CPA Practice

JUNE 29, 2023

Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal income tax returns due to severe weather events. 16, 2023 to file.

income tax 111

income tax Mississippi tax return Arkansas 111

TaxConnex

OCTOBER 19, 2022

As a result, the New Jersey sales tax return is quite simple – requiring only the gross sales, exempt sales, taxable sales, and sales tax. Other states (for example California) have local taxes that are reported on the state return.

Sales 190

Sales Tax New Jersey Louisiana 190

Cherry Bekaert

AUGUST 10, 2023

Pass-through entity taxes (PTET) are constantly changing on a state-by-state basis. How Alabama’s PTET Works Alabama’s PTET election is made by submitting Form PTE-E via “My Alabama Taxes” on or before the 15 th day of the third month following the close of the tax year. Louisiana Louisiana House Bill No.

Alabama 98

Alabama Ohio Iowa Louisiana 98

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

FEBRUARY 27, 2023

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16 to file various federal individual and business tax returns and make tax payments, the IRS said on Feb. 16 deadline also applies to 2023 estimated tax payments, normally due on April 18, June 15, and Sept.

Tax 95

Tax Alabama tax return Georgia 95

PYMNTS

APRIL 12, 2017

Identity company MorphoTrust USA looks to put a dent in tax fraud and theft by adding an additional layer of authentication security into the mix. The company recently announced a partnership with the Alabama Department of Revenue (ADR). Magee, commissioner of the ADR.

Alabama 40

Alabama Tax tax preparation Florida 40

TaxConnex

SEPTEMBER 28, 2023

Some states do require hefty security deposits, though, as in Alabama (they’re “bonds” in North Dakota ). Should you register for sales tax, seller’s use tax or consumer’s use tax? As a seller, you will likely register for either sales tax or seller’s use tax. When did you start doing business in the state?

Sales 147

Sales Tax West Virginia North Dakota 147

Dent Moses

APRIL 11, 2023

State of Alabama A business license is required for basically everyone engaged in business within the state. The Alabama Department of Revenue does not administer municipal licenses. The state and county licenses are issued by the county Probate Judge or License Commissioner in the county where the business is located.

Alabama 52

Alabama tax return Legal Tax 52

TaxConnex

MAY 11, 2021

In a few states, most notably Alabama, Colorado, and Louisiana, there are separate local level returns that you are required to file. Colorado alone has 73 home-rule jurisdictions each requiring their own sales tax return to be filed.

Sales 131

Sales Tax Colorado tax return 131

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

TaxConnex

JUNE 6, 2023

Local sales taxes can also apply, especially in home-rule states like Colorado, Illinois and Alabama. California also has a ton of local taxes, and Louisiana has a sales tax system infamously complex. But it isn’t so different from Canada , where provinces apply widely varying combinations of their three sales taxes.

Sales 130

Sales Tax South Dakota Alaska 130

CPA Practice

OCTOBER 12, 2023

Also exempt from the tax: Gross receipts from the retail sale of any firearm, firearm precursor part, or ammunition by any licensed firearms dealer, firearms manufacturer, or ammunition vendor in any quarterly period in which their total gross receipts from the retail sales of firearms, firearm precursor parts, or ammunition is less than $5,000.

California 124

California Sales Tax Pennsylvania 124

TaxConnex

FEBRUARY 10, 2022

Some states — notably Alabama, Colorado, Louisiana, Alaska, among others — empower municipalities and other jurisdictions to levy sales taxes. Also with some states, you must specify the tax you’re registering for (e.g., sales tax or use tax). Returns are typically due monthly, quarterly or annually.

Sales 198

Sales Tax E-commerce Alaska 198

CPA Practice

OCTOBER 18, 2023

Of the 45 states (plus the District of Columbia) that have a general sales tax, 10 stand out as being especially tricky for sales tax compliance: Arizona, California, Colorado, Florida, Illinois, Louisiana, Missouri, New York, Tennessee, and Texas. To illustrate the knottiness, here are some examples.

Sales 59

Sales South Dakota Tax Missouri 59

inDinero Accounting

DECEMBER 5, 2023

If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. QSBS Rules for Qualification QSBS Tax Treatment How to Report QSBS on Your Tax Return Conclusion What is the QSBS Exemption? This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

tax return 52

tax return Mississippi Wisconsin Tax 52

CPA Practice

APRIL 19, 2024

Remit sales tax to the proper tax authority Once sales tax has been collected as required, it must be remitted on time with a sales tax return to the proper tax authority. Some states require marketplace facilitators to identify their own sales separately from third-party sales on their sales tax returns.

Tax 59

Tax Wyoming Alaska Louisiana 59

PYMNTS

MARCH 26, 2016

A loan company employee has pleaded guilty to stealing identities of several customers and fraudulently seeking $400,000 in tax returns. The government alleges that the two co-conspirators worked together to get away with the tax returns.

tax return 56

tax return Alabama Tax Government 56

Dent Moses

FEBRUARY 24, 2022

Yesterday, Alabama House Bill 231 and Alabama Senate Bill 152 were forwarded to Governor Kay Ivey for signature. This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress.

Alabama 52

Alabama income tax Tax tax return 52

Dent Moses

FEBRUARY 22, 2024

Alabama House Bill 391 reduced the minimum state business privilege tax in 2023 from $100 to $50. Changes in the income and net worth of the entity may result in an assessment in excess of the minimum tax. for each $1,000 of net worth in Alabama. So, no return is required. The rates range from $.25 25 to $1.75

Alabama 52

Alabama Tax tax return Account 52

ThomsonReuters

JULY 7, 2021

For example, Form 941 , Employer’s Quarterly Federal Tax Return, is used by most employers (agricultural employers use Form 943 , small employers use annual Form 944 and Form 945 for annually reporting nonpayroll payments) each quarter to report employment taxes. Payroll tax relief. State and Local News.

payroll 59

payroll Tax income tax payroll tax 59

ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. Alabama and Hawaii do not have a mini-COBRA law, but do require continuing coverage based on very specific circumstances. in February.

Hawaii 98

Hawaii payroll tax South Dakota payroll 98

ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax.

payroll 72

payroll Virginia Utah West Virginia 72

Dent Moses

AUGUST 31, 2023

The county utilizes a mass appraisal process set forth by the Alabama Department of Revenue. Calculation: Property Taxes = (Assessed Value * Tax Rate) – Exemptions Homestead Exemption The regular homestead exemption (Type H1) is available to Alabama residents who own and occupy a single-family home as their primary residence.

Alabama 40

Alabama Tax income tax tax return 40

inDinero Tax Tips

APRIL 11, 2023

Partnership entities such as limited partnerships, limited liability corporations, and general partnerships aren’t required to file a yearly report in Delaware, but they do pay a $300 tax annually. The Delaware franchise tax A franchise tax is a state charge on corporations to conduct business in their state.

Delaware 52

Delaware Nevada Tax Sales 52

TaxConnex

FEBRUARY 9, 2023

Other states allow local jurisdictions to administer their own taxes. This is prevalent in Alabama, Colorado, and Louisiana. Generally speaking, if you have exceeded the economic nexus thresholds in these states, then you are required to collect the applicable state and local sales tax.

Sales 130

Sales Louisiana Alabama Tax 130

TaxConnex

OCTOBER 3, 2023

Highs and lows: According to The Tax Foundation’s most recent analysis , the five states with the highest average combined state and local sales tax rates are Tennessee (9.548%), Louisiana (9.547%), Arkansas (9.44%), Washington (9.4%) and Alabama (9.24%). billion for August, $39.4 million less than estimated and $1.7

Sales 147

Sales Louisiana Tax Tennessee 147

CPA Practice

JANUARY 3, 2024

Child tax credit for 2024 Additionally, several states have increased child and dependent tax credits for 2024. Colorado’s expanded child tax credit of up to $1,200 per child is effective for 2024 (tax returns normally filed in early 2025). Massachusetts now has one of the highest child tax credits in the U.S.

Tax 128

Tax Kansas income tax Montana 128

CPA Practice

APRIL 24, 2023

The IRS considers partnerships and multi-member LLCs “disregarded entities,” which means members/owners report their share of company profits and losses on their personal tax returns. C Corporations A C Corporation is a separate legal entity from its owners and files separate tax returns.

Legal 98

Legal income tax tax return Mississippi 98

ThomsonReuters

JUNE 28, 2021

The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette. This includes withholding taxes.

payroll 52

payroll income tax California North Dakota 52

ThomsonReuters

MARCH 8, 2021

The bill would prohibit the Connecticut Department of Revenue Services (DRS) from considering the activities of any employees who worked remotely from Connecticut during the 2020 tax year solely due to COVID-19 in determining whether an employer has nexus with Connecticut for any state tax. Tax relief for storm victims.

payroll 52

payroll Connecticut Alabama Virginia 52

PYMNTS

NOVEMBER 16, 2018

And, because all cannabis industry tax returns are in paper form, they are also nine times more expensive to process than the electronic returns filed by most other businesses, according to Julie Hill, a law professor at the University of Alabama and an expert on banking regulations and the legal marijuana industry.

Legal 70

Legal Alabama Colorado Virginia 70

inDinero Tax Tips

APRIL 20, 2021

Partnership entities such as limited partnerships, limited liability corporations, and general partnerships are not required to file an annual report in Delaware, but they do pay a $300 tax annually. The Delaware franchise tax. A franchise tax is a charge by states on corporations to conduct business in their state.

Delaware 64

Delaware Wyoming Nevada Oregon 64

Going Concern

AUGUST 25, 2023

All too often, the client and separate advisors don’t take the time to establish a strong working relationship,” said Jenny Kramer, Milwaukee-based tax partner at Sikich. Alabama State University ] This kid is already on the partner track and hasn’t even started yet, check the quote. Big 4 COBA Student Wins Big Internship!

tax preparation 98

tax preparation CPA payroll tax Illinois 98

PYMNTS

JANUARY 8, 2019

“Tax refunds will go out,” the acting director of the White House Office of Management and Budget, Russell Vought, told reporters on Monday (January 7), according to Bloomberg. With past shutdowns the IRS would accept tax returns but delay refunds until a shutdown was over, but Vought said the administration is fixing that issue.

Tax 49

Tax Alabama tax return Government 49