RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022).

Tax 243

Tax CPA business tax 243

RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. See the exception below, under “August 10.”)

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

APRIL 24, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

income tax 239

income tax Tax tax return CPA 239

RogerRossmeisl

DECEMBER 3, 2023

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. In certain circumstances, The post There May Still Be Time to Reduce your Small Business 2023 Tax Bill appeared first on Roger Rossmeisl, CPA.

Tax 264

Tax CPA tax planning business tax 264

RogerRossmeisl

NOVEMBER 13, 2022

Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. A larger standard deduction will shelter more income from federal income tax next year. Some highlights Standard deduction.

Tax 235

Tax income tax CPA 235

RogerRossmeisl

FEBRUARY 25, 2024

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

tax return 204

tax return Tax CPA 204

RogerRossmeisl

NOVEMBER 13, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2023, the FICA tax rate for employers is 7.65% — 6.2%

Hospitality 245

Hospitality CPA Tax business tax 245

RogerRossmeisl

JULY 15, 2024

investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. net investment income tax.

Tax 261

Tax income tax CPA 261

RogerRossmeisl

JUNE 5, 2024

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired.

Tax 263

Tax CPA cpa firm business tax 263

RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. File a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

income tax 264

income tax Tax payroll CPA 264

TaxConnex

MAY 7, 2024

There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.

Rhode Island 264

Rhode Island Sales Tax South Carolina 264

RogerRossmeisl

NOVEMBER 6, 2023

But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. While these changes affect your account value, they have no tax consequences until you finally start taking withdrawals.

Tax 262

Tax CPA accounted Account 262

CPA Practice

OCTOBER 14, 2024

A new survey from Big Four firm EY reveals that CFOs’ and corporate tax leaders’ stances on generative artificial intelligence have shifted over the past year—from mostly negative to mostly positive. Tax departments are expected to be the leaders for most organizations as they move quickly along the GenAI maturity curve.

corporation tax 117

corporation tax Tax Finance Technology 117

RogerRossmeisl

OCTOBER 29, 2023

According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). The post Selling Your Home for a Big Profit?

Tax 264

Tax income tax CPA Sales 264

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 246

California Tax tax return CPA 246

RogerRossmeisl

APRIL 24, 2023

If so, it’s important to determine whether you’re required to file a 2022 gift tax return. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. The post Gift Tax Return Basics appeared first on Roger Rossmeisl, CPA.

tax return 246

tax return Tax CPA 246

RogerRossmeisl

SEPTEMBER 29, 2024

in 2023, up from 5.9% To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs and fuel cell vehicles is called the Clean Vehicle Tax Credit. According to Kelly Blue Book estimates, the EV share of the vehicle market in the U.S.

Tax 263

Tax CPA cpa firm 263

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 279

Tax tax return CPA 279

TaxConnex

FEBRUARY 15, 2024

There’s always something changing in the world of tax, especially sales tax. B&O responsibility: A Washington State appellate court has found two sellers responsible for sales tax and business and occupation (B&O) tax on sales made through Amazon’s Fulfillment by Amazon (FBA) program. No refund, stat!:

Sales 263

Sales Tax Illinois Washington 263

RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. This new withdrawal option allows certain employers that filed an ERTC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties. The IRS created the.

Tax 262

Tax CPA cpa firm business tax 262

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 246

California Tax tax return CPA 246

RogerRossmeisl

FEBRUARY 5, 2023

On 2/3/2023, the IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle tax credits.

Tax 246

Tax CPA cpa firm business tax 246

RogerRossmeisl

FEBRUARY 5, 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 65.5

CPA 246

CPA business tax Tax 246

RogerRossmeisl

NOVEMBER 1, 2023

The post IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers appeared first on Roger Rossmeisl, CPA. Though available to any business of any size, IRS Energy Credit Online may be especially helpful to any small business that currently sells clean vehicles.

Tax 264

Tax CPA Sales 264

RogerRossmeisl

NOVEMBER 6, 2023

If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. This is only the beginning of the unwelcome tax compliance tasks. For 2023, the SE tax consists of 12.4%

Tax 245

Tax income tax CPA Government 245

RogerRossmeisl

JUNE 5, 2022

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post Inflation Enhances the 2023 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA.

Account 246

Account accountant accounted CPA 246

RogerRossmeisl

NOVEMBER 13, 2022

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023. That’s a dollar-for-dollar reduction of tax.

Tax 238

Tax CPA 238

RogerRossmeisl

SEPTEMBER 14, 2023

The post IRS Orders Immediate Stop to New Employee Retention Tax Credit Processing appeared first on Roger Rossmeisl, CPA.

Tax 263

Tax Washington CPA business tax 263

TaxConnex

FEBRUARY 8, 2024

Sales tax compliance depends on many factors. One of the most important – and the most incessantly changing – is the tax rates that America’s thousands of jurisdictions impose. Exemptions can also seem whimsical: New York charges different sales tax on a bagel that’s sold as-is or has been toasted and smeared with cream cheese.

Sales 263

Sales South Dakota Tax Kentucky 263

RogerRossmeisl

FEBRUARY 20, 2023

But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the tax implications. Two approaches Under current tax law, a transaction can basically be structured in two ways: 1. Stock (or ownership interest).

Tax 245

Tax CPA business tax 245

TaxConnex

NOVEMBER 16, 2023

They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues. Telecommunications services is one of the most highly taxed and regulated industries in the country.  in Q4 2023, there is a significant savings opportunity. 

Tax 264

Tax Sales 264

TaxConnex

NOVEMBER 21, 2024

Let’s look at the many many other glistening numbers … An established big day Looking at the trend of numbers, in 2023 Black Friday online sales grew 8% year-over-year to $70.9 billion was spent online in the month of November 2023, up 6% from the year before. retail sales during the 2023 holiday season grew 3.8% spending, up 7.8%

Sales 147

Sales Retail Tax online accounting 147

RogerRossmeisl

AUGUST 6, 2023

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. For 2023, the SE tax is imposed at the painfully high rate of 15.3% for Social Security tax and 2.9% for Medicare tax. additional Medicare tax, on all income. This includes 12.4% The S corp.

Tax 245

Tax CPA business tax 245

TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. If you’re struggling with how to manage sales tax in 2024, consider outsourcing. Get in touch to learn more! Download our eBook:

Sales 264

Sales Tax audit CPA 264

TaxConnex

MARCH 21, 2024

There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.

South Carolina 264

South Carolina Sales Tax Alabama 264

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 246

Sales Tax Colorado Massachusetts 246

RogerRossmeisl

NOVEMBER 13, 2022

For eligible individuals, an HSA offers a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. Here are the key tax benefits: Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants.

payroll tax 182

payroll tax payroll CPA Tax 182