RogerRossmeisl

SEPTEMBER 6, 2021

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these casualty loss tax deductions harder to take. What’s considered a casualty for tax purposes?

Tax 178

Tax tax return CPA 178

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns.

tax return 132

tax return income tax Real Estate Tax 132

CPA Practice

JANUARY 23, 2024

The redesign work will accelerate during the 2025 and 2026 filing seasons, improving common IRS letters going out to individual taxpayers and then expanding into notices going to businesses. The IRS will be actively engaging with taxpayers and the tax professional community to gather feedback on how these notices should be redesigned.

tax return 122

tax return Tax 122

CPA Practice

MARCH 5, 2024

But you have to file a tax return to claim the credit, even if your income was minimal or non-existent, according to the IRS. If you’re looking to claim the rebate credit for 2020, you have until May 17, 2024 to file a return. For the 2021 credit, you have until April 15, 2025.

tax return 111

tax return Legal Tax 111

CPA Practice

NOVEMBER 17, 2023

So, while you might already know about the 2023 child tax credit and other family tax breaks for the current year, here is what you can expect for the 2024 tax year ( for income tax returns normally filed in early 2025 ). How much is the 2024 child tax credit? resident alien during the tax year.

Tax 116

Tax income tax tax return Minnesota 116

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

DECEMBER 18, 2023

It is used to open bank accounts, apply for business licenses, register with government agencies and submit many other applications, including paying and filing tax returns. An EIN is required for entities to obtain when starting a business or engaging in transactions in the U.S.

cpas 105

cpas tax return Tax Government 105

CPA Practice

APRIL 19, 2024

1, 2025, the proposed regulations would require brokers, including digital asset trading platforms, digital asset payment processors and certain digital asset hosted wallet providers, to report gross proceeds on a newly developed Form 1099-DA and to provide payee statements to customers,” the IRS said last August.

Tax 52

Tax tax return Sales CPA 52

CPA Practice

DECEMBER 19, 2023

How do you file and remit the New York firearms and ammunition tax? Tax returns and payments for the gun and ammunitions tax will be due quarterly. If enacted as written, New York will tax gross receipts from retail sales of guns and ammunition starting January 1, 2025. This could be every two years or more.

New York 133

New York Tax Manufacturing tax return 133

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?

income tax 130

income tax tax return Tax Sales 130

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).

Tax 131

Tax Minnesota income tax payroll tax 131

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

CPA Practice

DECEMBER 11, 2023

The governor fears the tax could add an unexpected financial burden for many residents. billion through June 2025. The Minnesota Department of Revenue plans to send 1099-MISC forms to rebate recipients for federal tax return purposes. The 1099-MISC is a tax form used to report miscellaneous income to the IRS.

Minnesota 105

Minnesota Tax tax return Washington 105

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

tax return income tax California payroll 69

CPA Practice

DECEMBER 27, 2023

The tax treatment is automatic—you don‘t even have to file a gift tax return. For instance, a couple could give a child or grandchild up to $36,000 free of gift tax in 2024. The caveat: A gift tax return is required for joint gifts.

Tax 81

Tax tax return 81

Ronika Khanna CPA,CA

DECEMBER 28, 2023

GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. QST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. It should be noted that penalties and interest on overdue balances are not tax deductible expenses.

business tax 52

business tax Tax income tax tax return 52

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

Anders CPA

AUGUST 9, 2022

Gifts to a spouse are unlimited Gifts to a non-citizen spouse are limited to $164,000 Gifts above the annual exclusion will count against your lifetime exemption and should be reported on a Form 709 gift tax return. Consider Gifting Now. CONTACT ANDERS.

Tax 98

Tax tax return Education CPA 98

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

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

Tax tax preparation tax return cpas 52

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

cpas CPA Education audit 52

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

Anders CPA

MAY 23, 2023

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

CPA Practice

JUNE 19, 2023

Unused losses in the current year can be carried forward indefinitely on your federal tax return (state rules vary). Return of capital is an important tax advantage for REIT investors. For example, under the TCJA, the new maximum individual effective tax rate of 37% coupled with the 20% deduction equates to a 29.6%

Tax 111

Tax Real Estate income tax Legal 111

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

SkagitCountyTaxServices

OCTOBER 19, 2022

The Employee Retention Credit (ERC) is gone now, but it might be worth the trouble to retroactively file certain quarterly tax returns and try to get money back. Each of your quarterly 941s is considered filed by Tax Day the following April. appeared first on Padgett & Padgett, PLLC CPA's. Running the numbers.

payroll 78

payroll Tax CPA tax return 78

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

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

Withum

FEBRUARY 26, 2024

The ability to make Employee Retention Credit claims is currently scheduled to expire as of April 15, 2025. For property placed in service after December 31, 2025, and before January 1, 2027, bonus depreciation would remain at 20%. Potential ERC claims should be submitted as soon as possible.

cpas 52

cpas Tax Start-ups Sales 52

CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. A special rule allows gift givers to spread larger one-time gifts across five years’ worth of gift tax returns to preserve their lifetime gift exclusion. Should the school be paid directly?

Education 98

Education Transportation Michigan Virginia 98

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

SkagitCountyTaxServices

OCTOBER 19, 2022

The Employee Retention Credit (ERC) is gone now, but it might be worth the trouble to retroactively file certain quarterly tax returns and try to get money back. Each of your quarterly 941s is considered filed by Tax Day the following April. first appeared on Padgett & Padgett, PLLC CPA. Running the numbers.

CPA 52

CPA payroll Tax tax return 52

CPA Practice

APRIL 19, 2024

Utah will likely do the same in 2025. Remit sales tax to the proper tax authority Once sales tax has been collected as required, it must be remitted on time with a sales tax return to the proper tax authority. Wyoming is dropping its transaction threshold as of July 1, 2024.

Tax 59

Tax Wyoming Alaska Louisiana 59

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. The post Claiming the WOTC While Hiring in Your Skagit County Business appeared first on Padgett & Padgett, PLLC CPA.

Tax 52

Tax CPA income tax tax return 52

CPA Practice

JANUARY 24, 2024

It is lawmakers’ hope that these enhancements allow small businesses to offer a plan (and boost tax savings) when they otherwise could (or would) not. Auto-Enrollment Requirement for New Plans Secondly, starting in 2025, SECURE 2.0 This opens the door to some potential tax benefits that, prior to SECURE 2.0,

Tax 52

Tax Non-Profits business tax tax return 52

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. NADA is optimistic that the bill will Pass.

accounting and finance 52

accounting and finance income tax Tax CPA 52

CPA Practice

APRIL 17, 2023

If a business incurs a substantial loss in the current year, it may be able to offset subsequent tax liability by carrying forward a net operating loss (NOL). However, as shown in a new case, Amos, TC Memo 2022-109, 11/10/22 , even a highly successful CPA may fail to properly substantiate the claims. But those tax breaks have expired.

CPA 52

CPA tax return income tax Tax 52