RogerRossmeisl

NOVEMBER 5, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2022, the FICA tax rate for employers is 7.65% — 6.2%

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RogerRossmeisl

APRIL 21, 2022

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. See June 15.

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RogerRossmeisl

JULY 16, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due.

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RogerRossmeisl

DECEMBER 31, 2020

The recent stimulus legislation, the Consolidated Appropriations Act of 2021, (CAA 2021) included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. This rule applies to expenses paid or incurred in calendar years 2021 and 2022.

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CPA business tax Tax 246

RogerRossmeisl

JUNE 25, 2021

The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post 2022 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. In addition, the sum of the annual deductible and other annual.

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RogerRossmeisl

SEPTEMBER 29, 2024

The changes apply to qualified alternative fuel vehicle refueling property placed in service after 12/31/2022, and before 01/01/2033. The post Treasury, IRS Issue Additional Guidance on the Alternative Fuel Vehicle Refueling Property Credit appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

SEPTEMBER 25, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. For example, you could pull income into 2022 to be taxed at lower rates, and defer deductible expenses until 2023, when they can be claimed to offset higher-taxed income.

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RogerRossmeisl

JANUARY 2, 2023

January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax. Farmers and fishermen: Pay estimated tax for 2022. January 31 File 2022 Forms.

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RogerRossmeisl

DECEMBER 15, 2022

As posted to IRS.gov as Tax Tip 2022-117 on 8/2/2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. The post Worker Classification 101: Employee or Independent Contractor appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

JANUARY 21, 2024

The changes apply to qualified alternative fuel vehicle refueling property placed in service after December 31, 2022 and before January 1, 2033. The post Treasury and IRS Issue Guidance on the Qualified Alternative Fuel Vehicle Refueling Property Credit appeared first on Roger Rossmeisl, CPA.

CPA 258

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RogerRossmeisl

JULY 16, 2022

The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Taxpayers may use the optional cents-per-mile rate to calculate the deductible costs of operating a vehicle for business.

CPA 245

CPA Tax business tax 245

RogerRossmeisl

APRIL 21, 2022

For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for 2022. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2022 by a whopping $19,520 (32% times $61,000).

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RogerRossmeisl

NOVEMBER 28, 2021

For calendar-year taxpayers, that is March 15, 2022. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. The post Recent FTB Clarifications on Pass-Through Entity Tax (AB-150) appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

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RogerRossmeisl

NOVEMBER 13, 2022

In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. 401(k) plans The 2023 contribution limit for employees who participate in 401(k) plans will increase to $22,500 (up from $20,500 in 2022).

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RogerRossmeisl

MAY 16, 2022

Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021). The post Fully Deduct Business Meals This Year appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

JUNE 5, 2022

Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Businesses and workers in certain industries may receive more of these forms and some people may even get them based on personal transactions.

CPA 245

CPA business tax Tax 245

RogerRossmeisl

NOVEMBER 13, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2023, the FICA tax rate for employers is 7.65% — 6.2%

Hospitality 245

Hospitality CPA Tax business tax 245

RogerRossmeisl

OCTOBER 12, 2021

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. The post New Per Diem Business Travel Rates Became Effective on October 1 appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

FEBRUARY 5, 2023

In 2022, the business cents-per-mile rate for the second half of the year (July 1 – December 31) was 62.5 The post The Standard Business Mileage Rate is Going Up in 2023 appeared first on Roger Rossmeisl, CPA. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

CPA 246

CPA business tax Tax 246

RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. File a 2022 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

FEBRUARY 20, 2023

The total value of M&A transactions in North America in 2022 was down 41.4% If you’re considering buying or selling a business, it’s important to understand the tax implications. The post Key Tax Issues in M&A Transactions appeared first on Roger Rossmeisl, CPA.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

AUGUST 6, 2023

For 2023, the SE tax is imposed at the painfully high rate of 15.3% for Social Security tax and 2.9% for Medicare tax. The $160,200 Social Security tax ceiling is up from the $147,000 ceiling for 2022, and it’s only going to get worse in future years, thanks to inflation. additional Medicare tax, on all income.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

FEBRUARY 20, 2023

Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022). Deductions Section 179 expensing: Limit: $1.16 million (up from $1.08 million) Phaseout: $2.89

Tax 243

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RogerRossmeisl

APRIL 24, 2023

R&E expenses The TCJA has affected many businesses, including manufacturers, that have significant R&E costs. Starting in 2022, Internal Revenue Code Section 174 R&E expenditures must be capitalized and amortized over five years (15 years for research conducted outside the United States). The post Changes in Sec.

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RogerRossmeisl

JULY 17, 2022

Although merger and acquisition activity has been down in 2022, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. appeared first on Roger Rossmeisl, CPA.

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CPA Practice

DECEMBER 18, 2023

The Internal Revenue Service has launched the second phase of a new online self-service tool for businesses that expands business tax account capabilities and eligible entity types. Available at IRS.gov/businessaccount , the new business tax account is a key part of the agency’s continuing service improvement initiative.

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xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . When filing taxes, knowing the deadlines is an essential part of being organized and prepared.

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SkagitCountyTaxServices

AUGUST 19, 2022

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). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

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Xero

JULY 7, 2022

We were honored to be on the ground at NABA’s Annual Convention last month as a sponsor of their 2022 scholarship program, which has provided over $375,000 in scholarships to their students. . I plan to pursue the five year Masters of Accountancy program that will allow me to qualify for the CPA exam.

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RogerRossmeisl

JULY 11, 2021

The ARPA again extended and modified the ERTC to apply to wages paid after June 30, 2021, and before January 1, 2022. The post Revisiting the Employee Retention Tax Credit appeared first on Roger Rossmeisl, CPA. However, Congress later modified and extended the ERTC to apply to wages paid before July 1, 2021.

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RogerRossmeisl

MARCH 5, 2024

A recent report shows that post-pandemic global business travel is going strong. billion in 2022 and is estimated to hit $928.4 If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The post Taking Your Spouse on a Business Trip?

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CPA business tax Tax 169

xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

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Ronika Khanna CPA,CA

JANUARY 3, 2022

I have compiled a list of deadlines for all unincorporated small business owners which includes sole proprietors and self employed individuals. Download our free small business tax deadline calendar for 2022. Note that the usual deadline for sales tax (GST/HST and QST) payments and income tax returns is April 30th.

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RogerRossmeisl

DECEMBER 13, 2020

The program’s 3-year phase-in is as follows: Number of Employees: Registration Required by: >100 09/30/2020 >50 06/30/2021 >5 06/30/2022 What is CalSavers? The post Reminder for Businesses to Register with CalSavers appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

NOVEMBER 25, 2023

As reported via Tax Tip 2022-122 on 8/10/2022 There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. Business owners must take these steps when closing a business: File a final tax return and related forms.

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xendoo

JANUARY 31, 2022

The update set a new minimum requirement for filing a Form 1099-K by third party payment apps: business owners who collect payments of $600 or more will now receive Form 1099-K from the payment apps they use, in order to disclose their mobile app earnings to the IRS. . They are available when you need them, all year long. .

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