xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax. State Income Tax.

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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.

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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).

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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 .

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RogerRossmeisl

JUNE 16, 2021

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. What if you conduct your business as a partnership in.

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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.)

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RogerRossmeisl

FEBRUARY 28, 2021

But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering such a transaction, it’s important to understand the tax implications of buying or selling a business. The current 21% corporate federal income tax rate makes buying the stock of a C.

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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.

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CPA Practice

JANUARY 2, 2024

If there is a tax package, let’s look at what could potentially be included. Republicans want to fully restore three popular business tax breaks: Research and development: Before 2022, firms could fully expense R&D costs in the year incurred. Believe it or not, a few tax-related items have bipartisan support.

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Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

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CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

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xendoo

SEPTEMBER 2, 2021

Adopting a proactive strategy can help you stay ahead of business tax filing deadlines, avoiding the rush and the headache during tax season! . To help business owners with their tax preparation , we’ve prepared a business tax filing guide to walk you through the process. Corporate Income Tax Returns.

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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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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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CPA Practice

JUNE 30, 2023

GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats. Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit.

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ThomsonReuters

JANUARY 28, 2022

Business tax preparation. While individual tax season is at the beginning of the year, businesses have tax obligations throughout the year. That includes: Preparing federal and state income taxes. Filing quarterly employment taxes. Helping with tax audits or legal concerns related to taxes.

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CPA Practice

JANUARY 16, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

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xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? According to Pilar Garcia, CPA , Tax and Accounting Executive Editor for Thomson Reuters, “AI, especially generative AI, can propel the accounting profession forward like no other technological advancement since Excel. How can accountants be more efficient?

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Going Concern

OCTOBER 11, 2022

note: the following is penned by Bob Jennings CPA, EA for his Taxspeaker.com newsletter. According to the SBA , small business generates about 44% of GDP in America and 2/3 of new jobs annually. September 12, 2021. Media quotes for how laws affect small business should come from small business accountants.

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Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

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Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return.

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Nancy McClelland, LLC

FEBRUARY 13, 2022

The source is #15 in the IRS FAQ on the topic: This Journal of Accountancy article walks through the particular scenario where this relief — only for tax year 2021 — applies. The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021.

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. million users accessed individual online accounts. That’s just over 10%. “To

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Nancy McClelland, LLC

DECEMBER 26, 2023

The form is due to recipients by January 31 (February 1 in 2021), but isn’t due to the IRS until March 1 if filing on paper and March 31 if e-filing. The form is due to recipients by January 31 (February 1 in 2021), but isn’t due to the IRS until March 1 if filing on paper and March 31 if e-filing.

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Nancy McClelland, LLC

DECEMBER 26, 2023

The form is due to recipients by January 31 (February 1 in 2021), but isn’t due to the IRS until March 1 if filing on paper and March 31 if e-filing. The form is due to recipients by January 31 (February 1 in 2021), but isn’t due to the IRS until March 1 if filing on paper and March 31 if e-filing.

bookkeeping 52

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CPA Practice

JULY 28, 2023

This has been playing out in Maryland over the last few years as the state has become a national litmus test for the legality of taxing companies based on their digital advertising revenue. Controversial From the Start In 2021, Maryland enacted the Digital Advertising Gross Revenues Tax (DAGRT) [1].

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ThomsonReuters

JUNE 16, 2023

After a projection of enforced and other late payments totaling $70 billion, the net tax gap projection is $470 billion. In an effort to narrow the tax gap, the IRS stated that it collected more than $4 trillion in taxes, penalties, interest and user fees in 2021, the latest year for which data is available.

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