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 192

Tax tax return CPA 192

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

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

RogerRossmeisl

JULY 17, 2022

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances.

tax return 238

tax return CPA Tax 238

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

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.

tax return 246

tax return Transportation CPA Tax 246

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

Dent Moses

MARCH 21, 2024

For the past five years, taxpayers have enjoyed historically high gift and estate tax exemptions, thanks to the Tax Cuts and Jobs Act of 2017. million in 2024, either during their lifetimes or at death, without incurring federal gift or estate tax. How many estate tax returns are filed annually, and how much tax is paid?

tax planning 52

tax planning Tax tax return Construction 52

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

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year. The Act would restore the 12.5%

Tax 52

Tax tax return Missouri Oregon 52

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

ThomsonReuters

JANUARY 4, 2024

But where do you begin building your tax planning strategy? Tax planning strategy #1: Utilize short-term staffing solutions As tax season begins, firms in need of a short-term boost in headcount should consider outsourcing services to increase workload capacity. Partial outsourcing is also an option.

tax planning 78

tax planning Tax Technology tax return 78

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

Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This allows S corporations to avoid double taxation on the corporate income.

income tax 88

income tax Tax tax return Connecticut 88

Withum

OCTOBER 9, 2023

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), As such, effective January 1, 2025, corporations will use a single sales factor, and based on current statute, partnerships would also be required to utilize the single sales factor formula.

Massachusetts 72

Massachusetts Sales Tax tax return 72

Menzies

JANUARY 29, 2024

Online tutors are easy to find and there are many websites offering to match students to tutors, but how many tutors consider the potential UK tax reporting obligations arising from their endeavours? Every tutor can receive up to £1,000 of income each tax year (the “trading allowance”) without having to pay tax on this income.

Tax 59

Tax tax return chartered accountant Start-ups 59

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

ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

tax preparation 105

tax preparation Tax tax return payroll 105

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

tax planning 64

tax planning Tax income tax tax return 64

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

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

Menzies

OCTOBER 27, 2023

If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? If you are earning more than the trading allowance in Esports income in a tax year, then you should be reporting this to HMRC as a self-employment business.

Sports 59

Sports Tax tax return chartered accountant 59

Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. At the end of the year, they can add any non-business information and finalise their tax affairs.

income tax 52

income tax Tax tax return Government 52

Cherry Bekaert

AUGUST 10, 2023

Pass-through entity taxes (PTET) are constantly changing on a state-by-state basis. How Alabama’s PTET Works Alabama’s PTET election is made by submitting Form PTE-E via “My Alabama Taxes” on or before the 15 th day of the third month following the close of the tax year. Louisiana Louisiana House Bill No. House Bill No.

Alabama 98

Alabama Ohio Iowa Louisiana 98

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

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

Withum

OCTOBER 3, 2023

The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. The concern then was that if the Court declared the law unconstitutional, then the net investment income tax and certain other taxes could be invalidated too, thereby giving rise to potential claims for refund.

income tax 122

income tax audit tax return Tax 122

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

Withum

FEBRUARY 26, 2024

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. Key Tax and Filing Requirements As we are still early in the new year, it is the right time for a refresher on several key tax and filing requirements happening in 2024.

Tax 52

Tax income tax tax return Sales 52

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

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 52

Tax tax return Sales CPA 52

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