TaxConnex

NOVEMBER 5, 2024

sales tax risks and exposure should be an important topic. Our recent webinar “What to Ask Your Clients to Identify & Manage Their Sales & Use Tax Risk” addressed many of these questions – along with what to do once you find out the answers. Did your e-commerce sales increase in 2024? Have you expanded sales into Canada?

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Sales Tax E-commerce audit 203

RogerRossmeisl

OCTOBER 13, 2024

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. The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

DECEMBER 27, 2024

This legal back-and-forth began with a Texas federal district court’s injunction on December 3, The post BOI Reporting Requirements Paused Again as of 12/27/2024 appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. If a calendar-year S corporation.

income tax 264

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TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. If so, watch out for 2024. Overall, state tax revenues dropped 5.3%.

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Sales South Dakota Louisiana Tax 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. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in a federally declared disaster area.

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Tax CPA business tax 255

RogerRossmeisl

DECEMBER 15, 2024

However, as a household employer, its critical to understand your tax obligations, commonly called the nanny tax. If you hire a household employee who isnt an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).

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CPA Practice

NOVEMBER 22, 2024

The Tax Blotter is a selection of briefs on the latest tax legislation and Tax Court rulings. The IRS has announced its annual inflation adjustments for qualified retirement plans and IRAs for 2025 in conjunction with recent tax law changes. The deferrals grow and compound without any current tax.

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Tax 111

RogerRossmeisl

DECEMBER 29, 2024

Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. Lets take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. The rules have changed in recent years.

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Entertainment Gaming CPA Tax 263

RogerRossmeisl

APRIL 25, 2025

You may wonder if you can claim itemized deductions on your tax return. Heres how well determine if you can itemize or not for 2024 when your return is prepared. The post Can I Itemize Deductions on my Tax Return? How much do you need? appeared first on Roger Rossmeisl, CPA.

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tax return Tax CPA 166

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.

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Hospitality payroll CPA Tax 263

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! Tax Rates change. L: Liability. L: Liability. E: Expect Changes.

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Sales Tax audit CPA 264

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. This year’s report presents the IRS’s current financial position and discusses key financial topics.

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accounting principles financial statements Government Tax 115

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.

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Education tax preparation public accounting Gaming 128

Xero

DECEMBER 9, 2024

This month, we’ve introduced updates designed to help you to get paid faster, streamline tax rules and regulations compliance, and manage your sales tax with ease. With enhancements from the ability to send invoices via SMS to improvements in Xero Tax and sales tax reporting, we continue to make Xero even better.

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bookkeeping tax return Tax Sales 98

RogerRossmeisl

DECEMBER 15, 2024

A solo 401(k), also known as an individual 401(k), may offer advantages in terms of contributions, tax savings and investment options. You can make large annual tax-deductible contributions to a solo 401(k) plan. For 2024, you can make an elective deferral contribution of up to $23,000 of your. How much can you contribute?

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CPA Tax accountant accounted 241

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.

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income tax Tax tax return CPA 196

RogerRossmeisl

MARCH 23, 2025

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. As we approach the expiration of certain provisions within the Tax Cuts and Jobs Act (TCJA) at the end of 2025, heres what you need to know about the CTC for 2024, 2025 and beyond.

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TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

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Sales Tax Retail tax return 203

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.

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Real Estate Michigan cpas audit 111

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.

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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. Businesses that receive more than $10,000 in cash must report transactions to the U.S. government.

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CPA Government Finance Tax 278

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.

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tax return income tax Tax 114

RogerRossmeisl

DECEMBER 15, 2024

In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in 2024).

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CPA Government business tax Tax 263

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.

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CPA Tax Government Account 264

Xero

DECEMBER 17, 2024

Payroll year-end is when a business finalises payroll records for the tax year. Think of it as closing out your payroll for the period: youre reporting to HMRC the total amount youve paid your employees and the deductions youve made, which is necessary admin before starting a new tax year. A step-by-step guide to year-end 1.

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payroll Tax Legal Government 98

CPA Practice

NOVEMBER 11, 2024

For example, 1040 tax prep will likely soon be worth more than ever. The Future Of Individual Tax Prep Is Brighter Than Ever While AI has been everywhere in the last few years, practical AI built into traditional platforms is being augmented by platforms to help with productivity. Automation and AI are reducing the labor needed!

accounting firms 111

accounting firms Technology Account accounted 111

BurklandAssociates

JANUARY 23, 2024

Tax deadlines for startups in 2024, including federal filing dates and key dates for San Francisco, New York, and Seattle. The post Tax Deadlines for Startups in 2024 appeared first on Burkland.

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Tax New York 173

Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

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Tax income tax Construction Non-Profits 105

CPA Practice

NOVEMBER 15, 2024

The American Institute of CPAs has recognized two prominent Tax Division members during the 2024 AICPA Fall Tax Division Meeting. Sansone, CPA – 2024 Arthur J. He is a Senior Director in the Tax Quality and Risk Management group in RSM’s National Office of Risk Management in Chicago. Dixon Memorial Award.

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Tax CPA cpas Washington 111

inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. 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.

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Nevada Tax income tax payroll tax 105

RogerRossmeisl

JUNE 25, 2024

The completion of this review provided the IRS with new insight into risky Employee Retention Tax Credit activity. The post IRS Resumes Processing of Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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Tax CPA business tax 259

RogerRossmeisl

SEPTEMBER 29, 2024

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. The post Make Year-End Tax Planning Moves Before It’s Too Late!

tax planning 264

tax planning Tax CPA 264

RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). Within specified dollar limits, an above-the-line tax deduction is allowed for an individual’s contributions to an HSA. Inflation adjustments for.

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Account accounted accountant CPA 243

Withum

DECEMBER 18, 2024

On Thursday, December 12, 2024, the Internal Revenue Service (IRS) released a fact sheet addressing Form 8275 and the disclosure of tax positions related to IRC section 280E. Form 8275 is used by taxpayers to disclose positions taken on tax returns for which substantial authority does not exist.

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tax return Legal Tax 105

TaxConnex

AUGUST 1, 2024

If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. New Jersey , in a move seemingly counter to a nationwide trend, has repealed its annual sales tax holiday for certain school supplies and sport or recreational equipment.

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RogerRossmeisl

JULY 15, 2024

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. Social Security tax up to the annual wage ceiling. Half of the Social Security tax bill (6.2%) is withheld from your paychecks.

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Tax CPA 261