Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. Business Tax Services.

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Withum

AUGUST 25, 2022

The Notice also provides relief from certain information return penalties with respect to taxable year 2019 returns that were filed on or before August 1, 2020, and with respect to taxable year 2020 returns that were filed on or before August 1, 2021. Contact Us. Let’s Chat.

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Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. Business Tax Services.

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Withum

JUNE 24, 2022

When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. See generally Notice 2021-20, Q&As #23-28.

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Withum

MAY 16, 2022

Assume that Julia acquires a building in 2018 that she uses in a trade or business. In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. The FMV of the building in 2021 is $150,000. Business Tax Services. Let’s look at an example. Contact Us. Contact Us.

Real Estate 131

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Withum

APRIL 11, 2022

3807 , Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, which would add an additional $42 billion to the Restaurant Revitalization Fund (RRF) and fund $18 billion to a newly created Hard Hit Industries Award Program (HHIAP). Business Tax Services. On Thursday the House passed H.R. Contact Us.

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Withum

JULY 28, 2022

For the ERC, businesses need to add up the number of employees that worked 30 hours/week or 130 hours/month during each calendar month in 2019, and then take an average of the 12 monthly figures. See Notice 2021-20 , Q&A #31. See Notice 2021-20 , Q&As 70 &71. Business Tax Services. Contact Us.

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Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

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LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. Yes, this big news for everyone because the old rule was that you could only deduct 50% of your business meals from your taxable income. Now, these expenses must be paid or incurred during 2021 or 2022.

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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. Taxation of PPP Loans. Contact Us.

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Withum

MARCH 29, 2022

However, The American Rescue Plan Act of 2021 clarifies that Form 1099-K is not required if the contributor to the crowdfunding campaign does not receive goods or services for their contributions. Business Tax Services. Author: Jeremias Ramos , CPA | jramos@withum.com. Contact Us. Contact Us.

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inDinero Tax Tips

NOVEMBER 15, 2021

Understanding Deductible Business Expenses. After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Many of them may affect the 2021 tax year.

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Withum

MARCH 21, 2022

Several requirements must be met in order to take the 199A deduction, including the requirement that the related activities give rise to an active trade or business. If a single taxpayer’s 2021 taxable income exceeds $214,900, or $429,800 for a married filing joint taxpayer, additional definitions and limitations are evaluated.

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Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead,

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

OCTOBER 6, 2022

The February 15, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17, 2023, and to the quarterly payroll and excise tax returns, normally due on October 31, 2022, and January 31, 2023. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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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. The statute of limitations for 2021 income tax returns will not expire until next year.

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Withum

APRIL 14, 2022

The average amount of student loan debt per borrower in 2021 was $38,792, while the total amount of outstanding student loans was estimated to be $1.58 If the ability for employer matching on qualified student loan payments is enacted, it would be effective for contributions made for tax years beginning after December 31, 2022.

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Withum

FEBRUARY 1, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Passes Tax Relief Act With a Decisive Bipartisan Vote appeared first on Withum. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

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Withum

JULY 25, 2022

The program is aimed at small, independently owned and operated businesses operating in New York with 100 or fewer employees and gross receipts that are less than $2.5 Business Tax Services. For more information on this topic, please contact a member of Withum’s Business Tax Services team.

New York 78

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Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. Outsourced Accounting Systems and Services (OASyS). They also share their tips and tricks to ensure timely completion every month.

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inDinero Tax Tips

NOVEMBER 7, 2023

Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. InDinero’s business tax services can save you time and money, as our team of professionals will ensure you’re making the most of every tax year.

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ThomsonReuters

JANUARY 28, 2022

Stay top-of-mind with tax and accounting clients all year. Companies that only offer tax services have to start over each year building a brand through marketing and advertising. Business tax preparation. That includes: Preparing federal and state income taxes.

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Withum

MAY 23, 2022

The ERC is a fully refundable tax credit for employers impacted by the COVID-19 pandemic. Eligible employers can receive a maximum benefit of $26,000 per employee for wages paid to employees in 2020 (up to $5,000) and 2021 (up to $21,000). Business Tax Services. Contact Us. Contact Us.

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Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

New York 112

New York income tax New Jersey Tax 112

Withum

AUGUST 16, 2024

The second VDP allows participants to retain 15% of the claimed ERC amount tax-free, but it is limited to 2021 ERC claims. If you have questions regarding your eligibility for the second VDP, please out to your Withum tax advisor. Like the first VDP, the second VDP is intended to settle erroneous yet non-willful claims.

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Withum

JANUARY 8, 2024

Until the proposed regulations are published, taxpayers can rely on the excluded product right exception for R&E expenditures paid or incurred in the taxable years beginning after December 31, 2021. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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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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Withum

JUNE 12, 2024

This process was utilized most recently in 2021 to enact additional COVID-19 relief via the American Rescue Plan. To ensure that the anticipated deficit did not extend outside the 10-year budget window, the Tax Cuts and Jobs Act included many sunsetting provisions.

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xendoo

JANUARY 6, 2022

While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. They will get to know your business, and determine if S-Corp Election is right for you. . Pay Quarterly Estimated Taxes .

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Withum

AUGUST 11, 2022

As of December 31, 2021, the credit has expired, and new renewable energy projects commenced after this date are no longer eligible to claim the PTC. The proposals in the IRA would restore the tax credit and significantly increase the credit for qualified facilities provided additional criteria is met during construction. Contact Us.

Construction 84

Construction Tax Manufacturing Transportation 84

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.

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Withum

JANUARY 25, 2023

The disallowed business interest expense can be carried forward indefinitely, but generally cannot be utilized unless the entity creates excess taxable income or income above what is needed for the current year’s business interest expense to be absorbed. Let’s Chat The post Congress Fails To Pass Key Tax Extenders, Now What?

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inDinero Tax Tips

NOVEMBER 7, 2023

Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. InDinero’s business tax services can save you time and money, as our team of professionals will ensure you’re making the most of every tax year.

accrual accounting 52

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Withum

APRIL 11, 2022

The New Jersey Secure Choice Savings Program Act’s expected implementation date was March 28, 2021; however, the program was allowed a one-year extension to March 28, 2022, due to COVID-19. Business Tax Services. To learn more about the House Act, continue reading here. percent of the fund’s total balance.

New Jersey 64

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Withum

OCTOBER 11, 2023

Disposition, Retirement, or Abandonment of §174 Property IRC §174 was modified for taxable years beginning after 2021, to disallow a deduction with respect to §174 R&E expenditures on account of disposition, retirement or abandonment but instead requires the taxpayer to continue capitalizing and amortizing those expenditures.

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Withum

AUGUST 11, 2022

With the second deposit date for the excise tax coming due on August 14, as well as an avoidance of penalties if a reasonable estimate has been paid timely, the importance of assessing the Superfund Excise Tax should be a top priority. The post Superfund Excise Tax Is Catching Many Companies by Surprise appeared first on Withum.

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