MyIRSRelief
MAY 22, 2023
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. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.
Snyder
FEBRUARY 12, 2023
Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.
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CPA Practice
SEPTEMBER 8, 2023
Therefore, the employee saves both income tax and payroll taxes on contributions to the plan. Plus, there’s no tax on amounts withdrawn if they are used to pay for qualified expenses. Similarly, the employer saves on its share of payroll taxes. But now employers can offer one of two options.
ThomsonReuters
APRIL 25, 2024
As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.
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. What IRS tax forms do S corps file?
CPA Practice
MARCH 7, 2023
If the IRS believes salaries are below the typical wage for those positions because the business is trying to avoid paying payroll taxes, the company will lose its S Corp status. Also, new in 2023, the Inflation Reduction Act imposes a corporate alternative minimum tax for companies with over $1 billion in profits.
MyIRSRelief
APRIL 15, 2021
R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.
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