article thumbnail

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

ThomsonReuters

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! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

article thumbnail

What Is the Employee Retention Tax Credit and Who Can Apply for It?

inDinero Tax Tips

Furthermore, if your business qualifies as a recovery start-up business, the employee retention tax credit has been extended for Q4 of 2021 where you could be eligible for an additional $7k per employee. Who Qualifies for the Employee Retention Tax Credit?

Tax 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

R&D Tax Credits – Important Things to Know

MyIRSRelief

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. This is a dollar-for-dollar offset of any federal income tax liabilities, as well as payroll tax liabilities in special circumstances too.

Tax 100
article thumbnail

R&D Tax Credit: The Innovation Incentive

Cherry Bekaert

It allows companies to receive tax credits when certain expenses are incurred for the performance of qualified R&D activities in the U.S. For most companies, the R&D tax credit provides a dollar-for-dollar reduction of income tax liabilities. Why Investigate the R&D Tax Credit Now?

Tax 75
article thumbnail

What Is the Employee Retention Tax Credit and Who Can Apply for It?

inDinero Tax Tips

Furthermore, if your business qualifies as a recovery start-up business, the employee retention tax credit has been extended for Q4 of 2021 where you could be eligible for an additional $7k per employee. Who Qualifies for the Employee Retention Tax Credit?

Tax 40
article thumbnail

Friday Footnotes: Looking Elsewhere For Talent; MPs Talk Private Equity Concerns; The Burnout Queen | 8.25.23

Going Concern

The start-up is also making formal offers to about 1500 PwC staff, as its leaders visit state and federal officials to spruik the organisation’s ASX-level governance model. Emerging evidence suggests these transparency failures and issues of conflict of interest at PwC are just the tip of the iceberg for the consulting industry.

article thumbnail

How are LLCs taxed? LLC tax benefits and tips to reduce taxes

ThomsonReuters

Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns. Federal Insurance Contributions Act), or “self-employment” tax. Federal Insurance Contributions Act), or “self-employment” tax.

Tax 52