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From tax prep to asset management, invoicing and portals, and auditing to remote CFO functions, the services the accounting and tax pros provide are dependent on the technologies they use. The awards highlight the most useful technology for firms and clients.
OBannon In the first half of 2025, states made 408 sales tax rate changes and new rates – a 24% increase compared to the first half of 2024 – as many local governments continue to grapple with the state of the economy and generating revenue. a provider of indirect tax solutions. Rates and Rules Report from Vertex Inc. ,
Jason Bramwell Former Missouri congressman Billy Long was sworn in as the 51st commissioner in the history of the IRS on June 16, saying transforming the culture at the tax agency is at the top of his to-do list. an Arkansas-based oil and gas company, which Democrats said offered non-existent “tribal tax credits.”
A tax credit in Trump’s signature law leaves states to sort out rules, funding, and oversight. These trends, combined with new federal tax credit, could fundamentally reshape the education funding landscape across state governments, experts say. ” The final law gives states wide discretion, he said.
No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. As we start the new year, here’s a look back at some significant sales tax events from 2023. This year, multiple states introduced new sales tax exemptions, too.
The Internal Revenue Service is reminding employers that the best way to file their next quarterly payrolltax return by the Oct. Two options to electronically file payrolltax returns The first option for employers is to self-file by purchasing IRS-approved software that meets their specific needs. This includes the Oct.
Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill? Is the idea bad? The bill won’t pass.
This changing employment landscape requires employers to reassess their payrolltax 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.
Incorporating at the End of the Year The primary advantage of incorporating before the end of the year is your clients can then take advantage of the tax benefits owning a corporation offers, including writing off the costs of incorporating on this year’s taxes.
For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels. for Medicare.
Keeping Up with Taxes. The legislation levied a direct tax on the American Colonies in an effort to pay off debts and defend new American territories won from the French in the Seven Years’ War. So, why the brief history lesson on American Colony taxes? For payroll, in particular, there are a number of taxes.
Department of Labor explains that unemployment insurance is a federal-state program financed through federal and state employer payrolltaxes. Federal Unemployment Tax Act (FUTA) taxes are paid and reported by employers. Generally, most employers receive a FUTA credit and only pay a net tax rate of 0.6%
With May 17th behind us (though for those in Texas, Louisiana and Oklahama — this was just another day. But before we leave taxes in the rearview, let’s address an unfortunate reality: as a business owner, you have a greater number of tax reporting obligations than a regular person has. Buckle up, partner.
Louisiana. In addition, please reach out to a sales or service specialist at Thomson Reuters Checkpoint for information on how our products can help you navigate through payrolltax and non-tax topics. The Pelican State has imposed a statewide mask mandate after the Governor renewed the public health emergency.
When my police officers, firefighters and teachers in Louisiana have second jobs, second careers, or get married, they are unfairly punished. The Windfall Elimination Provision reduces Social Security benefits by up to half the pension amount for people receiving pension income from jobs that didn’t contribute Social Security payrolltaxes.
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