TaxConnex

FEBRUARY 27, 2024

More than 300,000 accountants quit their jobs between 2019 and 2021, data show.” You have two initial ways to address your need for sales tax expertise: Your outside tax accountant or bringing tax expertise in-house. With the former, you risk that a professional versed in the tax code of the U.S. in 2022, up 1.3%

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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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RogerRossmeisl

DECEMBER 14, 2021

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction.

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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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xendoo

NOVEMBER 1, 2021

In other words, if your home office doubles as a nursery or workout room, you’ll likely be unable to claim it as a deduction on your tax return. If you use the simplified option for claiming tax deductions, the IRS permits you to deduct $5 per square foot of office space. per mile as of 2021. Train or subway tickets.

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CPA Practice

APRIL 16, 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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ThomsonReuters

JANUARY 21, 2022

Below are changes that take effect this year, along with other tax planning information. First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due. April 18, 2022 : 1st quarter 2022 estimated tax payment due.

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Withum

NOVEMBER 17, 2022

Resident Clients: Resident partners/shareholders participating in a PTET (elective or mandatory) may not receive a credit for taxes paid to another state on their resident state income tax return. Failing to prepare for a tax examination at the outset of a move jeopardizes the ability to ultimately prevail at the audit.

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LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession.

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LyfeAccounting

JUNE 17, 2021

So, in one of our previous posts, we were getting a lot of questions if you can get the child tax credit if you don’t file taxes. It’s called the “Non-filer sign-up tool” which is for people who did NOT, we repeat, DID NOT file their 2020 taxes which would have been done in 2021. What is the Non-Filer Sign Up Tool?

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LyfeAccounting

MARCH 10, 2021

Delay taxes for a stimulus check? Well, if you want to put yourself at risk of IRS tax penalties in 2021, then you’re doing exactly that. And we’ve been surprised at the number of people who have no idea how tax penalties and tax interest actually work. 5 Things You Should Know About Tax Penalties.

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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.

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LyfeAccounting

APRIL 30, 2021

So if 80% of the usage of your cellphone is for business purposes, you can only write off 80% of the cellphone and monthly service on your tax return. With the mileage approach, you can write off 56 cents in 2021 for every business mile you drove. You can be taxed as an S-Corporation or even a C-Corporation as well.

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LyfeAccounting

FEBRUARY 19, 2021

So in this post, we’re going to break down some of those advantages and disadvantages of a single member LLC in 2021. We will also be discussing a typical operating agreement, how taxes work, and compare it against sole proprietorship. This is attached to your personal federal tax return that you file with the IRS.

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LyfeAccounting

JULY 3, 2021

How to start a nonprofit organization in 2021 – otherwise known as a 501(c)(3) organization. But we can’t ignore that it has some incredible tax benefits for its members and managers. So you win in both ways, you save on taxes and you support your favorite social cause. You have tax exemption status. Keep reading!

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Withum

JUNE 1, 2022

Company A sold widgets in 2021 for $150 per unit. In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. Assume Company A sold 275 units in 2021. Wait and See.

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Withum

MAY 16, 2022

In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. The FMV of the building in 2021 is $150,000. In 2021, Julia’s bank agrees to reduce the second mortgage debt from $90,000 to $30,000, resulting in cancellation of debt income of $60,000. Let’s look at an example.

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LyfeAccounting

APRIL 23, 2021

So we’re not going to use a bunch of tax jargon you will read on other blogs. Instead, we are going to do our best to make this a very simple guide so that you can follow and implement this yourself on your next tax return. Actual Expense Vehicle Tax Deduction. Let’s go ahead and dive right in.

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CTP

MARCH 2, 2022

Without careful planning, your beneficiaries could find themselves with a hefty tax bill. A tax expert can help you a) minimize estate taxes and b) generate sufficient liquidity to satisfy estate expenses. In 2021, the federal estate tax does not apply to individual estates worth less than $11.7

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LyfeAccounting

JULY 2, 2021

Tax refund delays are completely out of control right now. Calling appears pointless as it is mostly automated, and checking your status on irs.gov only shows you if your tax return has been received by the IRS. But, it does not tell you why your tax refund is delayed. Past Due Returns.

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ThomsonReuters

JANUARY 12, 2023

With more than 50 million taxpayers answering ‘Yes’ to the IRS Virtual Currency question on the front page of the 1040 form on their 2021 tax returns, there is a pressing need for immediate access to tools for cryptocurrency tax preparation. . Plus, it conveniently integrates with tax preparation software. .

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ThomsonReuters

AUGUST 16, 2022

Starting with their tax years that begin in 2021 (the 2021 tax year) pass-through entities with items of international tax relevance must contend with a number of new forms and instructions. What K-2 and K-3 Relief Is Available for 2021?

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Inform Accounting

APRIL 28, 2022

In 2021/22 the rental income and associated expenses for the three properties are as follows: Cottage. In 2021/22, the business makes a profit of £7,000, against which £7,000 of the loss from 2020/21 is set. Need tax planning support? Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Inform Accounting

AUGUST 2, 2022

During the Covid-19 pandemic, the conditions were relaxed and employees who were required to work from home during the pandemic were able to make a claim of £6 per week for 2020/21 and 2021/22 for the full tax year (even if they returned to the office for some of the year). Remember to declare COVID-19 grants on your tax return.

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ThomsonReuters

MAY 6, 2021

Their focus is on taxpayers who omit cryptocurrency income from their tax returns. But this is just the most recent step in the increasing IRS focus on cryptocurrency tax, here’s a brief timeline on past activities: 2021 – Launch Operation Hidden Treasure. Unfortunately for them, that time is past.

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ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. In order to keep their certification current for representation in front of government entities and tax return preparation, CPAs must also keep up to date with yearly continuing education requirements. Recording disbursements and payments. Ensuring that systems are up to date.

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LyfeAccounting

MAY 27, 2021

They have a question about your tax return. They changed your return. They need to notify you of delays in processing your return. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed. 6% of tax returns are audited each year.

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KROST

FEBRUARY 24, 2021

Any US citizen living abroad or any US foreign national residing in the United States will be considered a “covered expatriate” and subject to an exit tax if he or she meets any of the following three tests (exceptions and special rules apply in certain circumstances): 1. Tax Liability Test. Expatriate tax return compliance.

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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. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI).

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Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Require your team to take vacation time. There are a few new topics for the year that deserve attention.

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Going Concern

JUNE 26, 2023

PricewaterhouseCoopers (PwC) Australia is under fire after a former partner leaked confidential government tax plans between 2014 and 2017 which were then used to drum up work with multinational companies hoping to sidestep new rules. In total, 34% of Americans said they worked at least partly at home in 2022, down from 38% in 2021.

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LyfeAccounting

NOVEMBER 16, 2020

It’s likely you won’t know if your loan is forgiven and by how much until 2021, which will have some serious implications for your tax planning and financial reporting. Tax Deductibility. Because it takes 60 days to know if your loan is forgiven or not, then you are not sure what you should deduct in 2020 or 2021.

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xendoo

OCTOBER 25, 2021

Income is recorded only when you receive payment, which means that you’ll pay taxes on the cash your business receives. . For example, if your company sells a product to a customer in December of 2021 and receives payment in January of 2022, this transaction would not be recorded on your business income tax return until the following year.

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ThomsonReuters

NOVEMBER 10, 2020

By moving to a more established and automated method, multinational organizations benefit from a streamlined and connected process that syncs with their ERP system, their 1120 XML, tax return, and tax provision software. COVID-19 And The Digital Economy: An Opportunity For Indirect Tax Departments. Do More with More?

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ThomsonReuters

DECEMBER 17, 2021

The Global Minimum Tax is the latest initiative spinning off of the Base Erosion and Profit Shifting (BEPS) initiative from the Organisation for Economic Co-operation and Development (OECD). Tax leaders need to diligently prepare their department for these changes.”.

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LyfeAccounting

JUNE 4, 2021

Here at LYFE Accounting, not only do we help people pay themselves correctly as an LLC… …but we’ve also started one of the fastest-growing LLCs according to Inc Magazine and the financial times in 2021. This means that the business’s taxable income is allocated directly to the owners, to pay on their individual tax return.

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LyfeAccounting

MAY 3, 2021

But in this post, we want to explain the differences between tax credits vs tax deductions so you can spend your time wisely! Now as tax preparers for many years, finding tax credits and tax deductions for our clients is one of the most satisfying parts of preparing a tax return.

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