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This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate. If you have employees, you also file a Form 941 , which reports payrolltax withheld on their behalf.
The Growing Threat of Tax Scams The IRS reports that tax scams cost Americans billions annually, with fraudsters using increasingly sophisticated tactics. Phishing emails posing as IRS notices, fake “tax relief” firms, and unlicensed preparers are rampant. Red Flags of Tax Scams Knowledge is your best defense.
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.
The post Top Remote Accountants of the Week | October 17, 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.
from spring 2024. economy over the next 12 months, down from 47% last quarter and 67% at the end of 2024. across four sections of the Uniform CPA Examination, pass the four sections on their first attempt and have completed testing in 2024. Estate (and Generation-Skipping Transfer) TaxReturn Form 706-NA, U.S.
The post Top Remote Accountants of the Week | December 19, 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.
The post Top Remote Accountants of the Week | November 21, 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.
EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income taxreturns. million payrolltax scheme.
Blog home The IRS published the final Form 6765 and its instructions for the tax year 2024 on February 10, 2025. The IRS is seeking feedback on the form and instructions until June 30, 2025, to ensure that the instructions for tax year 2025 (processing year 2026) are clear and up to date. Michelle Abel, J.D.,
West Long Branch, New Jersey: Resident Matthew Tucci has pleaded guilty to tax evasion. For 2015 and 2016, he filed taxreturns that stated he owed more than $2 million in taxes for both years but did not fully pay the taxes. On these returns, Edwards admitted that he owed more than $2.5 million in taxes.
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Our partnership with Avalara has been instrumental in managing our indirect tax compliance amidst rapid growth and international expansion,” said Vivek Dadhania, Tax Manager at Therabody. The automation and support provided by Avalara have transformed our tax processes, allowing us to focus on our core business and future growth.”
According to court documents, Festus Adenisimi, of Mansfield, Texas, was the owner of FA Tax, a tax preparation business located in Grand Prairie, where he and other tax preparers prepared fraudulent taxreturns for their clients, often causing the IRS to issue refunds to those clients. in restitution.
The Internal Revenue Service is reminding employers that the best way to file their next quarterly payrolltaxreturn by the Oct. E-filing is the most secure, accurate method to file returns, and saves time. The second option for employers is to hire a tax professional to prepare and file their employment taxreturns.
As accountants and CPAs, dealing with payrolltaxes is essential to managing finances for your business clients. Understanding the details of payrolltaxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Filing taxreturns and remitting payments on time.
Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payrolltax complications. Multi-state payrolltax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.
In 2024, there are several updates to various payrolltax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payrolltax and withholding updates or consistencies for 2024 that employers and employees should be aware of. on wages up to $168,600.
ITEP estimated tax payments including sales and excise taxes, property taxes paid directly or on taxes folded into rent payments, and payrolltaxes, which are paid either through paycheck withholding or filing income taxreturns. their tax contributions would increase by $40 billion per year.
Background : With an FSA, a participating employee generally funds his or her account with pre-tax dollars through a salary reduction plan. Therefore, the employee saves both income tax and payrolltaxes on contributions to the plan. Plus, there’s no tax on amounts withdrawn if they are used to pay for qualified expenses.
Payrolltaxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payrolltax payments. It is not intended to provide any tax advice.
Revised Form 6765 for R&D Tax Credit On Friday, June 21, 2024, the Internal Revenue Service (IRS) released a revised Form 6765 to report the Section 41 Credit for Increasing Research Activities (R&D Tax Credit). This is proposed to be effective for tax years beginning after December 31, 2024.
Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. Missing these tax payment deadlines might result in penalties or interest charges.
Per the Small Entity Compliance Guide published by the Financial Crimes Enforcement Network, companies created or registered to do business before January 1, 2024, will have until January 1, 2025 to file their initial BOI reports. Establish a system for collecting and remitting sales tax if required.
In 2025, there are several updates to various payrolltax withholding limits, including Social Security tax and 401(k) elective deferrals. Below, we highlight any payrolltax and withholding updates or consistencies for 2025 that employers and employees should be aware of. per hour on January 1, 2025.The
An S Corp must report corporate income, losses, and deductions through its shareholders/owners, and in turn, the shareholders/owners report company income on their personal income taxreturns. Lastly, owners who perform “substantial work” as employees must adhere to payrolltax requirements. corporation.
The post Top Remote Accountants of the Week | August 8, 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.
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The post Top Remote Accountants of the Week | September 12, 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.
The post Top Remote Accountants of the Week | May 23, 2024 appeared first on Going Concern. Our recruiting services are exclusively available for clients and candidates in the United States. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.
This is something we specialize in so be sure to get on our calendar to set up your EOY tax planning appointment: app.acuityscheduling.com/schedule.php?owner=19530343 owner=19530343 Making time to look at numbers before January 1 allows us to help you make last-minute adjustments so your taxreturn works in your favor.
The post Top Remote Accountants of the Week | August 22, 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.
The post Top Remote Accountants of the Week | July 18, 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.
The post Top Remote Accountants of the Week | December 12, 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.
Jump to: Utilize short-term staffing solutions Incorporate AI and automation into your workflow Become a strategic advisor As accounting firms usher in 2024, it’s important to take a fresh look at the business landscape — both its challenges and its opportunities — to best prepare for the year ahead.
Taxation Considerations Similar to S corps, LLCs (and partnerships) are considered “pass-through” entities in which a business’s income and expenses flow through to the partners and are reported on the partners’ personal income taxreturns. This means that the partnership does not pay income tax.
Sadly, I had to argue with them over their own language in black and white on how… — Eric Pierre, CPA (@yourfavecpa) February 22, 2024 Deloitte’s Adam Powick wrestles with the complaints of former staff and directors about the pressure to perform in a gruelling corporate culture. in last 12 months.
Because the ERC expired for most employers on September 30, 2021, the credit is claimed by submitting an amended employment taxreturn on Form 941-X. It should be noted that planned changes are coming in June of 2024.) However, Form 941-X may currently only be submitted by paper, increasing processing times. (It
While you have until 2024 to claim the 2020 credit and 2025 to claim the 2021 credit, waiting means missing out on investment opportunities in the meantime. Originally employers reported the qualified wages and claimed the credit on their federal employment taxreturns, usually Form 941.
A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal TaxReturn or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment taxreturns. The return must still be filed on paper.
How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.
Reach out now to book in some time with your tax agent or advisor. Your tax agent of course will be your go-to for taxreturns and deductibles. Tally up your intended deductions Before you get to taxreturns, get your own records together on deductions. make sure you meet your superannuation requirements.
To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal taxreturns. For 2024, S corp taxes are due on March 15, 2024.
While you have until 2024 to claim the 2020 credit and 2025 to claim the 2021 credit, waiting means missing out on investment opportunities in the meantime. Originally employers reported the qualified wages and claimed the credit on their federal employment taxreturns, usually Form 941.
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