The Election to Apply the Research Tax Credit Against Payroll Taxes


The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Subject to limits, you can elect to apply all or some of any research tax credit.

Deferring Employee Payroll Taxes 


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.


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


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


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.

A Quick Guide to Payroll Tax Filings!


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)


?. 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.

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


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.

Proposed Payroll Tax Cuts Could Make Paychecks Larger


If the coming pandemic relief package does not come with a payroll tax cut, President Trump has indicated this week that he will not sign the legislation. Tax Foundation Senior Policy Analyst Garrett Watson said per the report, “Both sides have said it’s not well-targeted.”

IRS TFRP Help – Everything You Need to Know About Trust Fund Taxes and Penalties


With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man. Get tax help today by calling us at 1-877-78-TAXES [1-877-788-2937].

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Australia Regulatory Updates – November 2021


From reduced tax rates to extended paid leave accessibility, below are some of the key updates employers will want to make note of. The company tax percentage for base rate establishments was reduced in early 2021 from 26% to 25%.

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


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 problem tax debt relief – get professional representation


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.

Payroll Tax Deferral for Federal Employees Prompts Criticism


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

Employment Tax Help – Key Reasons to Hire an Employment Tax Professional


With tax season now right around the corner, it’s more important than ever to get your accounts and payroll 941/940 tax returns in order, rather than potentially find yourself staring down the wrong end of a substantial penalty from the Internal Revenue Service. Each year, countless business owners and taxpayers alike seek out employment tax help from tax professionals, EA, CPA, Attorney as understanding how employment tax works can be tricky and complex.

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


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

Last Week in PAYROLL


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.

Employee Retention Tax Credit (ERC)


Employee Retention Tax Credit As we approach tax season, the Employee Retention Credit (ERC) may be an important credit for businesses. The post Employee Retention Tax Credit (ERC) appeared first on CPA firm in Orange County, CA | CAPATA. Tax Refunds Taxes

Infrastructure Law Sunsets Employee Retention Tax Credit Early


The Employee Retention Tax Credit (ERTC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. The post Infrastructure Law Sunsets Employee Retention Tax Credit Early appeared first on Roger Rossmeisl, CPA.

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New Zealand Paves Way For Crypto Payroll


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.

Sweden Cuts Small Business Tax With Eye On Entrepreneurship


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.

Hire Your Minor Children for Tax and Non-Tax Benefits


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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Hyperwallet Keeps On-Demand Economy Tax-Compliant


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


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.

Establishing a Health Savings Account for your Business


For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the important tax benefits: Contributions that participants make to an HSA are deductible, within limits.

Preventing Fraud in your Construction Company


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


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.

Employee Retention Credit


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

Advising clients to file Form 941-X for missed COVID-19 relief credits.


Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! Checkpoint Edge has detailed guidance on amending payroll tax returns: FTC Par.

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


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.

Payroll Credits and Deferral Options Provide Much Needed Relief


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

Tax Advantages of Hiring Your Child at your Small Business


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


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.

Tax Debt Relief Services


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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IRS to increase back tax collection, audit enforcement action


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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How I Saved a Business


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


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.

Errors in Posting Payroll


Almost every business has some sort of payroll to pay their employees. Payroll can become much more complicated than some assume and it often has a substantial impact on financial results. This typically happens in at least 2 withdrawals; net pay and payroll taxes.

IRS Provides More Guidance on Employee Retention Credit


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

How Early-Stage Companies Can Get Immediate Tax Savings


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

Projections of payroll issues under a Biden presidency


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 ).