Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. Businesses (including tax-exempt organizations) whose principal place of business is located anywhere in Florida can also obtain relief.

Government 124

Government income tax tax return Florida 124

Withum

JANUARY 16, 2024

Extension of 100 Percent Bonus Depreciation: Bonus depreciation was reduced to 80% for qualified property placed into service after December 31, 2022, and to 60% for qualified property placed into service after December 31, 2023. For the 2023 taxable year, a 179 expense of $1.16

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

JUNE 29, 2023

Withum is proud to announce its 2023 New Partner Class. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. Stephanie Fitzgerald is an expert in SOC audits and Systems and Process Assurance Services.

E-commerce 105

E-commerce audit Real Estate Healthcare 105

Withum

DECEMBER 7, 2023

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

Tax 121

Tax Delaware tax services audit 121

Withum

MARCH 7, 2024

Is the IRS Still Processing ERC Claims, and What’s the Status of the Processing Moratorium It Announced on September 14, 2023? The IRS announced it would not process ERC claims filed after September 14, 2023, but at that time it was still working through a sizeable backlog of claims that were filed before that date.

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Tax income tax tax return audit 126

Going Concern

APRIL 5, 2024

He’s looking at 55 counts of aiding and assisting in the preparation of false tax returns, five counts of mail fraud, one count of aggravated identity theft and two counts of tax evasion. LEON’S TAX SERVICE on Google street view. He was arrested last July at which time U.S. Attorney Philip R.

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tax preparation tax return New Jersey Tax 107

Withum

JANUARY 8, 2024

The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures.

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tax return audit Tax income tax 78

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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Tax bookkeeping tax return business tax 105

CPA Practice

OCTOBER 2, 2023

With an economy still trying to gain more certain footing, businesses facing new market conditions, and a constantly evolving IRS, the business and tax advisors at KBKG have identified three of the most significant changes the IRS has implemented, each of which can have strong impacts on businesses. This impacts the Sec.

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Withum

JULY 25, 2022

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

New York 78

New York tax services business tax payroll 78

CPA Practice

OCTOBER 3, 2023

With an economy still trying to gain more certain footing, businesses facing new market conditions, and a constantly evolving IRS, the business and tax advisors at KBKG have identified three of the most significant changes the IRS has implemented, each of which can have strong impacts on businesses. This impacts the Sec.

Tax 103

Tax cpas audit tax services 103

Withum

SEPTEMBER 2, 2022

This legislation does not apply to New York City Unincorporated Business Tax or General Corporation Tax. However, it is possible New York City still asserts broad economic nexus provisions to either of these tax types. New York City Pass-Through Entity Tax. Contact Us. Let’s Chat.

New York 83

New York Tax tax return corporation tax 83

Withum

MARCH 27, 2024

Crapo continued the discussion by praising the panelists for their examples of why extending the three business tax provisions from the Tax Cuts and Jobs Act is so critical. While all of three of these provisions are familiar to the business community, they started to become severely limited in the 2022 and 2023 taxable years.

Finance 59

Finance Manufacturing income tax Idaho 59

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax tax preparation business tax bookkeeping 52

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax tax preparation business tax income tax 52

xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

Withum

FEBRUARY 28, 2023

At least for now, unfortunately, AI cannot replace human tax analysis, but who knows how long humans can continue to outpace computers. This article was originally published by Daniel Mayo in Forbes on February 18, 2023. Let’s Chat The post Can I Replace My Tax Advisor With ChatGPT? appeared first on Withum.

Tax 122

Tax tax services business tax 122

Withum

SEPTEMBER 15, 2023

The IRS issued Revenue Procedure 2023-8, allowing taxpayers to obtain automatic consent to change the accounting method for specified research or experimental expenditures to comply with IRC Section 174 by attaching the required information in a tax return statement. Let’s Chat The post Do You Need Help With 174?

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Cherry Bekaert

MAY 3, 2024

The planning is a highly complex process but can be achieved with the proper planning and international tax structuring, as well as the right tax professionals. Contact Us Related Global Business Tax Services Thought Leadership Podcast: Inbound U.S.

Tax 96

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Withum

SEPTEMBER 6, 2022

Assume a similar fact pattern as above, but the energy efficient commercial building property is not installed until 2023. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. The 179D deduction would be $376,000 and the remaining $124,000 would be capitalized.

Construction 80

Construction tax services business tax Tax 80

Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback.

income tax 112

income tax New York Tax New Jersey 112

Withum

NOVEMBER 29, 2023

Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023). Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Legal 115

Legal Non-Profits income tax Tax 115

inDinero Tax Tips

JUNE 7, 2023

In April 2023, the IRS received $80 Billion in a new budget as part of the Inflation Reduction Act. Recently, the agency revealed they’ll use some of those funds to hire thousands of agents to audit the filings of wealthy individuals and corporations to close “the tax gap.” Audit data for 2023 still needs to be published.

Tax 52

Tax tax return audit income tax 52

Withum

AUGUST 10, 2023

On August 3, 2023, Treasury and the IRS issued proposed regulations and a press release identifying monetized installment sale transactions and substantially similar transactions as Listed Transactions. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Sales 52

Sales tax return Tax tax services 52

inDinero Tax Tips

MAY 13, 2024

Here are the current payroll tax rates: Social Security Tax The Social Security tax rate is a flat 12.4% Once an employee meets the limit, the government collects no more Social Security tax. The 2023 maximum was $160,200 The 2024 maximum is $168,600 Medicare Tax The Medicare tax rate is a flat 1.45% of all wages.

payroll tax 52

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Withum

FEBRUARY 1, 2023

The IRS recently released Notice 2023-2 providing their initial guidance regarding the application of the excise tax on the repurchase of corporate stock. The notice provides interim guidance which taxpayers may rely on when applying the excise tax until final regulations are issued.

Tax 75

Tax tax return CPA Legal 75

Withum

DECEMBER 23, 2023

Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024. This article was originally published by Lynn Mucenski Keck in Forbes on December 23, 2023. appeared first on Withum.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax income tax 52

Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023). Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Legal 91

Legal Non-Profits income tax Tax 91

Withum

APRIL 8, 2022

The current House Bill would increase the required minimum distribution age to 73 starting on January 1, 2023, and further increase the age to 74 beginning on January 1, 2030, and 75 starting on January 1, 2033. The increased catch-up amounts would be effective for taxable years beginning after December 31, 2023. Business Tax Services.

income tax 75

income tax Tax Start-ups Maine 75

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

income tax Tax accounting standards accounting and finance 80

Withum

AUGUST 8, 2023

This article was originally published by Lynn Mucenski-Keck in Forbes on July 21, 2023. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. remains a global innovation leader.

New York 96

New York income tax Manufacturing financial statements 96

Withum

OCTOBER 12, 2022

Corporations and tax professionals will need detailed regulations to properly assess whether CAMT applies and how to calculate CAMT correctly. The first tax year for which the new CAMT tax is due is the calendar year beginning January 1, 2023, for which returns will be due in 2024. Contact Us. Let’s Chat.

financial statements 69

financial statements Tax income tax Manufacturing 69

Withum

JANUARY 21, 2022

For example, let’s say on December 31, 2022 an employer offers a two-week option to its employees to cash out up to 40 hours of accrued and unused PTO, payable in January 2023. Business Tax Services. The post Unintended Tax Consequences of PTO Buyback Programs appeared first on Withum. Contact Us. Contact Us.

Tax 81

Tax Construction tax services business tax 81

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. Business Tax Services. Contact Us. Contact Us.

Tax 64

Tax tax return tax planning tax services 64

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. Senator Margaret Hassan (D-NH) introduced a bill as recently as March 16, 2023, to provide an immediate deduction related to Section 174 expenditures. Many were hopeful for U.S.

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Tax income tax tax return Account 78

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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