CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

MARCH 7, 2023

People should not make up income and try to submit a fraudulent tax return in hopes of getting a huge refund.” These credits were available for self-employed individuals for 2020 and 2021 during the pandemic; they are not available for 2022 tax returns.

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Anders CPA

DECEMBER 27, 2022

Key Takeaways: Research & Development tax credits will remain the same outside of extensions added through the Inflation Reduction Act of 2022 (IRA). The expense is deducted on the current year tax return, just like any other tax business expense. R&D Tax Credit Defined. CONTACT ANDERS.

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Going Concern

APRIL 11, 2022

Tax season bingo card. — Lindsey Starrett, CPA, CCIFP (@LindseyStarrett) April 10, 2022. It just took me 90 minutes to assemble ONE tax return. I can't tell you how many returns have been redos already! — Andrea Carr CPA (@andreacpa0) April 10, 2022. I do not do payroll. SO MANY!!!!

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SkagitCountyTaxServices

MARCH 17, 2023

While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. But also, there’s little more than a month before personal tax returns are due. After December 31, 2021, you have to amortize your research and development expenditures over five years.

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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. 2021 Tax Prep for Businesses.

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KROST

NOVEMBER 8, 2021

3684) was passed by the House on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention tax credit (with the exception of the recovery startup business credit) is no longer in effect for the fourth quarter of 2021. Melillo, CPA, Principal. About the Author.

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KROST

NOVEMBER 8, 2021

3684) was passed by the Senate on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention credit (with the exception of the recovery startup business credit) is terminated retroactively beginning October 1, 2021. Melillo, CPA, Principal. About the Author.

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SkagitCountyTaxServices

DECEMBER 10, 2020

2021 is hurtling at us, isn’t it? Employers can ALSO deduct the amount and not pay federal payroll taxes on the payments. Here are some more “quick and dirty” ideas to help you before year-end… Look ahead to 2021 — project what your income might be, then make withholding and tax moves accordingly.

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LyfeAccounting

JULY 12, 2021

This simply means that business profits, losses, and any taxes, pass through to your personal tax return where you pay for those taxes. Second, the self-employed pay taxes on their net earnings also known as profit, and not their revenue. How To Save On Taxes.

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Going Concern

JANUARY 19, 2023

Las Vegas tax preparer sentenced to prison for multiple fraud schemes King Isaac Umoren was sentenced to 13 years and three months in prison for filing false tax returns, aggravated identity theft, wire fraud, money laundering and impersonating an FBI agent. government. He was also ordered to pay nearly $9.7

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