Withum

MARCH 2, 2024

By way of background, the CTA was enacted on January 1, 2021 as part of the 2021 National Defense Authorization Act as an attempt to prevent money laundering and tax evasion by requiring new reporting for certain companies doing business in the US. Stay tuned for further developments as they arise.

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TaxConnex

JUNE 9, 2022

Exclusions include sales of the services in fulfillment of a lump-sum, fixed-fee contract, or a fixed-price sales contract executed on or before Feb. For gross receipts from the sale of newly taxed services prior to Jan. 1, 2023, if the gross receipts were less than $6,000 during calendar year 2021, the services are exempt.

Sales 246

Sales Tax Colorado Massachusetts 246

Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. Business Tax Services.

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Withum

MAY 12, 2025

Millionaires tax: The budget extends the higher personal income tax rate on individuals who make over $1.1 When first enacted in 2021, this higher tax rate for millionaires was set to expire in 2027. However, like most temporary tax hikes, it looks to be permanent. million annually through 2032.

New York 72

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Withum

DECEMBER 24, 2024

The Corporate Transparency Act (CTA) , enacted in 2021, requires more than 33 million small businesses to register with FinCEN between January 1, 2024 and December 31, 2024. Contact Us Please reach out to Withums Tax Services Team if you have any questions about your BOI reporting obligation.

Texas 52

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Withum

JUNE 24, 2022

When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. See generally Notice 2021-20, Q&As #23-28.

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Withum

AUGUST 25, 2022

The Notice also provides relief from certain information return penalties with respect to taxable year 2019 returns that were filed on or before August 1, 2020, and with respect to taxable year 2020 returns that were filed on or before August 1, 2021. Contact Us. Let’s Chat.

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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. Business Tax Services.

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TaxConnex

JULY 12, 2022

Kansas retail sales tax collections in May were $240.8 over May 2021 sales tax receipts, the governor said. Pennsylvania is changing how taxpayers e-file sales and use and excise returns, make payments and renew licenses, among other services. million – $13.8 million, or 6.1%, over the estimate and 5.7%

Sales 246

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inDinero Tax Tips

NOVEMBER 15, 2021

However, the government changed rules for the 2021 and 2022 tax years to encourage businesses to spend money at restaurants. For these two tax years, you can deduct 100% of the cost of business meals, so long as you have the right documentation. Many of them may affect the 2021 tax year. Changes on the Horizon.

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Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. Business Tax Services.

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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. Contact Us.

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Withum

MARCH 17, 2022

The Crypto market capitalization, calculated by multiplying price of the cryptocurrency with the number of coins in circulation, went over $1 trillion in 2021. For more information on this topic, please contact a member of Withum’s Federal Tax Services Team. NFT sales volume totaled $24.9 billion, of which $4.8 Contact Us.

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Withum

APRIL 11, 2022

If passed by the Senate, the bill would ensure funding for more than 177,000 restaurants whose applications were placed on hold when the fund was exhausted in July of 2021. The pandemic-related revenue loss is defined as the average annual gross receipts of 2020 or 2021 less the 2019 gross receipts.It Business Tax Services.

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Going Concern

JULY 2, 2022

We also learned that PwCers who work in Capital Markets and Accounting Advisory Services, Financial Due Diligence, Valuations, and M&A Tax Services got an additional 10% salary boost. We examined the 2022, 2021 , 2020 , and 2019 PwC comp threads on Reddit, and the 2017 and 2016 comp threads on Going Concern.

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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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Withum

JULY 28, 2022

See Notice 2021-20 , Q&A #31. Document your gross receipts or governmental orders now, and remember that one of the requirements of the ERC program is that you must maintain adequate documentation for at least 4 years after the date the tax becomes due or is paid, whichever comes later. See Notice 2021-20 , Q&As 70 &71.

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KROST

NOVEMBER 24, 2021

Learn more about our Tax Services »­. The post KROST Recognizes New CPA Licensees at the CalCPA LA Chapter ABC Networking Mixer 2021 appeared first on KROST. CalCPA members provide financial literacy programs to high schools and community groups. Learn more about the CalCPA LA Chapter ».

CPA 52

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Withum

MARCH 21, 2022

If a single taxpayer’s 2021 taxable income exceeds $214,900, or $429,800 for a married filing joint taxpayer, additional definitions and limitations are evaluated. For example, if the pass-through entity is considered to be a specified service trade or business, often referred to as an SSTB, no 199A deduction is allowed. Contact Us.

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ThomsonReuters

MAY 3, 2023

A tax services director in Washington D.C. says that the Treasury Department’s proposal to clarify the tax treatment of on-demand pay arrangements makes it “clear” that the IRS is concerned with the constructive receipt issue of this trending employee benefit.

Construction 59

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CPA Practice

OCTOBER 30, 2024

“While the upcoming tax year brings uncertainty for businesses and individuals alike, Aprio’s tax advisors are poised to act should any major tax laws change that could impact clients,” said John Rose , Director of National Tax Services at Aprio.

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LyfeAccounting

MARCH 11, 2021

Here’s how the tax credit works: 30% credit for systems placed in service by December 31, 2019. 26% credit for systems placed in service after December 31, 2019, and before January 1, 2021. 22% credit for systems placed in service after December 31, 2020, and before January 1, 2022.

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Withum

SEPTEMBER 22, 2022

There were two PPP loan programs: (i) First Draw PPP Loans that were issued beginning in April 2020, and (ii) Second Draw PPP Loans that were issued beginning in January 2021. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Taxation of PPP Loans. Contact Us.

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Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. Eligible expenses paid using SVOG funds are fully tax deductible.

Tax 126

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Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead,

Tax 118

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CPA Practice

APRIL 7, 2023

Examples of civil injunctions obtained by the Tax Division over the last year include: On Jan. The government alleged that Zio prepared tax returns claiming fabricated business income and expenses, as well as various false tax deductions.

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Withum

MARCH 29, 2022

However, The American Rescue Plan Act of 2021 clarifies that Form 1099-K is not required if the contributor to the crowdfunding campaign does not receive goods or services for their contributions. Business Tax Services. Author: Jeremias Ramos , CPA | jramos@withum.com. Contact Us. Contact Us.

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Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. The statute of limitations for 2021 income tax returns will not expire until next year.

Tax 126

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xendoo

JANUARY 12, 2022

Generally, the IRS will begin accepting electronic tax returns by late January. In 2021, the IRS didn’t begin accepting returns until February 12, though this seems to be an anomaly. By January 24, you’ll likely be able to file a business tax return. This date, of course, assumes you’re ready. June 15, 2022: U.S.

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Withum

APRIL 14, 2022

The average amount of student loan debt per borrower in 2021 was $38,792, while the total amount of outstanding student loans was estimated to be $1.58 If the ability for employer matching on qualified student loan payments is enacted, it would be effective for contributions made for tax years beginning after December 31, 2022.

Education 129

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Steve Feinberg

SEPTEMBER 15, 2022

For Immediate Release September 15, 2021. We’re pleased to announce that Appletree Business Services LLC has acquired Cold Spring Business Services LLC, a provider of bookkeeping, payroll and tax services. Van will become part of the Appletree staff to help service clients and bring a wealth of tax knowledge.

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Withum

OCTOBER 6, 2022

The February 15, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17, 2023, and to the quarterly payroll and excise tax returns, normally due on October 31, 2022, and January 31, 2023. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Government 124

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Going Concern

NOVEMBER 2, 2022

Compare these numbers to the 2021 AICPA Trends report : total accounting degree completions from 1994-2020 peaked in 2015-16 (79,854) and for 2019-20 which are the years covered in the 2021 Trends report, we had a combined 72,923 bachelor’s and master’s graduates. Demand is especially strong for audit and tax professionals.

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xendoo

AUGUST 30, 2021

Both provide quality online bookkeeping and tax services, but there are some key differences in features that will help you weigh your options: Online bookkeeping and tax services . Online Bookkeeping and Tax Services . Tax services are available at an additional cost and must be purchased separately. .

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Withum

FEBRUARY 1, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Passes Tax Relief Act With a Decisive Bipartisan Vote appeared first on Withum. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

Tax 124

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Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. Outsourced Accounting Systems and Services (OASyS). They also share their tips and tricks to ensure timely completion every month.

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Withum

JULY 25, 2022

Business Tax Services. For more information on this topic, please contact a member of Withum’s Business Tax Services team. The program is aimed at small, independently owned and operated businesses operating in New York with 100 or fewer employees and gross receipts that are less than $2.5 Contact Us. Contact Us.

New York 78

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