Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.” 03/18/2021.)

Montana 52

Montana Tax income tax tax return 52

CPA Practice

FEBRUARY 9, 2024

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. Super Bowl 2024 is on Sunday, Feb. 11 Where?

Gambling 122

Gambling Tax Sports South Carolina 122

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

Tax 128

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CPA Practice

FEBRUARY 21, 2024

By Matt Durr, mlive.com (TNS) IRS Commissioner Daniel Werfel says millions of parents in America don’t need to wait to file their 2024 tax return due to a possible increase in refundable value of the Child Tax Credit. citizen, U.S. national or U.S.

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Tax tax return income tax 113

TaxConnex

NOVEMBER 10, 2022

I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles. What inspired you to start this business?

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CPA Practice

JUNE 21, 2023

The IRS has reduced its backlog of unprocessed paper tax returns by 80%, has sent out refunds more quickly in 2023 than in previous years, and has cut wait times for those trying to reach the agency by phone, the national taxpayer advocate said in her midyear report to Congress on June 21. Erin Collins “What a difference a year makes!”

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Ronika Khanna CPA,CA

DECEMBER 28, 2023

Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST. GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. If tax returns are filed on time, but the balance due is not paid, only interest applies.

business tax 52

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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. 31 and April 30, 2024.

tax return 69

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Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

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payroll tax payroll Rhode Island Tax 98

CPA Practice

MARCH 10, 2023

Under the Tax Cuts and Jobs Act (TCJA), the interest is deductible on acquisition debt up to a $750,000 threshold for 2018 through 2025, down from $1 million. To qualify for the write-off, the loan must be secured by a qualified residence, such as your principal residence or a second home like a vacation home.

Tax 98

Tax income tax Arizona Construction 98

Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. Everyone pays the same percentage of their income. Not exactly the best example of a “flat tax” system, right? More information can be found in TIR 23.1.

Massachusetts 76

Massachusetts income tax Tax tax return 76

CPA Practice

JUNE 19, 2023

(Image credit: Courtesy of Michael Aloi) JP Morgan Asset Management found ROC distributions may reduce the taxable portion of REIT distributions by an estimated 60% to 90%, allowing for more of the dividend to be income-tax-free. Return of capital is an important tax advantage for REIT investors. under prior law.

Tax 111

Tax Real Estate income tax Legal 111

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

tax return 69

tax return payroll tax income tax Tax 69

CPA Practice

FEBRUARY 1, 2023

You can either schedule it for December 31, 2024, or delay taking the distribution until no later than April 1, 2025. The penalty will be further reduced to 10% for IRA owners if the account owner withdraws the RMD amount previously not taken and submits a corrected tax return in a timely manner. Rahill, CPA/PFS, JD, LL.M.,

Illinois 96

Illinois Start-ups Tax CPA 96

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. It’s available through 2025 and the IRS has an FAQ on it that’s chock-full of details. How does this happen?

Tax 52

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Anders CPA

JANUARY 1, 2024

The 2024 Form 1099-NEC must be given to the recipient and sent to the IRS, using either paper or electronic filing procedures, by January 31, 2025. For form 1099-MISC, the due dates to the IRS are February 28, 2025, if you file on paper or March 31, 2025, if you file electronically, but the due date to the recipient remains January 31, 2025.

payroll tax 52

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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

tax return 64

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xendoo

JANUARY 16, 2023

Understanding your entity type and requirements is the first step toward filing your taxes accurately and efficiently. Tax laws are constantly changing, and it can be challenging to keep up with the latest revisions. A professional tax advisor or CPA can accurately file your business taxes on time.

business tax 52

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CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

cpas 52

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

cpas 52

cpas CPA Education audit 52

CPA Practice

MARCH 20, 2023

The Tax Blotter is a round-up of recent tax rulings and legislation. Many of the changes for individuals in the Tax Cuts and Jobs Act (TCJA) are temporary and are scheduled to expire after 2025. But some are permanent provisions of the tax code. Use 529 plan for kids. It was as if the conversion had never occurred.

Tax 85

Tax tax return Education Account 85

CPA Practice

DECEMBER 27, 2023

For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025. The SECURE 2.0 The IRS has worksheets to calculate the RMD and payout periods.

tax return 59

tax return Non-Profits Tax income tax 59

xendoo

MARCH 14, 2023

The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners report business income on their personal income tax returns.

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xendoo

MARCH 14, 2023

The QBI deduction is only available to pass-through entities between the tax years 2018-2025. A pass-through entity is a business that doesn’t need to file a separate business tax return. Instead, the owners report business income on their personal income tax returns.

tax return 52

tax return Real Estate bookkeeping Tax 52

CPA Practice

AUGUST 11, 2023

Haynes could face up to three years in prison and a $250,000 fine for each count of aiding and assisting in the preparation of false tax returns. The deadlines for claiming the ERC for 2020 and 2021 are coming in April of 2024 and 2025 respectively. Sellinger stated in a release about the arrest.

New Jersey 98

New Jersey tax preparation Tax auditor 98

Withum

FEBRUARY 1, 2023

LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their income tax for a period of time. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election.

accounting and finance 52

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CPA Practice

JUNE 20, 2023

That’s up from the current maximum $2,000 benefit, which is only paid out at tax time. There was also an option to take some or all of the credit as a lump sum when filing annual tax returns. who held a hearing last week on family and household tax benefits. The new legislation from Democratic Reps.

Tax 52

Tax Connecticut Ohio income tax 52

SkagitCountyTaxServices

MARCH 2, 2023

Firstly, we are barrelling towards the March 15th deadline for corporate tax returns. Who to hire You can claim the WOTC for wages to certain individuals who begin work on or before December 31, 2025. Here are a few: Generally, your credit is capped at the amount of the business income tax liability or Social Security tax owed.

Tax 52

Tax CPA income tax tax return 52

CPA Practice

AUGUST 11, 2023

That begs the question: Is the full amount of points currently deductible on your personal tax return? Under the Tax Cuts and Jobs Act (TCJA), the deduction for mortgage interest paid on home equity debt has been suspended for 2018 through 2025. Usually, the answer is “yes” if you’re taking out a new mortgage.

Tax 52

Tax tax return Real Estate income tax 52