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. State legislators are responding to the call. Minimum wage increases. per hour by 2027.

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MyIRSRelief

AUGUST 1, 2023

In this blog post, we will explore the common tax compliance challenges faced by trucking companies and highlight how our specialized tax firm can offer tailored solutions to help them overcome these hurdles. However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

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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.

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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? Contents: 1.

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Shay CPA

MAY 3, 2023

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. And as a startup, that liability might not exist for the first few years.

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Xero

MARCH 13, 2024

We know end of financial year is a busy time, so we’ve prepared a quick 10-step checklist to help you cover your bases at the end of FY24 and start the new financial year off strong. If you’re using Xero, you can find more helpful information in our handy guide for getting ready for financial year end.

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ThomsonReuters

MARCH 10, 2021

Allows for the credits for paid sick and family leave to be structured as a refundable payroll tax credit against Medicare tax only (1.45%), beginning after March 31, 2021. Increases the amount of wages for which an employer may claim the paid family leave credit in a year from $10,000 to $12,000 per employee.

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ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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ThomsonReuters

JULY 19, 2022

A new national research study that analyzed the impact of same-day pay showed that, among other things, over 60% of working Americans think that all employers should offer their employees immediate access to their daily earned wages. Early/earned wage access. Pay frequency. How EWAs work. Benefits to employers and employees.

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ThomsonReuters

MAY 3, 2023

Earned wage access According to the Treasury, employers and third-party payors increasingly allow employees to receive payment of earned wages before their regularly scheduled pay dates. In the payroll industry, such arrangements are generally referred to as earned wage access or EWA.

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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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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. This allowance is not available if you’re the sole director and employee earning above £9,100.

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Xero

MAY 13, 2024

Preparing your payroll to make finalisation as easy as possible come July. Check your employees’ records As part of Single Touch Payroll (STP) , there are key compliance requirements that affect the way employees are set up in Xero. We recommend marking this date in your calendar so you don’t forget. A good place to start?

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Ronika Khanna CPA,CA

DECEMBER 7, 2023

If you use these links we may earn a commission. Watch QuickBooks Online tutorials on my YouTube channel and subscribe to be notified of new videos. Also, if you have a request for a tutorial, please leave a comment on any of the videos or email me. The search for the right accounting software can be a time consuming process.

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Inform Accounting

SEPTEMBER 23, 2022

In response, the Chancellor has stated that a full fiscal plan will be published by the OBR before the end of the year. In this blog, we take a look at the key highlights from his speech. The additional income tax rate of 45% for taxpayers earning more than £150,000 per year is to be abolished.

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ThomsonReuters

APRIL 18, 2023

The accounting profession has faced a profound shift in recent years: from significant regulatory changes to an influx of innovative technologies, to reimagined business models, to an increase in client expectations. For private entities, it is effective for fiscal years starting after Dec. 15, 2022.

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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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Ronika Khanna CPA,CA

APRIL 14, 2022

The schedule is called a T2125, which is a “statement of business activities” (discussed below) and at minimum requires that you show any income you earned from a business venture. If you have incurred expenses to earn the business income, you may also deduct these from your gross revenues or sales to arrive at net income from business.

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Xero

MAY 17, 2022

While it may be lacking the fireworks and champagne of New Year’s Eve, come 1 July the new financial year ushers in fresh opportunities for Australia’s small businesses. And this year is no different, with updates coming to payroll in FY23. . of their eligible earnings (ordinary time earnings). .

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Xero

MAY 17, 2022

Tax time will look a little different this year compared to last, with the conclusion of the JobMaker and JobKeeper schemes and business slowly returning to normal. However, most of us will have completed an EOFY using Single Touch Payroll (STP) before, so wrapping up the 2021/22 financial year should be smooth sailing. .

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ThomsonReuters

MARCH 15, 2021

The word “ides” comes from a Latin word that means to divide and the date sought to split the month. The word “ides” comes from a Latin word that means to divide and the date sought to split the month. 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.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

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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. Federal News.

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LyfeAccounting

OCTOBER 14, 2020

All of these documents have a date, buyer/seller, amount, and product/service provided. And by the end of this post, you’ll understand the importance of bookkeeping and how to properly complete your bookkeeping in just a few simple steps. Ready to learn the bookkeeping basics for small business? What is Bookkeeping and Why is it Important.

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Xero

SEPTEMBER 1, 2022

You can also sort by the date it was created or sent, and bookmark the unique URL of each search for easy access later on. Update employee records in Xero Payroll — Australia. To make sure your employee records are compliant with Single Touch Payroll (STP) Phase 2, we’ve updated the employee list in Xero Payroll.

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Xero

MAY 16, 2023

If you’re anything like us, the shorter days and colder weather signals not only a change in season, but the nearing of another cyclical shift – the new financial year. And a good place to start is with finalising payroll. This EOFY in Xero Payroll will be slightly different than previous years.

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ThomsonReuters

JUNE 21, 2021

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. . It should also be mentioned that the December 31, 2021 due date falls on a weekend and January 1, 2022 falls on that Monday. 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. The due date for these submissions is February 10, 2022. Worker classification.

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Xero

OCTOBER 3, 2022

This includes new earnings categories in Xero Payroll to support Single Touch Payroll (STP) Phase 2 in Australia, as well as the launch of document packs in the UK to help advisors easily collate documents and get them electronically signed by clients. New features. Bring saved layouts across to new reports — Global.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. 3) Youth employment : In general, the FLSA sets 14 years old as the minimum age for employment and limits the number of hours worked by minors under the age of 16. This test includes seven factors and was updated in January 2018. Federal News.

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ThomsonReuters

APRIL 26, 2022

To reach the goals of the Paris Agreement, the report states that within eight years, annual greenhouse gas emissions would need to be halved. fossil-fuel workers earn $70,310 to $81,460 annually compared to $46,850 to $64,330 annually in solar and wind generation. C temperature increase by 2099. greenhouse gas emissions in 2020.

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ThomsonReuters

APRIL 6, 2023

The term accounts payable refers to all business expenses except payroll. In a large organization, accounts payable may also refer to a business department responsible for organizing and paying vendors and suppliers. It’s important to note that accounts payable does not include payroll accounting (i.e.,

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Xero

MAY 13, 2022

Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ) requires that landlords earning more than £10,000 use MTD-compatible software to keep records and make submissions to HMRC. If you’re a landlord earning £10,000 a year from property or business and property, you’ll need to sign up for MTD for ITSA.

Tax 54

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Snyder

JUNE 20, 2022

Small business owners often have to deal with every facet of business to ensure its success. It makes sense to delegate some of the management tasks because it’s hard to keep track of everything yourself without hampering your business in the long run. It shows the most accurate picture of the current state of a business and its future.

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LyfeAccounting

NOVEMBER 4, 2020

The form that should be filed every year by April 15th is Form Schedule C. The reason why it has the same due date as personal tax returns, April 15th. A completed schedule C will show your sole proprietorship or single-member LLC’s income and expenses for the tax year. Let’s get started! Sole proprietorships.

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ThomsonReuters

JULY 7, 2022

If your clients make estimated tax payments throughout the year, take a closer look at their tax situation for 2022 to make sure they’re not underpaying or overpaying. #2—Take Gains from the sale of an investment held for more than one year (as well as dividends on certain stocks) are generally taxed at preferential capital gains rates.

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ThomsonReuters

APRIL 24, 2024

Overview of the Alabama exclusion of overtime wages On June 8, 2023, Alabama Governor Kay Ivey signed House Bill 217 into law, excluding wages earned for hours worked in excess of 40 in a workweek from gross income, beginning January 1, 2024, through June 30, 2025. All across the nation, employers are struggling to fill open jobs.

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