Withum

SEPTEMBER 1, 2023

Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period. For example, the new deadlines apply to the following: Individuals who had a valid extension to file their 2022 return due to run out on Oct.

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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. Contact Us. Let’s Chat.

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Withum

JUNE 17, 2022

The Director for COVID-19 Fraud Enforcement overseeing DOJ’s criminal and civil investigations testified on June 14, 2022 before the House Select Subcommittee on the Coronavirus Crisis. billion in losses as of March 2022 due to pandemic-related fraud. Business Tax Services. These filed cases total more than $1.1

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CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG.

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Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. The October 16, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17 and April 18, 2023.

California 119

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Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments.

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Withum

OCTOBER 6, 2022

Under section 7508A, the IRS gives affected taxpayers until February 15, 2023, to file most tax returns with either an original or extended due date occurring on or after September 23, 2022. Does the federal relief also extend the time to pay federal income tax? State Income Tax Filings. Contact Us. Let’s Chat.

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us. Let’s Chat.

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Withum

OCTOBER 19, 2022

On October 19, 2022, the IRS issued a press release ( IR-2022-183 ) warning taxpayers to be wary of third parties who advise them to claim an employee retention credit (ERC) when they do not qualify. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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Withum

MARCH 15, 2022

The IRS hopes to get the backlog of unprocessed returns below 1 million by the end of 2022 and develop new automated voice and chatbots to answer taxpayer questions. Business Tax Services. Contact Us. Contact a member of Withum’s Forensics, Investigations, and White-Collar Criminal Defense Team with any concerns.

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xendoo

JANUARY 31, 2022

The update set a new minimum requirement for filing a Form 1099-K by third party payment apps: business owners who collect payments of $600 or more will now receive Form 1099-K from the payment apps they use, in order to disclose their mobile app earnings to the IRS. . They are available when you need them, all year long. .

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Withum

SEPTEMBER 2, 2022

New York City’s tax code was amended on August 31, 2022, to harmonize a number of the City’s provisions with New York State. The enacted legislation aligns New York City with New York State’s economic nexus provisions, now applying a factor-based standard, for tax years beginning on or after January 1, 2022. Contact Us.

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Withum

JANUARY 8, 2024

Method of Accounting Many have been waiting for clarification surrounding the IRS administrative procedures that should be followed in order to adjust 2022 federal taxable income to follow the IRS interim guidance provided in Notice 2023-63 and, more recently, Notice 2024-12.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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CPA Practice

OCTOBER 2, 2023

Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. With uncertainty around, and unwillingness to increase taxable income, many who qualify for the R&D Credit were hesitant to claim for the 2022 tax year or waited, in the hope of a repeal.

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Withum

JANUARY 16, 2024

Extension of 100 Percent Bonus Depreciation: Bonus depreciation was reduced to 80% for qualified property placed into service after December 31, 2022, and to 60% for qualified property placed into service after December 31, 2023.

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Withum

MARCH 27, 2024

Crapo continued the discussion by praising the panelists for their examples of why extending the three business tax provisions from the Tax Cuts and Jobs Act is so critical. While all of three of these provisions are familiar to the business community, they started to become severely limited in the 2022 and 2023 taxable years.

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Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Business Tax Services. Contact Us.

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CPA Practice

OCTOBER 3, 2023

Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. With uncertainty around, and unwillingness to increase taxable income, many who qualify for the R&D Credit were hesitant to claim for the 2022 tax year or waited, in the hope of a repeal.

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Withum

JULY 25, 2022

The program is aimed at small, independently owned and operated businesses operating in New York with 100 or fewer employees and gross receipts that are less than $2.5 Business Tax Services. For more information on this topic, please contact a member of Withum’s Business Tax Services team.

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Withum

FEBRUARY 1, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Passes Tax Relief Act With a Decisive Bipartisan Vote appeared first on Withum. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

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Withum

MARCH 29, 2022

Prior to 2022, this threshold was met if, during a calendar year, the total of all payments distributed to a person exceeded $20,000 resulting from more than 200 transactions or donations. For 2022 and beyond this threshold is dramatically reduced to $600 in gross payments, regardless of the number of transactions or donations.

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Withum

MARCH 16, 2022

On March 11, 2022, the U.S. General License 17: Transactions related to Action 1 are allowed through 12:01 am EST on March 25, 2022, that were ordinarily incident and necessary and pursuant to written contracts entered into prior to March 11, 2022. Business Tax Services. The following transactions by U.S.

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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Withum

APRIL 14, 2022

If the ability for employer matching on qualified student loan payments is enacted, it would be effective for contributions made for tax years beginning after December 31, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on April 7, 2022. Business Tax Services. Contact Us.

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Withum

APRIL 11, 2022

3807 , Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, which would add an additional $42 billion to the Restaurant Revitalization Fund (RRF) and fund $18 billion to a newly created Hard Hit Industries Award Program (HHIAP). Business Tax Services. On Thursday the House passed H.R. Contact Us.

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Withum

MAY 16, 2022

In our example, Julia would have to include the $10,000 of cancellation of debt income in her 2021 tax return and adjust her basis in her real property by $50,000 as of January 1, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on May 11, 2022. Business Tax Services. Contact Us.

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Withum

JUNE 6, 2022

On May 27, 2022, the IRS released its sixth pronouncement regarding the types of businesses that can qualify for the qualified small business stock (QSBS) exclusion. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. Contact Us.

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xendoo

JANUARY 6, 2022

While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. They will get to know your business, and determine if S-Corp Election is right for you. . Pay Quarterly Estimated Taxes .

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Withum

FEBRUARY 9, 2022

While the form of these two transactions is different, they both achieve an economically-similar result vis-à-vis the selling shareholders (and the tax issues discussed in this article apply to both forms of the transaction). This article was originally published by Daniel Mayo in Forbes on January 29, 2022. Business Tax Services.

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xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

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xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

Non-Profits 52

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Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. Contact Us.

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Withum

OCTOBER 12, 2022

A new corporate alternative minimum tax (“CAMT”) was enacted as part of the Inflation Reduction Act passed on August 16, 2022. Many companies and tax professionals are hopeful that Treasury will produce some preliminary guidance by the end of 2022. Contact Us. Contact Us. Let’s Chat.

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Withum

SEPTEMBER 22, 2022

19, 2022)) addressing the proper treatment of improperly forgiven PPP loans. 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. Contact Us. Let’s Chat.

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inDinero Tax Tips

JUNE 7, 2023

Treasury Secretary Janet Yellen, September 15, 2022 What Is the Tax Gap? The tax gap is the difference between the total tax owed to the IRS if everyone paid what they were meant to pay and what is collected. Going forward, they’ll focus on tax returns likely to have the biggest impact. They’ll be using $47.4B

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