CPA Practice

JUNE 20, 2025

million in Paycheck Protection Program loans between 2020 and 2021. million in COVID-19 relief loans in Pennsylvania. million in COVID-19 relief loans in Pennsylvania. Authorities alleged Parker and other co-defendants defrauded the Small Business Administration and lenders of $14.5 He allegedly falsified PPP loan applications.

Pennsylvania 72

Pennsylvania CPA Technology payroll 72

Accounting Today

JUNE 26, 2025

For every quarter from 2017 through the second quarter of 2021, the two withheld employment taxes from employees wages but did not pay them over or report them to the IRS. The agent provided Gibson with a W-2 for 2021 and offered no information about valid deductions for business losses, capital losses and bad debt.

Tax 71

Tax Technology tax preparation CPA 71

Accounting Today

JULY 10, 2025

Brown and other ghost preparers who worked with him falsified 63 federal income tax returns for clients, causing the Treasury to issue $1,003,631 in false tax refunds. He owned and operated We Are Taxes and boasted that "Everyone Gets a Check!" All rights reserved. Brown had clients pay him a 10% fee of each refund.

Tax 75

Tax tax preparation income tax Technology 75

CPA Practice

JUNE 19, 2025

Circuit Court of Appeals for the Federal Circuit ruled in 2021 that Congress wanted the double drawback to work the way it does when it enacted its 2015 paperwork-easing revision. cigarette brands are flooding the market thanks to a loophole in U.S. cigarette brands are flooding the market thanks to a loophole in U.S. ” The U.S.

Tax 75

Tax Technology payroll Manufacturing 75

Accounting Today

JULY 11, 2025

GEORGIA Shelly Carmichael Smith + Howard, Atlanta, launched two new tax practices: site selection + incentives, led by Shelly Carmichael, and state and local income tax consulting, led by Brandee Tilman. Brown Plus, Camp Hill, promoted: Amanda Moats to audit manager; and Trinity Benedict and Megan Duffy to tax senior associates.

Oklahoma 72

Oklahoma Technology tax preparation audit 72

CPA Practice

JULY 17, 2025

1099-K reporting threshold restoration: Reverts the threshold for online sales reporting to $20,000 or 200 transactions per year, as it was before 2021. It also raises the deduction cap on property expenses to $2.5 million, beginning Dec. The provision is applied retroactively to 2022.

Tax 105

Tax Technology payroll audit 105

CPA Practice

JULY 24, 2025

However, recurring claims for the last couple of months have hovered around the highest levels since 2021. Photo caption: A now hiring sign sets outside of Wendy’s in Saginaw, MI, on July 23, 2021. Weekly claims remain near the subdued levels seen prior to the pandemic, indicating employers are largely retaining staff.

Technology 52

Technology payroll payroll tax accounting and finance 52

CPA Practice

JULY 18, 2025

Premiums might get much pricier How it works now: Premium tax credits help taxpayers afford marketplace health insurance premiums. Since 2021, “enhanced” premium tax credits have been larger and available to more people.

Tax 89

Tax Technology payroll audit 89

CPA Practice

JULY 17, 2025

At the same time, recurring claims near the highest since 2021 suggests unemployed Americans continue to find difficulty in securing a new job as the pace of hiring has slowed. unemployment benefits declined for a fifth week in a row to the lowest level since mid-April, showing a resilient job market.

Technology 105

Technology payroll payroll tax audit 105

CPA Practice

JULY 15, 2025

Toy prices increased at the fastest pace since early 2021, while the costs of household furnishings and sports equipment climbed by the most since 2022. Inflation Insights LLC President Omair Sharif pointed out that excluding cars, core goods prices climbed 0.55% in June — the biggest monthly advance since November 2021.

Technology 58

Technology payroll audit payroll tax 58

CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

income tax 111

income tax Tax accounting standards financial statements 111

Anders CPA

AUGUST 2, 2022

Crypto Tax Planning for 2022. Senate, digital assets such as cryptocurrency would have been treated the same as stock and securities in applying the wash sale rule for federal income tax purposes. This legislation would have applied to taxable years beginning after December 31, 2021. CONTACT ANDERS.

tax planning 111

tax planning Sales Tax income tax 111

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Estate Tax Planning. 2022 Year-End Tax Planning Resources.

tax planning 98

tax planning Tax Construction income tax 98

CTP

NOVEMBER 16, 2022

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. billion on such programs in 2021 alone [1]. Tax Code, it is difficult to say whether machine learning will protect you from any wrongdoing with this particular term.

tax planning 95

tax planning Tax Technology Non-Profits 95

CTP

SEPTEMBER 16, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.” To find a Certified Tax Planner near you, click here.

tax planning 98

tax planning Tax tax return Education 98

xendoo

NOVEMBER 1, 2021

per mile as of 2021. If you use Shopify for your eCommerce store, the fees associated with this service can be deducted from your business income taxes. Tax Planning Takes Time and Xendoo Can Help. Are eCommerce bookkeeping services tax-deductible? Train or subway tickets. eCommerce business software.

Tax 95

Tax Transportation tax return bookkeeping 95

Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. Let’s look at an example.

Real Estate 131

Real Estate Tax income tax tax return 131

FusionCPA

NOVEMBER 24, 2020

It's that time of the year again where businesses are preparing their end-of-year tax. Corporate income tax is the third largest source of revenue for the federal government. While the amount collected for corporate income tax pales when compared to individual income tax or payroll tax, it still accounts for 1.1

corporation tax 52

corporation tax tax planning Tax income tax 52

Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Company A sold widgets in 2021 for $150 per unit. Assume Company A sold 275 units in 2021.

business tax 119

business tax Tax income tax tax return 119

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.

New York 112

New York income tax New Jersey Tax 112

CTP

APRIL 11, 2025

A pivotal 2021 court case allowed student athletes for the first name to earn money from endorsement deals, product sponsorships, and other advertising campaigns. By connecting with a Certified Tax Planner, student athletes can receive expert advice on the savings tactics that will work best for their unique situation.

tax planning 52

tax planning Tax income tax Sports 52

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

tax planning 52

tax planning Tax income tax New York 52

Anders CPA

NOVEMBER 22, 2022

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

Tax 98

Tax income tax tax planning CPA 98

CTP

SEPTEMBER 22, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.” To find a Certified Tax Planner near you, click here.

tax planning 52

tax planning Tax tax return Education 52

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). Hiring family members can save on taxes if you follow IRS income tax thresholds.

tax planning 52

tax planning business tax Tax tax return 52

LyfeAccounting

MAY 3, 2021

The tax deduction focuses on lowering your taxable income NOT your tax liability. Your taxable income is going to be based on how much money you made and the tax bracket you fall into. Well because you only owe $500, your tax credit is basically reduced to $500 and you don’t get a refund. Child Tax Credit.

Tax 52

Tax tax preparation tax return tax consultant 52

LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

South Carolina 52

South Carolina Hawaii West Virginia Delaware 52

Wellers Accounting

MARCH 11, 2022

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

Tax 52

Tax tax planning income tax corporation tax 52

LyfeAccounting

FEBRUARY 24, 2021

If filing taxes for 2020, married couples filing jointly who make up to $80,000 in taxable income or single filers who make up to 40,000 in taxable income. For 2021, the income limits rise to $80,800 for married couples filing jointly and $40,400 for single filers. Child Care Credit. Non-itemizers rejoice!

Tax 52

Tax Real Estate Legal Education 52

LyfeAccounting

JULY 22, 2021

Hawaii also has the second-highest income tax in the country coming in at 11%. That’s 11 times more than other states like F lorida and Texas who virtually have no income tax at all. Nevada’s effective property tax rate is just 0.6% Well, it’s possible because of tourism taxes.

South Carolina 52

South Carolina Hawaii West Virginia Delaware 52

Withum

NOVEMBER 17, 2022

The income tax deduction will be limited to $6,000,000, and $4,000,000 in charitable contributions can be carried forward for the next 5 years. In 2021, the deduction would have been the full $10,000,000. 2022 Year-End Tax Planning Resources.

tax planning 52

tax planning tax return income tax Tax 52

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

Tax 81

Tax income tax Real Estate Start-ups 81

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).

business tax 97

business tax Tax Real Estate CPA 97

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

Tax 52

Tax income tax tax planning payroll 52

LyfeAccounting

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. But it’s important that you first understand how taxes work. TAXABLE INCOME BRACKET.

Real Estate 52

Real Estate Tax income tax Gaming 52

Withum

MARCH 3, 2022

In a statistically insignificant sample of 10 dealerships (6 domestics, 4 import), here are the things that jumped out at me when analyzing their 2021 LIFO adjustments: NOTHING. In four out of these ten stores analyzed, the LIFO adjustment resulted in more income in 2020 than it had in 2021.

Tax 52

Tax income tax Start-ups Manufacturing 52

Withum

OCTOBER 18, 2023

With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

Tax 59

Tax tax planning tax preparation income tax 59