RogerRossmeisl

JULY 30, 2021

Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. The post Traveling for Business Again?

tax return 246

tax return Transportation CPA Tax 246

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. Usually, the payer (e.g.,

Gambling 122

Gambling Tax Sports South Carolina 122

CPA Practice

NOVEMBER 17, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.

Tax 116

Tax income tax tax return Minnesota 116

CPA Practice

DECEMBER 19, 2023

Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. SB 7733 would impose an excise tax on licensed dealers in firearms, firearms manufacturers, and sellers of ammunition.

New York 133

New York Tax Manufacturing tax return 133

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

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

DECEMBER 11, 2023

Tim Walz, the IRS will tax state rebates sent to many Minnesota residents in 2023. These rebates, commonly known as “Walz checks,” were worth up to $1,300 in some cases and were a result of a $3 billion Minnesota tax relief bill passed earlier this year. State “stimulus” checks, tax rebates, and inflation relief payments are popular.

Minnesota 105

Minnesota Tax tax return Washington 105

CPA Practice

JANUARY 23, 2024

Part of the larger transformation work taking place at the IRS with Inflation Reduction Act funding, the Simple Notice Initiative will build off redesigned notice efforts in place for the 2024 tax season and expand on a recent successful pilot involving identity theft letters.

tax return 122

tax return Tax 122

CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.

Tax 111

Tax Real Estate income tax Legal 111

CPA Practice

DECEMBER 27, 2023

Do you want to transfer wealth to other family members without dire tax consequences? If you stay within the tax law boundaries, these lifetime gifts will qualify for the annual gift tax exclusion. And even if you exceed the limits, the remainder is usually covered by the unified estate and gift tax exemption.

Tax 81

Tax tax return 81

CPA Practice

MARCH 5, 2024

By Kevin Tampone, syracuse.com (TNS) The IRS is warning taxpayers that time is running out to claim a tax credit related stimulus payments distributed during the early years of the COVID-19 pandemic. 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.

tax return 111

tax return Legal Tax 111

Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec). If tax returns are filed on time, but the balance due is not paid, only interest applies.

business tax 52

business tax Tax income tax tax return 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. The withdrawals are exempt from tax. Use 529 plan for kids.

Tax 85

Tax tax return Education Account 85

Anders CPA

AUGUST 9, 2022

With increased gift and estate tax exclusions in 2022, now is a great time to review your estate plan to make sure you’re taking advantage of ways to lower your taxable estate. Current Gift Tax Exclusions. Generally, you will only be liable to pay federal gift taxes if your total lifetime gifts exceed the current lifetime exemption.

Tax 98

Tax tax return Education CPA 98

CPA Practice

APRIL 19, 2024

The IRS on Friday posted on its website the highly anticipated draft Form 1099-DA , a new tax form that cryptocurrency brokers will begin using next year to report digital asset transactions. 1, 2026, on these information returns and statements, so that customers have the information they need to prepare their tax returns.”

Tax 69

Tax tax return Sales CPA 69

TaxConnex

NOVEMBER 10, 2022

Gain insight into why Robert started TaxConnex and his plans for our future as well as how sales tax has evolved over the years. 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.

income tax 130

income tax tax return Tax Sales 130

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. currently may do.

cpas 105

cpas tax return Tax Government 105

Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

CPA Practice

MARCH 10, 2023

Recent tax legislation has tightened up the rules, but qualified borrowers may still be entitled to generous write-offs. 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. Tax outcome : The Tax Court sided with the IRS.

Tax 98

Tax income tax Arizona Construction 98

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. So, to make sure we’re all on the same page, here are a few choice tax benefits that are often overlooked.

Tax 52

Tax tax preparation tax return cpas 52

CPA Practice

APRIL 19, 2024

But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. They all face different tax compliance obligations and challenges. Read the report now.

Tax 59

Tax Wyoming Alaska Louisiana 59

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. There is one caveat, however.

Illinois 96

Illinois Start-ups Tax CPA 96

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

AUGUST 11, 2023

That begs the question: Is the full amount of points currently deductible on your personal tax return? Points paid on a new mortgage are fully deductible if you meet certain tax law requirements. In summary: As you can see, the tax rules for points can be tricky. You no longer have to amortize those points.

Tax 52

Tax tax return Real Estate income tax 52

CPA Practice

JANUARY 24, 2024

It’s too common in our profession that business owners search for tax deductions after receiving their tax bill. By that time, it is typically too late for anything to be done for that tax year, but to some owners, waiting to “cash in” after the next fiscal cycle is too long to wait. Tax Incentives with SECURE 2.0

Tax 52

Tax Non-Profits business 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. appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

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. Over the years, Mr.

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. Over the years, Mr.

cpas 52

cpas CPA Education audit 52

CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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. Beginning in 2024, designated Roth accounts will not be subject to the RMD rules while the account owner is still alive.

tax return 59

tax return Non-Profits Tax income tax 59

CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. A 529 is a tax-advantaged account into which parents – and anyone, really – can deposit money in anticipation of one day paying college expenses. Is a 529 reported on the FAFSA? Should the school be paid directly?

Education 98

Education Transportation Michigan Virginia 98

SkagitCountyTaxServices

OCTOBER 19, 2022

Everybody keeps saying we’re slowly leaving the pandemic behind – and for Skagit County businesses, that means that pandemic tax relief is disappearing, too. BELIEVE ME when I tell you how the tax professional community has been viewing these companies – it isn’t kindly. You must pay taxes. Here’s what you should think about.

payroll 78

payroll Tax CPA tax return 78

Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Included in the newest tax package are the following: Employee Retention Credit Elimination: With every tax relief bill comes costs.

cpas 52

cpas Tax Start-ups Sales 52

SkagitCountyTaxServices

OCTOBER 19, 2022

Everybody keeps saying we’re slowly leaving the pandemic behind – and for Skagit County businesses, that means that pandemic tax relief is disappearing, too. BELIEVE ME when I tell you how the tax professional community has been viewing these companies – it isn’t kindly. You must pay taxes. Here’s what you should think about.

CPA 52

CPA payroll Tax tax return 52

SkagitCountyTaxServices

MARCH 2, 2023

Firstly, we are barrelling towards the March 15th deadline for corporate tax returns. And you can also claim a little tax break while you’re at it: the Federal Work Opportunity Tax Credit. Who to hire You can claim the WOTC for wages to certain individuals who begin work on or before December 31, 2025.

Tax 52

Tax CPA income tax tax return 52

Withum

FEBRUARY 1, 2023

Important Tax Considerations With 2022 coming to an end, there are several important tax topics and considerations a dealer should be aware of over the next few years. 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

accounting and finance income tax Tax CPA 52

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

Tax Kansas income tax Montana 128