ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., 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. Federal News.

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ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. Wealth tax proposed for highest income bracket.

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CPA Practice

APRIL 29, 2024

California is the most expensive state for wealthy investors, with a capital gains tax rate of 13.3% on income exceeding $1 million. And high-earning employees should take note: A newly expanded payroll tax means California’s highest earners to pay an additional 1.1%. The lowest tax rate in Maine is still a high 5.8%

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ThomsonReuters

JUNE 28, 2021

Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. Now let’s go over some federal and state payroll stories from the past week. Federal News.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S.

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ThomsonReuters

OCTOBER 6, 2021

State income tax is a direct tax on business income you’ve earned in a state. It sounds straightforward, but this is a complex topic: States have various ways of calculating how much of your corporation’s business income is attributable to its presence and activity there. What is apportionment in taxes?

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PYMNTS

OCTOBER 28, 2019

The Supreme Court decision also appears to enable states to require businesses to file income taxes for revenue shares generated there. The Massachusetts legislature has proposed a regulation that would obligate remote sellers above a certain sales volume to file, and Pennsylvania has already issued a similar demand.

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CPA Practice

OCTOBER 2, 2023

Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. The tax deadline extension for Louisiana follows tax relief for several other states this year, including tax extensions for Maine and Massachusetts. 20, 2023, to Feb.

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CPA Practice

NOVEMBER 1, 2023

Those states still have among the highest incomes, though. 3 for personal income per capita overall at $86,674, from No. 2 in 2019, behind Massachusetts at $88,197 and the District of Columbia at $100,971. The knocks to personal incomes affected state revenues. In Connecticut, personal income tax revenue took a $1.3

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