RogerRossmeisl

SEPTEMBER 18, 2023

Effective for plan years beginning January 1, 2024, SECURE 2.0 Basic distribution rules If a retirement plan participant withdraws money from an employer plan before reaching age 59½, a 10% additional tax or penalty generally applies unless an exception exists. This is on top of the ordinary tax that may be.

CPA 264

CPA Tax Government Account 264

RogerRossmeisl

DECEMBER 29, 2024

The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. rate for the Social Security tax component plus the 2.9% rate for the Medicare tax component.

Tax 261

Tax CPA business tax 261

RogerRossmeisl

OCTOBER 27, 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax.

Hospitality 263

Hospitality payroll CPA Tax 263

RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This annual contribution limitation and the annual deductible and out-of-pocket expenses under the tax code are adjusted annually for inflation. Inflation adjustments for.

Account 243

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RogerRossmeisl

OCTOBER 13, 2024

As Reported via IR-2024-263 on 10/10/2024 The Internal Revenue Service announced on 10/10/2024 continued progress on Employee Retention Tax Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims. Work on the claims for small businesses and others is ongoing as the agency continues to navigate (..)

Tax 264

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RogerRossmeisl

DECEMBER 15, 2024

These accounts are geared toward self-employed individuals, including sole proprietors, owners of single-member limited liability companies, consultants and other one-person businesses. You can make large annual tax-deductible contributions to a solo 401(k) plan. How much can you contribute? appeared first on Roger Rossmeisl, CPA.

CPA 241

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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.

income tax 196

income tax Tax tax return CPA 196

RogerRossmeisl

FEBRUARY 23, 2025

from May to November of 2024. With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. According to the U.S.

Tax 214

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RogerRossmeisl

JANUARY 1, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. January 16 (The usual deadline of January 15 is a federal holiday) Pay the final installment of 2023 estimated tax. Farmers and fishermen: Pay estimated tax for 2023.

Tax 163

Tax CPA business tax 163

CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Upon sunset, changes to PTET depend on how each state initially enacted its PTE tax.

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Menzies

NOVEMBER 8, 2024

In this podcast, Menzies look at the Autumn Budget Breakdown 2024, with speakers Jonathan Bass, Partner, Business Recovery, Matt Watkins, Tax Disputes & Disclosures Director, Helen Cuthbert, Partner, Private Client and Stephen Hemmings, Partner, Business Tax. Menzies LLP - A leading chartered accountancy firm.

chartered accountant 52

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Menzies

OCTOBER 30, 2024

Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years.

Manufacturing 59

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Ace Cloud Hosting

JANUARY 14, 2024

Tax season 2024 has begun. The Internal Revenue Service (IRS) expects businesses and individual taxpayers to file over 168 million returns before April 15. Read on for a detailed view.

Tax 111

Tax business tax 111

Nancy McClelland, LLC

APRIL 8, 2025

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Well, you’ve come to the right place.

Illinois 52

Illinois business tax Tax income tax 52

inDinero Accounting

OCTOBER 17, 2024

As we delve into the specifics, remember that tax laws are as dynamic as the business world itself. What applied last year might not hold true for 2024. Table of Contents What Is a Small Business Tax Deduction and How Does It Work? In other words, deductions lower taxable income before taxes are applied, not after.

business tax 52

business tax Tax bookkeeping bookkeeping services 52

CPA Practice

NOVEMBER 20, 2024

A new report from practice management software provider Ignition says rising business costs are driving fee increases at accounting firms, with 57% planning to raise fees across all services next year. The 2024 U.S. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns.

accounting firms 116

accounting firms Account accountant accounted 116

RogerRossmeisl

MARCH 23, 2025

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Heres what you need to know as you assess your 2024 tax situation.

income tax 148

income tax CPA Tax business tax 148

CPA Practice

DECEMBER 19, 2023

As a first step, the IRS has adjusted eligible individual accounts and will make adjustments to business accounts later this month or in early January, followed by trusts, estates, and tax-exempt organizations in late February to early March 2024. 5, 2022, and Dec.

tax return 135

tax return Tax income tax Start-ups 135

inDinero Tax Tips

OCTOBER 22, 2024

Table of Contents LLCs Are “Pass-Through” Entities LLC Taxes in Nevada Nevada Commerce Tax Frequently Asked Questions Conclusion The Entrepreneur’s Guide to Tax Saving Strategies Fill out the form to download your guide to find out how you can pay less in taxes Click Here LLCs Are “Pass-Through” Entities LLCs aren’t taxed directly.

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Going Concern

NOVEMBER 7, 2024

The post Top Remote Accountants of the Week | November 7, 2024 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 52

Real Estate Account accountant accounted 52

Withum

DECEMBER 18, 2024

2024 Year-End Tax Planning Resources Nows the time to review your year-end tax planning options and strategies for the 2024 tax season. Withums Year-End Tax Planning Resource Center offers tips, legislative updates, and tax-saving opportunities for individuals and businesses.

Tax 122

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RogerRossmeisl

SEPTEMBER 29, 2024

As reported via IR-2024-240 on 9/18/2024 The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit (the tax credit related to the installation of EV chargers).

CPA 262

CPA Tax cpa firm business tax 262

RogerRossmeisl

JUNE 25, 2024

As reported in IR-2024-169 IRS enters next stage of Employee Retention Tax Credit work; review indicates vast majority show risk of being improper Highest-risk claims being denied, additional processing to begin on low-risk claims; heightened scrutiny and review continues as compliance work tops $2 billion; IRS will consult with Congress on potential (..)

Tax 259

Tax CPA business tax 259

Menzies

NOVEMBER 10, 2024

Budget impact on care homes The Budget 2024 has introduced a raft of policies and financial measures aimed at addressing economic instability and promoting growth. As the government seeks to finance its ambitious social welfare programs and public sector salaries, care homes may be subjected to higher business taxes and payroll taxes.

chartered accountant 52

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Withum

DECEMBER 4, 2024

Real property trades or businesses can elect out of the provision, but they must use ADS to depreciate nonresidential real property, residential rental property, and qualified improvement property (and ADS generally has longer recovery periods than MACRS). The total section 179 deduction for 2024 is $1,220,000. per square foot (sq.

Tax 105

Tax income tax Construction Non-Profits 105

RogerRossmeisl

JANUARY 21, 2024

As reported via IR-2024-16 on 1/19/2024 The Internal Revenue Service and the Department of the Treasury today issued Notice 2024-20 to provide guidance on eligible census tracts for the qualified alternative fuel vehicle refueling property credit (the tax credit applicable to the installation of EV chargers) and to announce the intent to propose regulations (..)

CPA 258

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ThomsonReuters

JANUARY 22, 2024

This legislation is designed to provide crucial support to American job creators, small businesses, and working families. Flexible Income Lookback : Taxpayers can choose to use either current or prior-year income to calculate the child tax credit in 2024 and 2025, providing flexibility in determining eligibility.

Tax 105

Tax business tax accounting and finance payroll 105

RogerRossmeisl

DECEMBER 3, 2023

Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable income by accelerating your deductions into 2023 and deferring income into 2024 (assuming you expect to be taxed at the same or a lower rate next year).

Tax 264

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Canopy Accounting

DECEMBER 20, 2023

Tax season is approaching, so make sure you stay informed about crucial business tax updates to stay ahead of the upcoming 2024 tax season chaos!

Tax 98

Tax business tax 98

CPA Practice

NOVEMBER 20, 2023

TNS) The new business tax account from the IRS , unveiled in late October, is expected to expand next year with a slate of new features that should make tax time a little smoother for entrepreneurs. The IRS previously indicated that small business owners should be able to respond to dozens of online notices by 2024.

tax accountant 124

tax accountant business tax Tax Account 124

RogerRossmeisl

JANUARY 14, 2024

Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the U.S.

CPA 262

CPA Start-ups Government Tax 262

Going Concern

NOVEMBER 7, 2024

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. We know Big 4 and mid-tiers have this pricing thing down. Or at least half-in. 57% of accounting firms plan to increase fees across all services in 2025.

cost accounting 115

cost accounting accounting firms Account accountant 115

RogerRossmeisl

NOVEMBER 12, 2023

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2024, the FICA tax rate for employers will be 7.65% — 6.2%

Hospitality 130

Hospitality CPA Tax business tax 130

CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

Technology 123

Technology accounts payable accounting firms income tax 123

Dent Moses

OCTOBER 10, 2024

The post 2024 Business Tax Planning Guide appeared first on Dent Moses, LLP. Also, in the coming weeks, we’ll take a deeper dive into some specific strategies. As always, if you have any questions contact our team. Click here or image to download.

tax planning 52

tax planning business tax Tax Construction 52

RogerRossmeisl

JULY 22, 2024

(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business.

CPA 264

CPA cpa firm business tax Tax 264

RogerRossmeisl

AUGUST 11, 2024

As appearing in IR-2024-203 Agency accelerates work on complex credit as more payments move into processing.

audit 261

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