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Ghost employees and other payroll scams are trouble for employers. They may be just as fictional as the paranormal activities in your favorite scary book or movie, but if you have ghost employees on your payroll, you have fraud. The post Ghost Employees and Other Payroll Scams appeared first on Roger Rossmeisl, CPA.
If your business has employees, you may need to budget for additional payroll costs, especially if you have many high earners. The post In 2025, the Social Security Wage Base is Going Up appeared first on Roger Rossmeisl, CPA. Wages and self-employment income above this amount aren’t subject to Social Security tax.
The credit can be used by certain even smaller startup businesses against the employer’s Social Security payroll tax liability. The post The Election to Apply the Research Tax Credit Against Payroll Taxes appeared first on Roger Rossmeisl, CPA. Let’s take a look at the second feature.
Certifications empower accountants to better meet their clients’ demands by covering a range of topics, from mastering payroll essentials and becoming proficient in the ADP Accountant Connect SM platform to innovative selling strategies. Thanks for reading CPA Practice Advisor!
"Offer payroll and do it yourself,” they said. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. Read this article to find out how two firms provided payroll profitably, compliantly, and without additional workload. It’ll be fun!”
Its called the 100% penalty because the entire unpaid federal income and payroll tax amounts can be assessed personally as a penalty against a responsible person, or several responsible persons. The post Small Business Alert: Watch Out for the 100% Penalty appeared first on Roger Rossmeisl, CPA.
The credit can be used by certain smaller startup businesses against their Social Security payroll and Medicare tax liability. The post Better Tax Break When Applying the Research Credit Against Payroll Taxes appeared first on Roger Rossmeisl, CPA. Let’s take a look at the second feature.
Nonfarm payrolls increased 177,000 last month after the prior two months advances were revised lower, according toBureau of Labor Statisticsdata out Friday. The unemployment rate was unchanged at 4.2%.
The children’s wages then will be exempt from the following federal payroll taxes: Social Security tax, Medicare tax, and Federal unemployment (FUTA). The post Hiring Your Child to Work at Your Business This Summer appeared first on Roger Rossmeisl, CPA.
They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. The post 2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers appeared first on Roger Rossmeisl, CPA. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due.
The provision established the Payroll Protection Program (PPP), which provides up to 24 weeks of cash-flow assistance through 100% federally guaranteed loans to eligible recipients for the purpose of maintaining payroll during the coronavirus (COVID-19) pandemic and to cover certain other expenses.
allowing eligible employers to obtain forgivable loans for certain payroll and non-payroll purposes. The post SBA Re-Opening PPP for All Lenders by 1/19/2021 appeared first on Roger Rossmeisl, CPA.
Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. For example, paying under-the-table cash wages to avoid paying payroll taxes could result in criminal charges and significant penalties. These can lead to legal liability and fines.
You can save family income and payroll taxes by putting your child on the payroll. The post The Tax Advantages of Hiring Your Child This Summer appeared first on Roger Rossmeisl, CPA. Summer is around the corner so you may be thinking about hiring young people at your small business. It’s a win-win!
Taxpayers could apply to have the loans forgiven to the extent their proceeds were used to maintain payroll during the COVID-19 pandemic and to cover certain other expenses. The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA.
Construction Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. To prevent payroll fraud, have someone independent of your accounting department verify the names and pay rates on your.
Employers don’t have to pay payroll taxes on HSA contributions made by employees through payroll deductions. The post Establishing a Health Savings Account for your Business appeared first on Roger Rossmeisl, CPA. Distributions from HSAs to cover qualified medical expenses aren’t taxed. Eligibility rules To be.
Managing payroll for your clients takes time, precision, and expertise. Partnering with a managed payroll provider can save time, reduce risks, and help your firm grow. But you don’t have to handle it all yourself.
Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.
If a worker is an employee, your company must withhold federal income and payroll taxes and pay the employer’s share of FICA taxes on the wages, plus FUTA tax. The post If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled appeared first on Roger Rossmeisl, CPA. In addition, there.
According to the indictment, Jerkins, a Certified Public Accountant, owned Jerkins Business Solutions (JBS) which provided tax preparation, bookkeeping, and payroll services, among other accounting and financial services, for individuals and businesses since 2015. JBS was a sole proprietorship, and Jerkins controlled its bank accounts.
Hosts Randy Johnston and Brian Tankersley, CPA, review CYMA Payroll , a system designed for providers offering volume payroll processing and unique markets that process complex payroll. Well, I want to talk to you today about an accounting software product called Saima Cy MA and their payroll system.
For example, a colluding manager might override controls to allow another employee to commit expense reimbursement or payroll fraud. The post 5 Ways to Stop Employees from Colluding in Fraud appeared first on Roger Rossmeisl, CPA. Colluding thieves usually either ignore internal controls or take steps to hide noncompliance.
And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll tax savings (depending on the child’s age and how your business is organized), and Enable retirement plan contributions for the children. However, in order for your.
If a worker is an employee, your company must withhold federal income and payroll taxes, pay the employer’s share of FICA taxes on the wages, plus FUTA tax. The post Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees appeared first on Roger Rossmeisl, CPA. In addition, there may be state tax obligations.
While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021. The post Employers Should be Wary of ERTC Claims that are Too Good to be True appeared first on Roger Rossmeisl, CPA.
Changing to a new recordkeeper, custodian or payroll provider can have a direct impact on your 401(k) plan audit , requiring thorough planning to keep both current and upcoming audits moving smoothly along. Perhaps you have an automatic link between your payroll provider and your recordkeeper that will need to be reset.
Thanks for reading CPA Practice Advisor! Jason Bramwell Leave a Reply Cancel reply Δ CPA Practice Advisor is the definitive technology and practice management resource for accounting and tax professionals. Starts at just $28/month. AI Answering Services is now available to all accounting firms across the U.S. All rights reserved.
News & World Report compared price, tax filing support, integrations and automations, and more to determine which popular payroll software options made the 2025 Best Payroll Software list.
ET) Host: Patriot Software, accounting and payroll software for businesses and accountants Duration: 1 hour Description: Get organized now for a hassle-free year-end with Patriot Software’s Training Director, Annie Hambach. Receive 1 hour of free CPE credit for participating in this live webinar Date: December 4, 2024 Time: 2:00 p.m. (ET)
State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. He will now put his international experience to work at the state level, where he looks forward to working in service of the CPA profession in Florida. She holds a B.S.
Thanks for reading CPA Practice Advisor! OBannon Technology June 5, 2025 Review of Power Automate – The Accounting Technology Lab Podcast – June 2025 Randy Johnston and Brian Tankersley, CPA, review Microsofts Power Automate, one of the robotic process automation tools available from Microsoft 365.
Payroll day has a way of sneaking up on you. That means no more access to payroll, payments, online banking, live supportor even security updatesas of yesterday. And when payroll is late or unreliable, it doesnt just hurt moraleit erodes trust. Are the numbers right? Is everyone getting paid on time?
ACCOUNTING CANDIDATES FTE Accounting / Bookkeeping | Candidate ID #18014117 Certifications: QBO ProAdvisor, Xero Certified Education: BA, MBA Accounting Experience (years): 9+ years accounting experience Work experience (detail): Currently a Senior Bookkeeper/Team Lead with a public firm 5+ years managing outsourced accounting for multiple clients (..)
In general, anything of value that you transfer to an employee is included in his or her taxable income (and, therefore, subject to income and payroll taxes) and deductible by your business. The post Giving Gifts and Throwing Parties Can Help Show Gratitude and Provide Tax Breaks appeared first on Roger Rossmeisl, CPA.
ACCOUNTING CANDIDATES FTE Accounting | Candidate ID # 22574493 Certifications: EA in process Education: BA Business Experience (years): 20+ years accounting experience Work experience (detail): Currently Accountant & Office Manager at a CPA firm Full cycle accounting, reconciliations, financial reporting AP/AR, payroll processing and quarterly (..)
Employers don’t have to pay payroll taxes on HSA contributions made by employees through. The post 2023 Limits for Businesses that Have HSAs appeared first on Roger Rossmeisl, CPA. Distributions from HSAs to cover qualified medical expenses aren’t taxed.
Often, the first move is a flashy system overhaul: switching general ledger (G/L) platforms, bringing in new payroll software, or replacing the expense management tool. Your accounting firm or CPA likely has to rework how they process invoices, handle reconciliations, and compile financial statements. Shay CPA P.C.
TAX AND ACCOUNTING CANDIDATES FTE Tax and Accounting | Candidate ID #22557459 Certifications: EA, Intuit Tax Academy Education: MBA Accounting, JD Experience (years): 6 years of overall experience Work experience (detail): Tax senior with a national tax service International tax experience National client tax practice Adept at tax research Client niches: (..)
Payroll Deductions: Employers are responsible for facilitating payroll deductions and ensuring that contributions are deposited into the designated retirement plan in a timely manner. Human Interest : Designed for small businesses, with automated payroll integration, employee education, and low administrative costs.
NLP integrates data analytics tools, identifies patterns, and performs predictive analysis, enabling CPAs to offer expert financial advice to their clients. The accounting profession is moving beyond bookkeeping and payroll activities and has taken a turn toward strategizing for future businesses. What is next?
Payroll Integrations, a benefits automation provider, has introduced a new technology partnership with UKG, a leading global provider of HR, payroll, and workforce management, and culture solutions.
TAX & ACCOUNTING CANDIDATES FTE Tax and Accounting / Senior | Candidate ID #18173947 Certifications: CPA Education: BBA Finance Experience (years): 5 years accounting and tax experience Work experience (detail): All in public accounting 6 tax seasons experience, 3 working remotely Prepared complex returns for HNWIs, partnerships, S and C Corps (..)
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