Manay CPA August Newsletter
Manay CPA Accounting & Tax Services
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August 15
Employers:?Deposit Social Security, Medicare and withheld income taxes for July if the monthly deposit rule applies.
Employers:?Deposit nonpayroll withheld income tax for July if the monthly deposit rule applies.
September 10
Individuals:?Report August tip income of $20 or more to employers (Form 4070).
Midyear Regulatory Updates
New York Adopts Increased Salary Thresholds for 2024 Overtime Exemption
The New York Department of Labor (NYDOL) has finalized regulations setting the 2024 salary threshold for overtime exemptions. The new regulations, effective January 1, 2024, raise the salary threshold to $1,200 per week for New York City, Long Island, and Westchester County, and $1,124.20 per week for the remainder of New York State.
Corporate Income Tax: New 200-Transactions Nexus Threshold New Jersey
New Jersey have introduced a 200-transactions nexus threshold for corporate income tax, effective from 2020 and 2023, respectively. This threshold means that out-of-state businesses with 200 or more transactions in these states will be subject to corporate income tax, even if they lack a physical presence there.
New Jersey Personal Income Tax: Updated Guidance on Nonresident Real Estate Sales
The New Jersey Division of Taxation has revised its guidance on how nonresidents must handle income tax withholding and estimated tax payments when selling real estate in New Jersey.
Wyoming: Removal of 200-Transaction Threshold from Economic Nexus Rule
Effective July 1, 2024, Wyoming will remove the 200-transaction threshold for economic nexus, meaning that remote sellers will no longer need to track the number of transactions made into the state. Instead, the requirement will focus solely on gross sales. Remote sellers will be required to register and collect Wyoming’s 4% sales tax only if their gross sales into the state exceed $100,000 in the current or preceding calendar year. This change simplifies the compliance process by focusing on sales volume rather than transaction counts.
Florida Sales and Use Tax: Rate Reduction on Rentals of Real Property
Effective June 1, 2024, Florida is reducing the state sales tax rate on the total rent charged for commercial real property rentals from 4.5% to 2%. This change applies to various types of real property, including commercial office space, warehouses, and self-storage units. Rental charges paid on or after June 1, 2024, for periods beginning December 1, 2023, will be subject to the new 2% rate, while earlier rental periods remain taxed at 4.5%.
IRS News
In the coming weeks, the IRS plans to conduct closer analyses and thus deny a large percentage of erroneous and “high-risk” ERC claims.
The IRS anticipates that some lower-risk, legitimately eligible claims could finally see payments processed later this summer.
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Events
We attended IWF Atlanta 2024 Expo
Recently, we attended the International Woodworking Fair held at the Georgia World Congress Center in Atlanta. At the fair, we had the opportunity to meet face-to-face with the managers of more than 20 Turkish exporting companies. Among them, we also wished success to our active client, ASD Laminat, for the fair.?
Al Meyers, CPA attended 2024 Annual Estate Planning Conference
Our own Al Meyers, Director of Tax Services, is representing our CPA firm at The Ritz-Carlton Reynolds, Lake Oconee, in Greensboro, Georgia, for the 2024 Estate Planning Conference. Hosted by the Georgia Society of CPAs, the conference brings together national experts and attendees alike over three days of networking and learning about the latest issues, trends, and outlooks in estate planning.
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