Payroll Tax Resolution – How to Resolve Payroll 941/940 Tax Problems

MyIRSRelief

It doesn’t matter whether you think you’re above the law, whether you make a mistake, whether you fail to file on time, or anything else for that matter, if you’re needing payroll tax resolution and are on the IRS’ radar they will come for you one way or another and get what they feel they are owed.

Payroll Tax Problems : Employment 941/940 tax representation

MyIRSRelief

If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their 940/941payroll and employment got out of hand. Now that the IRS may be involved, you will need to get the right tax firm to represent your interests during this trying time. 941/940 Payroll Tax Employment Issues.

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Deferring Employee Payroll Taxes 

CapataCPA

Deferring Employee Payroll Taxes The U.S. Treasury and IRS have released the initial guidance, Notice 2020-25, to put into operation the President’s Executive Order, which allows employers to defer employee payroll taxes beginning on September 1, 2020.

A Quick Guide to Payroll Tax Filings!

LyfeAccounting

Well there are taxes that need to be filed and paid, and this post is going to break down all of it. For the purposes of filing and paying employer payroll taxes, I’d highly recommend using a payroll software like QuickBooks or Gusto. ?. So you have a business?

US Payroll Taxes Explained (Everything You Need to Know)

LyfeAccounting

?. Today, we’re going to be deep-diving into US payroll taxes. And after helping hundreds of businesses with their accounting and taxes, we know a thing or two about it. Categories of US Payroll Taxes. taxes that both employee and employer pay.

IRS Issues Preliminary Guidance for Claiming New Payroll Tax Credits Provided by Families First Coronavirus Response Act

Katz,Sapper&Miller

On March 20, the IRS, the Treasury Department, and the Labor Department announced preliminary guidance (via IR 2020-57) for claiming the new payroll tax credits provided under the Families First Coronavirus Response Act.

Payroll Taxes vs. Income Taxes | What’s the Difference Between Payroll and Income Tax?

LyfeAccounting

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. With that said, let’s talk about taxes. 3 Tax Plan.

Payroll problem tax debt relief – get professional representation

MyIRSRelief

One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. They are required by the IRS to report the amount of 941/940 employment payroll taxes that have been either withheld from employees or what they owe to the government. If they fail to do at the prescribed time they will have a payroll tax problem. What are payroll/employment 940/941 taxes relief.

Startup Companies: Can the R&D Payroll Tax Credit Help You?

Katz,Sapper&Miller

For many startup companies, the first several years of business can be a period of heavy research and development (R&D) activity, as the founders work to bring the business’ products or processes to market. Unfortunately, this period is also often marked by heavy expenses and minimal revenue, resulting in operating losses for the company. Even the most successful startup business may take several years before it is able to finally show a net taxable profit

Payroll Tax Deferral for Federal Employees Prompts Criticism

CTP

A government notice indicating that President Trump’s temporary payroll tax deferral will go into effect for federal employees sparked alarm from observers, who say the move may be illegal. Blog Payroll Tax

Last Week in PAYROLL

ThomsonReuters

Hello payroll professionals and welcome to the first edition of Last Week in PAYROLL. But one of the Service’s more anticipated annual publications was issued early last week – Publication 15 (Circular E) Employer’s Tax Guide.

Computational Bridge Option Added to 2021 Version of Publication 15-T

ThomsonReuters

Following the enactment of the Tax Cuts and Jobs Act (TCJA) in late-December 20217, the IRS needed to significantly revise Form W-4 (Employee’s Withholding Certificate) (see Payroll Guide 4010). Uncategorized Payroll Tax Cuts and Jobs Act

Hire Your Minor Children for Tax and Non-Tax Benefits

RogerRossmeisl

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. Small Business Tax Briefs Hiring Your Children

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Preventing Fraud in your Construction Company

RogerRossmeisl

Some types of fraud are more prevalent in the construction industry, particularly payroll and billing fraud. For example, paying under-the-table cash wages to avoid paying payroll taxes could result in criminal charges and significant penalties.

Tax & Accounting Service – Preparation, Planning, Representation

MyIRSRelief

Tax Help? IRS – FTB – CDTFA – EDD tax help. . We provide specialized tax & accounting service for individuals and or businesses facing IRS or State tax problems such as: – Back Taxes . – Tax Audits. – Tax Appeal.

Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

RogerRossmeisl

If you’re among them, make sure that these workers are properly classified for federal tax purposes. It can be complex to determine whether a worker is an independent contractor or an employee for federal income and employment tax purposes.

New Zealand Paves Way For Crypto Payroll

PYMNTS

New Zealand tax authorities published a ruling this month that includes guidance for employers that wish to pay their staff in cryptocurrency. Tax regulators noted that businesses can use foreign exchanges to facilitate their crypto payments, and offered guidance on how to calculate PAYE taxes and levies when paying in crypto. “If But New Zealand isn’t the first to consider the potential for crypto to disrupt the payroll space.

S Corporation Owners – How Much Salary is the Right Amount?

Bharmal&Associates

You likely formed an S corporation to save on self-employment taxes. First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty.

Tax Debt Relief Services

MyIRSRelief

Each year, many individual and business taxpayers end up owing the IRS hundreds of thousands of dollars due to not filing their taxes by the deadline or under paying them. Tax debt relief services offered by the IRS and state tax agencies such as FTB, EDD, CDTFA are: An installment agreement.

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Tax Advantages of Hiring Your Child at your Small Business

RogerRossmeisl

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. For example, suppose you’re a sole proprietor in the 37% tax bracket. Small Business Tax Briefs Kids on Payroll

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Revisiting California’s Worker Classification Law AB 5

RogerRossmeisl

This means that many workers previously classified as independent contractors are now employees under California law and you must withhold California income and payroll taxes, and meet California’s minimum wage and overtime requirements.

Sweden Cuts Small Business Tax With Eye On Entrepreneurship

PYMNTS

Sweden is looking to become an epicenter for entrepreneurs and hopes to entice small businesses to set up shop, thanks to tax legislation changes in the country. 5) in Reuters noted Sweden, which has its sights set on having the lowest unemployment rate in Europe by the end of the decade, is planning to cut taxes for small businesses that are hiring their first employees. Reports said legislators are also planning to lessen payroll taxes for small businesses.

IRS to increase back tax collection, audit enforcement action

MyIRSRelief

If you have not filed your tax returns, or if you owe unpaid back taxes, employment 941/940 payroll tax, or could possibly be audited, the IRS is raising the bar and hiring more revenue officers and revenue agents. Tax Relief Tax Resolution Services

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Payroll Credits and Deferral Options Provide Much Needed Relief

Katz,Sapper&Miller

To help mitigate the economic impact of this crisis, the federal government has provided payroll relief options that businesses can and should leverage when possible, including payroll tax credits and the option to delay payment of certain payroll taxes

Employee Retention Credit

CapataCPA

One of the provisions of the CARES Act was the Employee Retention Credit, which provides payroll tax credits available for employers, including tax exempt organizations who retained employees during. Tax Planning

Hyperwallet Keeps On-Demand Economy Tax-Compliant

PYMNTS

The firm is rolling out its Tax Compliance Services initiative, which aims to streamline the tax filing process for companies with 1099-classified employees. The firm’s payout platform will now integrate tax form collection, 1099 form digital distribution and other tax services catered to companies that operate in the gig economy. B2B Payments B2B gig economy Hyperwallet on-demand economy payroll tax compliance What's Hot In B2B

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How I Saved a Business

Withum

I was also to help its owner become bankrupt and lose her house and everything she had, but for her to not have continuing liability for unpaid payroll taxes. It seems those taxes could not be extinguished in personal bankruptcy.

Per-Diem Rates for Post-9/30/20 Business Travel

RogerRossmeisl

it isn’t subject to income or payroll-tax withholding), it isn’t reported on the employee’s Form W-2, and receipts for expenses aren’t required. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Per-Diem Travel ExpensesIRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business travel expenses.

IRS Provides More Guidance on Employee Retention Credit

Katz,Sapper&Miller

The Employee Retention Credit is a payroll tax credit available to eligible employers in an amount equal to 50% of qualified wages paid after March 12, 2020

Projections of payroll issues under a Biden presidency

ThomsonReuters

Biden has said that he will support legislation that makes worker misclassification a substantive violation of law under all federal labor, employment and tax law. Biden favors an ABC test very close to the newly adopted test in California (see Payroll Guide ¶19,045 ).

Global Growth in 2021: Expansion Trends, Pandemic Updates, and International Business Considerations

GlobalUpside

Payroll complexities. The Global Upside Corporation brands serve a large customer base, addressing Client needs for global staffing, PEO, HR, accounting, payroll, tax, and compliance services.

Australia Changes in Tax, Hiring Restrictions, and Leaves

GlobalUpside

These provisions have set-forth updated structures for tax, leave, and hiring restrictions. Australia Lowers Tax Rate and Raises Threshold. A new, lowered tax rate and raised tax threshold has been proposed by government officials in New South Wales, effective as of July 1,2020.

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Big Employee Retention Credit Update For Skagit County Businesses

SkagitCountyTaxServices

In short, the ERC is a refundable tax credit on the employer share of Social Security taxes that your business pays if you’ve been impacted by local government shutdown orders related to the pandemic, but choose to keep your employees on payroll instead of laying them off.

What do I need for my PPP application?

xendoo

This program is intended to provide businesses with eight weeks of cash-flow for employers that keep their staff on payroll. As a business owner, your salary is defined by the way your business is taxed. Consult with your current payroll provider to see if this is an option.

Report: Kabbage, FinTechs Under Justice Department Scrutiny For PPP Loan Distribution

PYMNTS

Department of Justice is conducting a civil probe into whether some FinTechs distributing federal Payroll Protection Program relief botched loan sizes, Reuters reported, citing numerous unnamed sources. Borrowers that maintained payrolls aren't supposed to have to pay money back.

Coronavirus Aid, Relief and Economic Security (CARES) Act

VetCPA

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. While they are busy near the end of tax season, each of our members will consider accepting more veterinarians.

Coronavirus Aid Relief and Economic Security (CARES) Act for Dentists

DentalAccounting

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. While they are busy near the end of tax season, each of our members will consider accepting more dental practices and independent dental contractors.

How Early-Stage Companies Can Get Immediate Tax Savings

Katz,Sapper&Miller

Congress, with the passage of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), enables small businesses to use research and development credits (R&D credits) to offset payroll tax liabilities and Alternative Minimum Tax (AMT) liabilities

Do-It-Yourself Divorce Financial Analysis

FraudFiles

First, the documents you’ll need: Tax returns and W-2s. Make sure your have tax returns and W-2s for each year. Look at the tax returns page by page. Compare the income from employment on the tax return to what is deposited in the bank accounts.

Tax Problem Resolution Services

MyIRSRelief

Tax Problem Resolution Services. It all started with the Tea Party in Boston, when American colonists protested British taxes levied “without representation.” The IRS didn’t come into being until 1862, to handle our first national income tax, 3% of income, levied to fund the Civil War. That tax expired in 1872, but again in the early twentieth century, just before World War I, Congress passed the Sixteenth Amendment, which imposed income taxes again. Tax Day!

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Tax Relief provided by CARES Act

MyIRSRelief

Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. An additional $500 additional payment will be sent to taxpayers for each qualifying child dependent under age 17 (using the qualification rules under the Child Tax Credit). IRS will compute the rebate based on a taxpayer’s tax year 2019 return (or tax year 2018, if no 2019 return has yet been filed).

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Lessons From the Front Lines: Establishing a Legal Entity

GlobalUpside

Usually, lawyers can only incorporate a business but are unable to register the newly formed business for various taxes, etc. and are surely unable to set up the payroll and HR side of things. Tax ID . Registration for payroll taxes and related matters .

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R&D Tax Credits – Important Things to Know

MyIRSRelief

Lately, there has been a lot of talk surrounding R&D tax credits, and how they can potentially benefit large and small companies alike, regardless of which industry you happen to be involved in. Here’s a look at several things to know surrounding R&D tax credits. First off, what are R&D tax credits? R&D tax credits ( research and development tax credits ) were created back in 1981 as a means of stimulating research and development throughout North America.

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