you’re anything like me, I’m sure you’ve heard all of these stories about how Jeff Bezos or Donald Trump pays almost little to no taxes.

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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. I’ve lost employees. So let’s dig in.

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