Withum

JANUARY 31, 2024

The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments. Please note that, as of this time, Rhode Island has not provided an extension of time to file the state income tax returns.

Rhode Island 73

Rhode Island income tax Tax tax return 73

Withum

OCTOBER 6, 2022

Under section 7508A, the IRS gives affected taxpayers until February 15, 2023, to file most tax returns with either an original or extended due date occurring on or after September 23, 2022. Does the federal relief also extend the time to pay federal income tax? State Income Tax Filings. Contact Us.

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Government income tax tax return Florida 125

Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. The October 16, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17 and April 18, 2023.

California 119

California tax return Nevada payroll 119

Withum

SEPTEMBER 1, 2023

Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period. For example, the new deadlines apply to the following: Individuals who had a valid extension to file their 2022 return due to run out on Oct.

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Tax tax return Florida payroll 98

CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Where’s My Refund?” tool on IRS.gov.

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us. Let’s Chat.

California 122

California Tax tax return payroll tax 122

Withum

JANUARY 8, 2024

Method of Accounting Many have been waiting for clarification surrounding the IRS administrative procedures that should be followed in order to adjust 2022 federal taxable income to follow the IRS interim guidance provided in Notice 2023-63 and, more recently, Notice 2024-12.

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TaxConnex

DECEMBER 28, 2021

Expanding sales tax obligations are a concern of many execs, according to TaxConnex’s recent market survey of 100 top finance professionals in a variety of industries. Finally, but perhaps most importantly, you have to remit sales tax that you’ve collected, making sure to maintain a paper trail that includes proof of mailing.

Sales 181

Sales Tax audit tax return 181

Withum

OCTOBER 19, 2022

On October 19, 2022, the IRS issued a press release ( IR-2022-183 ) warning taxpayers to be wary of third parties who advise them to claim an employee retention credit (ERC) when they do not qualify. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Contact Us.

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CPA Practice

NOVEMBER 13, 2023

In August 2022, the American Institute of CPAs (AICPA) released proposed revisions to the Statements on Standards for Tax Services (SSTSs) for public comment. The AICPA’s Tax Executive Committee (TEC) reviewed and adopted the updates to the SSTSs on May 18, 2023; the updated standards will be effective on January 1, 2024.

Tax 59

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Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Business Tax Services. Contact Us.

Tax 125

Tax tax return payroll tax tax services 125

Withum

SEPTEMBER 9, 2022

If your company has operations in New Jersey and other states but does not necessarily have complete or clear tax reporting in New Jersey (and you are dreading it), a new initiative may represent a significant opportunity. 15, 2022, to participate and provide all transfer pricing documentation by October 31, 2022. Contact Us.

New Jersey 76

New Jersey Tax income tax tax return 76

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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Withum

NOVEMBER 14, 2022

The IRS recently released a private letter ruling (PLR 202244004 (August 9, 2022)) that grants additional time to a taxpayer that failed to timely elect to defer the gain from a rollover of qualified small business stock (QSBS). This article was originally published by Daniel Mayo in Forbes on November 5, 2022. Contact Us.

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tax return Entertainment Tax Sales 114

Withum

SEPTEMBER 2, 2022

New York City’s tax code was amended on August 31, 2022, to harmonize a number of the City’s provisions with New York State. The enacted legislation aligns New York City with New York State’s economic nexus provisions, now applying a factor-based standard, for tax years beginning on or after January 1, 2022. Let’s Talk.

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New York Tax tax return corporation tax 83

xendoo

JANUARY 31, 2022

In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. The good news is that this does not mean that business owners now owe additional taxes.

Tax 105

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Withum

MARCH 29, 2022

You can rest assured knowing that you haven’t been committing tax fraud all these years by excluding your birthday and holiday gifts from your tax return. For 2022 and beyond this threshold is dramatically reduced to $600 in gross payments, regardless of the number of transactions or donations. Business Tax Services.

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inDinero Tax Tips

JUNE 7, 2023

In 2020, only ~5% of individual income tax returns filed exceeded that threshold. Treasury Secretary Janet Yellen, September 15, 2022 What Is the Tax Gap? The IRS will focus on tax returns with the most significant impact. Going forward, they’ll focus on tax returns likely to have the biggest impact.

Tax 52

Tax tax return audit income tax 52

Withum

JUNE 1, 2022

This could be a surprise to many taxpayers and may only get worse through the 2022 taxable year. billion in taxes for the industry in 2022. Under the various safe harbor proposals, the amendment of a prior return would not be necessary. This article was originally published by Lynn Mucenski Keck in Forbes on May 24, 2022.

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Withum

MAY 16, 2022

In our example, Julia would have to include the $10,000 of cancellation of debt income in her 2021 tax return and adjust her basis in her real property by $50,000 as of January 1, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on May 11, 2022. Business Tax Services. Contact Us.

Real Estate 131

Real Estate Tax income tax tax return 131

xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. March 15th is the deadline for calendar year partnerships in 2022 and 2023. To recap, all U.S.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. March 15th is the deadline for calendar year partnerships in 2022 and 2023. To recap, all U.S.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

Withum

DECEMBER 4, 2023

As tax returns that originally included the Transition Tax were filed for the 2017 and 2018 tax years, the three-year period from the date of filing the returns to claim a refund have since passed.

Tax 73

Tax tax return audit tax services 73

Withum

APRIL 5, 2023

tax legislation ensuring businesses could continue to fully deduct their research and experimental (“R&E”) expenditures in the 2022 taxable year. However, the partisan Congressional divide will likely force businesses to reduce 2022 Section 174 R&E deductions to as little as 10% for domestic and 3.3%

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Tax income tax tax return Account 78

xendoo

APRIL 3, 2023

You can always use a business tax service like Xendoo and a tax CPA can do it for you. CFO services? To calculate your alternative minimum tax, first, take your total tax liability and add back the deductions you subtracted. The result is called the tentative minimum tax. tax code changes frequently.

Tax 52

Tax tax preparation business tax bookkeeping 52

xendoo

APRIL 3, 2023

You can always use a business tax service like Xendoo and a tax CPA can do it for you. To calculate your alternative minimum tax, first, take your total tax liability and add back the deductions you subtracted. Then, if your income is below $539,900 in the tax year 2022, you subtract an income exemption of $75,900.

Tax 52

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Withum

JUNE 24, 2022

The IRS is expected to begin auditing ERC claims in the coming months and it has 3 years from the filing date of the relevant Form 941 tax return to assert deficiencies, and 5 years in the case of ERC claims for the third and fourth calendar quarters of 2021 ( see §3134(l) ). Business Tax Services. Contact Us. Contact Us.

Tax 126

Tax audit tax return tax services 126

Withum

MAY 2, 2022

The Biden Administration FY 2023 Budget and Treasury Green Book, released on March 28, 2022, includes various proposals to modernize the United States’ current compliance and reporting structure surrounding digital assets. The proposal would be effective for returns required to be filed after December 31, 2022. Contact Us.

Tax 65

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Going Concern

JUNE 10, 2022

The Chrisleys were found guilty of tax evasion, and Peter Tarantino was found guilty of filing two false corporate tax returns on behalf of the Chrisleys’ company. Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions [ Journal of Accountancy ] A U.S.

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LyfeAccounting

MARCH 16, 2021

Now, these expenses must be paid or incurred during 2021 or 2022. So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. We offer various tax services so be sure to get in touch with us today at 470-240-1437. So, there you go!

Tax 52

Tax Entertainment tax return tax preparation 52

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

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Withum

AUGUST 11, 2022

The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential liability. Even though the Superfund Excise Tax has been implemented in the past, it last expired over 25 years ago.

Tax 73

Tax Manufacturing tax return Sales 73

Withum

AUGUST 7, 2023

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? How Do I Claim a Qualified Charging Station Federal Income Tax Credit? For-profit entities claim the charging station credit on their income tax return. The charging station credit is non-refundable.

income tax 52

income tax Construction Non-Profits Transportation 52

Withum

AUGUST 24, 2023

The applicable percentages are based on the year of construction and are as follows:   In the case of construction that begins before January 1, 2023, 10 percent;   In the case of construction that begins after December 31, 2022, and before January 1, 2024, 12.5 How Do I Claim a Federal Energy Project Income Tax Credit?

Tax 52

Tax Construction income tax Non-Profits 52

Withum

FEBRUARY 1, 2023

The notice provides interim guidance which taxpayers may rely on when applying the excise tax until final regulations are issued. The excise tax, §4501, was enacted as part of the Inflation Reduction Act of 2022.

Tax 76

Tax tax return CPA Legal 76

Withum

JULY 26, 2023

As part of the Inflation Reduction Act (“IRA”) passed in August of 2022, $391 billion of governmental funding was allocated to energy and climate initiatives. The intent of IRC Section 6418, was to increase participation in clean energy initiatives by allowing taxpayers to sell credits without engaging in complicated tax structures.

Tax 52

Tax tax return Alaska Tennessee 52

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Tax-Advantaged Accounts.

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