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.

Rhode Island 116

Rhode Island West Virginia South Dakota North Dakota 116

Anders CPA

DECEMBER 8, 2022

The end of the year is an opportunity to get your affairs in order for the year ahead, and when it comes to tax planning, the sooner you begin preparations the better. As 2023 approaches, there are actions that can be taken now to offset or minimize your tax burden. Take Advantage of Estate and Gift Tax Exclusion Expansions.

tax planning 52

tax planning Tax Missouri Education 52

Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. 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. State and Local Tax Workarounds.

tax planning 52

tax planning Tax income tax New York 52

ThomsonReuters

FEBRUARY 7, 2022

The program would be funded by 2% payroll tax, 1% paid by the employer, 1% paid by the employee ( L. 2022, H2222/S729 would establish the Missouri Earned FMLA program that would provide up to six weeks of PFML. 2022, H447 ). . Proposed legislation ( L. 2022, H5029 ) seeks to establish a PFMLI program.

Missouri 98

Missouri Rhode Island Nebraska Mississippi 98

ThomsonReuters

FEBRUARY 10, 2022

Department of Labor explains that unemployment insurance is a federal-state program financed through federal and state employer payroll taxes. 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%

South Dakota 52

South Dakota Wisconsin North Carolina Nebraska 52

ThomsonReuters

APRIL 18, 2023

That’s why it is no surprise that the AICPA’s most recent “Top Firm Issues Survey ” found that “keeping up with changes and complexity of tax laws” is among the top issues for firms large and small. Firms that do not offer staff the flexibility they desire risk losing talent.

Account 52

Account accountant accounted Technology 52

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

payroll tax 52

payroll tax payroll Tax Missouri 52

ThomsonReuters

FEBRUARY 7, 2022

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). . July 1, 2022, $15.00

Rhode Island 92

Rhode Island South Dakota Connecticut Agriculture 92

PYMNTS

JULY 6, 2020

115,000 worth of fraudulent payments were reportedly made by former leaders of a small town in Missouri , the New York Times recently reported. Attorney David Anderson releasing a statement last month noting that the shop “was not paying required payroll taxes for his employees” despite obtaining the PPP funding.

accounts payable 59

accounts payable Missouri payroll Real Estate 59

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.

payroll 98

payroll Missouri Virginia Delaware 98

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. . credit for employer FICA tax paid with respect to employee cash tips.

payroll 52

payroll Tax Missouri Massachusetts 52

ThomsonReuters

JANUARY 24, 2022

Impact on employer’s account: Claims related to refusal of an employer’s vaccine mandate will impact employer contributions to the trust fund and experience ratings when determining yearly tax rates. . Proposed legislation ( L. The Utah Workforce Services did not respond to our request.

Rhode Island 119

Rhode Island West Virginia South Dakota Maryland 119

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware does tax companies. In 2011, Delaware garnered $860 million in taxes and fees from out-of-state business entities incorporated under its laws. With so few taxes, how does Delaware rake it in?

Delaware 64

Delaware Wyoming Nevada Oregon 64

CPA Practice

NOVEMBER 1, 2023

Bureau of Economic Analysis figures compiled for Stateline by the Urban-Brookings Tax Policy Center in Washington, D.C. Incomes in Arizona, Idaho and Missouri increased by about 7%. In Connecticut, personal income tax revenue took a $1.3 Ned Lamont signed a tax cut bill in June. New Jersey and New York weren’t far ahead.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

ThomsonReuters

FEBRUARY 12, 2021

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. The Democrats’ budget resolution had many amendments introduced to it in the Senate on February 5, 2021, including a topic that has been on the minds of many payroll professionals during the COVID-19 pandemic – teleworking.

payroll 95

payroll income tax California Hawaii 95