CPA Practice

AUGUST 21, 2023

They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

CPA Practice

AUGUST 11, 2023

From the Kiplinger Consumer News Service (via TNS). Employee retention credits have been in the news lately. The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. million in tax refunds to Haynes’ clients based on false tax form filings.

New Jersey 98

New Jersey tax preparation Tax auditor 98

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

APRIL 9, 2024

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

payroll tax 110

payroll tax West Virginia payroll cpas 110

TaxConnex

JANUARY 26, 2023

“The trend of purchases from brick and mortar to internet actually spreads the [sales] tax revenue more evenly to jurisdictions where the purchaser lives.” 10-finger discount.

Sales 130

Sales Tax Arkansas Missouri 130

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Anders CPA

MAY 23, 2023

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

Shay CPA

DECEMBER 7, 2022

New Jersey. New York (and New York City, in particular). Don’t assume you’re off the hook until you have written confirmation from the appropriate authorities that your tax accounts are shut. . Copies of all tax returns and accounting records for the R&D credit year. Washington.

tax accountant 59

tax accountant Tax tax return Account 59

TaxConnex

DECEMBER 23, 2021

The Sales Tax Institute reports that Maine, Illinois, California, Massachusetts, Wisconsin and Washington have been the most aggressive states in sending notices and audit requests. Industry observers look for New York, Ohio and New Jersey to soon intensify enforcement. Get to work on this first and fast.

audit 167

audit Sales Tax auditor 167

inDinero Accounting

DECEMBER 5, 2023

If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. QSBS Rules for Qualification QSBS Tax Treatment How to Report QSBS on Your Tax Return Conclusion What is the QSBS Exemption? This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

tax return 52

tax return Mississippi Wisconsin Tax 52

MyIRSRelief

JUNE 9, 2020

Delinquent return filings: IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018. IRS has provided new guidance on OICs, in the form of FAQs. What about taxpayers trying to apply for an OIC?

tax return 100

tax return Kansas Colorado New Jersey 100

ThomsonReuters

FEBRUARY 1, 2021

The FUTA tax rate is currently 6.0% FUTA tax credit reduction when they file their Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return), resulting in a net FUTA tax rate of 0.6%.FUTA on the first $7,000 in wages per employee each year. However, employers generally receive a 5.4%

Hawaii 89

Hawaii Nevada California New Jersey 89

CPA Practice

MAY 17, 2023

Most states tax personal property owned by businesses and require businesses to complete and file a personal property rendition every year. The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota.

South Dakota 105

South Dakota North Dakota Real Estate Washington 105

CPA Practice

NOVEMBER 29, 2023

Coverage addresses the complexities arising from the new PTE tax regimes and combined reporting issues. Ethical Challenges Associated With Tax Filings A client or colleague messes up a tax return, failed to timely file a return, or perhaps needs to correct a return previously filed.

New York 52

New York Tax Connecticut New Jersey 52

ThomsonReuters

FEBRUARY 9, 2022

In part 1 of my blogpost on 2022 payroll trends , I was recalling a recent weekend getaway from Hoboken, New Jersey to Miami Beach, Florida and how prevalent payroll is in our day-to-day lives. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base. Virgin Islands.

payroll 98

payroll California Connecticut Tax 98

PYMNTS

MAY 6, 2020

This is resulting in increased revenue for these online gambling platforms in states like New Jersey — trends in growth that may well continue after the crisis. There is one sticking point online casinos need to fix, however, and that is the speed at which consumers receive their winnings.

Gambling 88

Gambling Sports New Jersey Tax 88

TaxConnex

JUNE 1, 2023

Process varies by state Cancelling can be as straightforward as writing “Final” on your sales tax return. Ask New Jersey: You must notify the State that your business or organization is no longer operating in New Jersey,” the state warns. “If And do you always want to do it? Suppose you just stop filing?

Sales 130

Sales Tax New Jersey North Carolina 130

inDinero Tax Tips

APRIL 11, 2023

County-level real estate property tax can exist, but it’s typically very low in comparison to property taxes in other states. In addition, the state has no value-added taxes (VATs), use taxes, or an inheritance tax. June 30 20% second of four estimated payments on franchise tax over $5,000 owed.

Delaware 52

Delaware Nevada Tax Sales 52

ThomsonReuters

JULY 13, 2021

Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Form 1099-NEC took effect for the 2020 tax year. The draft forms include information related to the COVID-19 tax credits.

payroll 98

payroll income tax Vermont tax return 98

CTP

FEBRUARY 29, 2024

Casual gamblers can determine their net taxable income from gambling wins and losses in New Jersey and Pennsylvania. Your clients can also consult a tax attorney if they are new to professional gambling and unsure how to proceed. The expert can help them avoid tax mistakes, fines, and legal issues.

Gambling 105

Gambling Tax Account accountant 105

Withum

AUGUST 7, 2023

For example, Charge Up New Jersey promotes clean vehicle adoption in the state by offering incentives of up to $4,000 for purchasing or leasing new, eligible zero-emission vehicles. How Do I Claim a New Clean Vehicle Credit?

income tax 52

income tax New Jersey Manufacturing tax return 52

xendoo

JANUARY 16, 2023

The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

business tax 52

business tax Tax income tax payroll tax 52

Going Concern

JUNE 23, 2023

SPAC Auditor Crackdown Puts Pressure on Second Biggest Player [ Bloomberg Law ] Hefty regulatory sanctions against Marcum LLP for its audits of blank-check companies is putting an uncomfortable spotlight on its SPAC auditor rival, New Jersey-based Withum Smith+Brown PC. million in additional restitution.

cpa firm 104

cpa firm CPA auditor North Carolina 104

Going Concern

JANUARY 20, 2023

Billion Green Tax Fraud Case [ Bloomberg ] A New Jersey accountant pleaded guilty to participating in a scheme to sell $1.3 billion in fraudulent tax deductions supposedly aimed at preserving green space. NJ Accountant Pleads Guilty in $1.3

auditor 98

auditor Technology audit financial statements 98

inDinero Tax Tips

APRIL 20, 2021

Delaware does tax companies. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so. Final payment on the remaining balance of franchise tax over $5,000 owed.

Delaware 64

Delaware Wyoming Nevada Oregon 64

TaxConnex

MARCH 2, 2021

Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges. Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. This affects returns for sales taking place from December through this month.

Sales 229

Sales Tax Missouri Wisconsin 229

Going Concern

APRIL 8, 2022

Sotheby’s Accountant’s Would-Be Class Wage Suit Tossed, for Now [ Bloomberg Law ] Sotheby’s convinced a federal judge in New Jersey to throw out a proposed class action brought by an accountant who claims he and others were misclassified as independent contractors, rather than employees. China Weighs Giving U.S.

Iowa 52

Iowa auditor cpa firm CPA 52

Going Concern

AUGUST 19, 2022

based accounting firm, names 2 partners in Iselin [ ROINJ ] EisnerAmper, the global business advisory firm with a major presence in New Jersey, has added the 200-plus employees of Minneapolis-based accounting and advisory firm Lurie LLP, it announced this week. Firm M&A: Eisner adds Minn.-based

audit 96

audit auditor accounting firms accounting and finance 96

Going Concern

JULY 8, 2022

Hammer, who pleaded guilty in August 2018 to one count of filing a false tax return, was the financial officer for various companies controlled by Michael D. New Jersey CPA Admits to Concealing $147,000 From the IRS [ CPA Practice Advisor ]. The charges included bank fraud, embezzlement, and tax evasion.

North Carolina 52

North Carolina Account accountant accounted 52