CPA Practice

FEBRUARY 12, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026).

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SMBAccountant

MAY 17, 2024

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.

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CPA Practice

FEBRUARY 23, 2024

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 tax returns. Lastly, owners who perform “substantial work” as employees must adhere to payroll tax requirements. corporation.

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CPA Practice

SEPTEMBER 8, 2023

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 payroll taxes on contributions to the plan. Plus, there’s no tax on amounts withdrawn if they are used to pay for qualified expenses.

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ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made.

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ThomsonReuters

MARCH 6, 2024

Because the ERC expired for most employers on September 30, 2021, the credit is claimed by submitting an amended employment tax return 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

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ThomsonReuters

JANUARY 4, 2024

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.

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SkagitCountyTaxServices

DECEMBER 7, 2023

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 tax return works in your favor.

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ThomsonReuters

MARCH 1, 2024

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 tax returns. For 2024, S corp taxes are due on March 15, 2024.

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inDinero Tax Tips

JANUARY 3, 2023

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 tax returns, usually Form 941.

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Cherry Bekaert

FEBRUARY 7, 2024

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 tax returns. This means that the partnership does not pay income tax.

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Going Concern

FEBRUARY 23, 2024

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.

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ThomsonReuters

JUNE 2, 2023

A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment tax returns. The return must still be filed on paper.

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xendoo

JANUARY 16, 2023

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.

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inDinero Tax Tips

JANUARY 3, 2023

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 tax returns, usually Form 941.

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ThomsonReuters

NOVEMBER 21, 2023

Use the year-end to communicate the scope of what you will offer in 2024 and what is expected in terms of billing in the year ahead. Schedule anticipated client touchpoints. However, by communicating predetermined touchpoints with your clients, you can eliminate uncertainty come tax season. This goes into effect on January 1, 2024.

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CPA Practice

JULY 12, 2023

If the estate is the beneficiary, the value of the HSA is included in the final tax return and the taxable amount may be reduced by any qualified medical expenses incurred by the decedent and paid within a year after the date of death. Of note, an HSA can be inherited from a spouse who has the same rights as the original owner.

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Going Concern

OCTOBER 27, 2023

.” Werfel said he would continue to focus on three areas to convince lawmakers his transformation of IRS was working: improving customer service, boosting enforcement of high-earning tax cheats and reducing tax scams. 31, 2023, due date is electronically. While paper filing is available, the IRS strongly encourages e-filing.

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CPA Practice

DECEMBER 4, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss a new regulatory change coming in 2024, and what firms need to know and do for their clients. But you don’t want to put it off till November December of 2024. Use the podcast player below to listen. SPEAKERS Randy Johnston, Brian F. Tankersley, CPA.CITP, CGMA. And Brian F.

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Cherry Bekaert

JANUARY 5, 2023

2022 brought significant developments to the tax treatment of Research & Development (R&D) costs. There was significant activity regarding the timing of deductions, reporting requirements for amended tax returns and proposals for reporting in future tax years.

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CPA Practice

DECEMBER 8, 2023

Technologists Randy Johnston and Brian Tankersley, CPA, discuss a new regulatory change coming in 2024, and what firms need to know and do for their clients. But you don’t want to put it off till November December of 2024. Use the podcast player below to listen. SPEAKERS Randy Johnston, Brian F. Tankersley, CPA.CITP, CGMA. And Brian F.

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inDinero Tax Tips

JANUARY 16, 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.

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SkagitCountyTaxServices

MARCH 17, 2023

While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. But also, there’s little more than a month before personal tax returns are due. Hiring family members can save on taxes if you follow IRS income tax thresholds.

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CPA Practice

JANUARY 19, 2024

Accounting Thought Leaders Say CAS Will Become a Must for Firms in 2024 As technology continues to dramatically shape the accounting profession, the latest big conversations have been around AI and automation. Final Thoughts and Predictions for 2024 The concept is CAS (Client Accounting Services). How to Move a Firm Toward CAS 6.

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ThomsonReuters

JANUARY 16, 2024

(Tax Planning and Advisory Guide—Retirement Plans for Self-Employed—requires minimum distributions) Modifies the rule regarding the 10% early distribution tax as it relates to firefighters and public safety officers. For more details on the Act’s changes to retirement planning for both 2023 and 2024, see the Retirement section below.

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ThomsonReuters

FEBRUARY 8, 2024

Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns. Federal Insurance Contributions Act), or “self-employment” tax. Federal Insurance Contributions Act), or “self-employment” tax. for Social Security and 2.9%

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ThomsonReuters

DECEMBER 2, 2022

The Notice states that taxpayers are required maintain records that establish the amount of gross income, deductions, credits as shown on any tax return. Construction began after December 31, 2022, and before January 1, 2024: 12.5% Recordkeeping requirements for prevailing wage compliance. total labor hours.

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ThomsonReuters

MARCH 15, 2023

On March 9, 2023, the Treasury Department  released  its annual “ Green Book ,” the Department’s guide to proposed revenue actions related to the budget for fiscal year 2024. 31, 2025 the Work Opportunity Tax Credit under  Code Sec. 31, 2025 the Work Opportunity Tax Credit under  Code Sec.

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