inDinero Tax Tips

DECEMBER 13, 2021

Credit: Kelly Sikkema The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. This can be especially nerve wracking as business taxes constantly change from year to year. Here are 2021 tax changes to look out for.

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TaxConnex

MARCH 2, 2021

There’s always something changing in the world of tax, especially sales tax. And 2021 is off to a n especially busy start. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. 20 and April 14 to April 15, 2021.

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inDinero Tax Tips

DECEMBER 13, 2021

The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. This can be especially nerve wracking as business taxes constantly change from year to year. Here are 2021 tax changes to look out for. Federal Tax Changes for 2021. 2021 Tax Changes in California.

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CPA Practice

APRIL 9, 2024

But when it comes to taxes, misleading information on social media can lead to financial or even legal problems, the IRS warns. Social media—things like Facebook, Instagram and TikTok—can be used to circulate “wildly inaccurate tax advice,” the agency said. There are two other variations of the W-2 scheme.

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CPA Practice

OCTOBER 5, 2023

in unpaid taxes and, as a result, the agency has placed a tax lien on a condo he owns south Florida. Attorney, legal advisor and counsel to former President Donald J. According to The New York Times and the Daily Mail , former New York City mayor Rudolph Giuliani owes $549,435.26 Giuliani, a former U.S.

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ThomsonReuters

FEBRUARY 18, 2021

IRS Publication 15-B (Employer’s Tax Guide to Fringe Benefits (For use in 2021)). The 2021 version of Publication 15-B reflects changes to a variety of fringe benefit rules, many of which provide COVID-19-related relief. Employers are instructed to check the IRS website to see whether this relief is extended to 2021.

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TaxConnex

JULY 7, 2022

If it feels to you like the whole economic nexus and sales tax landscape is one-sided, the U.S. A GAO report states that all states with a statewide sales tax and D.C. A GAO report states that all states with a statewide sales tax and D.C. your sales tax obligations?and and whether you should be collecting sales tax,?

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CPA Practice

JUNE 8, 2023

Supreme Court ruled May 25 in favor of a 94-year-old woman who didn’t receive a single dime after her Minneapolis condominium was seized by authorities and sold over a small unpaid tax bill. Tyler, who now lives in an apartment building for older people, stopped paying property taxes on her condominium, where she had lived since 1999.

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TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. Add that U.S. Too much or too little?

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TaxConnex

MAY 4, 2023

Many tech companies consider themselves service providers, exempt from sales and use tax. In these cases, IP addresses have been used for sales tax in certain situations because it can be mapped to a physical address. the Foundation asked that same year in its piece, “States Consider Digital Taxes Amidst Conflicting Rationales.” “Or

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TaxConnex

JUNE 9, 2022

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

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ThomsonReuters

FEBRUARY 7, 2024

Simplified rule and origins of the economic realities test “The Trump-era 2021 independent contractor rule acknowledged the fact that prior to that point in time, basically, there was no DOL rule or regulation,” Anne Sekel, managing partner at Foley & Lardner LLP’s New York law office, began.

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CPA Practice

JANUARY 23, 2023

Supreme Court turned away a Missouri appeal that sought to ensure states can cut taxes even as they receive $195 billion in federal pandemic relief money. trillion measure into law in March 2021. Missouri said that provision prohibits only the deliberate use of relief funds to pay for a tax cut. Louis-based 8th U.S.

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inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes? Partnership Tax Deadlines.

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CPA Practice

MARCH 31, 2023

tax data, however, suggests at least one super-wealthy individual flew under the radar until the very end. 28, 2023: The deposit of $7 billion in the category of “estate and gift” taxes. It was the highest collection of that kind of tax since at least 2005. It was the highest collection of that kind of tax since at least 2005.

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ThomsonReuters

JUNE 28, 2023

Shortly after President Biden took office, the DOL delayed the effective date of the rule until May 7, 2021. Then, on May 5, 2021, the DOL announced that it was withdrawing the final independent contractor rule, just one day before the delayed effective date was to take place.

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TaxConnex

DECEMBER 21, 2021

Staying on top of the ever-evolving sales tax landscape takes constant time and attention. Hiring is on the minds of many executives as we end 2021. This growth could potentially impact your sales tax obligations in a way that your team can no longer efficiently manage the already growing responsibilities of sales tax compliance.

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CPA Practice

MARCH 5, 2024

By Kevin Tampone, syracuse.com (TNS) The IRS is warning taxpayers that time is running out to claim a tax credit related stimulus payments distributed during the early years of the COVID-19 pandemic. The payments went out in 2021 and 2020. For the 2021 credit, you have until April 15, 2025.

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TaxConnex

JUNE 8, 2021

There’s always something changing in the world of tax, especially sales tax. And 2021 continues to prove that. They were the last two states with a sales tax to set up such requirements.). The bill requires the collection and remittance of sales and compensating use tax by most marketplace facilitators beginning July 1.

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LyfeAccounting

APRIL 29, 2021

Let’s talk about tax brackets for 2021. What Stayed The Same in Tax Brackets 2021? This tax season , what are the things that remain unchanged? Well, the number of tax brackets did not change in 2021. T here are still a total of seven tax brackets. T here are still seven tax rates: 10%.

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LyfeAccounting

FEBRUARY 24, 2021

?. How much money will you be paying in taxes this year? Hopefully, the lowest amount legally possible! To help you do just that, we’ll be going over the 12 most overlooked tax breaks you can take today. The more tax deductions and credits you get, the more money you get to keep. 0% Tax on Capital Gains.

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CPA Practice

JUNE 19, 2023

To lessen the burden caused by the funeral costs, many often ask about the tax deductibility of these funeral expenses and whether they can claim some form of tax relief from them. It’s important to remember that funeral expenses are tax-deductible items specific to the estate (gross value of the properties) of a deceased person.

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Withum

AUGUST 23, 2022

According to the 2021 IRS Data Book , the IRS in Fiscal Year 2021 had about 79,000 full-time equivalent (FTE) employees, and about 35,000 of them were dedicated to enforcement activity. The IRS’s total budget for FY 2021 was about $13.7 The chart below shows the number of tax returns examined over a 10-year period.

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ThomsonReuters

AUGUST 18, 2023

A legal expert in multiple practice areas that includes wage and hour litigation recently talked with Checkpoint Payroll Update regarding the legal battles and pending federal legislation surrounding student-athletes and whether they may be classified as employees under the Fair Labor Standards Act (FLSA) in the future. NCAA , 932 F.3d

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ThomsonReuters

MARCH 27, 2024

The IRS is having a big problem dealing with non-filers – individuals and businesses who fail to file their required tax returns. As a result, there’s been a substantial increase in the amount of taxes that aren’t being paid. This undermines the fairness and integrity of the tax system and leads to a loss of revenue.

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Anders CPA

OCTOBER 10, 2023

Sales tax regulations have become a significant concern for both businesses and consumers. Sephora) sheds light on the repercussions of collecting an improper amount of sales or use tax. million to resolve claims of overcharging taxes on Missouri purchases serves as a lesson for all people involved.

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LyfeAccounting

JUNE 7, 2021

We have 10 tips on how you can avoid paying taxes. Because for most people, paying taxes is such a drag, annoying, frustrating… So today, we want to talk about how to avoid taxes and give you 10 legit and legal ways to do so. But even then, taxes aren’t a big deal. 10 Tips On How To Avoid Paying Taxes.

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xendoo

JANUARY 25, 2021

While this is an ever-changing situation regarding the latest PPP news, here is what we do know regarding the timeline of new funding in 2021. . January 11, 2021. To enable access for smaller lenders, the SBA will initially only accept First Draw loan applications from local institutions starting on January 11, 2021.

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CPA Practice

APRIL 2, 2024

By James Queally, Los Angeles Times (TNS) A federal judge rejected Hunter Biden’s bid to dismiss multiple counts of tax-related offenses in an 82-page ruling handed down Monday, clearing the way for the president’s son to face court proceedings during the contentious 2024 election cycle. District Judge Mark C.

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CPA Practice

APRIL 15, 2024

A Florida attorney was sentenced today to eight years in prison for conspiring to defraud the United States and tax evasion arising out of his promotion of an illegal tax shelter scheme involving false charitable deductions. According to court documents and statements made in court, from at least 2013 through 2021, Michael L.

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TaxConnex

JUNE 20, 2023

Almost five years ago, the Supreme Court’s Wayfair decision was heralded as a revenue gateway for almost all states to require remote sellers to collect and remit sales tax. In 2021, the Government Accountability Office estimated nationwide remote sales tax collections to be about $30 billion. We’ll keep you posted.

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CPA Practice

MARCH 8, 2023

Taylor, Kiplinger Consumer News Service (TNS) President Biden, who is set to release his FY 2024 budget proposal, wants to “raise some taxes.” In a recent speech, Biden said that tax increases should focus on the wealthiest taxpayers—an approach that some states have adopted or recently proposed.

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Going Concern

APRIL 30, 2024

It’s been almost six years since the Canadian government legalized recreational cannabis and ever since, a microcosm of financial reporting and auditing has been growing (no pun) beside it. One issue is producers failing to pay their excise taxes and racking up a debt of $273.4

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LyfeAccounting

MAY 8, 2021

Top tax write offs for rental property – let’s get into this. In fact, some of our team members are actually in a few real estate syndications and we have done taxes for hundreds of real estate investors. Real estate can be a great way to build long-term wealth, earn additional income, and generate a tax shelter!

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LyfeAccounting

MARCH 11, 2021

We’re about to reveal the best and biggest tax breaks for homeowners. Homeownership offers some of the best tax deductions and tax credits that can save you thousands of dollars in taxes. 8 Tax Breaks for Homeowners You Need to Know. Property Taxes. But you’re not one of them…. Let’s jump right to it!

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CPA Practice

APRIL 11, 2024

McGarry, InsideSources.com (TNS) Tax Day looms, and the taxman cometh. This year, the IRS has launched a pilot program dubbed “Direct File” through which Americans can opt to have the IRS prepare their taxes for free (well, except for the billions of taxpayer dollars used to create the program). billion through October 2021.

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Withum

NOVEMBER 10, 2022

“We don’t pay taxes. Only the little people pay taxes.” Unfortunately for them, there are people in their lives with the knowledge that they have engaged in tax evasion. Whistleblowers and Tax Authorities. The 2006 Tax Relief and Health Care Act created the IRS whistleblower office.

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