CPA Practice

DECEMBER 19, 2023

While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their tax debts.

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Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

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MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. The Los Angeles County sales tax rate is 0.25%.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid.

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

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inDinero Tax Tips

JUNE 7, 2023

Additionally, the funding will be used to modernize and improve the customer service experience of all tax filers who interact with the IRS. The IRS will only increase audit frequency for individuals or legal entities reporting over $400,000 in income annually. The IRS will focus on tax returns with the most significant impact.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

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ThomsonReuters

OCTOBER 19, 2022

PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT). New Elections to Convert Certain Business Credits to Cash or Deemed Income Tax Payments. Who needs to know: Business taxpayers and tax professionals who advise businesses.

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Withum

JUNE 24, 2022

When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC. Did the taxpayer rely on the safe harbor for business combinations in 2020 and in 2021?

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CPA Practice

JANUARY 30, 2023

But this effort took an unusual turn when he filed several FOIA requests during the nearly four years he spent unsuccessfully trying to block his tax returns from becoming public. tax code gives the president special permissions to request taxpayer information from the IRS. For example, the U.S.

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Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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SingleTrackAccounting

FEBRUARY 7, 2020

We are starting down the third year of the Tax Cuts and Jobs Act and tax savings are all around us. Every year the standard tax brackets increase with inflation. Here’s a breakdown of the 2020 tax brackets. . Here are 5 tax saving strategies for small businesses. This is in addition to income tax.

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LyfeAccounting

OCTOBER 29, 2020

So according to the AICPA, which is the American Institute for Certified Public Accountants, an effective tax system is one that is fair, neutral, simple and economically efficient. A fair tax system should produce similar outcomes. And if someone has a higher income than another then you would expect them to pay more in taxes.

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LyfeAccounting

JANUARY 30, 2021

And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on. February 12, 2021.

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xendoo

SEPTEMBER 28, 2021

Our goal is to make sure that you have the tools you need to appropriately file your tax return this year. Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021. State Income Tax. Incidental income, rental income, tax credits, etc.

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LyfeAccounting

APRIL 27, 2021

But as a CPA who prepared at least hundreds of returns, we can tell you that a tax refund is usually the result of a mistake. A tax refund is a refund of the taxes you OVER paid. So in actuality, you paid more in income taxes than was necessary by law. The Child Tax Credit or CTC. But not really.

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Nancy McClelland, LLC

APRIL 9, 2023

The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. There are multiple options for paying personal quarterly estimated taxes. If you already have an account for sales taxes or another reason — do not log in , unless you are making business tax payments.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Understanding Deductible Business Expenses. Learn More.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. A grave mistake. Found Property.

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KROST

NOVEMBER 24, 2020

Bonus depreciation continues as 100% for property placed in service in 2020. The Section 179 deduction limit increased to $1,040,000 for 2020 from $1,020,000 in 2019. These two incentives can provide significant tax relief in 2020 if financed and placed in service by midnight, December 31, 2020.

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Ronika Khanna CPA,CA

JANUARY 7, 2022

I knew that sometime around February an envelope would appear on my desk with a tax document that I would need to reflect on my tax return. These tax documents (also called tax slips) are referred to as a T4 (and an additional slip called the RL1 in Quebec).

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LyfeAccounting

OCTOBER 27, 2020

Now some people see this every year on their tax return and think it’s just another required payment to the IRS. But an estimated tax penalty is something that you DO NOT have to pay and can be completely avoided. Also, I’m going to show you how to calculate and pay your federal estimated taxes.

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LyfeAccounting

FEBRUARY 19, 2021

This basically means that the IRS can ignore the business for tax purposes and instead collect taxes through the business owner’s PERSONAL income tax filing. How a Single Member LLC is Taxed. The primary business taxes you will pay are federal income taxes and self-employment taxes.

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MyIRSRelief

NOVEMBER 19, 2021

That’s why so many people choose to hire a tax preparer/ EA, Attorney, CPA, they don’t want the hassle of doing it themselves, and they trust an expert to handle their business. Tax credits to look out for. Earned Income Tax Credit (EITC). Small-business tax credits.

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LyfeAccounting

JANUARY 5, 2021

For the 2020 tax year , the CARES Act eliminated the 60% limit for cash donations to public charities and you can deduct up to $300, even if you take the standard deduction. How Do You Claim Tax Deductible Donations? In general, you cannot exceed 60% of your adjusted gross income.

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KROST

APRIL 19, 2021

As of March 13, 2020, own or operate (together with any affiliated business) 20 or fewer locations, regardless of name or type of business at those locations. As of March 13, 2020, own or operate (together with any affiliated business) more than 20 locations, regardless of name or type of business at those locations.

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Nancy McClelland, LLC

DECEMBER 26, 2023

.) – You must file now file 1099 Forms electronically if you have 10 or more information returns (down from 250). 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. It is due to recipients and the IRS by January 31st (or the first business day after that, if 1/31 falls on a weekend).

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Nancy McClelland, LLC

DECEMBER 26, 2023

.) – You must file now file 1099 Forms electronically if you have 10 or more information returns (down from 250). 1099-NEC This form was new for 2020 and replaces the old Box 7 of Form 1099-MISC. It is due to recipients and the IRS by January 31st (or the first business day after that, if 1/31 falls on a weekend).

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return. Child Tax Credit.

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Withum

MARCH 21, 2022

I think many tax professionals have been bogged down with the ERC and the calculation of taxable income in general, and as a result, the extra step to evaluate the potential impact on the 199A wage limitation might have been on the back burner. Aren’t federal income taxes grand? Business Tax Services.

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LyfeAccounting

NOVEMBER 3, 2020

?. Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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Nancy McClelland, LLC

FEBRUARY 13, 2022

In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated, or may reasonably be expected to generate foreign-source income (see Regs. 1.861-9(g)(3)). 864(c)(8), Sec. 721(c) partnerships, and Sec.

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