ThomsonReuters

JULY 13, 2021

Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Now let’s take a look at some of the more important payroll stories from the past week. Federal News.

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CPA Practice

JANUARY 26, 2024

The IRS Criminal Investigation unit will hold educational sessions for tax professionals about the employee retention credit (ERC) next month, the agency announced on Jan. The program allows those businesses to voluntarily return money they received without having to pay any penalties or interest. Postal Service.

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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ThomsonReuters

DECEMBER 29, 2020

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Certain Deferred Payroll Taxes.

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CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

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Going Concern

MAY 16, 2024

With our Always-On Recruiting service, access a pool of skilled remote accountants without any upfront costs. Sign up now to see the complete candidate list and connect with potential hires.

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CPA Practice

SEPTEMBER 12, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

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ThomsonReuters

MARCH 6, 2024

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

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Reckon

APRIL 6, 2024

This can include payroll, reconcilliation, cash flow reporting, GST and (if qualified) BAS. They also provide tax advice, undertake compliance work, produce financial statements and income tax returns. On the other hand, bookkeeping is not necessarily a profession that requires higher education.

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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. Use new earnings categories in Xero Payroll — Australia.

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MyIRSRelief

MAY 1, 2024

They stay current on the latest regulations, ensuring your business maximizes legal tax breaks on forms like 1120, 1120S, and 1065, while minimizing liabilities. Compliance Navigation: Tax compliance goes far beyond just filing. Year-round support and assistance with any tax-related questions or concerns that may arise.

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CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. One of those changes will be welcome news for grandparents who have the means and the desire to help pay for their grandchild’s college education. Is a 529 reported on the FAFSA? Should the school be paid directly?

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Snyder

OCTOBER 30, 2022

The list of deductible expenses is quite broad and, depending on the type of your business, may include the following: Business travels; Business meals; Business insurance; Use of your car for business purposes; Home office expenses; Education costs; Independent contractor fees; Bank or payment processor fees, and many more.

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Going Concern

OCTOBER 11, 2022

Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. Educators themselves also bear great responsibility for their failure to address or inform students about small business providing so much to America.

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ThomsonReuters

JANUARY 4, 2024

Consider adopting a strategy to advise clients on timely tax planning strategies. Proactively addressing these issues will position your firm as a trusted advisor instead of simply a once-a-year tax return provider. Want to start 2024 off strong with an advisory mindset?

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

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Going Concern

SEPTEMBER 25, 2023

According to allegations in the indictment, Urban used the embezzled funds to pay for personal expenses, including tens of thousands of dollars for mortgage, car, education, and vacation expenses, and to buy cryptocurrency. Katz, who as CFO of D&A was responsible for payroll, paid himself significantly more than his agreed upon salary.

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CPA Practice

AUGUST 15, 2023

This FREE online webinar is a continuation of CPA Practice Advisor ’s mission to provide unbiased, independent information on technologies available to practicing public accountants and tax professionals. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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CPA Practice

JULY 12, 2023

If the estate is the beneficiary, the value of the HSA is included in the final tax return and the taxable amount may be reduced by any qualified medical expenses incurred by the decedent and paid within a year after the date of death. Of note, an HSA can be inherited from a spouse who has the same rights as the original owner.

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Anders CPA

NOVEMBER 21, 2023

While this guidance is geared towards individuals and families, check out our year-end tax planning tips for businesses. Make the Most of Your Charitable Donations By donating to a qualified charity, individuals can claim deductions on their tax returns, which reduces their overall taxable income.

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Going Concern

SEPTEMBER 1, 2023

The survey investigates discerning areas of opportunity and education for firms and finance departments that offer innovative approaches and leading practices that can be used to address staffing shortages everywhere. Despite receiving the completed and accurate tax returns from the accounting firm, Patrick did not file them with the IRS.

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CPA Practice

OCTOBER 20, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. 1705, the STEM Education in Accounting Act. In the House of Representatives, H.R.

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CPA Practice

OCTOBER 19, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. 1705, the STEM Education in Accounting Act. In the House of Representatives, H.R.

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ThomsonReuters

NOVEMBER 21, 2023

Broaden your year-end discussion to include advice that extends several years ahead and looks at the full picture by suggesting what levers to pull in various scenarios. Consider educating your clients on the following timely tax planning topics: Corporate Transparency Act. This goes into effect on January 1, 2024.

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xendoo

SEPTEMBER 2, 2021

Income Tax for Individuals, Sole Proprietors, and Single-Owner LLCs. Individual taxpayers, sole proprietors, and single-owner LLCs must make estimated tax payments on a quarterly basis and file an annual income tax return. . 2021 Tax Filing Deadlines for Estimated Income Tax. Corporate Income Tax Returns.

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Going Concern

OCTOBER 20, 2023

according to the National Center for Education Statistics (NCES), the primary statistical agency of the Department of Education. Welsh says the slump has to do with lower wages compared to tech or consulting, coupled with an education pathway that requires a 5th year to be able to become a CPA. Welsh said.

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Going Concern

AUGUST 25, 2023

Talent Nontraditional Candidates Can Solve Accounting Talent Shortage [ Bloomberg Tax Mazars’ Tifphani White-King explains why accounting firms should recruit people with nontraditional educational backgrounds and discusses ways to help such candidates succeed in the industry. appeared first on Going Concern.

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Shay CPA

FEBRUARY 28, 2024

While you’re putting some energy into gathering up the documents you need, grab a copy of your 2022 tax returns. Amazon, Staples) Payroll (e.g., Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g., Delaware Franchise Taxes) Training/education Utilities (e.g.,

Tax 52

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MyIRSRelief

APRIL 3, 2023

Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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Withum

JANUARY 25, 2024

Including: Deposits and cash deposits Record keeping, oversight, and reconciliations Cash disbursements W-2’s 1099’s, particularly cash payroll There is no formal definition of books and records. Not every business has full-time, educated financial staff and the tools to capture and report financial transactions.

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xendoo

APRIL 20, 2022

Come tax time, no one wants to sift through old receipts to account for each expense. . Moreover, up-to-date records ensure that you file tax returns accurately. Besides saving you time, you’ll also want to track expenses to take advantage of tax deductions and better financial health.

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Going Concern

OCTOBER 27, 2023

IRS encourages employers to electronically file payroll tax returns [ IRS Newsroom ] The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. E-filing is the most secure, accurate method to file returns, and saves time.

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inDinero Tax Tips

JUNE 24, 2023

Payroll Taxes : The employer portion of social security and Medicare payroll taxes are deductible business expenses. Instead, these premiums may be eligible for deduction on an individual’s personal tax return. Education and Training Expenses Upskilling can be expensive.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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CPA Practice

AUGUST 21, 2023

Parents of special-needs children are so wrapped up in the day-to-day management of their child’s education and treatment that they have little time to think about the future. Families may have a million questions about their family member’s health care, education, residence, and employment when they reach adulthood.

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PYMNTS

SEPTEMBER 20, 2017

The payroll landscape is in flux in the U.S., Regulators, especially at the state level, are forcing companies to change their payroll software and strategies. From changing minimum wages to paid time off rules, to ongoing regulations impacting payroll cards, companies have to stay on their toes to remain compliant.

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