CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG.

Tax 110

Tax cpas tax services audit 110

Withum

FEBRUARY 2, 2023

R&D Capitalization makes its crash landing onto 2022 tax returns! R&D Capitalization rules taking effect in 2022 could turn an expected tax loss and/or credit into an unexpected tax bill. Learn More Could You Benefit from a R&D Tax Credit Analysis? appeared first on Withum.

payroll 59

payroll Tax tax return tax services 59

CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest. million in restitution.

tax preparation 132

tax preparation Tax tax return income tax 132

xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

business tax 98

business tax Tax tax return tax preparation 98

TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. Alaska, one of the few states still without a statewide sale tax, is considering one as it tries to close a projected revenue shortfall of $450 million heading into the next fiscal year.

Sales 130

Sales Tax North Carolina Alaska 130

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130

Alaska Sales Tax New Hampshire 130

Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

SEPTEMBER 1, 2023

On August 30, 2023, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in parts of Florida that were affected by Hurricane Idalia. The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period.

Tax 98

Tax tax return Florida payroll 98

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

Construction tax services Tax payroll 59

CPA Practice

OCTOBER 2, 2023

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. This impacts the Sec.

Tax 106

Tax cpas audit tax services 106

CPA Practice

OCTOBER 3, 2023

There are a myriad of challenges and changes in the tax codes affecting their business clients each tax season. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. This impacts the Sec.

Tax 103

Tax cpas audit tax services 103

Withum

JUNE 27, 2022

There is a lot going on regarding taxes these days. Manchin’s buy-in will be essential to passage of any tax legislation. The current negotiations include significant tax increases on corporations and wealthy Americans – defined as those earning more than $400,000 per year, but details have not yet been released. Contact Us.

Tax 128

Tax West Virginia Virginia tax return 128

TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. How does this impact sales tax obligations? 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.

Sales 181

Sales Tax audit tax return 181

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

Tax tax services tax return cpas 59

Going Concern

JANUARY 19, 2023

The IRS Criminal Investigation unit has released its top cases for 2022 and in it we get reality TV personalities, a rogue tax preparer, some garden variety PPP fraud, and even a former decathlete with his own Wikipedia page. Without any further ado, IRS-CI’s top ten cases of 2022: 10. He succeeded in stealing nearly $2.4

Tax 64

Tax tax return Gambling tax preparation 64

Withum

FEBRUARY 1, 2024

7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The refundable child tax credit would continue to increase by $100 per year through Dec. The refundable child tax credit would continue to increase by $100 per year through Dec. Taiwan tax provisions.

Tax 124

Tax Finance tax services business tax 124

Withum

FEBRUARY 8, 2023

President Biden’s State of the Union Address on February 7, 2023 included calls for tax reform and for “responsible” action by Congress to increase the $31.4 The first proposal is a four-fold increase (from 1% to 4%) in the corporate stock buyback tax that was enacted last year as part of the Inflation Reduction Act.

Tax 130

Tax income tax tax services business tax 130

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its

Sales 177

Sales Tax Oklahoma Illinois 177

Withum

NOVEMBER 17, 2022

For 2022, Donors may claim a tax deduction limit for contributions of cash of 60% (for non-cash gifts up to 30%) of one’s AGI. Donation amounts in excess of these limits may be carried over for up to five tax years. 2022 Year-End Tax Planning Resources. 2022 Year-End Tax Planning Resources.

tax planning 52

tax planning tax return income tax Tax 52

Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. 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.

Rhode Island 72

Rhode Island income tax Tax tax return 72

TaxConnex

JUNE 9, 2022

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

Sales 192

Sales Tax Colorado Massachusetts 192

CPA Practice

NOVEMBER 15, 2023

The American Institute of CPAs recently recognized three prominent Tax Division members during the 2023 AICPA & CIMA National Tax & Sophisticated Tax Conference and Fall Tax Division Meetings. Myers, CPA, received the Jonathan Horn Distinguished Service Award. Dolan, JD, and Edward S. Dixon Award.

Tax 112

Tax CPA cpas Washington 112

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. The Where’s My Refund? Where’s My Refund?” tool on IRS.gov.

tax return 116

tax return Tax income tax tax preparation 116

Withum

JANUARY 12, 2023

The IRS announced comprehensive tax relief provisions for taxpayers affected by California’s winter storms. Additionally, eligible taxpayers will have until May 15 to make 2022 contributions to their IRAs and health savings accounts. Contact Us. Let’s Chat.

California 122

California Tax tax return payroll tax 122

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.

Ohio 140

Ohio Non-Profits tax services Tax 140

Withum

SEPTEMBER 6, 2022

The deduction for the 2022 taxable year was $1.88 In 2022, the company’s §179D deduction is limited to $376,000 (200,000 x $1.88). For more information on this topic, please contact a member of Withum’s Business Tax Services Team. per square foot. The company has not previously claimed the §179D deduction.

Construction 80

Construction tax services business tax Tax 80

Going Concern

OCTOBER 14, 2022

In its 2022 salary guide , Accounting Principals/LHH Recruitment Solutions predicted a 6.4% less than 2022 for tax services manager to 17.7% more than 2022 for audit and assurance services manager. less than 2022 for tax services manager to 17.7% Audit and assurance services.

accountant salary 52

accountant salary public accounting Account accountant 52

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.

New York 83

New York Tax tax return corporation tax 83

Withum

JUNE 6, 2022

On May 27, 2022, the IRS released its sixth pronouncement regarding the types of businesses that can qualify for the qualified small business stock (QSBS) exclusion. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. The seller recognizes gains as the buyer makes payments of principal on the note.

Real Estate 109

Real Estate tax planning Construction Tax 109

inDinero Tax Tips

DECEMBER 22, 2023

Introduction As 2023 draws to a close, it’s pivotal for small businesses to scrutinize their financial status and strategize effectively for tax reduction and a robust financial future. Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning.

tax planning 52

tax planning business tax Tax financial statements 52

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 75

New Jersey Tax income tax tax return 75

Withum

APRIL 5, 2022

When negotiations began on the Build Back Better Act (BBBA) in Congress, the tax community, including yours truly, was almost certain that tax rates were going to increase in 2022. However, recent breakdowns in negotiations regarding the specifics of BBBA have almost assured that the 2017 tax cuts are here to stay.

Tax 119

Tax income tax CPA tax services 119

CPA Practice

FEBRUARY 17, 2023

Tax season is always stressful. Hurried filers inundate tax preparers working furiously to help their clients file on time while the dreaded tax deadline looms. However, it’s important to pause and reflect on your data privacy standards, digital communication norms, and potential vulnerabilities this tax season.

Tax 122

Tax tax preparation cpas Legal 122

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. What Is the Fix?

Tax 124

Tax tax return payroll tax tax services 124

Withum

MAY 16, 2022

Favorable rules, which were put into place for taxable years after 1992, could allow the cancellation of debt income to be deferred for federal income tax purposes even if the taxpayer is not in bankruptcy or insolvent—as is normally the case. This article was originally published by Lynn Mucenski Keck in Forbes on May 11, 2022.

Real Estate 131

Real Estate Tax income tax tax return 131

MyIRSRelief

JANUARY 3, 2022

As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. If you’re a small business owner, you will likely already be aware that employment 941 payroll trust fund taxes can cause monumental headaches.

Tax 147

Tax payroll tax payroll Legal 147