CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. Previously, employer matches had to be allocated to an employee’s pre-tax account.

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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.

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xendoo

MAY 8, 2022

To understand revenue, let’s look at Microsoft’s financials for 2021. Product revenue accounted for $71,074 million while service and other accrued $97,014 million totaling the $168,088 million. Microsoft’s net income was $61,271 million in 2021. Provision for income taxes totaled $9,831.

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xendoo

JANUARY 6, 2022

It is always best to speak to a small business tax accountant. Pay Quarterly Estimated Taxes . Because self-employed individuals do not have taxes withheld from their paychecks like W-2 employees, they pay quarterly estimated taxes in order to cover Social Security, Medicare, and income tax.

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inDinero Tax Tips

DECEMBER 13, 2020

Before we bid this abysmal year farewell, let’s talk taxes. Do you think tax rates will go up in 2021? If the US House, Senate, and president all agree to raise (cap gains) taxes in 2021, and. Capital gain rules, briefly sketched in this blog, also apply to personal taxes which include pass-through entities.

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. 56 cents per mile.

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Shay CPA

OCTOBER 21, 2024

By certifying as a QETC, your business income tax rate is 0.04875 versus 0.0725, which is a considerable saving. At the earliest stages, most tech companies usually run into net operating losses, meaning their business income tax base calculation is likely 0. Say you have a team of eight in 2023.

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ThomsonReuters

MARCH 22, 2021

To illustrate the point that there are a lot of taxes to keep up with, even back in Colonial times. For payroll, in particular, there are a number of taxes. Then, there’s how to pay and file these taxes. On March 15, 2021, the IRS updated a number of other questions based on the CAA, 2021. EEO-1 reporting update.

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inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

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inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

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inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

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CPA Practice

AUGUST 15, 2023

Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. Gail is a graduate of Indiana University where she earned a bachelor’s degree in journalism.

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Baruch Lev

JULY 11, 2021

The Wall Street Journal reported (July 1, 2021) that the International Accounting Standards Board (IASB), the accounting body that sets the financial reporting rules of public companies in more than 140 jurisdictions ? but not in the U.S. — got a new chief: Mr. Andreas Barckow, who until now served in a similar role in Germany.

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Churchill-Knight

DECEMBER 20, 2021

Continue reading to discover whether you need to file a self-assessment tax return. . What is a Self-Assessment Tax Return? A self-assessment tax return is a system HM Revenue & Customs (HMRC) uses to collect Income Tax. If you receive income via other means, you will be required to submit a tax return.

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CPA Practice

AUGUST 19, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. Previously, employer matches had to be allocated to an employee’s pre-tax account.

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ThomsonReuters

JANUARY 18, 2024

Types of accountants and niche practice areas There are, of course, various types of accountant jobs and areas of specialty. Requirements to become a tax preparer Tax preparers, on the other hand, are often non-licensed professionals who typically focus on preparing, filing, or assisting with general tax forms.

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Going Concern

MAY 6, 2022

The 25-year-old tax accountant saw the story on the news and decided he wanted to take Ralph, a woman he’d never met, to Game 2 of the NBA Finals. “I don’t have any grandmas, so this is truly my grandma,” said Barchilon. Last July, Arizona’s Family introduced you to the 81-year-old Mesa grandma who’s been a Phoenix Suns fan since 1984.

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Going Concern

JANUARY 26, 2024

This comes after KPMG, which was hired by the organization in 2021 to review its compliance with agreements for three federal grants, found that documentation was lacking. Pride “encountered challenges in locating supporting documents for certain expenditures spanning the years 2017 to 2021,” Modeste said in the statement.

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ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. On June 3, 2021, White House Coronavirus Response Coordinator Jeffery Zients noted that some 63% of adult Americans have received at least one coronavirus (COVID-19) vaccine and 52% of the nation’s adults are fully vaccinated. 1, 2021 to Sept. This temporary guidance was set to expire May 31, 2021.

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Shay CPA

NOVEMBER 13, 2024

That Act capped the deduction of state and local taxes (SALT) at $10,000. With its expiration, that cap goes away, meaning you can take an unlimited deduction on property taxes and income taxes (or sales taxes, if you live in a state that doesn’t have income tax). Income tax rate changes.

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