CPA Practice

OCTOBER 13, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has announced tax relief for taxpayers impacted by the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. The IRS has also extended certain other tax filing and payment deadlines. On Saturday, Oct.

Tax 118

Tax tax return Washington tax preparation 118

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Legal marijuana businesses are an enforcement priority of the IRS.

income tax 98

income tax Tax tax return Oregon 98

CPA Practice

JANUARY 2, 2024

By Joy Taylor, Kiplinger Consumer News Service (TNS) Year-end tax legislation was a no-go this December, with congressional lawmakers gone for the holidays. But there is movement behind the scenes and the hope of tax changes by mid-2024. If there is a tax package, let’s look at what could potentially be included.

Tax 122

Tax income tax Washington Maine 122

CPA Practice

SEPTEMBER 19, 2023

Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This leaves net proceeds of $14 million.

tax planning 116

tax planning Tax income tax Sales 116

CPA Practice

JUNE 30, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Now that a debt default has been diverted, Republicans in the House of Representatives are turning toward taxes. GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats.

Tax 122

Tax income tax Washington Start-ups 122

CPA Practice

AUGUST 3, 2023

So, why not hire your child or your children to work for your business? Doing so can keep them productive and teach valuable skills while potentially lowering your tax bill. Your child won’t have to pay taxes if their income for a given tax year is less than the standard deduction amount for that year (e.g.,

Tax 97

Tax income tax Washington accounting and finance 97

CPA Practice

MARCH 8, 2023

While designed to limit inflation, the IRA has also impacted various areas of taxation beyond IRS funding, such as bonus depreciation and the corporate alternative minimum tax (AMT). Understanding Then, the company paid whichever resulted in the highest tax bill. Corporate The IRA either created or reinstated green energy tax credits.

income tax 111

income tax Tax financial statements corporation tax 111

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 in its “ Green Book.”

payroll 98

payroll Vermont Tax Connecticut 98

CPA Practice

JANUARY 30, 2023

But this effort took an unusual turn when he filed several FOIA requests during the nearly four years he spent unsuccessfully trying to block his tax returns from becoming public. tax code gives the president special permissions to request taxpayer information from the IRS. For example, the U.S.

tax return 52

tax return Tax audit Legal 52

CPA Practice

JULY 28, 2023

The digital economy has caused an incredible shift in how jurisdictions create, administer, remit and audit indirect taxes. Over the last decade, businesses, governments, regulators and policy makers have all been trying to make sense of this new retail landscape. The tax levies a rate of 2.5%

Maryland 52

Maryland Tax Virginia West Virginia 52

CPA Practice

JUNE 8, 2023

Taylor, Kiplinger Consumer News Service (TNS) The upcoming deadline for 2023 estimated tax payments is June 15, which is approaching quickly. If you don’t have taxes automatically deducted from a regular paycheck due to being self-employed or retired, for example, you may need to make estimated tax payments.

Tax 52

Tax tax return Washington income tax 52