Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. PPP EIDL ERC FFCRA SVOG R R F. Paycheck Protection Program (PPP).

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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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CPA Practice

MARCH 6, 2024

Lettuce has launched its new solution for accounting and tax services for solopreneurs, with $6 million in seed funding led by Zeev Ventures to fuel growth and product development, and its Solopreneur Accelerator program. To participate, register by March 31 at [link].

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Withum

JUNE 1, 2022

In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. The gross receipts would remain at $41,250 but COGS would utilize the 2020 inventory layer. Contact Us.

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inDinero Tax Tips

JUNE 7, 2023

Additionally, the funding will be used to modernize and improve the customer service experience of all tax filers who interact with the IRS. In 2020, only ~5% of individual income tax returns filed exceeded that threshold. The IRS will focus on tax returns with the most significant impact.

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MyIRSRelief

AUGUST 10, 2020

If you’re a Los Angeles business taxpayer and are looking to file your return, chances are you will need to know what this form actually is. IRS form 941 is basically a quarterly tax return for an employer. Call us today for a free case evaluation at 1-87-788-2937. Speak to a professional.

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LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year. So, there you go!

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PYMNTS

MAY 6, 2020

The tax services firm has developed a new tool on its website for the unbanked or underbanked, where users can register for one-time payments of their anticipated stimulus checks from the federal government. TurboTax is among the platforms seeking to make it easier for U.S. Unibet On The Challenges Of Offering Instant Disbursements.

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inDinero Tax Tips

NOVEMBER 15, 2021

If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Companies need to consider strategies to help them eliminate tax mistakes that can result in fines, interest, and other penalties. Learn More.

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LyfeAccounting

JANUARY 7, 2021

According to GovExec, Federal Contract spending was expected to exceed over $600 billion over 2020. If you have filed business tax returns in the past, you should already have one and can locate this number on your tax returns. But where is this money actually going? Who is profiting from government spending?

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Withum

NOVEMBER 17, 2022

Prior to making a pass-through entity election, there are several key issues that businesses need to consider: IRS Approval: The IRS indicated in Notice 2020-75 that it intends to allow PTETs. Federal Tax Benefit Implications : It is possible that the PTET benefit may be limited if some taxpayers are subject to the federal tax benefit rule.

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TaxConnex

NOVEMBER 23, 2021

In fact - Cross-border eCommerce sales worldwide grew more than 20% in 2020 while U.S. Other reports show that eCommerce made up roughly $1 out of every $5 spent on retail in 2020, up from about $1 out of every $7 spent in 2019. Determining the taxability of your products and services within each of the states you have sales tax nexus.

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Withum

MARCH 21, 2022

I think many tax professionals have been bogged down with the ERC and the calculation of taxable income in general, and as a result, the extra step to evaluate the potential impact on the 199A wage limitation might have been on the back burner. Aren’t federal income taxes grand? Business Tax Services. Contact Us.

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Withum

NOVEMBER 17, 2022

Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Energy credits. Not-for-profits.

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LyfeAccounting

MAY 5, 2021

And like short-term capital gains, long-term capital gains have a different tax rate applied to them as well. As of 2020, for example, if you are single and you make $40,000 or less, then you would pay 0% long-term capital gain tax. Remember that short-term capital gains are taxed at ordinary income. Collectibles.

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Ryan Lazanis

APRIL 4, 2022

4) If you provide tax preparation services, they’re a great way to avoid a crazy tax season. A hectic tax filing season exists because many accounting firms don’t have enough money coming in throughout the year, so they have to jam as many tax returns as possible into a short tax season just to bring in additional revenues.

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Going Concern

FEBRUARY 16, 2024

Between January 2020 and June 2023, Jeffrey T. New this year, people can easily find step-by-step help to file their personal federal income tax return. Keith spent over $193,000 of the business’ money for his personal use, including credit card payments, dinners, groceries, cell phone bills and other expenditures.

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