RogerRossmeisl

OCTOBER 27, 2024

The exclusion amount is adjusted for inflation annually, and in 2024 is $18,000. The post Maximize Your Year-End Giving with Gifts that Offer Tax Benefits appeared first on Roger Rossmeisl, CPA. It covers gifts that an individual.

Tax 264

Tax tax return CPA Finance 264

RogerRossmeisl

OCTOBER 13, 2024

According to the Association of Certified Fraud Examiners’ (ACFE’s) Occupational Fraud 2024: A Report to the Nations, owner/executive fraud makes up only 19% of all cases but has a median loss of $459,000 per incident. The post Why Your Business Needs to Protect Against Executive Fraud appeared first on Roger Rossmeisl, CPA.

CPA 264

CPA 264

CPA Practice

OCTOBER 16, 2024

The New Jersey Society of Certified Public Accountants ‘ has announced that 40 individuals are the recipients of its 2024 Ovation Awards in seven categories: Lifetime Leader; Diversity, Equity & Inclusion; Exceptional Educators; Emerging Leaders; Impact; Innovation; and Women to Watch. Centeno, CPA, MBA — Director, Smolin, Lupin & Co.,

New Jersey 114

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RogerRossmeisl

DECEMBER 29, 2024

SE tax rate hits the first $168,600 of your 2024 net SE income. The post Self-Employment Tax: A Refresher on How it Works appeared first on Roger Rossmeisl, CPA. 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% rate is comprised of the 12.4%

Tax 261

Tax CPA business tax 261

RogerRossmeisl

FEBRUARY 23, 2025

from May to November of 2024. The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA. According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0%

Tax 214

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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). The post In 2025, the Social Security Wage Base is Going Up appeared first on Roger Rossmeisl, CPA.

Hospitality 263

Hospitality payroll CPA Tax 263

CPA Practice

DECEMBER 5, 2024

Following the November presidential election, CPA business leaders have a much more positive outlook about the U.S. The quarterly survey includes 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as CFO or controller, in their companies. 6 to 26, 2024.

CPA 119

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Going Concern

JANUARY 1, 2025

At the start of last year we ran a little survey asking readers what they thought would be the biggest issues impacting the profession in 2024. What will be the biggest issue affecting the profession in 2024? The 2024 predictions survey also asked if there are any issues that aren’t being talked about and should be.

Account 105

Account accountant accounted cpas 105

RogerRossmeisl

OCTOBER 13, 2024

The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA. The IRS understands the vital importance of Employee Retention Tax Credits payments for struggling small businesses, and we are continuing to make important progress on one of the most complex tax.

Tax 264

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RogerRossmeisl

JULY 17, 2024

July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. August 12 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941), if you deposited on time and in full all the associated taxes due. See the exception below, under “August 12.”)

income tax 264

income tax Tax payroll CPA 264

RogerRossmeisl

SEPTEMBER 29, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. The post 2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers appeared first on Roger Rossmeisl, CPA.

Tax 255

Tax CPA business tax 255

RogerRossmeisl

DECEMBER 15, 2024

For 2024, you can make an elective deferral contribution of up to $23,000 of your. appeared first on Roger Rossmeisl, CPA. You can make large annual tax-deductible contributions to a solo 401(k) plan. The post How Can You Build a Golden Nest Egg If You’re Self-Employed?

CPA 241

CPA Tax Account accountant 241

RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. The new requirement for.

CPA 278

CPA Government Finance Tax 278

Going Concern

FEBRUARY 10, 2025

The CPA Exam remains broken. Q4 2024 Pass Rates: Core: FAR – 36.80% AUD – 43.50% REG – 60.40% Discipline (Candidates Choose 1): BAR – 33.70% TCP – 72.20% ISC – 56.40% A few thoughts: The consensus on the new exam was FAR would see higher pass rates as difficult material moved to BAR.

CPA 88

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RogerRossmeisl

SEPTEMBER 18, 2023

Effective for plan years beginning January 1, 2024, SECURE 2.0 The post Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies? appeared first on Roger Rossmeisl, CPA. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies.

CPA 264

CPA Tax Government accountant 264

Going Concern

NOVEMBER 6, 2024

Asks a user on r/CPA: “The United States can count millions [of] votes in one night but Nasba takes 3 months to grade my CPA exam that I took on a computer?” For real though, people have been asking this since the CPA exam was computerized in 2004. Hey, while we’re here, get a load of this guy.

CPA 98

CPA 98

TaxConnex

FEBRUARY 29, 2024

While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! L: Liability. E: Expect Changes. As your business changes and evolves, so does your nexus.

Sales 264

Sales Tax audit CPA 264

CPA Practice

OCTOBER 14, 2024

Nominations for the 2024 Awards are now open. Once selected, award winners are asked to identify the key individuals who have influenced them in their careers, where they see the profession heading, and how others can prepare for these changes. == Nominate a professional for the 2024 4 0 Under 40 or 20 Under 40 award.

Education 128

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RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post The IRS Has Just Announced 2024 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. Inflation adjustments for.

Account 243

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CPA Practice

NOVEMBER 7, 2024

7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. During fiscal year 2024, the IRS collected more than $5.1 The IRS on Nov. An unmodified opinion means the financial statements are presented fairly, in all material respects, in accordance with U.S.

accounting principles 115

accounting principles financial statements Government Tax 115

RogerRossmeisl

DECEMBER 15, 2024

The post The Nanny Tax: What Household Employers Need to Know appeared first on Roger Rossmeisl, CPA. However, you may be required to withhold Social Security and Medicare (FICA) taxes and to pay federal unemployment (FUTA) tax.

Tax 201

Tax income tax CPA 201

CPA Practice

DECEMBER 6, 2024

Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor, with your hosts, Randy Johnston and Brian Tankersley. Randy Johnston 00:10 welcome to the accounting Technology Lab.

Technology 98

Technology Account accounted accountant 98

RogerRossmeisl

MARCH 23, 2025

If youre getting ready to file your 2024 tax return and your tax bill is higher than youd like, there may still be a chance to lower it. If youre eligible, you can make a deductible contribution to a traditional IRA until this years April 15 filing deadline and benefit from the tax savings on your 2024 return. Whos eligible?

tax return 148

tax return CPA Tax 148

RogerRossmeisl

APRIL 25, 2025

Heres how well determine if you can itemize or not for 2024 when your return is prepared. Standard deduction amounts The basic standard deduction allowances for 2024 are: $14,600 if youre single or use married filing separate status, $29,200 if youre married and file jointly, and $21,900 if youre a head of household.

tax return 166

tax return Tax CPA 166

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. For corporations, pay the first installment of 2024 estimated income taxes. The post 2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers appeared first on Roger Rossmeisl, CPA.

income tax 196

income tax Tax tax return CPA 196

CPA Practice

NOVEMBER 22, 2024

The limit on employee deferrals to 401(k) plans, the most popular type of employer-provided qualified retirement plan in the land, is increasing from $23,000 in $2024 to $23,500 in 2025. If you’re age 50 or older, you can kick in an extra $7,500 “catch-up contribution” (the same as in 2024). Tax bonus: Under the SECURE 2.0

Tax 111

Tax 111

Going Concern

JANUARY 30, 2025

Yesterday NASBA released scores for Core CPA exam sections taken from October 1 – December 26, 2024, the last group of scores for sections taken last year. This means we can crunch the numbers on roughly how many Core sections were taken in 2024 based on the numbers NASBA put out.

CPA 59

CPA 59

RogerRossmeisl

APRIL 25, 2025

18, 2024) serves as a recent example of how expert testimony may be inadmissible due to flawed financial assumptions. The post Speculative Financial Projections Won’t Pass Muster in Court appeared first on Roger Rossmeisl, CPA. The landmark case Endless River Technologies, LLC v. TransUnion, LLC (6th Cir., In 2014, the.

CPA 166

CPA 166

CPA Practice

NOVEMBER 8, 2024

Brian Tankersley, CPA, and Randy Johnston review TaxGPT , an AI-powered tax assistant for accountants & tax professionals. We’ll be back next Saturday with a new episode of the technology lab from CPA practice advisor. We’d like to talk about another AI based tax research tool called Tax GPT. Have a great week.

Technology 115

Technology Account accountant accounted 115

CPA Practice

NOVEMBER 11, 2024

Batch Extensions from HubSync : Helps CPA firms prepare extensions in bulk. Beyond that, there are other audit tools to consider: Audit Intelligence Analyze : Thomson Reuters is creating an Audit Intelligence Suite, and this is the first product delivered in conjunction with Synergy 2024.

accounting firms 111

accounting firms Technology Account accountant 111

CPA Practice

NOVEMBER 22, 2024

CohnReznick’s McCafferty selected to MACPA’s 2024 Women to Watch CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, announced that Molly McCafferty, Partner, Assurance, has been selected as one of four 2024 Women to Watch by the Maryland Association of CPA’s (MACPA) Foundation.

Real Estate 111

Real Estate Michigan cpas audit 111

RogerRossmeisl

MARCH 23, 2025

Heres what you need to know as you assess your 2024 tax situation. appeared first on Roger Rossmeisl, CPA. If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. The post Do You Have an Excess Business Loss?

income tax 148

income tax CPA Tax business tax 148

CPA Practice

NOVEMBER 16, 2024

The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. Reporting and documenting QCDs For 2024, QCDs should be reported on the 2024 tax return.

tax return 114

tax return income tax Tax 114

CPA Practice

NOVEMBER 8, 2024

18-19, 2024, during our live streaming event at [link]. – I know a lot of us have just gotten out of extension season, and then the election, but if you need to complete some more CPE this year, how about joining us at Ensuring Success , the largest annual online live-streaming CPE event for CPAs.

cpas 132

cpas 132

Withum

OCTOBER 16, 2024

Withum is proud to share that New Jersey business publication ROI-NJ has named Pat Walsh to their 2024 Top Champions of the C-Suite list. Pat was previously recognized in the inaugural Forbes Top 200 CPAs List. The post ROI-NJ Names Pat Walsh to 2024 Top Champions of the C-Suite List appeared first on Withum.

New Jersey 105

New Jersey Sports cpas Healthcare 105

CPA Practice

NOVEMBER 20, 2024

On December 18-19, 2024, CPA Practice Advisor is hosting its annual Ensuring Success conference, an online CPE event where professionals can earn up to 14 hours of free CPE credit, with 7 one-hour sessions each day. A new CPE session starts each hour, on the hour. Day 1 Sessions (Dec. 19) Session 1 (9am ET): Secure Act 2.0

CPA 119

CPA accounting firms Tax Account 119