Washington, Lincoln and the U.S. tax system
Accounting Today
FEBRUARY 20, 2024
In the wake of President's Day, and in the midst of tax season, take a minute to learn about Washington's and Lincoln's key contributions to the U.S. tax system.
Wayfair: Sales Tax and State Income Tax Implications
TaxConnex
MARCH 18, 2021
Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both. Sales Tax Implications of Wayfair.
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Abolish Income Taxes? Idea Gains Some Traction in Congress
CPA Practice
JANUARY 23, 2023
(TNS) Seeming to come out of left field, President Joe Biden last week blasted Republicans for pushing legislation that would abolish federal income taxes and the IRS then replace those revenues with a 30% or so national sales tax. “It Day breakfast at the Mayflower Hotel in Washington, D.C. has no national sales tax.
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How SUI and State Income Taxes Affect Small Businesses
CPA Practice
JULY 12, 2023
Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SUI Tax? The federal tax rate is a flat 6%.
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How to File a Deceased Person’s Final Income Tax Return
CPA Practice
MARCH 1, 2023
By Joy Taylor, Kiplinger Consumer News Service (TNS) Benjamin Franklin coined the famous saying that “in this world, nothing is certain but death and taxes.” But what about when death and taxes coincide, such as when someone dies during the year and has a tax filing obligation? 31, 2022, you can file a joint 2022 return.
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How Retirees Can Minimize the Net Investment Income Tax
CPA Practice
APRIL 2, 2024
Miser, Kiplinger Consumer News Service (TNS) For retirees, navigating the intricate landscape of taxes is a nuanced task. That’s because your taxable income is dependent on how you file. This is especially important when it comes to the net investment income tax (NIIT). What is the net investment income tax?
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IRS Gives Tax Relief Extension to Spokane, Washington, Area Taxpayers Affected by Fires
CPA Practice
FEBRUARY 29, 2024
The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2023, and Jan. 31, 2023, and Jan.
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His? Hers? Whose Name is Usually First on Joint Income Tax Returns?
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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New Washington State Payroll Tax Targets Long-Term Care Expenses
CPA Practice
MARCH 18, 2024
Taylor, Kiplinger Consumer News Service (TNS) There’s another new tax in the state of Washington. The state’s Supreme Court recently upheld a controversial capital gains tax , which has been re-challenged in court and could be on the state’s ballot in November for potential repeal. What is long-term care?
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When Businesses May Want to Take a Contrary Approach with Income and Deductions
RogerRossmeisl
APRIL 28, 2024
One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income tax rate from its current flat 21% to 28%. There have also been discussions in Washington about raising individual federal income tax rates.
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No Need To Balk at State Income Taxes During Spring Training
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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NADA Storms Washington
Withum
OCTOBER 2, 2023
Withum was excited to join the National Automobile Dealers Association (“NADA”) members from across the United States at a Washington, D.C. While various concerns surrounding tax legislation and regulations were discussed, four areas of concern were highlighted when visiting Congressional leaders. conference on September 12 and 13.
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State Income Tax Planning Considerations for a Liquidity Event
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. Conformation to IRC.
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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners
CPA Practice
APRIL 9, 2024
As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%
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Nonprofit 990 Tax Compliance: Navigating Challenges with an Enrolled Agent
MyIRSRelief
MAY 15, 2024
Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. Get professional help by calling us at 1-877-78-TAXES [1-877-788-2937].
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House Bill Proposes to End Social Security Tax for Retirees
CPA Practice
FEBRUARY 12, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. It’s a tax cut for seniors and a way to ensure more Americans can depend on the Social Security benefits they’ve earned,” Rep.
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New Trump Tax Cuts Could Cost U.S. $4.6 Trillion, Bipartisan Watchdog Agency Says
CPA Practice
MAY 9, 2024
Erik Wasson Bloomberg News (TNS) The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 Extending the personal income tax cuts will cost $3.8 Extending the personal income tax cuts will cost $3.8
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How the 50 States Rank By Tax Burden
CPA Practice
APRIL 3, 2024
A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.
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Think Tank Appeals Washington Capital Gains Tax to U.S. Supreme Court
CPA Practice
AUGUST 24, 2023
Taylor, Kiplinger Consumer News Service (TNS) Washington state enacted a new and controversial capital gains tax two years ago. Critics of the 7% tax on the sale or exchange of certain long-term capital assets argued that it violated the state’s constitution. Washington. “The Supreme Court to take up the case Quinn v.
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How the 50 States Rank By Tax Burden
CPA Practice
APRIL 9, 2024
A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. The following are some key findings from WalletHub’s study: As previously stated, New York has the highest overall tax burden, while Alaska has the lowest.
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Most Expensive (and Tax-Heavy) States for Millionaires in 2023
CPA Practice
AUGUST 29, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) The most expensive states for millionaires tax high earners at high rates. And if you fall into the top federal income tax bracket , the IRS will tax some of your earnings at the 37% rate.) The top income tax rate is 11%. 9% or higher).
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Key State Tax Changes for 2024
CPA Practice
JANUARY 3, 2024
Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.
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Sales tax and nonprofits
TaxConnex
SEPTEMBER 7, 2023
Nonprofits are often thought to be exempt from sales taxes, but is that correct? Other stats say more than 2 million charities exist that are tax-exempt according to Internal Revenue Service rules. Are non-profits exempt from sales tax obligations? These same organizations are not necessarily exempt from sales tax.
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IRS Provides Tax Relief to Rhode Island Storm Victims
CPA Practice
FEBRUARY 2, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.
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The Reversal of Washington State’s New Capital Gains Tax – Now What?
Withum
MARCH 7, 2022
The Washington State Superior Court on March 1, 2022 overturned a new law enacted last year to tax capital assets. The capital gains tax took effect on January 1, 2022. The Washington State’s Capital Gains Tax imposed a single tax rate of 7% would apply to all levels of such income that exceed the standard deduction of $250,000.
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What Do Taxes Have to Do with the NBA Finals?
CPA Practice
JUNE 5, 2023
Taylor, Kiplinger Consumer News Service (TNS) NBA finals Game 2 is in the books, and many people who tuned in to see the Miami Heat tie the series with the Denver Nuggets are probably not wondering what a jock tax is. But the NBA Finals—and other sporting events—are connected to taxes in a big way. What is the jock tax?
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Understanding use tax
TaxConnex
MARCH 31, 2022
One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.
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The accountant’s guide to state taxes on retirement income
ThomsonReuters
APRIL 25, 2024
Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?
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These Eight States Won’t Tax Your Mega Millions Jackpot Winnings
CPA Practice
AUGUST 4, 2023
However, the Mega Millions winner will have to pay considerable federal taxes. The IRS takes federal tax “off the top.” But the winner then pays additional federal income taxes based on the tax rate tied to their federal tax bracket, which will be high due to the multi-billion-dollar payout. for a while.
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U.S. Corporate Taxes Likely to Rise to Tame Deficit, Buffett Says
CPA Practice
MAY 7, 2024
taxes are likely to rise as lawmakers look to narrow the federal deficit, Warren Buffett said, as Washington prepares for major tax negotiations next year. Higher taxes are quite likely, and if the government wants to take a greater share of your income or mine or Berkshire’s, they can do it. ©2024 Bloomberg L.P.
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What’s new in sales tax?
TaxConnex
AUGUST 15, 2023
There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.
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The latest on a national sales tax
TaxConnex
MARCH 30, 2023
Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill? Is the idea bad? The bill won’t pass.
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Ways Your Business Can Accelerate Taxable Income and Defer Deductions?
RogerRossmeisl
MAY 5, 2022
One reason might be tax law changes that raise tax rates. There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. There have also been discussions in Washington about raising individual federal income tax rates.
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Here Are the Top 10 Tax Expenditures in 2024
CPA Practice
MARCH 8, 2024
By Joy Taylor, Kiplinger Consumer News Service (TNS) Taxes will be center stage in 2025 and 2026. Much of the 2017 tax law expires after 2025. These include lower tax rates, a bigger child credit, higher standard deductions, and larger lifetime estate and gift tax exemptions. Lawmakers are loath to hike the federal debt.
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How Biden’s Marijuana Shift Could Impact Taxes
CPA Practice
MAY 1, 2024
Of course, this decision has its critics, but it’s worth noting that the change would also impact federal income tax breaks for many cannabis businesses. Cannabis rescheduling 280E tax Lessening federal regulations concerning marijuana could reduce the tax burden on cannabis businesses.
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He fled California's taxes. Now he's fighting them in Washington
Accounting Today
JANUARY 23, 2024
Money manager Brian Heywood has already spent nearly $7 million of his own money to get six ballot initiatives in front of Washington State voters this November, half of them tied directly to taxes.
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How to File Income Tax Return: Tax Filing Preparation Guide 2022
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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California and New York Are Losing More Residents to Low-Tax States, IRS Says
CPA Practice
MAY 8, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Given the economy, many people are looking to save money where they can. Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year.
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Here Are the 2024 Amounts for Three Family Tax Credits
CPA Practice
NOVEMBER 17, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.
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Worst States For Investors With Long-Term Capital Gains
CPA Practice
APRIL 29, 2024
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Investing can help you increase your net worth, but capital gains taxes could slow your progress. And the federal capital gains tax isn’t the only thing to worry about. We did not compare state tax rates for investors with lower incomes.
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Tax-Free States? Pay No Income Tax in These 9 Tax-Friendly States!
LyfeAccounting
JUNE 25, 2021
US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income.
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IRS Will Tax Arizona Families’ Tax Rebates
CPA Practice
JANUARY 23, 2024
Taylor, Kiplinger Consumer News Service (TNS) If you received an Arizona child tax rebate last year, you will have to report that amount on your federal income tax return. The IRS has classified the rebate payments as taxable income, meaning some Arizona families might have to pay taxes on the money they received.
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Is Tax Relief on the Horizon for Marijuana Businesses?
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. Here is the main federal income tax implication. Look for more states to follow suit. _
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Lawmakers Urge the IRS to Crack Down on ‘Wealthy Tax Cheats’
CPA Practice
OCTOBER 3, 2023
By Katelyn Washington, Kiplinger Consumer News Service (TNS) Since receiving funding from the Inflation Reduction Act, the IRS has ramped up tax enforcement for millionaires, but data show the agency has yet to crack down on a separate set of wealthy non-filers. In the letter, Wyden refers to these non-filers as “wealthy tax cheats.”
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