Employer Monthly Schedule Depositor – Payroll Tax Deposit Due December 15, 2021

If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for November 2021 on or before December 15, 2021.

The payroll process includes:

- Calculating and preparing paychecks

- Accounting for amounts withheld from these paychecks

- Making deposits of taxes withheld from paychecks

- Reporting on taxes withheld and deposits made.

Deposit Requirements:

Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. There are two deposits schedules as listed below:

- Semi-weekly schedules are for the largest employers.

- Monthly schedules are used by the majority of employers.

Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent.
https://pasfirm.com/2021/12/01/employer-monthly-schedule-depositor-payroll-tax-deposit-due-december-15-2021/

Comments

Deduction of Business Meal Expenses for 2021 and 2022

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States. To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants. Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost. IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th

Tangible Personal Property Tax Payment Deadline March 31st, 2022

Pay Tangible Personal Property Tax by March 31 2022. There is no payment discount of the total tax due. Additionally, this is the last date to pay tangible personal property taxes. Delinquent Tangible Personal Property Tax Taxes become delinquent on April 1st each tax year. Interest accrues at 1.5% per month (18% per annum) plus additional fees are added. What is Tangible Personal Property Tax? Tangible Personal Property Tax is an ad valorem tax assessed against: - Any equipment, fixtures or furniture used in a business or for a commercial purpose - Leased equipment - Furnishings and appliances in a rental property, owned by the real property owner - Any attachments made to a mobile home or manufactured housing in a rental park Tangible Personal Property includes everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc. Also tools, machinery, signs, leasehold

W2s & 1099s Forms Filing Deadline

Get ready for your W2 & 1099 forms reporting requirement Businesses must prepare tax reporting forms as part of their tax filing obligations. Generally, W-2 forms are used for part-time or full-time workers, Form 1099-NEC is used for contractors and other non-employees. W-2 and 1099-NEC forms must be filed by January 31, 2022 . The same deadline applies for completing both W-3 and 1096 forms to the appropriate government agency. There are penalties on companies that issue W2 and 1099s forms late. Must taxpayers do not like receiving IRS forms 1099. Businesses may not like sending them out. Generally, business must issue the forms to any payee (other than a corporation) who receives $600 or more during the year. As the Year-End approaches, good preparation now can help business avoid problems later. Review payments you have made during the year and verify you have completed information for all payees for whom you will be required to file a 1099. Information that should be gat

Professional Accounting Solutions

Search This Blog