CPA Practice

JUNE 26, 2023

on July 1, after the sixth largest accounting firm in the nation by revenue officially changes from its current partnership structure to a professional services corporation based in Delaware. Even though partnerships aren’t taxed, they must file a tax return each year unless the partnership has no income or expenses.

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Shay CPA

FEBRUARY 28, 2024

Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Very few founders enjoy doing their taxes. Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g.,

Tax 52

Tax CPA bookkeeping tax preparation 52

KROST

MAY 11, 2021

While the benefits can be retroactively claimed if missed on previous tax returns, many miss out on the credit or deduction due to the temporary nature of the provisions. KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry.

Real Estate 52

Real Estate Tax Delaware tax return 52

CPA Practice

MAY 17, 2023

Most states tax personal property owned by businesses and require businesses to complete and file a personal property rendition every year. The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota.

South Dakota 105

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Shay CPA

DECEMBER 27, 2023

Close all accounts This means bank and credit card accounts, of course. Research local laws to ensure you’re compliant with account closure requirements in every applicable state. You might need to pay the current calendar year’s franchise tax before you can officially close up shop, for example.

general ledger 52

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Shay CPA

FEBRUARY 15, 2023

Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Very few founders enjoy doing their taxes. Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g.,

Tax 52

Tax CPA bookkeeping tax preparation 52

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax 85

Tax West Virginia Wisconsin Virginia 85

KROST

MARCH 16, 2021

2020-25, allowing taxpayers to file a change of accounting method using Form 3115 with the current year of income tax return filing to catch up on the missed depreciation on qualified improvement property. KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry.

Real Estate 52

Real Estate tax return Delaware Tax 52

KROST

JANUARY 13, 2021

Hence, taxpayers in those states will have to report depreciation recapture on their state tax returns and will not be able to take bonus depreciation on the incidental personal property received in the exchange to offset the state tax burden. Federal vs. State. New Provision to the Proposed Regulations.

Real Estate 52

Real Estate tax return Tax Delaware 52

inDinero Tax Tips

APRIL 20, 2021

Delaware is considered The Place to establish your corporate entity. Delaware has more corporate entities than people for a reason. When Delaware first established the Court of Chancery in 1792, it sought to provide a legal “remedy” for corporate entities not found in the common law for the rest of us. and 11:59 p.m.

Delaware 64

Delaware Wyoming Nevada Oregon 64

inDinero Tax Tips

MARCH 13, 2023

Some states, such as California, allow for fast-track conversions that let you convert LLC to C corp in another state, such as Delaware. For example, say your LLC contributes $50,000 in assets (cash, inventory, accounts receivable) and $70,000 in liabilities (accrued expenses, debts).

income tax 52

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inDinero Tax Tips

MARCH 13, 2023

Some states, such as California, allow for fast-track conversions that let you convert LLC to C corp in another state, such as Delaware. For example, say your LLC contributes $50,000 in assets (cash, inventory, accounts receivable) and $70,000 in liabilities (accrued expenses, debts).

income tax 52

income tax Non-Profits payroll tax Tax 52

ThomsonReuters

DECEMBER 17, 2021

It will have impact across multiple jurisdictions, increase the number of tax returns they need to file, and may require additional disclosures in some countries. Tax leaders need to diligently prepare their department for these changes.”. © 2021 KPMG LLP, a Delaware limited liability partnership and the U.S.

Tax 52

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ThomsonReuters

JULY 10, 2023

Sales tax varies by state As noted earlier, sales tax can be an important source of revenue for governments at the state and local levels. This is a point where it can get confusing for businesses as local sales tax varies by state. Blog Post Learn the differences between sales tax and use tax The post What is sales tax?

Sales 98

Sales Tax Michigan Washington 98

LyfeAccounting

JULY 23, 2021

One is just paying the capital gains tax which a lot of people do to avoid the stress of finding a property. Or, you can put your 1031 money in a Delaware Statutory Trust or “DST”. The IRS can’t tax you for money that you never touched so this is where the qualified intermediary comes into play. And that’s it!

Real Estate 52

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ThomsonReuters

JUNE 11, 2024

Convenience of employer Convenience in the employer rule states that payroll tax is withheld and paid where the employer is located, not necessarily where the employee is working. Currently, only a few states have adopted the convenience of the employer rule, including New York, Connecticut, Delaware, Nebraska, Pennsylvania, and New Jersey.

accounting firms 59

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Shay CPA

DECEMBER 2, 2022

R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits? The R&D credit application (form 6765) filed with a timely filed tax return can provide your startup with additional runway to either invest back into the company for a key hire.

Tax 59

Tax CPA tax planning payroll tax 59

ThomsonReuters

JUNE 15, 2022

These legislative highlights have been grouped into two categories: new opportunities for tax relief and new tax obligations. Tax Relief Enacted in Delaware, Florida, Georgia, and New Mexico. Delaware Relief Rebate Program. Florida Sales Tax Holiday. billion of tax relief for Floridians.

Rhode Island 105

Rhode Island Delaware Oklahoma Tax 105

inDinero Tax Tips

JANUARY 16, 2024

Important Tax Deadlines for Businesses You should always keep in mind the importance of these dates. They represent the filing deadline, the final day for submitting your business tax returns. Missing these tax payment deadlines might result in penalties or interest charges. What Is a Tax Extension?

Tax 52

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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.

payroll 98

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ThomsonReuters

APRIL 12, 2021

analyze (corporate) financial statements and tax returns and look for holes where they can apply penalties to fill in some of those gaps.”. More outsourcing: Companies are outsourcing routine tasks and shifting focus to strategic indirect tax activities. a)(2) of Treasury Department Circular 230.

Tax 98

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ThomsonReuters

FEBRUARY 6, 2024

The owners include their allocated share of the businesses’ profits in their income tax return and pay the ordinary individual income tax. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities. In short, there are U.S.

Tax 52

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ThomsonReuters

MARCH 1, 2021

The IRS has updated the draft instructions for Form 941, Employer’s Quarterly Federal Tax Return, that accompanies the draft Form 941 posted on January 29, 2021. Both the experienced employers’ unemployment tax rate range and the new employer tax rate increases for Virginia employers in 2021. Unemployment tax relief.

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