RogerRossmeisl

NOVEMBER 6, 2023

By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.

Tax 272

Tax tax return CPA 272

CPA Practice

MARCH 12, 2024

Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) The only thing worse than the monotonous task of preparing your tax return, or preparing your CPA to prepare your tax return, is doing it again on an amended return. While that was often the case before tax laws changed in 2018, it is no longer.

tax return 111

tax return Tax Washington tax planning 111

CPA Practice

FEBRUARY 24, 2023

Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. million tax returns—29% more than in 2022, nearly four million more. As of Feb. compared to last year.

tax return 130

tax return Tax income tax 130

RogerRossmeisl

APRIL 17, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

Tax 146

Tax income tax tax return CPA 146

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

California 220

California Tax tax return CPA 220

RogerRossmeisl

FEBRUARY 18, 2024

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) 2) When is my return due if I request an extension?

Tax 162

Tax Massachusetts income tax tax return 162

RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday.

California 215

California Tax tax return CPA 215

CPA Practice

APRIL 8, 2023

Updated: April 8, 2023: 7:41 pm ET. It’s almost March, and the 2023 tax filing season is well underway. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. T he Tax Deadline is April 18, 2023?

income tax 115

income tax Tax tax return Massachusetts 115

CPA Practice

MARCH 11, 2024

Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) The only thing worse than the monotonous task of preparing your tax return, or preparing your CPA to prepare your tax return, is doing it again on an amended return. While that was often the case before tax laws changed in 2018, it is no longer.

tax return 85

tax return Tax Washington tax planning 85

CPA Practice

FEBRUARY 20, 2023

Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. million tax returns—29% more than in 2022, nearly four million more. As of Feb. compared to last year.

tax return 98

tax return Tax income tax 98

CPA Practice

AUGUST 7, 2023

Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. By Kelley R. of the time.

tax return 98

tax return income tax Tax Michigan 98

CPA Practice

DECEMBER 19, 2023

The start of a month typically brings some number of tax-related changes. Some of the standouts for December 2023 are described below. From December 1, 2023, through February 29, 2024, retail sales of residential energy sources and services are exempt from local sales and use tax in Erie County, New York.

South Carolina 111

South Carolina Tax Florida tax return 111

RogerRossmeisl

NOVEMBER 26, 2023

As reported via IRS Tax Tip 2023-89 in October 2019 Kids are expensive. There are several tax breaks that can help. Confirming a child’s birth is the only way the IRS can verify that the parent is eligible for the credits and deductions they claim on their tax return.

Tax 130

Tax tax return Hospitality CPA 130

RogerRossmeisl

NOVEMBER 26, 2023

As reported via IRS Tax Tip 2023-103 9/5/2023 Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new business owners understand the tax responsibilities of running a business. Corporation: Also known as a C corporation.

Tax 130

Tax income tax tax return CPA 130

CPA Practice

FEBRUARY 24, 2023

24, 2023: 4:41 pm ET. It’s almost March, and the 2023 tax filing season is well under way. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. T he Tax Deadline is April 18, 2023?

income tax 98

income tax Tax tax return Massachusetts 98

CPA Practice

JANUARY 30, 2023

Updated: January 8, 2023: 11:01 pm ET. Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund? ” Will the 2023 tax filing season be normal? T he Tax Deadline is April 18, 2023?

income tax 105

income tax Tax tax return Massachusetts 105

CPA Practice

JANUARY 11, 2024

Tax season officially starts Jan. 29, 2024, when the IRS begins accepting and processing tax returns for the 2023 tax year. With the IRS anticipating receiving nearly 129 million individual tax returns by the April 15, 2024, deadline this season, getting an early start on prepping yours may be best.

Illinois 52

Illinois CPA Tax tax return 52

RogerRossmeisl

FEBRUARY 18, 2024

But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? What the law requires To prove a charitable donation for which you claim a tax deduction, you must comply with IRS substantiation requirements. It depends.

income tax 136

income tax tax return CPA Tax 136

RogerRossmeisl

NOVEMBER 26, 2023

As reported via IRS Tax Tip 2023-51 4/17/2023 After someone with a filing requirement passes away, their surviving spouse or representative should file the deceased person’s final tax return. On the final tax return, the surviving spouse or representative should note that the person has died.

tax return 130

tax return income tax CPA Tax 130

CPA Practice

FEBRUARY 19, 2024

By Joy Taylor, Kiplinger Consumer News Service (TNS) If you made a qualified charitable distribution (QCD) from your IRA in 2023, reporting it on your 1040 or 1040-SR can be tricky. Individuals 70½ and older could transfer up to $100,000 in 2023 from a traditional IRA directly to charity. That would be double-dipping.

tax return 98

tax return Tax Washington Start-ups 98

CPA Practice

OCTOBER 8, 2024

In response to Hurricane Helene’s recent devastation and Hurricane Milton’s impending landfall, Wolters Kluwer Tax & Accounting is highlighting tax relief opportunities available to those affected by natural disasters in 2024. They can choose to claim these losses in the year they were incurred (i.e.,

South Carolina 116

South Carolina North Carolina Tax tax return 116

CPA Practice

JULY 30, 2024

While the Treasury Inspector General for Tax Administration (TIGTA) report noted that more than 95 percent of the IRS’ workers were in full compliance with their personal taxes, 1,068 were disciplined for their noncompliance issues. In total, the IRS has more than 85,000 employees and more than 25,000 contractor workers.

income tax 116

income tax Tax tax return 116

CPA Practice

OCTOBER 11, 2024

Because of hurricanes Debby, Helene, and, most recently, Milton, all taxpayers in Florida now have until May 2025 to file individual and business tax returns and make tax payments, the IRS announced on Friday. 10—individuals and businesses in 51 counties will receive disaster tax relief. 5 and concludes on May 1, 2025.

Florida 137

Florida Tax tax return payroll 137

CPA Practice

OCTOBER 23, 2024

22 that tax-exempt organizations have been granted a filing exception when it comes to Form 4626, Alternative Minimum Tax – Corporations PDF , for tax year 2023. For tax-exempt organizations, the corporate alternative minimum tax applies only to the AFSI of any unrelated trades or businesses.

Tax 105

Tax income tax tax return financial statements 105

Ronika Khanna CPA,CA

APRIL 19, 2024

Residents of Canada are required to reflect all sources of worldwide income on their personal tax returns. not TFSA, RRSPs or FHSAs), to ensure that you have received all tax documents and report them. If you do make a withdrawal during the year, you will receive a T4RSP slip which is to be reported on your tax return.

tax return 92

tax return Tax Real Estate accounting and finance 92

CPA Practice

OCTOBER 17, 2023

Thirteen states have agreed to participate in a trial run of the IRS’s free online return filing system, called Direct File, during the 2024 tax season, the agency said on Tuesday. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

tax return 116

tax return Tax South Dakota tax preparation 116

CPA Practice

AUGUST 22, 2023

The Internal Revenue Service is reminding large trucks and bus operators with a taxable gross weight of 55,000 pounds or more to e-file Form 2290, Heavy Highway Vehicle Use Tax Return (PDF), by the Aug. 31, 2023, payment deadline for vehicles first used in July 2023.

Tax 96

Tax tax return income tax 96

RogerRossmeisl

FEBRUARY 20, 2023

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. The reason is you can potentially protect yourself from tax identity theft. How can your tax identity be stolen?

Tax 130

Tax tax return income tax CPA 130

CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 2024 quarterly estimated income tax payments normally due on Jan. 26 in Tennessee.

South Carolina 130

South Carolina North Carolina Tax Alabama 130

RogerRossmeisl

NOVEMBER 26, 2023

As reported via IRS Tax Tip 2023-61 on 5/3/2023 Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. appeared first on Roger Rossmeisl, CPA.

tax return 130

tax return CPA Tax Sales 130

CPA Practice

OCTOBER 2, 2023

October 16 is this year’s deadline for taxpayers who requested additional time to file their taxes. This is often necessary for taxpayers who are still waiting on some documents before they can file their returns. However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline.

South Carolina 124

South Carolina Tax Georgia income tax 124

CPA Practice

JANUARY 12, 2023

The 2023 tax-filing season will open on Jan. 23—the day in which the IRS will begin accepting and processing 2022 tax year returns, the agency said on Thursday. Taxpayers have three extra days to file in 2023 due to the calendar. Taxpayers have three extra days to file in 2023 due to the calendar.

tax return 133

tax return income tax Tax Washington 133

CPA Practice

OCTOBER 7, 2024

4—Federal officials have announced tax relief for people and businesses in the Yakama Nation affected by summer wildfires that began June 22. 3, 2025, to file various federal individual and business tax returns and make tax payments, according to a news release from the IRS. By Tammy Ayer Yakima Herald-Republic, Wash.

Washington 97

Washington Tax tax return payroll 97

CPA Practice

OCTOBER 14, 2024

The IRS is granting certain tax-exempt organizations that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return , with relevant schedules and forms, the agency said on Oct. 31, 2023, through Nov.

Tax 123

Tax income tax tax return 123

CPA Practice

JULY 17, 2024

A federal court in the Eastern District of New York issued a permanent injunction yesterday against a Brooklyn, New York, tax return preparer. 5, Jacob pleaded guilty to aiding and assisting in the preparation of a false tax return. Hubbert of the Justice Department’s Tax Division made the announcement.

tax preparation 111

tax preparation New York tax return Tax 111

CPA Practice

NOVEMBER 29, 2023

The hustle and bustle of the holiday season is upon us, and while you’re likely busy hunting for the perfect gifts for your loved ones, don’t forget that you can gift yourself something too—a tax break. Here are five tax-savvy money moves to make now. The contribution limit in 2023 is $22,500, or $30,000 if you’re age 50 or older.

Tax 108

Tax tax return CPA accounting and finance 108

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. People face a July 17 deadline to file their returns.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122