ThomsonReuters

MAY 3, 2023

A tax services director in Washington D.C. says that the Treasury Department’s proposal to clarify the tax treatment of on-demand pay arrangements makes it “clear” that the IRS is concerned with the constructive receipt issue of this trending employee benefit.

Construction 59

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Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. What Is the Fix?

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Withum

SEPTEMBER 22, 2022

The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. The IRS staked out its position in Notice 2020-32 and Rev. Contact Us. Let’s Chat.

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MyIRSRelief

AUGUST 10, 2020

Payroll tax resolution issues are amongst the most common reasons for the IRS pursuing Los Angeles or other cities, business taxpayers, or individuals whom they deem should be responsible taxpayers, which is why it’s important to ensure that you resolve any payroll 941/940 tax problems sooner, rather than later, should they arise.

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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. The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. .

Tax 126

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Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns). Contact Us.

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Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. Q7: When do I report the tax-exempt income relating to PPP loan forgiveness?

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inDinero Tax Tips

JUNE 7, 2023

Recently, the agency revealed they’ll use some of those funds to hire thousands of agents to audit the filings of wealthy individuals and corporations to close “the tax gap.” Additionally, the funding will be used to modernize and improve the customer service experience of all tax filers who interact with the IRS.

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inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

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Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. In exchange of the BAIT entity paid tax, owners receive a corresponding pro rata share of a BAIT credit. Contact Us.

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

Tax 52

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Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. In exchange of the BAIT entity paid tax, owners receive a corresponding pro rata share of a BAIT credit. Background.

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Going Concern

JULY 6, 2023

When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. ” Wayne Plummer – Corporate Tax at PwC.

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Withum

MARCH 17, 2022

Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Countless persons are looking for help and are shocked when they learn of their potential tax bills. For more information on this topic, please contact a member of Withum’s Federal Tax Services Team. Contact Us.

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CPA Practice

MARCH 6, 2024

Lettuce has launched its new solution for accounting and tax services for solopreneurs, with $6 million in seed funding led by Zeev Ventures to fuel growth and product development, and its Solopreneur Accelerator program.

tax return 52

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Cherry Bekaert

SEPTEMBER 22, 2023

The Tax Cuts and Jobs Act of 2017 (TCJA) gave way to the OZ program, which instantly became a hot topic across the real estate industry. The program intrigued investors with opportunities to defer tax on their capital gains until December 2026 and receive a stepped-up basis in their investment for at least 10 years.

Real Estate 111

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Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Who can obtain relief (i.e.,

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Withum

JULY 25, 2022

NY COVID-19 Capital Costs Tax Credit Program. The capital costs tax credit program is a $250 million program that allows small businesses to receive a maximum credit of up to $25,000 for qualifying expenses. million in 2019 or 2020 and experienced a 25% drop in gross receipts when comparing the year ended December 31, 2020 to 2019.

New York 78

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LyfeAccounting

OCTOBER 12, 2020

As a result, businesses benefit from high-quality accounting, bookkeeping and tax services at a much lower cost. Tax Planning. Tax Audits. Ask the Virtual CPA in question to explain to you how they have helped other businesses increase revenue, lower expenses, save on taxes, or whatever your specific need is.

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Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. State and Local Tax Workarounds.

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LyfeAccounting

MARCH 16, 2021

This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession. The New Tax Deduction Update for Business Meals. Business Meals Tax Deduction: Things to Keep in Mind. What are business meals?

Tax 52

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inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

accrual accounting 52

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CPA Practice

FEBRUARY 23, 2024

21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021. In 2020, there were 248 SPAC initial public offerings in the U.S., In 2020 and 2021, Withum audited 331 SPAC deals totaling $108.83 billion in value, Bloomberg Tax reported last September.

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LyfeAccounting

MARCH 31, 2021

But, you should also consider the possibility of paying taxes when you sell your cryptocurrency. We’ve done the research for you and this will be the only article you need to understand cryptocurrency taxes. How Do Cryptocurrency Taxes Work? This includes sales or exchanges for fiat, goods, services, or other cryptocurrencies.

Tax 52

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Going Concern

JULY 2, 2022

We also learned that PwCers who work in Capital Markets and Accounting Advisory Services, Financial Due Diligence, Valuations, and M&A Tax Services got an additional 10% salary boost. We examined the 2022, 2021 , 2020 , and 2019 PwC comp threads on Reddit, and the 2017 and 2016 comp threads on Going Concern.

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CPA Practice

OCTOBER 18, 2023

On-demand service marketplaces: great for midnight ice-cream cravings or last-minute school project supplies; complicated for tax compliance. And with marketplace facilitator laws in effect, more and more on-demand service providers are responsible for managing taxes for the transactions on their platforms.

Tax 52

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Withum

APRIL 11, 2022

The HHIAP would be like the RRF but would allow non-restaurant owners that were hard hit by COVID-19 to receive up to $1 million in a tax-free grant. The pandemic-related revenue loss is defined as the average annual gross receipts of 2020 or 2021 less the 2019 gross receipts.It Business Tax Services. Contact Us.

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PYMNTS

JANUARY 16, 2020

In other news, South Korean cryptocurrency exchange Bithumb is going to court to fight an almost $69 million tax bill from the National Tax Service (NTS), according to a report Thursday (Jan. The tax is called a retention tax, which is an income tax paid to the government by the income payer and not its recipient.

Tax 52

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Yes, there are 23 exemptions from the reporting requirement, including the following: Inactive entities owned by U.S.

Legal 115

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CPA Practice

AUGUST 17, 2023

Taylor and Bryant both agreed that along with commonalities in services, industries, and vision, the two firms share very similar cultures. When Smith + Howard launched our 10-year vision in 2020, the non-negotiable in that vision was our culture. It is core to who we are, and we will not sacrifice culture for the sake of growth.

Real Estate 52

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CPA Practice

AUGUST 15, 2023

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.

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KROST

SEPTEMBER 25, 2020

She received this recognition during the 14 th Annual CFO Awards hosted by the Los Angeles Business Journal on September 23, 2020. KROST provides audit and tax services to Phonexa. “We Learn more about our audit and tax services. Congrats, Lilit! You deserve this honor.” – Jason Melillo , Principal at KROST.

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Going Concern

JULY 31, 2023

Related: PwC settled ‘false LPP’ penalties days before bid to suppress emails [ Australian Financial Review ]: The Tax Office signed a confidential settlement with PwC in March involving the firm’s false claims for legal professional privilege over 150 documents related to tax advice to a multinational client.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Yes, there are 23 exemptions from the reporting requirement, including the following: Inactive entities owned by U.S.

Legal 91

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Cherry Bekaert

APRIL 24, 2023

On December 27, 2020, Congress amended the Prevent All Cigarette Trafficking (PACT) Act to place additional state regulatory compliance burdens on interstate sellers of e-cigarettes and other vaping products. Adding further complexity, the PACT Act requires that excise taxes be paid to states prior to shipments of products into the state.

Legal 40

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PYMNTS

MAY 6, 2020

The tax services firm has developed a new tool on its website for the unbanked or underbanked, where users can register for one-time payments of their anticipated stimulus checks from the federal government. TurboTax is among the platforms seeking to make it easier for U.S. Unibet On The Challenges Of Offering Instant Disbursements.

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