Mon.Feb 28, 2022

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What is IRS Form 941?

ThomsonReuters

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? On January 1, 1950, a new plan took effect to collect taxes due under the Federal Insurance Contributions Act (FICA) and under the federal income tax withholding provisions of the Internal Revenue Code (IRC).

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SB 113 Provides Additional Relief from SALT Deduction Limits

RogerRossmeisl

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit. Since then, roughly 20 states have come up with workarounds intended to negate, or at least mitigate the effect of the SALT limitation.

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NFTs for NFPs: Crypto Concerns for Charities

Withum

Welcome to the future! Cryptocurrency continues to gain popularity (see our previous article here ), the Metaverse is constantly expanding, and NFTs (Non-Fungible Tokens) are trending. Blockchain technology is on track to become the most impactful innovation since the internet (and for charities specifically, since the “donate now” button) and has been a catalyst in creating recent generational wealth.

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Classifying Employees vs. Independent Contractors

inDinero Tax Tips

Credit: Kelly Sikkema. Classifying employees correctly is important to optimizing your tax position while staying on the correct side of the law. Misclassifying employees could cost your company thousands in fines and unexpected back taxes. This article reviews why you might want to classify employees in certain ways and how to know if you can. How Classifying Employees As Independent Contractors Benefits Your Business.

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Top 10 Technologies Shaping the Next-Generation Supply Chain 

Withum

The heightened level of globalization, product complexity and increased demands of customers are some of the top factors affecting the supply chain industry today. These have led to the adoption of transformative technology, which has tremendously reshaped the supply chain industry from the renowned pure operation hub into the epicenter of modern business innovation.

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The Most Valuable Tax Deductions for Small-Business Owners

Steve Feinberg

What Is A Tax Deduction? . Tax deductions (sometimes referred to as “write-off’s”) are expenses you make on behalf of your business throughout the year, the total of which can be subtracted from your final tax payment. The deductions are codified into law to help small businesses relieve some of their tax obligation and become more profitable—but there’s a catch. . .

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Basis 365 Accounting Hailed by Clutch as a Top Payroll Preparation Company in 2022

Basis 365

At Basis 365 Accounting, we value accuracy and precision to provide our clients with flawless solutions. Founded in 2012, we’ve been servicing a myriad of businesses in different industries, and we’ve always had a passion for meeting new people and encountering new challenges. We guarantee fast and efficient payroll preparation services that will significantly improve your day-to-day operations.

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News Flash: Flood disaster payments and a new NSW voucher scheme

Reckon

In breaking news, federal and state governments have rolled out vital personal and SME financial support for those individuals and businesses affected by the devastating current flooding in NSW and QLD. In other news, there are also number of new ‘dine and discover’ style vouchers to be taken advantage of for NSW residents and businesses. Federal flood assistance rolled out.

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Cash vs. Accrual Accounting

inDinero Accounting

Credit: Towfiqu Barbhuiya. When it comes to cash vs. accrual accounting, any financial advisor will tell you that accrual is the way to go. While cash accounting may be easier, accrual accounting gives you a better picture of your business’s operations and financial position. Your accounting method will affect several things. First, it will demonstrate different things to investors.

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AccountingDepartment.com Supports Rare Disease Day 2022

AccountingDepartment

Rare Disease Day is the globally-coordinated movement on rare diseases, working towards equity in social opportunity, healthcare, and access to diagnosis and therapies for people living with a rare disease.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Are They Succeeding?

RitaKeller

“Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston Churchill. You have scrambled to hire enough qualified people to help the firm make it through tax season. Now that you have them, will you be able to keep them? Workers want to know how they are doing. Are they making progress quickly enough?

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Classifying Employees vs. Independent Contractors

inDinero Tax Tips

Credit: Kelly Sikkema Classifying employees correctly is important to optimizing your tax position while staying on the correct side of the law. Misclassifying employees could cost your company thousands in fines and unexpected back taxes. This article reviews why you might want to classify employees in certain ways and how to know if you can. How Classifying Employees As Independent Contractors Benefits Your Business There are numerous benefits to classifying employees as independent contractor

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