CPA Practice

FEBRUARY 19, 2024

The Tax Blotter is a round-up of recent tax issues and Tax Court rulings. Although audit rates have been historically low the last few years, the IRS is expected to begin targeting more individuals, especially high-income taxpayers. How long does the IRS have to audit your return? Start the clock.

Tax 65

Tax tax return audit Start-ups 65

Withum

OCTOBER 3, 2023

If a business timely filed its original 941s and no fraud is involved, then the IRS has until April 15, 2024 to deny 2020 claims, it has until April 15, 2025 to deny Q1 and Q2 2021 claims, and it has until April 15, 2027 to deny Q3 and Q4 (for recovery startup businesses) 2021 claims. In other words, playing the audit lottery is risky.

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income tax audit tax return Tax 122

Anders CPA

NOVEMBER 21, 2023

Pass-through entities like a sole proprietorship, partnership or S-corp, won’t see the benefits as any charitable donation made by those businesses will pass through to your personal tax return. C-corps are allowed to take a deduction on the business for charitable distributions, which can potentially reduce their taxable income.

tax planning 64

tax planning Tax financial statements tax return 64

Cherry Bekaert

NOVEMBER 28, 2023

Preliminary tax reporting and issue identification can be initiated before the financial statement audit is completed. and foreign taxes should review their strategies annually. Looking forward, companies should begin to plan for the sunset of many tax provisions in the Tax Cuts and Jobs Act (TCJA).

tax planning 64

tax planning Tax income tax tax return 64

ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Federal News.

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payroll Missouri Virginia Delaware 98

CPA Practice

DECEMBER 29, 2023

But if you take that into a QuickBooks Desktop discontinuance even with the sun setting, it means all of the Intuit QuickBooks Desktop products except enterprise would be gone by 2027. And, of course, we’ve seen the transition from prosystem tax into excess tax and so forth. It’s a difficult thing.

Technology 59

Technology quickbooks cpa firm CPA 59