Anders CPA

AUGUST 23, 2022

This act aims to combat climate change, make health care and prescription drugs affordable and raise the tax on wealthy corporations. 15% Corporate Alternative Minimum Tax. This provision is set to take effect for tax years beginning after 2022 and is similar to the provision that was proposed in the Build Back Better Act.

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CPA Practice

SEPTEMBER 14, 2023

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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SkagitCountyTaxServices

SEPTEMBER 29, 2021

Is The Employee Retention Tax Credit Right For Your Skagit County Business? Late last year the Taxpayer Certainty and Disaster Tax Relief Act of 2020, following up on earlier relief laws, allowed the good folks at the IRS to give Skagit County employers like you a real tax break. How do you qualify? Where do you sign up?

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Anders CPA

OCTOBER 11, 2022

There were several programs throughout the pandemic to aid businesses negatively impacted by the coronavirus pandemic, including Employee Retention Tax Credits (ERTC), Economic Injury Disaster Loans (EIDL), and Restaurant Revitalization Funds (RRF). For tax year 2021, the tax savings are much more generous and lucrative.

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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

MARCH 17, 2021

So, while the IRS has not yet released their guidance for 2021 on the Employee Retention Credit, we can go straight to the sources and pick apart the legislation to look for changes compared to the original CARES Act of 2020. Here’s probably the biggest whammy when it comes to claiming this tax credit. How much is the ERC?

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SkagitCountyTaxServices

DECEMBER 8, 2021

And one way you can do so is by making some tax moves before the clock strikes 12 on New Year’s Eve. Now I get it … the rush of customers and clients, strange hours, extra errands: It’s a tough time of year to think about tax. Get your tax documents together to back the tax moves we talk about here and any others you might take.

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Going Concern

APRIL 11, 2022

We are officially one week away until our tax pro friends complete the long, arduous first leg of busy season. Let’s take a look at how things have been going for the Internet’s most vexed tax accountants in the last 48 hours or so: #taxseason observations: 1. How do I pay my taxes? Tax season bingo card.

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Anders CPA

DECEMBER 27, 2022

To incentivize investing in research and development, companies may be eligible for tax credits or a tax deduction for qualifying expenses. Key Takeaways: Research & Development tax credits will remain the same outside of extensions added through the Inflation Reduction Act of 2022 (IRA). R&D Tax Credit Defined.

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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.

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SkagitCountyTaxServices

MARCH 17, 2023

Forward-thinking is a must in business… that goes for your taxes too. But first, let’s talk about your tax filing. 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. And I’m going to dive into what that looks like today.

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CPA Practice

MAY 11, 2023

At the center of the scheme, according to federal prosecutors, is former IRS agent Frank Mosley, who was also identified as a “current city of Oakland tax enforcement officer.” They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege. Justice Department spokesman said Wednesday.

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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. Over the years, Mr.

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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. Over the years, Mr.

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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. . What is a tax deduction?

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SkagitCountyTaxServices

JANUARY 6, 2021

Yes, it’s “just a date” on a Gregorian calendar, but … 2021 holds great promise for our Mount Vernon business clients. billion to reopen and strengthen PPP for first and second time borrowers and reauthorizes the program through March 31, 2021. And by “great”, I mean financially secure.

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Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. government. He was also ordered to pay nearly $9.7 He was also ordered to pay nearly $9.7

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SkagitCountyTaxServices

SEPTEMBER 22, 2021

The rest, I’ll cover below… Small Business Tax Credit Updates Skagit County Owners Will Want to Consider “I always tried to turn every disaster into an opportunity. ” – John D. But, as 2021 is winding down, it’s important to know that some of them are on their way out. Rockefeller. Stay tuned. Crazy, right?

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LyfeAccounting

JULY 12, 2021

It was recently determined that nearly 30% of Americans are self-employed, and 100% of the self-employed hate paying taxes. So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. What are Self-employment Taxes?

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CPA Practice

AUGUST 31, 2023

By Al-Nesha Jones, CPA, MBA Generation X—aka the Sandwich Generation, Latchkey Kids, Baby Busters, and even the Forgotten Generation—will soon be approaching retirement age. Toss on the tax savings : Quantify for your client how increased pre-tax retirement contributions (401(k) and/or IRA) could decrease their overall tax liability.

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SkagitCountyTaxServices

DECEMBER 10, 2020

2021 is hurtling at us, isn’t it? Let’s make some tax-smart moves before 2020 comes to a close. Here’s one not many people are talking about: tax-deductible, employer-paid student loan payments. Employers can ALSO deduct the amount and not pay federal payroll taxes on the payments. 360-424-1040.

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CPA Practice

FEBRUARY 15, 2023

You may not file Form W-4 with the IRS, but your payroll depends on it. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. To combat this, the IRS released a new, optional computational bridge for 2021. Continue reading at the Patriot Software payroll blog.

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CPA Practice

MARCH 7, 2023

One of the schemes, according to the IRS, encourages people to use tax software to manually fill out their W-2 form and provide false income information. People should not make up income and try to submit a fraudulent tax return in hopes of getting a huge refund.”

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SkagitCountyTaxServices

SEPTEMBER 2, 2020

Just in time for the weekend, the IRS issued Friday-evening guidance about the overly-hyped (at first) payroll tax “holiday” There was initial hope that this might be a great shot-in-the-arm for Skagit County businesses and employees, but given how the thing is structured, and the limitations of executive action (i.e.

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CPA Practice

MARCH 2, 2023

This law suggests that argument is not one that should be made,” said Robinson, who served as a senior policy adviser in the Social Security Administration from 2018 to 2021. “But is it legitimate to scare seniors into thinking that their benefits would not go out? From September to November of that year, the Treasury redeemed $27.9

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SkagitCountyTaxServices

DECEMBER 1, 2021

The reason I put this so starkly is that you and I have less than 30 days left to make a tangible difference on your taxes (business or personal). On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law. But the Act also tweaks taxes you and your Skagit County business might pay.

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