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.

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ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. Now, let’s take a look at this past week in payroll and go over a few of the more interesting stories buzzing about in the industry. IRS tax tip on repayment of deferred Social Security taxes.

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. Next, in 1939, the Federal Unemployment Tax Act (FUTA) was passed, which resulted in an employer tax (typically, 0.6%

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ThomsonReuters

FEBRUARY 9, 2022

Part 2 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including unemployment, disaster relief, paid sick leave, and international. This results in employers paying more in FUTA taxes. Virgin Islands is currently the only tax jurisdiction that is a FUTA credit reduction state.

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ThomsonReuters

JANUARY 30, 2023

States eye workforce as a legislative priority for payroll The majority of state legislatures began their legislative sessions this January. A flurry of bills is being proposed in the payroll space — many having to do labor and employment. The bill also calls for any unused PFMLI premiums to be reverted to the General Fund.

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ThomsonReuters

JUNE 21, 2021

Repaying Deferred Social Security Taxes . In addition, a Presidential Memorandum signed on August 8, 2020, allowed employers to defer the employee’s share of Social Security tax from September 1, 2020 through the end of tax year 2020. . Commonwealth of Massachusetts. Federal News . The Acting U.S.

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ThomsonReuters

JULY 13, 2021

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. Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee. Federal News.

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Shay CPA

JUNE 7, 2023

And, of course, you can’t forget about how your layoffs impact your books and payroll. And if you’re in this boat, you should know what it means for your books and your payroll. As we reviewed in a recent blog, having an employee in another state establishes a tax nexus for your company there.

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CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. The Where’s My Refund? Paperless processing. Online Account.

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CPA Practice

OCTOBER 2, 2023

By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisiana tax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain tax returns and make tax payments. 15, 2024, to file 2022 tax returns.

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Patriot Software

OCTOBER 19, 2022

Because each state has different laws, you may have more tax responsibilities than an employer in another state. If you are an employer in Massachusetts, you might be required to pay the employer medical assistance contribution (EMAC) tax. What […] READ MORE.

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ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

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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. This includes withholding taxes.

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CPA Practice

JANUARY 11, 2024

Top 60 accounting firm Prager Metis has expanded its presence in North Carolina by combining with Asheville-based Goldsmith Molis & Gray, a full-service tax, accounting, payroll, and consulting firm. offices in California, Connecticut, Florida, Massachusetts, Nevada, New Jersey, New York, and Virginia. 1, weren’t disclosed.

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ThomsonReuters

OCTOBER 6, 2021

State income tax is a direct tax on business income you’ve earned in a state. Each state gets to decide what matters most — your payroll, property, or sales — and in what ratio to account for them. This can make calculating state income tax complex, particularly if you do business in multiple states.

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ThomsonReuters

APRIL 26, 2022

Massachusetts Clean Energy Workforce Equity Program. directs the Massachusetts Clean Energy Technology Center to develop a five-year workforce development plan for outreach and recruitment for the clean energy industry for displaced fossil fuel workers and individuals at high risk for climate change. 50,000 Planning Grants are?

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CPA Practice

DECEMBER 19, 2023

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.

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ThomsonReuters

MAY 3, 2021

Funding for the American Families Plan, including paid leave, would be offset by tax increases on Americans making over $400,000 per year and the elimination of lower tax rates on capital gains and dividends. . Massachusetts. Massachusetts. State of the states. 100% of the contribution may come from employee wages.

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ThomsonReuters

FEBRUARY 7, 2022

Massachusetts. It is crucial that payroll professionals familiarize themselves with minimum wage rates for garnishment calculations in 2022. . For further information on creditor garnishment, visit the Quick Reference Chart on Checkpoint Edge at Payroll Guide ¶17,080 (Highlights of state rules for creditor garnishment). .

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ThomsonReuters

JUNE 28, 2023

Recently, Checkpoint Payroll Update  had the opportunity to speak with two labor and employment law specialists and subject matter experts. 5th 903 ruling with an ABC test (see Payroll Guide ¶19,045 ) that generally considers all workers employees unless the employer can prove each part of the three-factor test. That said, can A.I.

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ThomsonReuters

FEBRUARY 7, 2022

California, Connecticut, the District of Columbia, Massachusetts, New Jersey, New York, Rhode Island, and Washington have Paid Family and Medical Leave Insurance (PFMLI) programs with employers and/or employees contributing to the fund. The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L.

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PYMNTS

OCTOBER 17, 2018

On October 4, the Massachusetts Cannabis Control Commission (CCC) issued its final four recreational marijuana licenses to businesses, meaning legal marijuana will soon be available for purchase. Massachusetts joins a handful of states, including Colorado, Washington and Maine, that have taken steps to legalize recreational marijuana.

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Going Concern

JANUARY 6, 2023

Nonfarm payrolls increased by 223,000 in December and the unemployment rate ticked downward by two-tenths of a point to 3.5%, the U.S. ” California Program Offers Black Students Path to Accounting [ Bloomberg Tax ]. CPAs rev up for a new tax season [ Journal of Accountancy ]. ” Employment. Firm M&A.

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PYMNTS

DECEMBER 15, 2020

They have announced plans to start tacking on additional charges in California to cover the cost of the concessionary wage and benefit programs the companies promised in lieu of adding hundreds of thousands of Golden State workers to their payrolls. Apply the local sales tax and the new total is $48.07. will go to taxes, $8.29

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CPA Practice

NOVEMBER 1, 2023

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. 2 in 2019, behind Massachusetts at $88,197 and the District of Columbia at $100,971. In Connecticut, personal income tax revenue took a $1.3 Ned Lamont signed a tax cut bill in June. Democratic Gov.

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ThomsonReuters

JANUARY 2, 2024

Checkpoint Payroll discussed these possibilities with Carrie Hoffman, Chair of Foley & Lardner’s Labor and Employment Practice, who shared her thoughts on the various components that PFML legislation may tackle. While no details have been released so far, topics examined by the working group provide some insight.

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ThomsonReuters

JANUARY 24, 2022

Massachusetts. The Massachusetts Department of Unemployment Assistance has stated that generally, employees are not eligible for benefits if an employer imposes a reasonable requirement, and the employee does not have a reasonable basis for refusing to comply. The Utah Workforce Services did not respond to our request.

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PYMNTS

OCTOBER 28, 2019

Wayfair’s case enabled cities and states to pass economic nexus laws that require out-of-state sellers to collect and remit taxes on local residents’ sales, and it permitted these jurisdictions to implement marketplace facilitator laws necessitating that eCommerce platforms collect and remit taxes on third-party merchants’ sales. .

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