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

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

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

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

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

Tax CPA cpa firm business tax 162

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

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

RogerRossmeisl

SEPTEMBER 30, 2021

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14

CPA 130

CPA audit Sales Account 130

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

RogerRossmeisl

JUNE 16, 2021

Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of self-employment income at a 12.4% rate for Social Security up to a certain maximum ($142,800 for 2021) and at a 2.9% No maximum tax limit applies to the Medicare tax. What if you conduct your business as a partnership in.

Tax 147

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RogerRossmeisl

APRIL 8, 2021

New and pre-owned heavy SUVs, pickups and vans acquired and put to business use in 2021 are eligible for 100% first-year bonus depreciation. The only requirement is that you must use the vehicle more than 50% for business. The post Consider a Heavy SUV as Your New Business Vehicle appeared first on Roger Rossmeisl, CPA.

CPA 147

CPA Tax cpa firm business tax 147

CapataCPA

MAY 5, 2021

California’s Partial PPP Conformity Bill On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”), providing partial conformity to the Federal tax treatment for deducting expenses paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants.

cpa firm 52

cpa firm California CPA Tax 52

Going Concern

DECEMBER 2, 2022

Why People Leave Public Accounting [ CPA Journal ]. Writes Edward Mendlowitz, CPA/PFS, ABV: There are many reasons why CPAs decide to leave public accounting firms. Along with being the biggest, the Big Four are arguably the best, at least according to Accounting Today’s 2021 rankings of U.S.

public accounting 96

public accounting audit Account accountant 96