SkagitCountyTaxServices

AUGUST 19, 2022

After all of the junk in 2020 and 2021, “inflation” and “supply chain shortages” have been the recent flavor of our wild ride together. Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute).

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inDinero Tax Tips

MARCH 31, 2021

Did you make extra money using your skills and experience on the side in 2020? Tax season is here. Did you remember to make estimated tax payments? Are you aware of all the tax deductions for your side hustle? Withholding tax from your paycheck happens as you earn income. I didn’t pay estimated taxes in 2020.

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Ronika Khanna CPA,CA

JANUARY 3, 2022

I have compiled a list of deadlines for all unincorporated small business owners which includes sole proprietors and self employed individuals. Download our free small business tax deadline calendar for 2022. Note that the usual deadline for sales tax (GST/HST and QST) payments and income tax returns is April 30th.

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ThomsonReuters

DECEMBER 14, 2020

Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. The New Year Brings Fresh Uncertainty for U.S. Recent Changes.

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SkagitCountyTaxServices

DECEMBER 8, 2021

But the calendar waits for no business, and time is getting short to plan your moves. Year-End Business Tax Strategy for Skagit County SMB Owners “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill.

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LSLCPAs

NOVEMBER 12, 2020

Part TWO: The CARES Act, Net Operating Losses, and Cash Flow So much has happened this year and so much has to be done before the year end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope […].

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SmallBusinessAccounting

DECEMBER 1, 2020

Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes.

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AbeyeHailu

DECEMBER 1, 2020

Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes.

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RogerRossmeisl

NOVEMBER 2, 2021

If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual. TCDTRA 2020 extended the WOTC to cover qualified first-year wages paid to eligible new hires who begin work by 12/31/25.

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Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Contact Us. Let’s Chat.

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CPA Practice

DECEMBER 19, 2023

While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their tax debts.

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LyfeAccounting

OCTOBER 29, 2020

Currently the top tax rate for long-term capital gains is 20%. I’ll put up on the screen the current capital gain tax rate as of 2020. And obviously, tax policies shouldn’t be your only consideration when casting your ballot, but I hope this helps. But based on your income it can be as low as 0%.

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CPA Practice

DECEMBER 22, 2023

So, the IRS is waiving failure-to-pay penalties for eligible taxpayers affected by the collection notice pause during 2020 and 2021. This penalty relief will potentially benefit nearly 5 million taxpayers and provide an estimated $1 billion in tax relief. 5, 2022, and Dec.

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Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

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Withum

MAY 19, 2022

Assuming the tax was timely paid, and the amounts were applied to your federal employment taxes, then the issue likely stems from an incorrect allocation of tax payment between the relevant calendar quarters of 2020. Business Tax Services. Do not throw out or ignore the notice! Contact Us. Contact Us.

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RogerRossmeisl

OCTOBER 6, 2021

Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas. Make contributions for 2020 to certain employer-sponsored retirement plans. Monday, November 1 Report income tax withholding and FICA.

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Withum

SEPTEMBER 22, 2022

Businesses applied for PPP loans through participating lenders, and the lenders processed the applications with the SBA. There were two PPP loan programs: (i) First Draw PPP Loans that were issued beginning in April 2020, and (ii) Second Draw PPP Loans that were issued beginning in January 2021. Contact Us. Let’s Chat.

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RogerRossmeisl

JANUARY 18, 2021

January 15 Pay the final installment of 2020 estimated tax. Farmers and fishermen: Pay estimated tax for 2020. February 1 (The usual deadline of January 31 is a Sunday) File 2020 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

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RogerRossmeisl

JANUARY 6, 2021

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. As background, ordinary and necessary food and beverage expenses that are incurred while operating your business are generally deductible.

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RogerRossmeisl

FEBRUARY 5, 2023

The Employee Retention Tax Credit (ERTC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. Some third-party “ERTC mills” are promising that they can get businesses a refund without knowing anything about the employers’ situations.

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CPA Practice

MAY 9, 2024

Last year, CBO estimated renewing the sunsetting tax cuts would cost $3.5 Economic growth Swagel said personal income tax cuts don’t stimulate economic growth as much as the permanent business tax cuts. He said that CBO raised its projection for this year’s budget deficit upward from the $1.6 trillion by 2034.

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RogerRossmeisl

FEBRUARY 23, 2021

And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business. million for 2020) Phaseout: $2.62 199A qualified business income deduction begins at: Married. million (up from $1.04

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TaxConnex

JUNE 17, 2021

Among the first states to legalize marijuana some seven years ago, Washington collected $614 million in marijuana tax revenue last year. And Colorado raked in $362 million in marijuana taxes in 2020, a 30% jump from 2019. Other states doing well with tax on marijuana include Oregon, Nevada, Massachusetts, Illinois, and Michigan.

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RogerRossmeisl

JANUARY 14, 2021

In IRS Tax Tip 2020-80, the IRS explained new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee.

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CPA Practice

JANUARY 12, 2024

Maximizing tax deductions is a priority for small businesses, as nearly a third (32%) of small businesses created since 2020 were funded in part by tax refunds, according to a recent QuickBooks report. At the same time, being compliant is also among small business owners’ top concerns.

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GrowthForceBlog

SEPTEMBER 15, 2021

The pandemic brought on many tax changes- including the uptick in small business audits. In 2020, the IRS announced its plan to increase small business tax audits by 50% in 2021 [1]. 7 min read.

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Withum

JULY 25, 2022

The NY pandemic small business recovery grant program , which includes grants up to $50,000 per eligible business, is still available for qualifying small businesses. Eligible businesses include those that had gross receipts between $25,000 and $2.5 Business Tax Services. Contact Us. Contact Us.

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RogerRossmeisl

JULY 27, 2021

Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. Employers file a 2020 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

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RogerRossmeisl

AUGUST 5, 2021

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%.

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Going Concern

APRIL 5, 2024

Another credit packaged in the Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed for a paid sick and family leave credit employers could apply against employment taxes for wages paid to employees on sick leave because of COVID-19.

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RogerRossmeisl

JANUARY 18, 2021

Background on the credit The CARES Act, enacted in March of 2020, created the ERTC. The credit: Equaled 50% of qualified employee wages paid by an eligible employer in an applicable 2020 calendar quarter, Was subject to an overall wage cap of $10,000 per eligible employee, and Was available to eligible large and small employers.

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Withum

JUNE 24, 2022

When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC. Did the taxpayer rely on the safe harbor for business combinations in 2020 and in 2021?

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RogerRossmeisl

JANUARY 25, 2021

If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. Background on the loans In March of 2020, the CARES Act became law. It authorized the SBA to make loans to qualified businesses under certain circumstances.

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SkagitCountyTaxServices

FEBRUARY 1, 2024

It’ll be a 2020-rematch, and the Chiefs will be on the hunt to win back-to-back Super Bowls (something only 8 teams in NFL history have accomplished). One big benefit for businesses is the ability to view business tax transcripts directly within the account. It’s probably one of the most watched events in America.

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RogerRossmeisl

DECEMBER 28, 2020

Even better, the §179 deduction isn’t the only avenue for immediate tax write-offs for qualified assets. Under the 100% bonus depreciation tax break, the entire cost of eligible assets placed in service in 2020 can be written off this year. The post Cash in on Depreciation Tax Savers appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

MARCH 31, 2021

Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as beginning March 1, 2020, and ending 60 days after the announced end of the COVID-19 national emergency — should be disregarded when calculating various deadlines under COBRA, ERISA and HIPAA’s special enrollment provisions.

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RogerRossmeisl

NOVEMBER 7, 2020

IRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business travel expenses.

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