RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due.

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Tax income tax CPA business tax 246

Insightful Accountant

AUGUST 6, 2023

On the latest edition of Accounting Insiders, Insightful Accountant's Gary DeHart sits down with Cloud Business Services' Tanya Hilts to discuss the importance of industry events, and more.

Account 92

Account accountant accounted 92

RogerRossmeisl

AUGUST 6, 2023

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made for a spouse who is out of work or who stays home to care for children, elderly parents or for other reasons, as long as the couple files a joint tax return.

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tax return CPA Tax 245

Insightful Accountant

AUGUST 6, 2023

Liz Scott is back with a look at the newest feature from QBO Payments and how it will help streamline the process of matching QBO with QBO Payments.

quickbooks 91

quickbooks 91

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

Account

RogerRossmeisl

AUGUST 6, 2023

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. No wonder! For 2023, the SE tax is imposed at the painfully high rate of 15.3% on the first $160,200 of net SE income. This includes 12.4% for Social Security tax and 2.9% for Medicare tax. The $160,200 Social Security tax ceiling is up from the $147,000 ceiling for 2022, and it’s only going to get worse in future years, thanks to inflation.

Tax 245

Tax CPA business tax 245

Insightful Accountant

AUGUST 6, 2023

As accountants, understanding the different phases of the SBIR program and the requirements at each stage can help better support your clients. Hour Timesheet and Clockwise co-founder Debbie Sabin explains.

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Account accountant accounted 52

RogerRossmeisl

AUGUST 6, 2023

Business valuation professionals often use public stock market data to value private businesses — even though there are critical differences between closely held and publicly traded companies. Here’s an overview of how valuators modify their analyses to take advantage of objective, market-based indicators of value. Recognizing key differences Public companies differ from private ones in the following five critical ways: Level of oversight, differing goals.

CPA 244

CPA 244

RogerRossmeisl

AUGUST 6, 2023

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly. Important: The IRS will never contact you by email, text or social media channels about a tax bill or refund.

CPA 244

CPA Tax 244

RogerRossmeisl

AUGUST 6, 2023

According to S&P Global, there have been at least 230 corporate bankruptcy filings thus far in 2023 (through early June). That’s more than twice the number of filings over the same period in 2022. Such growing numbers represent bad news for the companies involved, obviously, but also potentially for their vendors, customers and other business partners.

CPA 243

CPA 243

RogerRossmeisl

AUGUST 6, 2023

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. That means your entire profit — including the portion from pre-development appreciation in the value of the land — will be treated as high-taxed ordinary income subject to a federal rate of up to 37%.

Tax 243

Tax Real Estate income tax CPA 243

Advertiser: Paycor

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

RogerRossmeisl

AUGUST 6, 2023

Divorce is never easy. But when the marital estate includes a private business interest, matters can become especially complicated. Here are some challenges that may be encountered when divorce proceedings require a business valuation. Data sharing Because divorce often is adversarial, the parties may withhold or slant information to protect their financial interests.

CPA 240

CPA Account accountant accounted 240

RogerRossmeisl

AUGUST 6, 2023

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers.

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tax return Tax Start-ups CPA 231

RogerRossmeisl

AUGUST 6, 2023

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs Eligible taxpayers can make extra catch-up contributions of up to $1,000 annually to a traditional or Roth IRA. If you’ll be 50 or older as of December 31, 2023, you can make a catch-up contribution for the 2023 tax year by April 15, 2024.

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Account accountant accounted CPA 228

RogerRossmeisl

AUGUST 6, 2023

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandfather bought stock in 1940 for $600 and it’s worth $1 million at his death, the basis is stepped up to $1 million in the hands of your

income tax 225

income tax CPA Tax 225

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

RogerRossmeisl

AUGUST 6, 2023

Asset misappropriation schemes make up more than half of all occupational fraud schemes, according to the Association of Certified Fraud Examiners. It’s a broad category that includes everything from skimming cash to stealing inventory to paying “ghost” employees. One hotspot for asset misappropriation is the accounts receivables department, where dishonest staffers could potentially divert customer payments for their own use.

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Account accountant accounted CPA 130

RogerRossmeisl

AUGUST 6, 2023

If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue is more likely to happen with a financially troubled corporation. What can’t you deduct? In general, you can’t deduct an expense you incur on behalf of your corporation, even if it’s a legitimate “trade or business” expense and even if the corporation

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Legal CPA business tax Tax 130

RogerRossmeisl

AUGUST 6, 2023

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them. Recent statistics Overall, just 0.49% of individual tax returns were audited in 2022.

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audit tax return CPA Tax 230