Remove CPA Remove income tax Remove Ohio Remove tax return
article thumbnail

Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

article thumbnail

$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

PPP Loan Forgiveness May Be Hard To Win For Self-Employed Workers

PYMNTS

The measure limits independent contractors and the self-employed to borrow up to two months of their pay based on their 2019 income tax return or $15,385, whichever is less, toward forgiveness. As a result, most of their receipts will constitute net income.”.

Ohio 99
article thumbnail

Democrats’ Latest Child Tax Credit Plan Pushes Bonus for Babies

CPA Practice

That’s up from the current maximum $2,000 benefit, which is only paid out at tax time. There was also an option to take some or all of the credit as a lump sum when filing annual tax returns. Sherrod Brown, D-Ohio, is the lead sponsor, and it has 40 co-sponsors including Finance Chair Ron Wyden, D-Ore.,

Tax 52