SMBAccountant

MAY 17, 2024

Establishing a core understanding of key accounting principles not only instills confidence but also ensures compliance with accounting and government regulations. Each state and locality have different laws on sales tax, when it’s charged, and how much it is. sole proprietorship, LLC, corporation).

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ThomsonReuters

MARCH 15, 2023

Chances of enactment​ Paravano noted that that chances are “extremely low” that significant tax legislation will be enacted in 2023 and 2024 due to the divided government and Republican control of the House of Representatives. ”In 31, 2025 the Work Opportunity Tax Credit under  Code Sec.

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TaxConnex

JANUARY 4, 2024

“Sales tax holidays remain the same as they always have been – ineffective and inefficient,” said The Tax Foundation. Added another critic, in August, “Next week’s installment of Connecticut’s annual suspension of sales taxes on clothing and shoes may be a reminder that government is very good at bribing people with their own money.”

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TaxConnex

MARCH 30, 2023

The provisions This bill imposes a national sales tax on the use or consumption in the U.S. of taxable property or services in lieu of the current income taxes, payroll taxes and estate and gift taxes. The rate of the sales tax will be 23% in 2025, adjusted in subsequent years.

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CPA Practice

FEBRUARY 2, 2023

Introduced by the group Americans for Fair Taxation in the ’90s, the plan would see the tax code replaced with a single sales tax charged at the point of sale, like most state’s sales taxes. The plan would also abolish the IRS and instead rely on the states to collect and remit the sales tax to the federal government.

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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

Consider educating your clients on the following timely tax planning topics: Corporate Transparency Act. Most clients will not be affected until 2025, but new clients with new businesses started in 2024 will have to file a report with FinCEN within 30 days. Tax Cuts and Jobs Act (TCJA). Employee retention credits.

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