CPA Practice

OCTOBER 22, 2024

In this white paper, we break down the key federal payroll laws, explore important compliance insights, highlight the role of technology, and provide practical tips for maintaining compliance. federal payroll compliance is an ongoing process that requires vigilance and dedication. Fill out the form below to access this resource.

payroll

TaxConnex

JANUARY 4, 2024

No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. As we start the new year, here’s a look back at some significant sales tax events from 2023. This year, multiple states introduced new sales tax exemptions, too.

Sales

MyIRSRelief

NOVEMBER 29, 2019

One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government.

payroll

Patriot Software

DECEMBER 12, 2022

Back in 2020, Colorado voted to implement its own Paid Family and Medical Leave Insurance (FAMLI) program. And beginning in 2023, the Colorado paid family leave program takes effect. What does this mean for Colorado employers? It means you have a new payroll tax […] READ MORE.

Colorado

Patriot Software

OCTOBER 13, 2022

A handful of cities in Colorado have a local tax called an occupational privilege tax. If you’re an employer in Colorado, it’s important to know if you owe the occupational privilege tax and what your city requirements are. What is occupational privilege tax? Both employees and employers owe it.

Colorado

Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

payroll tax

MyIRSRelief

MARCH 1, 2025

Whether its unfiled tax returns, overwhelming back taxes, an audit, payroll issues, or aggressive IRS actions like levies, you dont have to navigate this stressful situation alone. Our tax representation firm is here to provide you with expert assistance, reliable solutions, and the peace of mind you deserve.

Tax

MyIRSRelief

AUGUST 2, 2024

This dichotomy creates a complex tax landscape for cannabis businesses, particularly concerning compliance, audits, and the infamous Section 280E of the Internal Revenue Code (IRC). Get professional tax help by calling our tax firm at 1-877-788-2937. Recordkeeping Good recordkeeping is essential for tax compliance.

audit

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. House Bill 1104 looks to postpone implementation of the program for one year.

payroll

CPA Practice

MAY 24, 2023

Boston Market is down to three locations in Colorado — Westminster, Aurora and Colorado Springs — and its owner, Engage Brands, has let a big stack of bills pile up from its landlords, vendors, employees and even the state of Colorado. in unpaid sales and payroll taxes. in unpaid sales and payroll taxes.

Colorado

CPA Practice

JULY 23, 2023

A Colorado man has been sentenced to 15 months in prison for evading the payment of more than $700,000 in employment taxes he owed to the IRS. After failing to collect from the businesses, the IRS assessed the tax against Stevens personally. In total, Stevens caused a tax loss of approximately $737,128.

Colorado

ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

payroll

CPA Practice

OCTOBER 24, 2023

For almost as long as commerce has existed, small business owners have struggled with managing their finances and taxes, while at the same time running the operational side of their businesses. there are more than 13,000 taxing jurisdictions, including states, cities, counties, and a variety of special districts. 2023 sales tax rates.

Sales

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. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

payroll

CPA Practice

MAY 1, 2023

More small businesses across the country are taking advantage of new tax credits to offer 401(k) programs , according to a report from the Wall Street Journal. The new tax credits are widely available now thanks to the Setting Every Community Up for Retirement Enhancement (Secure) Act , which went into effect on Dec.

Oregon

SingleTrackAccounting

OCTOBER 6, 2020

An alarming amount of business owners are not taking advantage of a major federal tax saving filing status, s-corporation. You are probably overpaying your taxes. . The key feature that makes an s-corp different is the tax advantages it offers. An s-corp is a tax filing status with the IRS. . We’ll unpack this for you.

Tax

CPA Practice

JULY 3, 2024

If you’re thinking about offering payroll services or switching from your current payroll software, this guide can help you decide if it’s time for a change. It will also highlight the essential features your new payroll solution should have. Required) When are you considering a payroll software platform change?

payroll

MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Understanding ERC IRS Audits 1.1 What is an ERC IRS Audit? ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

audit

Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

payroll tax

Going Concern

NOVEMBER 28, 2022

Before the salary data appears at that link there are several paragraphs about the Inflation Reduction Act that somehow relate to accountant salaries because Smartest Dollar, like everyone else on the planet, seems to believe accountant = tax, we’ll go ahead and skip right past that and get to the salaries. Colorado Springs, CO.

accountant salary

PYMNTS

SEPTEMBER 25, 2019

The bill was sponsored by Congressmen Ed Perlmutter of Colorado, Denny Heck of Washington, Steve Stivers of Ohio and Warren Davidson of Ohio, all members of the House Financial Services Committee. Cannabis-related businesses are locked out of the banking system, and cannot maintain checking accounts, process payroll obligations or pay taxes.

Ohio

CPA Practice

DECEMBER 19, 2023

Incorporating at the End of the Year The primary advantage of incorporating before the end of the year is your clients can then take advantage of the tax benefits owning a corporation offers, including writing off the costs of incorporating on this year’s taxes.

Rhode Island

Shay CPA

JUNE 7, 2023

And, of course, you can’t forget about how your layoffs impact your books and payroll. And if you’re in this boat, you should know what it means for your books and your payroll. As we reviewed in a recent blog, having an employee in another state establishes a tax nexus for your company there.

payroll

SingleTrackAccounting

FEBRUARY 11, 2020

All is good in the entrepreneur hood until the tax man comes around in April. Self Employment tax on the entire amount on your 1099 …. on top of your regular income tax! Most self-employed people only find out about this nightmare situation after they file tax returns with 1099s and are then hit with the tax bill.

Tax

SingleTrackAccounting

FEBRUARY 7, 2020

We are starting down the third year of the Tax Cuts and Jobs Act and tax savings are all around us. Every year the standard tax brackets increase with inflation. Here’s a breakdown of the 2020 tax brackets. . Here are 5 tax saving strategies for small businesses. You would end up paying $1,530 in taxes.

Tax

ThomsonReuters

FEBRUARY 7, 2022

It is crucial that payroll professionals familiarize themselves with minimum wage rates for garnishment calculations in 2022. . For further information on creditor garnishment, visit the Quick Reference Chart on Checkpoint Edge at Payroll Guide ¶17,080 (Highlights of state rules for creditor garnishment). . per hour. . per hour .

Rhode Island

CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

business tax

ThomsonReuters

FEBRUARY 7, 2022

Colorado and Oregon will begin collecting assessments for their programs in 2023. . The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. 2022, H447 ). . Proposed legislation ( L. 2022, H5029 ) seeks to establish a PFMLI program.

Missouri

CPA Practice

AUGUST 26, 2024

Download the guide to ensure your next payroll software platform is the right one. million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve? million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve?

Rhode Island

CPA Practice

SEPTEMBER 20, 2024

Download the guide to ensure your next payroll software platform is the right one. million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

Rhode Island

CPA Practice

OCTOBER 23, 2024

Email (Required) Number of Employees at Your Firm (Required) Number of Employees at Your Firm Sole Proprietor 2 To 4 5 To 9 10 To 19 20 To 49 50 Or More Full Name (Required) State / Province (Required) State / Province Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas (..)

Rhode Island

Ryan Lazanis

SEPTEMBER 19, 2023

The Green Leaf CPA The Green Leaf CPA assists leading marijuana, hemp, and CBD businesses in maintaining compliant accounting, tax, and financial practices. Luminary CPA Luminary CPA is one of the accounting firms that offer personalized tax assistance and on-demand bookkeeping services.

accounted

CPA Practice

SEPTEMBER 3, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?

Rhode Island

ThomsonReuters

FEBRUARY 10, 2022

Department of Labor explains that unemployment insurance is a federal-state program financed through federal and state employer payroll taxes. Federal Unemployment Tax Act (FUTA) taxes are paid and reported by employers. Generally, most employers receive a FUTA credit and only pay a net tax rate of 0.6%

South Dakota

PYMNTS

OCTOBER 17, 2018

Massachusetts joins a handful of states, including Colorado, Washington and Maine, that have taken steps to legalize recreational marijuana. GFA, however, will offer basic financial tools to these businesses, including access to online banking, checking accounts, debit cards, cash management and payroll services.

Colorado

SingleTrackAccounting

JULY 7, 2020

You could spend several hours, perhaps days navigating PPP loans, running payroll, and filing taxes even if you were organized. For example, as an S-corporation business owner, you can now start an IRA to offset taxes. Payroll Mistakes. You could be doing anything else. Let’s brainstorm some alternatives.

accounted

CPA Practice

JULY 19, 2024

Download the guide to ensure your next payroll software platform is the right one. million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system? million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system?

Rhode Island