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,

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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

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

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.

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CPA Practice

FEBRUARY 23, 2024

21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021. That number shot way up to 613 in 2021, according to Statista. In 2020 and 2021, Withum audited 331 SPAC deals totaling $108.83 billion in value, Bloomberg Tax reported last September.

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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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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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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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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

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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TaxConnex

DECEMBER 28, 2021

More than $1 in every $4 spent on retail purchases during the 2021 holiday season will come from online orders, by some estimates (with about two out of every five of those done via a smartphone, other industry observers add ). But digital revenue for November and December is still expected to hit $212.28 billion in U.S.

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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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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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TaxConnex

JANUARY 11, 2022

In the winter, e-commerce jumped 96% year-to-year from 2020 to 2021. Many states say that when the contents of a shipment are taxable, so is the shipping cost; similarly, when items in a shipment are exempt from sales tax, so is the cost of shipping. Rules vary widely from state to state for the physical delivery of goods.

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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.

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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.

bookkeeping 52

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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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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

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.

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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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CPA Practice

OCTOBER 4, 2023

Pike started working at Howard in 2004 and has served as the firm’s CEO since 2021. Wexler, who helped open Bonadio Group’s first Dallas office in 2018, will refocus his efforts on business development and client service to support continued strategic growth in Texas, the firm said. “We

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Going Concern

MAY 17, 2022

The IRS destroying data for an estimated 30 million filers in March 2021 is appalling. Julio Gonzalez. “ This will create massive chaos for taxpayers in terms of filing time and refunds. The fact that the IRS is a business that operates in the dark ages in terms of technology further compounds the taxpayer’s burden.

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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 192

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CPA Practice

NOVEMBER 3, 2023

merged with Grassi in 2021, said in a post today on LinkedIn regarding the firm’s changes to its ownership and operating structure, “My objective [for the merger] was to ensure a solid future for our clients, our team, and our partners.

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inDinero Tax Tips

NOVEMBER 7, 2023

Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. InDinero’s business tax services can save you time and money, as our team of professionals will ensure you’re making the most of every tax year. What is a Net Operating Loss?

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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. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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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.

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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. Let Withum’s Private Client Services Team help you today. Contact Us. Let’s Chat.

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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 14, 2022

The Treasury and IRS released the final foreign tax credit (“FTC”) regulations on December 28, 2021. These final regulations are the latest set of regulations to modify the FTC rules since the enactment of the Tax Cuts and Jobs Act in 2017. International Tax Services. Contact Us. Contact Us.

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CPA Practice

NOVEMBER 2, 2023

merged with Grassi in 2021, said in a post today on LinkedIn regarding the firm’s changes to its ownership and operating structure, “My objective [for the merger] was to ensure a solid future for our clients, our team, and our partners.

cpas 52

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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.

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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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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CPA Practice

AUGUST 15, 2023

Snodgrass —failed to obtain audit committee pre-approval in connection with providing audit and/or non-audit services to issuer audit clients, in violation of PCAOB Rule 3520, Auditor Independence , and for two of the three firms (BPM and Plante Moran) PCAOB Rule 3524, Audit Committee Pre-Approval of Certain Tax Services.

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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.

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