Withum

JUNE 27, 2022

These various versions can cause problems when trying to manage these models and maintain governance on multiple models that are essentially the same in the back end with different reports attached to the front end. Digital and Technology Transformation Services. Contact Us. Contact Us.

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LyfeAccounting

JANUARY 7, 2021

?. Government spending represents over ? Who is profiting from government spending? Government contractors. That’s a lot of money going into the hands of businesses that are set-up to get government contracts. That’s a lot of money going into the hands of businesses that are set-up to get government contracts.

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Withum

FEBRUARY 15, 2022

The latter approach, which some call a budget gimmick, reduces the headline number of the bill but causes the government to spend more over time because no politician likes to be seen as ending a government program. Business Tax Services. Manchin, then theoretically most or all of them could remain. Contact Us.

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Withum

MARCH 15, 2022

To stave off an impending government shutdown, federal lawmakers passed a $1.5 billion for taxpayer services, including the Office of Taxpayer Advocate, and increased hiring; $5.4 billion for operations support; and $275 million for business systems modernization. Business Tax Services. Contact Us.

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Going Concern

APRIL 5, 2024

He’s looking at 55 counts of aiding and assisting in the preparation of false tax returns, five counts of mail fraud, one count of aggravated identity theft and two counts of tax evasion. LEON’S TAX SERVICE on Google street view. He was arrested last July at which time U.S. Attorney Philip R.

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Withum

JULY 25, 2022

Our dedicated team of Withum COVID relief experts has helped hundreds of organizations determine eligibility for a variety of COVID-related government relief programs. 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 27, 2023

Over the past few days, the IRS has issued several updates regarding tax relief for victims of severe winter storms, flooding, landslides, and mudslides. 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.

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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. The immediate deduction of research expenditures is imperative for the growth of business. Supporting immediate research expensing to foster U.S.

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Withum

MARCH 16, 2022

Government issued Executive Order 14068 prohibiting certain imports, exports and new investment with Russia. Person, to the Government of Russia or any person located in Russia; any approval, financing, facilitation, or guarantee by a U.S. Business Tax Services. On March 11, 2022, the U.S. Contact Us. Contact Us.

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inDinero Tax Tips

MAY 13, 2024

It’s money collected from employee wages and used to fund Social Security, Medicare, unemployment insurance, and other government programs. Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge.

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Withum

NOVEMBER 29, 2023

FinCEN will store the information in a secure, non-public database and it will be made available only to certain government agencies and foreign officials that submit a request to FinCEN related to national security, intelligence, or law enforcement. Will the reported beneficial ownership information become public? See FAQ #A.3.

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Withum

MARCH 12, 2024

The only things that have changed are the makeup of the United States Supreme Court, the increasing legalization of cannabis at the state level, and the willingness of the federal government to enforce the CSA against businesses that operate in conformity with state cannabis laws.

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inDinero Tax Tips

MAY 24, 2023

You need to have a clear picture of what you’re spending on your business, not to mention the IRS requires documentation for all business expenses claimed on tax returns. Beyond that, certain industries, such as healthcare or businesses receiving government funding, also have legal documentation requirements.

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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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Withum

SEPTEMBER 2, 2022

For more information on this topic, please contact a member of Withum’s Business Tax Services Team. The post Extension of the Energy Investment Tax Credit appeared first on Withum. Contact Us. Let’s Chat.

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Withum

NOVEMBER 29, 2023

FinCEN will store the information in a secure, non-public database and will be made available only to certain government agencies and foreign officials that submit a request to FinCEN related to national security, intelligence, and law enforcement. Will the reported beneficial ownership information become public? See FAQ #A.3.

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Withum

MAY 23, 2022

Any order, proclamation, or decree from the Federal government or any State or local government can qualify as long as it limits commerce, travel, or group meetings due to COVID-19 and relates to the suspension of the supplier’s trade or business. Business Tax Services. Contact Us. Contact Us.

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Withum

SEPTEMBER 22, 2022

The IRS examined the rules governing the PPP and noted that in order to receive loan forgiveness, a taxpayer had to be an eligible recipient and the PPP loan proceeds had to be spent on eligible expenses within the covered period. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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Withum

SEPTEMBER 2, 2022

Applicable entities, including tax exempt entities, state or local governments, and Indian tribal governments can make a direct pay election for this credit to effectively treat the tax credits as taxes paid on a filed return. The post Is It Time for Businesses To Invest in Electric Vehicles? Contact Us.

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Withum

DECEMBER 23, 2023

More recently, tax writers were meeting on a regular basis and the news reported on a rough outline of a plan, but that came to nothing. So now Congressional leaders have departed for winter recess and will return to a full plate of financing the government when they return. appeared first on Withum.

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Going Concern

NOVEMBER 10, 2023

” Wilkinson’s comments came in the wake of news reports saying the government paid KPMG nearly $670,000 to find ways to save money — and after the the Trudeau government announced an initiative to tighten spending and reduce its reliance on outside consultants. .

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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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Withum

APRIL 4, 2022

For taxpayer’s contesting or litigating one of these cases, it is important to note that the court refused to enjoin government agencies from introducing in future judicial or administrative proceedings any information obtained unlawfully under the Notice. Business Tax Services. Contact Us. Contact Us.

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Withum

APRIL 24, 2023

If you want a quick overview of the rules governing QSBS, you can read about them here. The rules governing QSBS are complex. There is no substitute for timely and independent advice from a qualified tax advisor. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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xendoo

JANUARY 26, 2023

The Internal Revenue Service (IRS) can send you a bill for penalties and additional fees. However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. Types of Penalties How Long Can You Go Without Filing Business Taxes?

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Withum

NOVEMBER 14, 2022

In a nutshell, late-filing relief is granted to taxpayers who act reasonably and in good faith, and granting relief will not prejudice the interests of the government. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Contact Us. Let’s Chat.

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MazumaBusinessAccounting

JULY 27, 2022

For example, do you know how much your business has spent on payroll this year? Tax Filing. Business taxes are complex and time-consuming and can be stressful when trying to do them alone. Bookkeeping services that include tax filing take a lot off your plate come tax time. Get Extra Peace of Mind.

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Withum

MAY 4, 2022

Many states across the nation have enacted electable PTETs in an effort to provide businesses a workaround to the federal state and local tax (“SALT”) deduction limitation that the Tax Cuts and Jobs Act (“TCJA”) put in place. PTET Income Tax Addback. State and Local Tax Services. Contact Us.

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Withum

APRIL 8, 2022

As the contributions are made with pre-tax dollars, the federal government has instituted a required minimum distribution age to ensure taxation in the taxpayer’s lifetime. If the House Bill is passed, a careful review of one’s retirement portfolio should take place with their financial and tax advisor. Business Tax Services.

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Withum

SEPTEMBER 6, 2022

Concerns related to whether the government is using this collected data, tracking user locations, tracking driving and reading personal files have some users avoiding the use of e-commerce – specifically platforms relating to buying potent substances such as cannabis. Author: Kim Gordon | kgordon@withum.com. Contact Us. Let’s Chat.

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Withum

MARCH 21, 2022

After all, why were the large C Corporations being given such favorable treatment when the majority of the businesses in the United States operate as pass-through entities? Aren’t federal income taxes grand? Business Tax Services. Contact Us. Contact Us.

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Withum

JUNE 22, 2022

The rules governing qualified rollovers are complex and the strategies discussed in this article should be undertaken only with advice from a qualified tax advisor. Business Tax Services. The taxpayer’s ability to document the facts will be important. Conclusion. Contact Us.

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Withum

JULY 26, 2023

businesses and a strong economy , the U.S. government is also facing unchartered territory regarding the deficit. On the Democratic side, there is still a strong desire to expand the child tax credit. Senate Finance Committee Chair Ron Wyden (D-OR) said business tax provisions must be paired with provisions helpful to children.

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CPA Practice

OCTOBER 18, 2023

Each of those six products can have its own sales tax rate (or exemption), with the beer and wine also incurring different excise taxes. Tax rates on services are similarly varied. Some states tax services, others don’t. So companies like Uber or Care.com need to know when to apply tax and when to exempt it.

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Withum

JULY 26, 2023

Generally, entities that can make a direct-pay election include tax-exempt organizations, State or political subdivisions, local governments, Indian tribal governments, Alaska Native Corporations, the Tennessee Valley Authority, rural electric co-ops, U.S. Once an election is made to transfer a credit, it is irrevocable.

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Withum

OCTOBER 11, 2023

Even though Congress may have recently provided bi-partisan legislation by passing the continuing resolution to keep the government funded through November 17 th , it is unclear whether similar bi-partisan legislation can be passed in order to retain and support continued R&E practices in the United States.

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