News & Analysis as of September 18, 2024

Payroll Taxes › Tax Planning › Income Taxes

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Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that... more +

Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that are withheld by an employer from an employee's wages and 2) taxes paid by an employer based on the amount of an employee's wages. These taxes may be advanced income tax payments on behalf of an employee. They are also employer and employee payments to a variety of government programs, such as social security, and unemployment/disability insurance. less -

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part VII –...

Foster Garvey PC on 6/6/2024

In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more

Update Your 2024 Tax Withholding to Avoid Year-End Surprises

Bowditch & Dewey on 2/22/2024

Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more

Incentivizing Employees: Avoiding a Salary Deferral Arrangement

Bennett Jones LLP on 1/9/2024

Incentivizing employees is a critical component of most business strategies. Employers may implement arrangements for deferred cash bonuses, often subject to the satisfaction of certain criteria. From a tax perspective, the...more

Estate and Income Tax Provisions in Pending Massachusetts Tax Relief Package

Nutter McClennen & Fish LLP on 10/2/2023

The Massachusetts House and Senate voted in favor of a Massachusetts tax relief bill. The legislation is now on Governor Maura Healey’s desk, and she has until October 8th to act. More than two decades have passed since the...more

Uk to Repeal Off-payroll Working (Ir35) Rules

Morgan Lewis on 9/30/2022

The UK government’s “Growth Plan” (or “mini-budget”), delivered on 23 September, announced that the recent changes to the United Kingdom’s off-payroll working rules will be repealed with effect from April 2023....more

Update Your Tax Withholdings to Avoid Year-End Surprises

Bowditch & Dewey on 9/9/2022

During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more

Tax Court in Brief | Caldwell v. Commissioner | Employer Disability Compensation is Taxable Income to Employee

Freeman Law on 6/1/2022

Tax Litigation: The Week of May 16th, 2022, through May 20th, 2022 Ibrahim v. Commissioner, TC Summary Opin. 2022-7| May 16, 2022 | Weiler, J. | Dkt. No. 10750-20S Caldwell v. Comm’r, T.C. Memo 2022-51 | May 20, 2022 |...more

Remote Work Tax and Compliance Considerations

Bowditch & Dewey on 1/28/2022

Many tax and compliance obligations apply when a company offers a remote work arrangement to employees in different states. STATE AND LOCAL EMPLOYEE TAX REQUIREMENTS - First, the company must work with its payroll provider...more

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on 10/28/2020

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

The Changing Face of Employer State Tax Reporting and Payment Obligations in the Coronavirus Telework "New Normal"

Foster Garvey PC on 10/2/2020

In the wake of the coronavirus pandemic, companies in wide-ranging industries across the country have unprecedented numbers of employees working from remote locations. In a prior post, we discussed numerous issues that may...more

A Quick Outline of the Biden Tax Proposals

Foley & Lardner LLP on 9/1/2020

As part of his campaign platform, Democratic Presidential nominee Joe Biden has released a tax plan that would significantly increase taxes on high net worth individuals. Although a campaign platform is only a “rough draft”...more

Social Security Taxes Could Be Deferred for the Rest of 2020

Bowditch & Dewey on 8/20/2020

Under the CARES Act passed on March 27, 2020, Congress allowed employers and self-employed workers to defer payment of their portion of Social Security taxes that will accrue between March 27 and December 31, 2020. Fifty...more

Remote Working Implicates State Payroll Tax, Corporate Income/Franchise Tax Nexus Concerns

Morgan Lewis on 5/3/2020

Employers should be aware that remote working arrangements during the coronavirus (COVID-19) pandemic may inadvertently trigger state payroll tax registration and filing requirements for their businesses, and possibly trigger...more

Business And Individual Income Tax Provisions Of The Cares Act

Goodwin on 4/1/2020

On Friday, March 27, Congress passed, and the President signed, the bipartisan “Coronavirus Aid, Relief, and Economic Security Act” (the “Act”), a $2 trillion economic stimulus plan to provide funding and tax relief to...more

The CARES Act: Tax Relief and Incentives

Jackson Walker on 4/1/2020

Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Key Tax Provisions of the CARES Act

Burr & Forman on 3/31/2020

The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more

Top 10 Tax Planning Tips for 2020

Chambliss, Bahner & Stophel, P.C. on 2/12/2020

Tax season is right around the corner, but good tax planning takes place all year long! See below for some of our favorite tips and tricks. These cover a variety of areas including charitable giving, estate tax exemptions,...more

Gross Receipts Taxes Face Policy and Legal Challenges

McDermott Will & Emery on 9/25/2019

As the economy shifts to a digital one, we are finding that states are turning toward unconventional revenue options. One trend we’re seeing is the surprising comeback of the gross receipts tax (GRT): • Oregon’s new...more

The New Section 199A 20% Profit Deduction for Pass-Through Businesses: A Case Study: Court Reporters

Burr & Forman on 10/23/2018

Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more

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