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.

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ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum.

Tax 110

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Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. Should I File a Protective Income Tax Refund Claim? Is There Legislation Pending That Would Alter the ERC?

Tax 126

Tax income tax tax return audit 126

Ronika Khanna CPA,CA

JANUARY 27, 2023

I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. Sign up to download our free Canada unincorporated business tax deadline calendar for 2023 or Quebec unincorporated small business tax deadline calendar 2023.

business tax 52

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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 72

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Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer. Contact Us.

Tax 124

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CPA Practice

FEBRUARY 29, 2024

The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 16, 2024, and April 15, 2024.

Washington 98

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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Steve Feinberg

MARCH 28, 2022

New Hampshire is generally considered to be a business-friendly state when it comes to taxes—the state was ranked 6th in terms of state business tax climate—but there are a few things to know about what to expect when taxes are due. What is the Small Business Tax Rate in New Hampshire?

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CPA Practice

MAY 9, 2024

Extending the personal income tax cuts will cost $3.8 Other tax cuts set to expire in 2025 include restrictions on the estate tax and valuable write-offs for small business owners. The expiring portion of the tax cuts also includes reductions in individual tax rates and an expansion of the child tax credit.

Tax 98

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CPA Practice

SEPTEMBER 1, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. 15, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2024, (postponement period). These taxpayers now have until Feb.

Tax 119

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inDinero Tax Tips

MAY 13, 2024

State and Local Payroll Taxes In addition to the above, businesses are subject to state and local payroll taxes. These vary by location and include income tax, disability, and unemployment insurance. Once an individual exceeds a certain income threshold, additional Medicare tax applies.

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CPA Practice

OCTOBER 13, 2023

16 tax deadline for those who requested a federal filing extension for last year’s taxes. 7, 2024, to file these returns. The IRS has also extended certain other tax filing and payment deadlines. State of Israel tax relief For its part, the IRS announced that eligible taxpayers now have until Oct.

Tax 118

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CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

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CPA Practice

SEPTEMBER 13, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in 28 of the state’s 159 counties in Georgia. 15, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2024 (postponement period). 30, 2023, through Feb.

Georgia 105

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CPA Practice

JANUARY 18, 2024

[Your credentials] with [#] years of experience helping individuals and small businesses with tax filings and compliance. Saving [your niche] money one tax write-off at a time! Accepting new tax preparation clients for the 2024 filing season. Then release them throughout tax season, including: a.

CPA 111

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CPA Practice

AUGUST 19, 2023

The Internal Revenue Service will allow Hawaii taxpayers in Maui and Hawaii counties extra time – until February 15, 2024 – to file various federal individual and business tax returns and make tax payments that would have been normally been due before then. 15, 2024 (postponement period). 8, 2023, through Feb.

Hawaii 97

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CPA Practice

FEBRUARY 16, 2024

Due to severe storms in August 2023, individuals and business taxpayers in some Michigan counties have until June 17, 2024, to file various federal individual and business tax returns and make tax payments, the the Internal Revenue Service has announced. 24, 2023, through June 17, 2024 (postponement period).

Michigan 59

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CPA Practice

OCTOBER 2, 2023

24, 2024, to file various individual and business tax returns. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 124

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Withum

SEPTEMBER 1, 2023

The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period. Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period.

Tax 98

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Withum

FEBRUARY 8, 2023

The first proposal is a four-fold increase (from 1% to 4%) in the corporate stock buyback tax that was enacted last year as part of the Inflation Reduction Act. That tax applies to stock buybacks as of January 1, 2023. Let’s Chat The post Tax Proposals in the State of the Union Address appeared first on Withum.

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CPA Practice

OCTOBER 16, 2023

24, 2024, to file various individual and business tax returns. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 111

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CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. ©2024 CQ-Roll Call, Inc.,

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Your deductions depend on the circumstance of your small business.)

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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

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RogerRossmeisl

JUNE 1, 2021

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property.

Construction 182

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CPA Practice

JUNE 30, 2023

Also, the package omits provisions that Democratic lawmakers are passionate about, such as expansions to the child tax credit and earned income tax credit. It could jump-start negotiations on a potential year-end tax package. Upper-income individuals wouldn’t get the extra bump.

Tax 122

Tax income tax Washington Start-ups 122

Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

Legal 115

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CPA Practice

SEPTEMBER 12, 2023

Considering the challenges of determining CAMT liability, Notice 2023-42 provides that the IRS will waive the penalty for a corporation’s estimated income tax with respect to its CAMT for a taxable year that begins after Dec. 31, 2022, and before Jan.

income tax 87

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CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027. 

income tax 111

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Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. The report will require affected businesses to provide personal information about their legal entities, beneficial owners, and company applicants.

Legal 91

Legal Non-Profits income tax Tax 91

ThomsonReuters

DECEMBER 11, 2023

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

income tax 52

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CPA Practice

APRIL 3, 2023

Individuals and households that reside or have a business in Cross, Lonoke and Pulaski counties in Arkansas now have until July 31, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced.

Arkansas 98

Arkansas Tax tax return income tax 98

Withum

JANUARY 8, 2024

Based on the interim definition, governmental contract research facilities were required to capitalize their contract R&E expenditures, generate taxable income, and make required federal cash tax payments. This article was originally published by Lynn Mucenski Keck in Forbes on January 2, 2024.

tax return 78

tax return audit Tax income tax 78

CPA Practice

JANUARY 16, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan.

Tax 52

Tax New Jersey Ohio income tax 52

Withum

OCTOBER 31, 2023

2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

income tax 72

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Cherry Bekaert

JANUARY 10, 2024

IRA and CHIPS Pre-Filing Registration Tool On December 22, 2023, the IRS announced that qualifying businesses, tax-exempt organizations, or entities such as state, local and Indian tribal governments can register using the new IRA and CHIPS Act Pre-filing Registration Tool to take advantage of the elective payment or transfer of credit regimes.

Tax 101

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