Cherry Bekaert

FEBRUARY 27, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes. The expanded disclosure requirements are detailed in Accounting Standards Update No.

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MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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Withum

FEBRUARY 14, 2024

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. ASU 2023-09 applies to all entities that are subject to income taxes, but some disclosures are only required for public entities.

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Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

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CPA Practice

AUGUST 7, 2023

Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. Income tax returns: Who’s on first?

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RogerRossmeisl

JANUARY 19, 2022

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. The post Help Safeguard your Personal Information by Filing your 2021 Tax Return Early appeared first on Roger Rossmeisl, CPA.

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Cherry Bekaert

JULY 14, 2023

More and more states treat software-as-a-service (SaaS) or platform-as-a-service (PaaS), hosting services and other data-processing services as taxable services and subject to sales tax, which shouldn’t be ignored. However, state income tax issues for PTEs generally receive less attention in the technology industry.

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CPA Practice

FEBRUARY 28, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. When will I get my tax refund? ” The IRS and tax professionals strongly encourage electronic filing.

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CPA Practice

MARCH 29, 2024

The previous federal tax relief, announced shortly after the fires, mainly lasted through Feb. 15 , which did not cover federal income tax filings for tax year 2023. In general, the new extension “means that affected individuals, businesses and tax-­exempt organizations will now have until Aug. 15, 2023, and Jan.

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FraudFiles

MAY 20, 2024

Income tax returns and supporting information such as W-2s and pay stubs are the most common and basic documents which evidence income in family law cases.

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Withum

FEBRUARY 20, 2024

The tax implications and overall economic impact will be felt throughout the league and the states in which they play. When it comes to state income taxes, professional athletes establish residency in one state and are taxed by each other state relative to the number of “duty days” they spend there.

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Withum

AUGUST 24, 2023

The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques.

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Dent Moses

JULY 19, 2022

Beginning in 2018, the Tax Cuts and Jobs Act placed a $10,000 cap on the state and local tax (“SALT”) deduction for individuals who itemize deductions. In the years since 2018, many taxpayers have exceeded the cap and have paid large amounts of state income taxes that weren’t deductible for Federal purposes.

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DMCL

MARCH 11, 2022

Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

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FraudFiles

MAY 30, 2023

Everyone knows about the typical sources of financial information in divorces. Income tax returns, bank statements and related documents, brokerage statements, credit card statements, and business financial statements are some of the most common. …

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CPA Practice

APRIL 24, 2023

Don’t overlook filing; people may miss out on a tax refund Taxpayers who choose not to file a return because they don’t earn enough to meet the filing requirement may miss out on receiving a refund due to potential refundable tax credits. For more information see the penalties page on IRS.gov.

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Menzies

JANUARY 7, 2024

If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below). Further information may be required to finalise your account, as set out below. Congratulations!

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

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LyfeAccounting

NOVEMBER 17, 2020

Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. In this post, I’m going to fully explain the difference between payroll taxes and income taxes.

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Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. This will replace the need for a Self-Assessment tax return.

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Accounting Insight

NOVEMBER 11, 2022

At Accountex Summit Manchester, Dorcas Mbwiti, Senior Product Manager at Wolters Kluwer Tax & Accounting UK took the opportunity to talk to Sarah Davy, Partner at Edwards Greene. A: I’ve been involved in tax for 20+ years on the private client side of things. Q: As a firm, how are you preparing for MTD for Income Tax?

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Xero

AUGUST 11, 2022

Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). The government legislation with the goal of digitising the tax process has been underway for some time, and the next step is looming large on the horizon. Where to find more information.

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Xero

NOVEMBER 11, 2022

From April 2024, self-employed people and landlords earning over £10,000 annually, will need to follow Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) rules. . The End of Period Statement is the process of finalising business income for the tax year. Learn more here. .

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Anders CPA

DECEMBER 12, 2023

As part of the Corporate Transparency Act (CTA), beneficial owners of qualifying companies will be required to begin submitting Beneficial Ownership Information (BOI) Reporting. A key component of the CTA is Beneficial Ownership Information (BOI) Reporting. government. government.

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ThomsonReuters

OCTOBER 1, 2021

How the right user community can help tax professionals crowd-source ideas. _. Tax & Tech Talks: A Closer Look at Corporate Income Tax Solution for a Successful Filling Season. Subscribe to Tax & Tech Talks podcast on Spotify , Libsynpro , and Apple Podcast apps. _. The impact of e-filing.

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Dent Moses

JUNE 14, 2023

The Department of Revenue will also need to develop forms for employers to report the required information. The post Governor Ivy Signs Bill to Exempt Overtime Pay from 5% State Income Tax appeared first on Dent Moses, LLP. Click HERE for a copy of HB 217. Please contact your Dent Moses advisor if you have questions.

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Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. For more information on this topic, please contact a member of Withum’s Real Estate Services team.

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Xero

MAY 27, 2022

If you’re a landlord , you’ll likely have felt the rumblings around Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ). . Bear in mind, landlords who are registered as limited companies should continue to share limited company accounts and company tax returns with HMRC and Companies House.

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CPA Practice

AUGUST 3, 2023

The IRS is not adhering to its own internal guidelines when sending large volumes of sensitive taxpayer information to and from its tax processing centers, according to a new report from the Treasury Inspector General for Tax Administration, the watchdog entity that oversees the nation’s tax agency.

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Accounting Today

FEBRUARY 12, 2024

Hundreds of Internal Revenue Service employees and contractors continued to have access to at least one sensitive IRS computer system even after they stopped working there.

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Menzies

APRIL 4, 2023

To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. Taxpayer safeguards Paragraph 21 lists only four scenarios where HMRC are able to make an information request under Schedule 36.

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Accounting Today

JANUARY 17, 2024

The Internal Revenue Service offered information about how business owners can avoid electronically filing their income tax forms if it violates their religious beliefs.

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ThomsonReuters

APRIL 1, 2021

In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. Tax Refunds and Credits. Here are highlights: Form 1040 Series. Form 5498 Series.

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Ronika Khanna CPA,CA

MAY 26, 2023

Digital Download Available at Amazon What is a Notice of Assessment (aka NOA ) After you file any type of tax return Revenue Canada (CRA) and Revenue Quebec (RQ) will send you an acknowledgement (somewhat like a report card) that the return has been received and a detailed breakdown of the tax return that was filed including any discrepancies.

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xendoo

DECEMBER 14, 2020

The processor will charge a fee, which does not go to the IRS and may be tax-deductible.Note that when you e-file with integrated e-payment, the processing fees may be different. Visit the Debit or Credit Card payment page on the IRS website for more information. Electronic Federal Tax Payment System.

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CPA Practice

OCTOBER 30, 2023

Source Income of Foreign Persons Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return Form 1120-C, U.S. Income Tax Return for Cooperative Associations Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation Form 1120-H, U.S.

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RogerRossmeisl

JANUARY 1, 2024

Pinpoint all applicable taxes It may seem like a smart idea to simply move to a state with no personal income tax. But, to make a wise and informed decision, you must consider all taxes that can potentially apply to a state resident. If the state you’re considering has an income tax, look at the types of.

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