RogerRossmeisl

NOVEMBER 7, 2020

If your small business is planning for payroll next year, be aware that the 2021 Social Security wage base is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. In addition.

payroll 190

payroll CPA Tax business tax 190

RogerRossmeisl

FEBRUARY 3, 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019.

CPA 147

CPA business tax Tax 147

KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Melillo, CPA, Principal.

Maine 91

Maine California business tax Tax 91

RogerRossmeisl

NOVEMBER 28, 2021

Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. The post Recent FTB Clarifications on Pass-Through Entity Tax (AB-150) appeared first on Roger Rossmeisl, CPA. For calendar-year taxpayers, that is March 15, 2022.

Tax 242

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RogerRossmeisl

JANUARY 9, 2021

In response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, IRS Notice 2021-07 provides temporary relief for employers and employees using the automobile lease valuation rule to determine the value of an employee’s personal use of an employer provided automobile for purposes of income inclusion, employment tax, and reporting.

CPA 246

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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).

business tax 82

business tax Tax Real Estate CPA 82

RogerRossmeisl

JANUARY 11, 2021

The Treasury Department and Small Business Administration (SBA) have released Interim Final Rules (IFR) regarding the permission of “second draw loans” under the Paycheck Protection Program (PPP) recently authorized by the Consolidated Appropriations Act, 2021 (CAA 2021).

payroll 236

payroll CPA cpa firm business tax 236

xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

business tax 97

business tax Tax Education tax preparation 97

RogerRossmeisl

FEBRUARY 18, 2024

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. The post Update on IRS Efforts to Combat Questionable ERTC Claims appeared first on Roger Rossmeisl, CPA.

CPA 159

CPA Tax business tax 159

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. The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA.

Tax 246

Tax CPA cpa firm business tax 246

RogerRossmeisl

DECEMBER 27, 2021

January 17 (The usual deadline of January 15 is a Saturday) Pay the final installment of 2021 estimated tax. Farmers and fishermen: Pay estimated tax for 2021. January 31 File 2021 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

Tax 244

Tax CPA business tax 244

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.

business tax 52

business tax Tax tax preparation payroll tax 52

RogerRossmeisl

FEBRUARY 20, 2023

from 2021, according to S&P Global Market Intelligence. If you’re considering buying or selling a business, it’s important to understand the tax implications. The post Key Tax Issues in M&A Transactions appeared first on Roger Rossmeisl, CPA.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes. See June 15.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

FEBRUARY 5, 2023

While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021. Some third-party “ERTC mills” are promising that they can get businesses a refund without knowing anything about the employers’ situations.

payroll 238

payroll CPA Tax business tax 238

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3%

California 246

California CPA Tax Start-ups 246

RogerRossmeisl

JANUARY 5, 2022

The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021). The increased tax deduction partly reflects the price of gasoline. Businesses can generally deduct the actual expenses attributable to business use of vehicles.

CPA 246

CPA Tax business tax 246

SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Your deductions depend on the circumstance of your small business.)

tax planning 52

tax planning business tax Tax tax return 52

RogerRossmeisl

OCTOBER 12, 2021

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. The post New Per Diem Business Travel Rates Became Effective on October 1 appeared first on Roger Rossmeisl, CPA.

Transportation 246

Transportation CPA business tax Tax 246

RogerRossmeisl

JANUARY 15, 2021

Under the Economic Aid Act (EAA) in the Consolidated Apportionment Act (CAA 2021), certain borrowers may request an increase under certain conditions: First Draw Paycheck Protection Program Loan Increases After Enactment of the Economic Aid Act, 1/13/2021 SBA Procedural Notice Control No.

CPA 223

CPA cpa firm business tax Tax 223

RogerRossmeisl

SEPTEMBER 27, 2021

If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate. The post Tax Depreciation Rules for Business Automobiles appeared first on Roger Rossmeisl, CPA.

Tax 235

Tax CPA cpa firm business tax 235

RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. File a 2021 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. The post 2022 Q3 Tax Calendar for Businesses and Other Employers appeared first on Roger Rossmeisl, CPA.

Tax 246

Tax income tax CPA business tax 246

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%.

Start-ups 246

Start-ups tax return Tax CPA 246

RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given. Curiously the IRS has approved.

California 246

California income tax CPA Tax 246

RogerRossmeisl

MAY 16, 2022

Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). The post Fully Deduct Business Meals This Year appeared first on Roger Rossmeisl, CPA.

Entertainment 245

Entertainment CPA Tax Government 245

RogerRossmeisl

JANUARY 6, 2021

It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. The post CAA Doubles Meal Deductions and Makes Favorable PPP Loan Changes appeared first on Roger Rossmeisl, CPA.

CPA 246

CPA Tax Government business tax 246

RogerRossmeisl

JANUARY 12, 2021

In a Treasury Department Press Release dated 1/8/2021, the Treasury Department and Small Business Administration (SBA) have announced that the Paycheck Protection Program (PPP) will reopen the week of January 11. The post SBA Releases Top Line Overview of First and Second Draw PPP Loans appeared first on Roger Rossmeisl, CPA.

CPA 147

CPA cpa firm business tax Tax 147

RogerRossmeisl

JULY 11, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules for businesses that have considered revisiting the Employee Retention Tax Credit.

Tax 162

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RogerRossmeisl

MARCH 31, 2021

Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. The original emergency declaration would have expired on March 1, 2021, but it was recently extended. The post COVID-Related Deadline Extensions for Health Care Benefits appeared first on Roger Rossmeisl, CPA.

CPA 245

CPA business tax Tax 245

RogerRossmeisl

JUNE 15, 2021

The Internal Revenue Service recently reminded businesses (in News Release 2021-47) of their responsibility to report large cash transactions via the filing of Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.

CPA 231

CPA Tax Government Finance 231

SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill.

business tax 64

business tax Tax Entertainment Real Estate 64

RogerRossmeisl

JANUARY 10, 2021

The Treasury Department and Small Business Administration (SBA) have released Interim Final Rules (IFR) regarding the recent extension and expansion of the Paycheck Protection Program (PPP) as authorized by the Consolidated Appropriations Act, 2021 (CAA 2021).

payroll 147

payroll CPA cpa firm business tax 147

Ronika Khanna CPA,CA

JANUARY 3, 2022

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. SALES TAX DEADLINES GST/HST returns for 2021 must be filed by June 15th, 2022 for those who are required to file annually. Learn more.

business tax 52

business tax Tax income tax tax return 52

RogerRossmeisl

NOVEMBER 5, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2022, the FICA tax rate for employers is 7.65% — 6.2%

Hospitality 246

Hospitality CPA Tax business tax 246

Ronika Khanna CPA,CA

JANUARY 27, 2023

I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. Sign up to download our free Canada unincorporated business tax deadline calendar for 2023 or Quebec unincorporated small business tax deadline calendar 2023.

business tax 52

business tax Tax income tax tax return 52

RogerRossmeisl

SEPTEMBER 17, 2021

Claim bonus depreciation or a §179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in calendar year 2021. The post Tax Breaks to Consider During National Small Business Week appeared first on Roger Rossmeisl, CPA.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

JANUARY 14, 2021

Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. For 2020 tax returns, the due date is February 1, 2021. The post California 1099-NEC Filing Requirements appeared first on Roger Rossmeisl, CPA. Generally, payers must file Form 1099-NEC by January 31.

California 214

California tax return CPA Tax 214