Withum

JULY 28, 2023

Enacted on July 21, 2023, New Jersey A4694 creates a “Convenience of Employer” rule, affecting both employers and employees for payroll tax reporting purposes. This resulted in New Jersey losing significant tax revenue to New York’s rule. The grant applications must be filed on or before July 1, 2028.

New Jersey 94

New Jersey payroll tax payroll Tax 94

TaxConnex

JANUARY 4, 2024

The fee will also be a way to replace lost funds from gasoline taxes as electric cars become more prevalent. National sales tax H.R.25 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” was this year’s attempt at finally creating a long-held dream of some: a national sales tax. billion in March, 5.9%

Sales 264

Sales Tax Colorado South Dakota 264

CPA Practice

OCTOBER 22, 2024

In this white paper, we break down the key federal payroll laws, explore important compliance insights, highlight the role of technology, and provide practical tips for maintaining compliance. federal payroll compliance is an ongoing process that requires vigilance and dedication. Fill out the form below to access this resource.

payroll 52

payroll Rhode Island West Virginia South Dakota 52

CPA Practice

AUGUST 2, 2024

ITEP estimated tax payments including sales and excise taxes, property taxes paid directly or on taxes folded into rent payments, and payroll taxes, which are paid either through paycheck withholding or filing income tax returns.

Tax 119

Tax payroll tax New York California 119

MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. Q: My nonprofit is tax-exempt.

Tax 130

Tax payroll tax payroll tax preparation 130

xendoo

JULY 15, 2022

Doing payroll may not be your favorite part of running a business. If you haven’t yet, the first step is to learn how to set up payroll. Not only do you have to calculate wages, but you must also account for employment taxes—income, Social Security and Medicare. How to Set Up Payroll.

payroll 59

payroll payroll tax income tax Start-ups 59

ThomsonReuters

APRIL 14, 2022

Recently elected New York City Mayor Eric Adams added to the tweet responses on November 4, 2021, by writing that he would receive his first three paychecks via Bitcoin after being sworn in as mayor. He also noted that New York City would be the center for the cryptocurrency industry. employment taxes). Conclusion.

New York 119

New York Tax Illinois Florida 119

Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

CPA Practice

FEBRUARY 2, 2023

President Biden said at a fundraiser in New York Tuesday evening, according to the White House. Except one thing: They want … to replace (it) with a 30% sales tax. A 30% sales tax, which—meaning somebody who’s a schoolteacher, a firefighter, or a cop would be paying more in taxes than you pay in this room, each one of you.

income tax 98

income tax Georgia payroll tax Tax 98

MyIRSRelief

AUGUST 2, 2024

Recordkeeping Good recordkeeping is essential for tax compliance. Cannabis businesses should maintain detailed records of all transactions, including sales, purchases, payroll, and other expenses. Estimated Tax Payments Cannabis businesses, like other small businesses, are required to make quarterly estimated tax payments.

audit 130

audit Tax Nevada Colorado 130

Accounting Today

JUNE 6, 2025

Paychex releases accountant portal Payroll and HR solutions provider Paychex announced Paychex Partner Pro , a portal designed to provide accountants with quick access to critical client data, reporting and insights for their business clients that use Paychex Flex.

Technology 52

Technology audit E-commerce tax preparation 52

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. Some states, such as New York, require corporations to elect S Corp at the state and federal levels.

New Hampshire 114

New Hampshire tax return Tax income tax 114

PYMNTS

SEPTEMBER 8, 2020

For example, in New York state, the top marginal income tax rate is nearly 9 percent, plus another 3 percent in New York City. Yet, in neighboring Connecticut, the top income tax rate is 7 percent. Other states, like Florida, may have no state income tax.

income tax 68

income tax payroll Connecticut Real Estate 68

CPA Practice

MARCH 7, 2023

By Justin Sink and Josh Wingrove, Bloomberg News (TNS) President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.

Tax 98

Tax Hospitality payroll tax income tax 98

ThomsonReuters

APRIL 18, 2024

With 75% of employers in the Americas forecasting that the average employee will be a hybrid worker within two years, employers should carefully consider the tax implications of such arrangements where the employee may be working in one state in-office and remotely in another state at home. Communication is key to tax compliance.

payroll tax 52

payroll tax Tax payroll Connecticut 52

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?

income tax 52

income tax Tax payroll Massachusetts 52

CPA Practice

AUGUST 26, 2024

Download the guide to ensure your next payroll software platform is the right one. Download the e-book today and take the first step toward positioning your firm for success with the power of collaboration. Sign in or subscribe to get access to this free resource, and all of our whitepapers.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

SEPTEMBER 20, 2024

Download the guide to ensure your next payroll software platform is the right one. IRIS works with thousands of CPA firms in North America, including 52 of the top 100 CPA firms in the US, and provides innovative solutions to serve accountancy customers in the North American market, making IRIS the go-to partner for CPAs.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

tax planning 52

tax planning Tax income tax New York 52

CPA Practice

OCTOBER 23, 2024

Email (Required) Number of Employees at Your Firm (Required) Number of Employees at Your Firm Sole Proprietor 2 To 4 5 To 9 10 To 19 20 To 49 50 Or More Full Name (Required) State / Province (Required) State / Province Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas (..)

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

ThomsonReuters

JUNE 11, 2024

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. And there are more than just tax challenges an employer may face when employees work remotely.

accounting firms 59

accounting firms accountant accounted Account 59

CPA Practice

MARCH 21, 2023

Texas, along with other low-tax states like Florida, has seen an influx of new residents as remote work grants greater freedom to move to places where paychecks stretch further. New York and California, with higher taxes and expensive homes, have seen an outflow of residents seeking greener, and less costly, pastures.

Tennessee 116

Tennessee Texas Florida Transportation 116

CPA Practice

JULY 19, 2024

Download the guide to ensure your next payroll software platform is the right one. IRIS has over 100,000 UK and international customers, with 80% having a tenure of five or more years. Sign in or subscribe to get access to this free resource, and all of our whitepapers.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Shay CPA

SEPTEMBER 18, 2024

Audits fall into three categories: Income tax: In this case, either the IRS or your state tax authority is trying to verify the revenue and expenses you have on the books, validating that you’re paying the right amount of income tax. In most cases, payroll audits are looking for employee misclassification.

audit 52

audit auditor income tax accounting and finance 52

Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

Tax 59

Tax Technology CPA tax planning 59

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

Tax 52

Tax income tax tax planning payroll 52

ThomsonReuters

MAY 20, 2021

CalSavers generally requires eligible non-governmental employers with five or more California employees to automatically enroll their California employees and remit enrolled employees’ payroll deductions to state-administered IRAs. Employers are not subject to CalSavers, however, if they provide an employer-sponsored retirement plan (e.g.,

payroll 52

payroll California income tax New York 52

CPA Practice

SEPTEMBER 3, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Shay CPA

DECEMBER 7, 2022

Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts. State franchise and income tax accounts. New Jersey. New York (and New York City, in particular). Workers’ compensation.

tax accountant 59

tax accountant Tax tax return accountant 59

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so.

Delaware 58

Delaware Wyoming Nevada Oregon 58

inDinero Tax Tips

MARCH 13, 2023

An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages.

income tax 52

income tax Non-Profits payroll tax Tax 52

inDinero Tax Tips

MARCH 13, 2023

An LLC’s profits and losses pass straight through to the owners and are taxed as part of their income. In contrast, the profits you earn in an S corp are taxed separately. You can choose to become an employee of the S corp, be paid a reasonable salary, and incur payroll taxes on those wages.

income tax 52

income tax Non-Profits payroll tax Tax 52

Shay CPA

MARCH 22, 2023

These notable Section 174 changes can directly impact: Taxable income The estimated taxes you owe in 2022 Income tax provisions for financial statement purposes More details to know There are special rules under Section 174 that exclude Land and Exploration expenditures. New York), this also impacts that base rate.

Tax 52

Tax accounting principles accounting and finance income tax 52

Going Concern

FEBRUARY 23, 2024

Attorney Damian Williams, George Sanossian agreed to conceal clients’ personal incomes and the wages they paid their employees, to reduce federal income taxes and payroll taxes. From 2012 to April 2018, according to the criminal information document signed by U.S. That is in the 19-story KPMG Plaza.

CPA 105

CPA Illinois auditor Iowa 105

PYMNTS

OCTOBER 28, 2019

Some do not tax groceries or clothing, for example, while others tax groceries at lower rates or only tax clothing if prices exceed certain thresholds, in the way that New York taxes only clothes priced at $110 or more. . Wayfair ruling’s impacts.

South Dakota 42

South Dakota Retail Arizona Texas 42

CPA Practice

NOVEMBER 1, 2023

Some of the highest-income areas in the country, including Connecticut and the District of Columbia, were in the bottom 10 for income growth. New Jersey and New York weren’t far ahead. Those states still have among the highest incomes, though. 3 for personal income per capita overall at $86,674, from No.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. per hour in areas outside of New York City. New York City remains at $15.00 The new laws, Int. per hour. .

payroll 72

payroll Virginia Utah West Virginia 72