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

Withum

FEBRUARY 27, 2023

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. What Items Are Now Extended Until October 16, 2023? The IRS also announced that the Oct. Who Is an Affected Taxpayer?

California 119

California tax return Nevada payroll 119

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.

Tax 126

Tax income tax tax return audit 126

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. This relief also includes the filing of Form 5500 series returns that were required to be filed on or after September 15, 2022, and before February 15, 2023.

Government 124

Government income tax tax return Florida 124

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

OCTOBER 9, 2023

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), Furthermore, the legislation reduces the short-term capital gains tax rate for individuals, estates, and trusts from 12% to 8.5%, which is retroactive for 2023. 4104), which will dramatically affect how businesses calculate their Massachusetts income.

Massachusetts 72

Massachusetts Sales Tax tax return 72

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

CPA Practice

OCTOBER 30, 2023

In conjunction with the price increase capability, Ignition also introduced the 2023 US Tax Services Pricing Benchmark , drawing upon its extensive product data. So it’s brilliant that Ignition will prompt me to put up our fees in line with our new pricing policy. No more leaving money on the table!”

income tax 52

income tax tax return Tax tax services 52

CPA Practice

MARCH 6, 2024

Lettuce has launched its new solution for accounting and tax services for solopreneurs, with $6 million in seed funding led by Zeev Ventures to fuel growth and product development, and its Solopreneur Accelerator program. To participate, register by March 31 at [link].

tax return 52

tax return Tax Healthcare tax services 52

Withum

NOVEMBER 17, 2022

In that circumstance, it could be beneficial to combine or “bunch” 2022 and 2023 charitable contributions into one year (2022), itemize deductions on their 2022 tax returns, and take the standard deduction on the 2023 tax return. 2022 Year-End Tax Planning Resources. Contact Us. Let’s Chat.

tax planning 52

tax planning tax return income tax Tax 52

xendoo

JANUARY 31, 2022

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. The good news is that this does not mean that business owners now owe additional taxes.

Tax 105

Tax bookkeeping tax return business tax 105

CPA Practice

FEBRUARY 27, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The Federal Trade Commission (FTC) has filed a complaint against tax preparation company H&R Block, accusing the tax services provider of unfair and deceptive business practices.

tax preparation 52

tax preparation tax return Washington Tax 52

Nancy McClelland, LLC

APRIL 7, 2023

Attendees will also learn about the taxation of the member/patron, and the Form 1120-C that is used by Subchapter T cooperatives for filing its tax return. Field of Study: Taxes Program Level: Basic CPE Credit: 1.5 This session will be helpful for anyone who wants to know what tax rules are required for a cooperative.

Agriculture 98

Agriculture CPA Virginia Education 98

Cherry Bekaert

MAY 3, 2024

tax purposes (the classification may be different for foreign tax purposes) Expanding primarily into treaty countries or non-treaty countries, or both Keeping its cash offshore (e.g., income tax return. corporations that are expanding into high-tax countries. tax return. tax liability.

Tax 96

Tax income tax Non-Profits corporation tax 96

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? What Can HNW Taxpayers Do?

Tax 52

Tax tax return audit income tax 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

Anders CPA

NOVEMBER 21, 2023

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Exploring options such as a de minimis safe harbor election or purchasing assets to take advantage of 2023’s bonus depreciation of 80% could have a big impact on a business’s tax burden come April.

tax planning 64

tax planning Tax financial statements tax return 64

Withum

SEPTEMBER 9, 2022

Now (September 2022) through March 2, 2023, the New Jersey Division of Taxation is implementing a voluntary corporate transfer pricing program to expedite the resolution of corporate intercompany pricing issues and provide certainty to taxpayers. Contact Us. Let’s Chat.

New Jersey 75

New Jersey Tax income tax tax return 75

Withum

SEPTEMBER 2, 2022

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. The enacted legislation retroactively accelerates the effective date to tax years beginning on or after January 1, 2022. Let’s Talk. Contact Us. Let’s Chat.

New York 83

New York Tax tax return corporation tax 83

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. Corrective action may include undoing the transaction or filing amended tax returns, or both.

Sales 52

Sales tax return Tax tax services 52

xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. March 15th is the deadline for calendar year partnerships in 2022 and 2023. To recap, all U.S.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. March 15th is the deadline for calendar year partnerships in 2022 and 2023. To recap, all U.S.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

Inform Accounting

NOVEMBER 28, 2022

One of the controversial announcements in the mini-budget on 23 September was the abolition of the “off-payroll” rules that apply when workers are engaged via an intermediary, typically their own personal service company (PSC). Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

payroll 52

payroll income tax tax return 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 75

Tax tax return CPA Legal 75

Withum

DECEMBER 4, 2023

On December 5, 2023, the U.S. Court of Appeals which, held that the Transition Tax under Section 965 of the Internal Revenue Code was a constitutional tax. Let’s Chat The post Protective Refund Claims on Taxes Paid Under Section 965 in Light of the Moore Case appeared first on Withum.

Tax 72

Tax tax return audit tax services 72

Accounting Insight

APRIL 21, 2023

Notably, alterations to the tax relief on research and development (R&D) were a crucial element of the Budget. Starting from April 2023, the rate of R&D payable tax credit will be reduced from 14.5% The future of tax and business operations will undoubtedly require continued reliance on technology.

Account 59

Account accountant accounted Technology 59

Anders CPA

SEPTEMBER 28, 2022

Many states don’t require a company to collect tax if all they provide is nontaxable services. How a state may define SaaS could determine if a company is required to file a sales tax return in a particular state, regardless of if SaaS is actually taxable by law within that given state. appeared first on Anders CPA.

Rhode Island 52

Rhode Island West Virginia South Dakota South Carolina 52

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

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 24, 2023

The base energy project 6% can be increased to 30% if the project:  has a maximum net output of less than 1 megawatt of electrical (as measured in alternating current) or thermal energy,  construction began before January 30, 2023, or  meets the prevailing wage and apprenticeship requirements.  The energy credit is non-refundable.

Tax 52

Tax Construction income tax Non-Profits 52

Withum

AUGUST 7, 2023

The applicable percentages are based on the year of construction and are as follows: In the case of construction that begins before January 1, 2023, 10 percent; In the case of construction that begins after December 31, 2022, and before January 1, 2024, 12.5 How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

income tax 52

income tax Construction Non-Profits Transportation 52

xendoo

APRIL 3, 2023

You can always use a business tax service like Xendoo and a tax CPA can do it for you. CFO services? You are also allowed to carry forward tax credits. If you haven’t reached your general business credit limit this year, you can apply the unused credits from past years on this year’s return.

Tax 52

Tax tax preparation business tax bookkeeping 52

xendoo

APRIL 3, 2023

You can always use a business tax service like Xendoo and a tax CPA can do it for you. You are also allowed to carry forward tax credits. If you haven’t reached your general business credit limit this year, you can apply the unused credits from past years on this year’s return.

Tax 52

Tax tax preparation business tax income tax 52

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. The post Biden Proposes New Crypto Tax Reporting appeared first on Withum.

Tax 64

Tax tax return tax planning tax services 64

Withum

JULY 26, 2023

An eligible taxpayer can transfer any portion of an eligible credit on its original tax return. The proposed regulations provide businesses and tax professionals a spring board on how these 2023 credits can be monetized. This article was originally published by Lynn Mucenski-Keck in Forbes on June 23, 2023.

Tax 52

Tax tax return Alaska Tennessee 52

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. or 39-year lives.

Real Estate 109

Real Estate tax planning Construction Tax 109

CPA Practice

JANUARY 19, 2024

In December 2023, more than 20 of the profession’s thought leaders met for the Accounting Meta Influencers roundtable discussion on the present and future of CAS, and what this evolving phenomenon will mean for firms, for professionals, and for clients. You can teach people how to look at data or fill out a tax return.

accounting firms 78

accounting firms Account accountant accounted 78