CPA Practice

FEBRUARY 29, 2024

The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2023, and Jan. 16, 2024, and April 15, 2024.

Washington 98

Washington Tax tax return income tax 98

ThomsonReuters

NOVEMBER 8, 2022

Who needs to know : Payroll professionals, payroll departments, tax departments, third-party payroll providers. Payroll Guide ¶4264 Basic Principles. Payroll Guide ¶4268 Form 1099-MISC. Payroll Guide ¶4271 Form 1099-NEC. EBIA manuals: 401(k) Plans manual at Sections II.H.2 Not yet a subscriber?

payroll 69

payroll Transportation cpas Tax 69

CPA Practice

NOVEMBER 9, 2023

The Internal Revenue Service Advisory Council (IRSAC) has issued its annual report for 2023 (PDF), including recommendations to the IRS on new and continuing issues in tax administration. Sharon Brown – Brown served on the Tax Exempt/Government Entities Subgroup. Seth Poloner – Poloner served on the Information Reporting Subgroup.

Construction 105

Construction Tax Government payroll 105

CPA Practice

OCTOBER 19, 2023

More than a month after the IRS said it was temporarily shutting down the processing of employee retention credit (ERC) claims due to a surge of questionable submissions, the agency on Thursday offered steps small businesses can take to cancel their tax credit claim if they have doubts about its legitimacy. The IRS has received more than 3.6

payroll 122

payroll audit Tax 122

Bharmal&Associates

AUGUST 13, 2020

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. From what we know, lawmakers thought this meant that the PPP loan forgiveness was tax-free for you. an S corporation, receives a $100,000 PPP loan, spends it all on defined payroll, and the lender forgives the $100,000.

payroll 130

payroll income tax tax return Tax 130

Shay CPA

MARCH 6, 2024

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. More information on that here.

payroll tax 52

payroll tax payroll Tax tax return 52

CPA Practice

MARCH 20, 2024

Over the last several years, many unscrupulous tax credit promoters that marketed misleading information about the Employee Retention Credit (ERC). The frequently asked questions about ERC – Qualifying government orders section of IRS.gov has helpful examples. The law changed throughout 2020 and 2021.

Government 119

Government Tax payroll audit 119

ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional Corner (CPP), we talked about Form I-9 (Employment Eligibility Verification). We asked: “There are three sections to Form I-9. You may wonder, isn’t this a human resources issue and not a payroll one? Interested in payroll topics? COVID-19 challenges.

payroll 94

payroll Oregon Washington Legal 94

ThomsonReuters

AUGUST 25, 2023

How is software depreciated for tax purposes? Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally.

Tax 97

Tax Technology Manufacturing payroll 97

ThomsonReuters

AUGUST 19, 2021

Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions. Our company could also save its share of FICA taxes on the contributions.

payroll 105

payroll Tax income tax tax return 105

ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional Corner (CPP), we talked about penalties. As previously noted , there are many penalties that an employer may face if not in compliance with payroll rules, regulations, and laws. Payroll Guide ¶4260 goes over the Form W-2 in general. There are three sections to Form I-9.

payroll 89

payroll Tax Start-ups Government 89

Shay CPA

MARCH 22, 2023

R&D Expenditure Capitalization Rules (New for 2022) The TCJA amended Section 174 relating to the federal tax treatment of research or experimental expenditures paid or incurred during the taxable year. will no longer be able to deduct 100% of their expenses starting in 2022 and for future year tax years.

tax return 52

tax return payroll tax payroll Tax 52

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

tax return 69

tax return payroll tax income tax Tax 69

Cherry Bekaert

APRIL 4, 2023

As a key benefit to growing businesses, Cherry Bekaert can provide support for your organization’s tax credits and incentives requirements. utilizing energy-efficient technologies, LEED® certification, etc.) solar, fuel cell, small wind energy property, geothermal, micro-turbine, etc.)

Tax 75

Tax payroll tax Real Estate payroll 75

Ronika Khanna CPA,CA

NOVEMBER 3, 2023

It also means that additional paperwork needs to be filled out and additional taxes need to be paid. In this case, where your worker is clearly an employee, you must register for payroll, pay them a salary and submit regular, periodic payroll reports and payments to the Canada Revenue Agency (CRA).

payroll 52

payroll income tax Tax accounting and finance 52

CTP

JUNE 21, 2023

The implications of recent changes to section 174 and no movement from Congress have left many business owners unsure of how to move forward with R&E (Research & Experimentation) expenses for the 2022 tax year and beyond. Learn more about the uncertainties regarding Section 174 and how companies might be impacted.

payroll tax 75

payroll tax Tax payroll Government 75

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Who can obtain relief (i.e.,

Government 124

Government income tax tax return Florida 124

Shay CPA

NOVEMBER 8, 2023

Under Section 41 of the Internal Revenue Code (IRC) , companies have the opportunity to claim a tax credit for their research activities. Here are three areas game developers can often apply what they’re spending to shave down their tax liability. #1:

Gaming 52

Gaming Tax CPA payroll 52

ThomsonReuters

JANUARY 22, 2024

By accelerating the end of the COVID-era Employee Retention Tax Credit and implementing proven tax policies from the 2017 GOP tax reform, this act aims to save taxpayers over $70 billion while promoting American competitiveness and supporting working families.

Tax 105

Tax business tax accounting and finance payroll 105

CPA Practice

SEPTEMBER 14, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns.

cpas 64

cpas payroll tax CPA tax return 64

CPA Practice

MARCH 26, 2024

The easy money lured a cross-section of society, from business people and bankers to police officers and young people just starting their careers. He also claimed his company’s payroll was $1,035,091 in the previous year on an IRS tax form. Now, they’re all convicted felons. It took only two days for him to receive the funds.

Real Estate 124

Real Estate Florida payroll Government 124

ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about overtime. There are a number of payroll-related penalties that can come from the IRS. Avoiding penalties by filing accurate returns, paying taxes by the due date and furnishing any information returns in a timely manor is the best course of action.

payroll 98

payroll Tax Legal Start-ups 98

Cherry Bekaert

OCTOBER 6, 2023

Notice 2023-63 Provides Clarity on Capitalization and Amortization of Research Costs On September 8, 2023, the Internal Revenue Services (IRS) released Notice 2023-63 (the Notice), Guidance on Amortization of Specified Research or Experimental (SRE) expenditures under Internal Revenue Code Section 174.

Tax 52

Tax payroll payroll tax accounting and finance 52

CPA Practice

NOVEMBER 9, 2023

The Department of Health and Human Services recently made an official recommendation to the Drug Enforcement Administration (DEA) to reschedule cannabis as a Schedule III drug, a move that may significantly impact the way that cannabusinesses manage their operations and taxes.

Non-Profits 85

Non-Profits Real Estate Agriculture Tax 85

ThomsonReuters

JANUARY 14, 2022

The top payroll related searches for 2021. Payroll practitioners and employers alike continue to be challenged by the unique issues that COVID-19 has imposed on payroll administration. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021.

payroll 94

payroll payroll tax Tax Education 94

CTP

JUNE 21, 2023

The implications of recent changes to section 174 and no movement from Congress have left many business owners unsure of how to move forward with R&E (Research & Experimentation) expenses for the 2022 tax year and beyond. Learn more about the uncertainties regarding Section 174 and how companies might be impacted.

payroll tax 52

payroll tax Tax payroll Government 52

Withum

APRIL 20, 2023

The R&D tax credit is a tax incentive encouraging companies to invest in research and development activities in the United States. Alternative simplified credit (ASC) : The ASC is a simplified method for calculating the R&D tax credit.

Manufacturing 75

Manufacturing Tax payroll tax income tax 75

Reckon

MARCH 20, 2024

Your cash flow statement typically consists of three main sections: operating activities, investing activities, and financing activities. Operating activities This section covers cash generated from the primary operations of your business. Because your data is already in there, it’s a highly efficient process.

accounting software 52

accounting software accounting and finance Finance Maine 52

Shay CPA

MARCH 22, 2023

As part of the Tax Cuts and Jobs Act (TCJA), there was a change to Section 174 that directly impacts the R&D tax credit many startups take. There was some hope that Congress would step in and protect business owners from the Section 174 changes, but ultimately, nothing happened.

Tax 52

Tax accounting principles accounting and finance income tax 52

Nancy McClelland, LLC

DECEMBER 28, 2022

As anyone who’s worked with me — clients, team members, colleagues, vendors — knows, I adore Gusto Payroll. They truly changed my life for the better (not to mention the lives of thousands of small business owners) when they decided to create a tech-forward payroll company that seamlessly syncs with QuickBooks Online.

payroll 52

payroll payroll tax income tax quickbooks 52

ThomsonReuters

JUNE 10, 2021

The employer provided tax documents, payroll registers, and deposition testimony as evidence that it employed no more than 19 employees at any given time. For more information, see EBIA’s COBRA manual at Section IV.C (“Small Employer Exception”). Contributing Editors: EBIA Staff.

payroll 98

payroll Tax Account accountant 98

Withum

SEPTEMBER 22, 2022

The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. The rest of the analysis in the CCA is a relatively straightforward application of the tax law. Contact Us.

Tax 125

Tax payroll audit tax services 125

Shay CPA

MAY 3, 2023

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. More information on that here.

payroll tax 52

payroll tax payroll Tax tax return 52

Xero

NOVEMBER 30, 2022

We are introducing payroll history to the Organisation, Calendars, Pay Items and Superannuation tabs in the payroll settings section of Xero Payroll (Australia only) . Map different tax rates in Shopify — Global. Auto super accounts in Xero Payroll — Australia. Additional fields in Xero Tax — Australia.

payroll 82

payroll Tax tax return bookkeeping 82

Cherry Bekaert

JANUARY 5, 2023

2022 brought significant developments to the tax treatment of Research & Development (R&D) costs. There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years. This article highlights key developments and their details.

Tax 40

Tax payroll tax tax return Manufacturing 40

Cherry Bekaert

JUNE 30, 2023

This increased focus on developing new technology is great for the ultimate consumer, but there are also strategic tax and incentive opportunities for companies to capitalize on this related increased R&D spend.

accounting and finance 95

accounting and finance Finance Account accountant 95

CPA Practice

FEBRUARY 15, 2024

The employee retention credit program has become a huge headache—for small business owners, the IRS, and for tax professionals. The refundable tax credit, which was authorized by the $2.2 Last December, the tax agency announced that it had rejected more than 20,000 suspicious claims for the pandemic tax credit.

Government 64

Government Tax payroll audit 64