Withum

JANUARY 12, 2023

The IRS announced comprehensive tax relief provisions for taxpayers affected by California’s winter storms. These relief provisions provide an extended due date to May 15, 2023, for disaster-affected taxpayers to file returns. Contact Us. Let’s Chat.

California 122

California Tax tax return payroll tax 122

Going Concern

APRIL 5, 2024

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.

tax preparation 113

tax preparation tax return New Jersey Tax 113

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 73

Rhode Island income tax Tax tax return 73

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

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Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. What Is Global Tax Minimization? international tax rules.

Tax 96

Tax income tax Non-Profits corporation tax 96

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

inDinero Tax Tips

MAY 13, 2024

What is payroll tax? Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge. In this article, we’ll explain the basics of the tax and how to do payroll yourself. How Much Is Payroll Tax?

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payroll tax payroll Tax income tax 52

xendoo

JANUARY 31, 2022

New Year, New Tax Requirements. 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. Will this new rule apply to your business? What Changed?

Tax 105

Tax bookkeeping tax return business tax 105

Withum

FEBRUARY 28, 2023

If computers can beat a world chess champion, they argue, why can’t they perform as good as or better than my local tax advisor? We’ll explore this issue in more detail below, but the short answer is no, artificial intelligence is not at the point where it can analyze tax issues and reliably produce accurate responses.

Tax 122

Tax tax services business tax 122

Withum

FEBRUARY 27, 2023

Over the past few days, the IRS has issued several updates regarding tax relief for victims of severe winter storms, flooding, landslides, and mudslides. 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.

California 119

California tax return Nevada payroll 119

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. Contact Us.

New York 83

New York Tax tax return corporation tax 83

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. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. affected taxpayer)?

Government 125

Government income tax tax return Florida 125

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.” Who Will This Impact?

Tax 52

Tax tax return audit income tax 52

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 106

E-commerce audit Real Estate Healthcare 106

xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. 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. CFO services?

Tax 52

Tax tax preparation business tax bookkeeping 52

xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. 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. What is Form 3800?

Tax 52

Tax tax preparation business tax income tax 52

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 76

Tax tax return CPA Legal 76

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.

tax return 78

tax return audit Tax income tax 78

Withum

JANUARY 21, 2022

Offering this new benefit or loosening restrictions on existing PTO programs is great for employee morale, but it can cause unintended tax consequences under the constructive receipt doctrine. The problem with these plans is they create unintended tax consequences due to an arcane tax concept called the constructive receipt doctrine.

Tax 82

Tax Construction tax services business tax 82

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.

Tax 78

Tax income tax tax return Account 78

Withum

JULY 25, 2022

Although most federal funds related to the COVID-19 pandemic have been exhausted, small businesses in New York are still eligible to receive sizeable grants and credits created by Governor Hochul’s Executive Budget. Specifically, two NY small business programs currently offer small business owners upwards of $75,000 in grants and credits.

New York 78

New York tax services business tax payroll 78

Withum

MARCH 27, 2024

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 , including the reinstitution of immediate expensing for domestic research expenditures, in a staggering bipartisan vote of 357 to 70, it still remains unclear if the Senate can pass this crucial legislation.

Finance 59

Finance Manufacturing income tax Idaho 59

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 the tax year beginning after December 31, 2022. Business Tax Services.

Tax 65

Tax tax return tax planning tax services 65

xendoo

APRIL 27, 2023

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. Form 1065 is a complex tax form with many requirements. What is Form 1065: U.S. Who must file Form 1065?

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

APRIL 27, 2023

Form 1065 is the end-of-year tax form for small businesses that operate as partnerships. So if you registered your business entity as a partnership, you must file the form at the end of your company’s tax year. Form 1065 is a complex tax form with many requirements. What is Form 1065: U.S. Who must file Form 1065?

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

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.

tax return 69

tax return payroll tax income tax Tax 69

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. The New York PTET allows partnership (including LLCs) and S corporation entities to make an annual election to pay an entity-level tax.

income tax 112

income tax New York Tax New Jersey 112

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. It has previously included monetized installment sales on its annual Dirty Dozen list of common tax scams and schemes.

Sales 52

Sales tax return Tax tax services 52

Withum

AUGUST 8, 2023

Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same. Does this seem extreme?

New York 96

New York income tax Manufacturing financial statements 96

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source 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). Where do I file a report?

Legal 116

Legal Non-Profits income tax Tax 116

Withum

DECEMBER 23, 2023

Small business owners have been suffering in recent years with various federal tax laws impeding their ability to operate and grow. 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.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax income tax 52

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

APRIL 8, 2022

However, the aspects of the bill that would tax retirement contributions, as opposed to distributions, could be surprising for some. Even though Roth retirement plans must be funded with after-tax dollars, the main tax advantage of participating in one is that none of the growth in the plan should be taxed. The reason?

income tax 76

income tax Tax Start-ups Maine 76

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

OCTOBER 12, 2022

A new corporate alternative minimum tax (“CAMT”) was enacted as part of the Inflation Reduction Act passed on August 16, 2022. Some financial statement income adjustments include intercompany payments, federal and foreign income taxes, as well as adjusting the financials to reflect tax depreciation. Contact Us. Let’s Chat.

financial statements 69

financial statements Tax income tax Manufacturing 69

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source 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). Where do I file a report?

Legal 91

Legal Non-Profits income tax Tax 91

Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the stock is held for more than five years.

income tax 69

income tax corporation tax Tax Sales 69