Granite Payroll Associates

01/09/2023

The IRS has announced it will start accepting tax returns on January 23, 2023.

Estimated 2023 IRS Income Tax Return Chart
IRS Accepts an E-Filed Return By:
Direct Deposit Sent (Or Paper Check Mailed 1 week later):
FILE REFUND
Jan. 23, 2023 Feb. 3 (Feb. 10)**

Jan. 30, 2023 Feb. 10 (Feb. 17)**

Feb. 6 Feb. 17 (Feb. 24)**

Feb. 13 Feb. 24 (Mar. 3)**

Feb. 20 Mar. 3 (Mar. 10)**

Feb. 27 Mar. 10 (Mar 17)

Mar. 6 Mar. 17 (Mar. 24)

Mar. 13 Mar. 24 (Apr. 1)

Mar. 20 Mar. 31 (April 7)

Mar. 27 Apr. 7 (Apr. 14)***

01/07/2023

The IRS audited fewer taxpayers in fiscal 2022. The IRS audited 626,204 returns, out of more than 164,000,000 individual income tax returns filed, down 659,003 during fiscal 2021. In all, 93,595 of the audits were regular audits, compared to 532,609 correspondence audits, with about 85% of audits conducted through the mail. Combined this means that last year the odds of audit had fallen to 3.8 out of every 1,000 returns filed (0.38%).

01/05/2023

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 65.5 cents per mile driven, up 3 cents from a rare midyear increase in 2022. The increased rate was effective as of Jan. 1, 2023

10/26/2021

Are you a business owner? Hopefully you've been taking a proper payroll, because the IRS is auditing S Corps more than ever before.

https://corporatedirect.com/c-corps-s-corps/s-corporations-taxes-audits-increasing/

If you need advice on payroll, reach out to us.

By Garrett Sutton, Esq Because S Corporations allow for the minimization of payroll taxes, the IRS is now auditing S Corporations to see if reasonable salaries are being paid to employees. The issue here is that if too little in salary is paid, then consequently too much profit distribution flows to...

09/30/2021

Did you know: The Employee Retention Credit was extended and expanded for 2021. The new rules will apply to payroll wages through December 31, 2021.

Granite Payroll ensures our clients receive the maximum Employee Retention Credit. The earnings categories within our ADP-powered payroll system supports the ERC with streamlined recording of qualified wages and related company-paid qualified health plan expenses.

09/23/2021

TAX DEADLINE APPROACHING!!

The IRS reminds taxpayers who filed an extension IRS Form 4868 on or before May 17th, October 15th is the deadline to file your 2020 returns.

Also a reminder that the tax extension gives you more time to file your return, but not more time to pay.

09/22/2021

Granite Payroll clients have the opportunity to subscribe to HR411 - a comprehensive package of HR services including live support, HR toolkits, employee handbook and job description wizards, state and federal compliance database, and much more.

Message us to learn more about how you can keep up with HR best practices and better manage your employees.

Your business can run more smoothly with Granite Payroll Services; the complete payroll solution serving the greater Boston area.

09/16/2021

The IRS released a revised Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, and its instructions. The form was significantly revised to allow for correction of COVID-19-related employment tax credits reported on Form 941, Employer’s Quarterly Federal Tax Return, due to changes under the American Rescue Plan Act of 2021 (ARPA).

The instructions provide that employers will be able to use the revised instructions and the July 2021 revision of Form 941-X for all years for which the statute of limitations on corrections has not expired.

The revised Form 941-X can now be used to report corrections to these COVID-19-related items reported on Form 941: paid qualified sick and family leave wages, the employee retention credit, and the COBRA premium assistance tax credit.

09/15/2021

Today is the final tax deadline for S-Corps and Partnerships, if you filed an extension. ⌛️

09/08/2021

Sunday "Premium Pay" in Massachusetts runs out on January 1, 2023. Click to learn more about this blue law:

The Massachusetts Blue Laws control hours of operation for certain businesses and require some businesses to pay extra compensation (known as "premium pay") on Sundays and some legal holidays. These laws are enforced by the Attorney General's Office. The Department of Labor Standards has authority o...

09/08/2021

It's National Payroll Week! Payroll is like Magic: Employees often feel this way because you make sure their money gets delivered each payday, like magic.