SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

payroll tax 52

payroll tax payroll Tax income tax 52

SkagitCountyTaxServices

NOVEMBER 9, 2022

Now, speaking of one of those changes, you may have to help your employees navigate a change that’s coming to social security payroll taxes starting 1/1/2023…. And if payroll is something you want us to help you with, drop me a note. Here’s what to know about the changes to social security payroll taxes.

payroll tax 52

payroll tax payroll Tax income tax 52

CPA Practice

SEPTEMBER 11, 2023

Universities are exempt from paying taxes on that type of real estate revenue. Nonprofit hospitals are not exempt. Acknowledging it does provide medical education as a teaching hospital, the IRS position is that Mayo Clinic is a healthcare organization and is not primarily a school. c)2023 the Post-Bulletin.

Real Estate 115

Real Estate Tax Education Hospitality 115

CPA Practice

SEPTEMBER 12, 2023

Universities are exempt from paying taxes on that type of real estate revenue. Nonprofit hospitals are not exempt. Acknowledging it does provide medical education as a teaching hospital, the IRS position is that Mayo Clinic is a healthcare organization and is not primarily a school. c)2023 the Post-Bulletin.

Real Estate 95

Real Estate Tax Education Hospitality 95

CTP

AUGUST 10, 2023

Of course, with a hobby, the taxpayer would not be allowed to deduct any expenses or claim any losses related to that activity on their tax return. Tax-Exempt Organizations. What if an organization is tax-exempt? Remember that the ERC is a credit against payroll taxes, and tax exempt organizations still pay payroll taxes.

payroll tax 95

payroll tax payroll Tax tax return 95

ThomsonReuters

AUGUST 18, 2022

The IRS may need to revise certain employment tax reporting forms, and the forms used to claim the qualified small business payroll tax credit for increasing research activities, after President Biden signed the Inflation Reduction Act ( H.R. 5376 ) into law, which includes a provision increasing the research credit next year.

payroll tax 105

payroll tax payroll tax return income tax 105

CTP

AUGUST 10, 2023

The IRS has a set of “ hobby loss rules ” that determine if an activity is truly a business intended to make a profit or simply a hobby—which means you would not be allowed to deduct any expenses or claim any losses related to that activity on your tax return. Tax-Exempt Organizations. What if your organization is tax-exempt?

Tax 52

Tax payroll tax payroll tax return 52

KROST

SEPTEMBER 21, 2020

While there are many benefits of a remote workforce, businesses should take a step back and ask the following questions: Does the business have employees who reside and work remotely in other states, and if so, what are the state payroll tax implications? Do the remote employees create income tax nexus in other states?

Tax 40

Tax income tax payroll tax tax return 40

MyIRSRelief

NOVEMBER 19, 2021

The American Opportunity Tax Credit (AOTC) is a tax credit that allows people who pay taxes to deduct up to $2,500 per year for four years of post-secondary education. You may get up to a 40% refund with your tax return if your credit is greater than the total taxes you owe. Small-business tax credits.

Tax 100

Tax CPA Education business tax 100

ThomsonReuters

FEBRUARY 8, 2024

Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns. Federal Insurance Contributions Act), or “self-employment” tax. Federal Insurance Contributions Act), or “self-employment” tax.

Tax 52

Tax income tax payroll tax Healthcare 52

ThomsonReuters

MARCH 15, 2023

Also, he clarified that the statutes of limitation relating to employment tax returns do not restart for purposes of IRS assessment when an amended return is filed. Take action Thomson Reuters Checkpoint offers insights and ongoing developments for payroll practitioners. The budget references an  Eleventh Circuit ruling.

payroll tax 52

payroll tax payroll Tax Construction 52

Going Concern

DECEMBER 23, 2022

That’s led to widespread strikes across the UK economy, encompassing railways, schools, nurses, hospitals and the postal service. Because robots can replace jobs, the idea goes, a stiff tax on them would give firms incentive to help retain workers, while also compensating for a dropoff in payroll taxes when robots are used.

Tax 86

Tax auditor audit tax return 86