RogerRossmeisl

JANUARY 21, 2024

Business vs Non-Business Property Property Not Subject to Depreciation The credit amount for property not subject to depreciation is 30% of the cost of the qualified property placed in service during the.

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RogerRossmeisl

JANUARY 14, 2024

The post FinCEN Alerts BOI Reporting Companies to Fraud Attempts appeared first on Roger Rossmeisl, CPA. Be advised that e-mails or letters such as this are fraudulent, according to the alert. FinCEN cautions individuals that it does not send unsolicited.

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RogerRossmeisl

JANUARY 1, 2024

The post IRS Launches New Webpage with FAQs on ERTC Voluntary Disclosure Program appeared first on Roger Rossmeisl, CPA. FAQs: The FAQs provide detailed information on eligibility, the program process, calculating and.

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RogerRossmeisl

JANUARY 1, 2024

The post IRS Continues Dissuading Questionable ERTC Claims appeared first on Roger Rossmeisl, CPA. The IRS mailing is the latest in an expanded compliance effort that includes a special withdrawal program for those with pending claims who.

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CPA Practice

MARCH 5, 2024

As business tax season winds down in the US Market, many leading partners have contacted me for strategic technology guidance for 2024 and beyond. Unlike the old days when public practice CPAs rarely spoke to anyone but clients and other team members during tax season, it is evident that CPA firms have become year-round businesses.

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RogerRossmeisl

MARCH 18, 2024

Because of the resulting lower salary expense, this results in a higher tax burden for taxpayers with sizable ERTC refunds. The post Employee Retention Tax Credit Penalty Relief appeared first on Roger Rossmeisl, CPA. Reasonable Cause Penalty Relief To the extent an ERTC.

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RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. Employers that submitted an ERTC claim that’s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they’re ineligible. The IRS created the.

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RogerRossmeisl

OCTOBER 30, 2023

The post Update on Depreciating Business Assets appeared first on Roger Rossmeisl, CPA. . §179 deductions can also be claimed for real estate qualified improvement property (QIP), up to the maximum allowance.

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RogerRossmeisl

OCTOBER 29, 2023

When an asset falls under this tax-free transfer rule, the spouse who receives the asset takes over its existing tax basis (for tax gain or loss purposes) and its existing holding period (for short-term or long-term holding period purposes). For example, let’s say.

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RogerRossmeisl

NOVEMBER 6, 2023

The now-permanent 21% corporate federal income tax rate under the Tax Cuts and Jobs Act (TCJA) makes buying the stock of a C corporation somewhat more attractive. The post It’s Important to Understand How Taxes Factor Into M&A Transactions appeared first on Roger Rossmeisl, CPA. Reasons: The corporation.

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RogerRossmeisl

SEPTEMBER 4, 2023

The post Cash Payments Over $10,000 Must Be Reported Online Beginning 1/1/2024 appeared first on Roger Rossmeisl, CPA. The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete and accurate. The new requirement for.

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RogerRossmeisl

SEPTEMBER 18, 2023

The post Receive More than $10,000 in Cash at your Business? Here’s What You Must Do appeared first on Roger Rossmeisl, CPA. Transactions can also be considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of.

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RogerRossmeisl

SEPTEMBER 18, 2023

Basic distribution rules If a retirement plan participant withdraws money from an employer plan before reaching age 59½, a 10% additional tax or penalty generally applies unless an exception exists. This is on top of the ordinary tax that may be. appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

FEBRUARY 18, 2024

The post Should Your Business Offer the New Emergency Savings Accounts to Employees? appeared first on Roger Rossmeisl, CPA. For 2024, a participant who earned $150,000 or more in 2023 is a highly compensated employee. Here are some more.

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RogerRossmeisl

OCTOBER 29, 2023

If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt. The post Tax Implications of Guaranteeing a Loan to Your Corporation appeared first on Roger Rossmeisl, CPA.

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VetCPA

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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DentalAccounting

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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RogerRossmeisl

APRIL 24, 2023

Dealing with losses If you expect that the business will incur losses in. The post Choosing an Entity for Your Business? appeared first on Roger Rossmeisl, CPA. How About an S Corporation?

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CPA Practice

FEBRUARY 1, 2024

Roseland, NJ-based tax and advisory practice Magone & Co. has signed an agreement to merge with Hackensack, NJ-based CPA firm Wurdemann, Pinto & Co. The combined firm will employ approximately 40 people. Financial terms of the deal weren’t disclosed.

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RogerRossmeisl

FEBRUARY 5, 2023

As a result of this notice, the IRS updated the related frequently asked questions for these credits which can be found on IRS Fact Sheet 2023-4 here: IRS Fact Sheet 2023-04 (This is Blog Post #1340) The post IRS Issues Guidance and FAQ Updates Related to the Clean Vehicle Tax Credits appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

MAY 5, 2023

The post 4 Ways Corporate Business Owners Can Help Ensure Their Compensation is “Reasonable” appeared first on Roger Rossmeisl, CPA. Any unreasonable portion isn’t deductible and, if paid to a shareholder, may be.

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RogerRossmeisl

MAY 15, 2023

A business may also provide the worker with fringe benefits if it makes them available to other employees. The post If You’re Hiring Independent Contractors, Make Sure They’re Properly Handled appeared first on Roger Rossmeisl, CPA. In addition, there.

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RogerRossmeisl

JANUARY 4, 2023

The post How to Minimize the S Corporation LIFO Recapture Tax appeared first on Roger Rossmeisl, CPA. The reason: The inventory taken into account in calculating the cost of goods sold under LIFO reflects current costs, which are usually higher.

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RogerRossmeisl

JANUARY 1, 2024

The post IRS Lets Employers Repay Questionable ERTC Claims at a Discounted Rate appeared first on Roger Rossmeisl, CPA. The IRS also continues to urge employers with pending ERTC claims to consider a separate withdrawal program that.

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RogerRossmeisl

NOVEMBER 9, 2022

The post Work Opportunity Tax Credit Provides Help to Employers appeared first on Roger Rossmeisl, CPA. To satisfy a requirement to pre-screen a job applicant, a pre-screening notice must be completed by the job applicant and the employer on or before the.

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RogerRossmeisl

DECEMBER 15, 2022

Independent contractors are normally people in an independent trade, business or profession in which they offer their services to the public. The post Worker Classification 101: Employee or Independent Contractor appeared first on Roger Rossmeisl, CPA. Independent contractor vs. employee Whether a.

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RogerRossmeisl

NOVEMBER 26, 2023

Failure to comply without reasonable cause Businesses that fail to comply with the unclaimed property reporting requirements, and do not have reasonable cause, are subject to interest assessed at the rate of 12% on the value of the.

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RogerRossmeisl

JUNE 26, 2022

While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who. The post IRS Releases Updated Cost Segregation Audit Techniques Guide appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

MARCH 28, 2022

Instead, each shareholder is taxed on the corporation’s earnings, whether or not the earnings are distributed. The post Why What an S Corp Shareholder Receives and Reports is Different appeared first on Roger Rossmeisl, CPA. Similarly, if an S corporation has a loss, the loss.

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RogerRossmeisl

JANUARY 26, 2022

The post How Entrepreneurs Expenses are Claimed on Tax Returns appeared first on Roger Rossmeisl, CPA. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by.

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RogerRossmeisl

JANUARY 5, 2022

The post Defer Tax with a Like-Kind Exchange appeared first on Roger Rossmeisl, CPA. However, neither the relinquished property nor the replacement property can be real property.

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RogerRossmeisl

NOVEMBER 17, 2021

The difference in rates can be mitigated by the qualified business income (QBI) deduction that’s available to eligible pass-through entity owners that are individuals, estates and trusts. The post Factors To Consider When Choosing a Business Entity appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

NOVEMBER 12, 2021

The post Maximize Your Depreciation with a Cost Segregation Study appeared first on Roger Rossmeisl, CPA. Personal property — such as equipment, machinery, furniture and fixtures — is.

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RogerRossmeisl

NOVEMBER 28, 2021

Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. The post Recent FTB Clarifications on Pass-Through Entity Tax (AB-150) appeared first on Roger Rossmeisl, CPA. For calendar-year taxpayers, that is March 15, 2022.

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RogerRossmeisl

NOVEMBER 2, 2021

The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA. TCDTRA 2020 extended the WOTC to cover qualified first-year wages paid to eligible new hires who begin work by 12/31/25. This means.

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RogerRossmeisl

AUGUST 27, 2021

If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt can be. The post Possible Tax Consequences of Guaranteeing a Loan to your Corporation appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

JANUARY 1, 2024

Standard rate vs. tracking expenses Businesses can generally deduct the actual expenses attributable to business use of vehicles. These include gas, tires, The post The Standard Business Mileage Rate Goes Up Slightly in 2024 appeared first on Roger Rossmeisl, CPA.

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