Nancy McClelland, LLC

JANUARY 12, 2025

“What is an IRS Account Transcript and Why Do I Need One?” ” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. account, the ID.me No worries — the IRS did.

Tax

Ronika Khanna CPA,CA

OCTOBER 18, 2024

Open a separate bank account for your business to keep personal and business finances distinct. This helps with tracking income and expenses and simplifies tax filing. Budget for Taxes One of the biggest changes when you become self employed is that taxes are not automatically deducted from your paycheque.

income tax

Ronika Khanna CPA,CA

JULY 8, 2025

If CRA sees that the relationship is actually one of employment, they can reclassify the income as salary, requiring the payer to remit unpaid payroll deductions (including CPP and income tax) plus penalties and interest. You pay income tax on it at your personal marginal rate. You don’t pay CPP on dividend income.

income tax

Withum

DECEMBER 4, 2024

An exception from the limitation on the business interest deductions is also provided for floor plan financing (i.e., Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits.

Tax

FraudFiles

APRIL 14, 2025

Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. Of course, there are other very important financial documents, but income tax returns provide summary information about of lot of financial issues, including income, expenses, and assets.

tax return

Withum

JUNE 24, 2025

The 199A deduction is eventually phased out for specified service trades or businesses (SSTBs) when an owner’s taxable income exceeds a certain threshold amount. Current law applies this phase-out when taxable income exceeds $100,000 for married filing joint taxpayers ($50,000 for all others).

Tax

CPA Practice

JUNE 18, 2025

Inclusion of legislation to expand the use of section 529 accounts for costs associated with obtaining a post-secondary credential, which grants financial flexibility to those pursuing or advancing in the accounting profession. This is a longstanding priority for the AICPA and the accounting profession. © 2025 Firmworks, LLC.

Tax

Insightful Accountant

JUNE 30, 2025

This eliminates what would have been significant rate increases up to 15 percentage points for foreign individuals and entities, along with the "super BEAT" expansion that would have broadened affected entities and the tax base. A residential construction accounting exception was also added to the community development section.

general ledger

Dent Moses

JULY 8, 2025

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. Residential Construction: Exempts certain residential projects from percentage-of-completion accounting.

Gambling

MyIRSRelief

MAY 23, 2025

California has some of the highest state income tax rates in the nation, and the state aggressively pursues non-filers. Many San Diego residents work across state lines or have income from multiple states, which can complicate filing requirements significantly. Q: Can I negotiate payroll tax debt like other tax debts?

California

CPA Practice

JULY 23, 2025

Twenty-one say it would be helpful if the IRS could stagger individual and business deadlines for tax relief (i.e., separate extended deadlines for filing personal and business taxes and payment) after a national disaster. when there is loss of property to circumstances beyond your control – fire, theft, disaster, etc.).

Technology

CPA Practice

JULY 11, 2025

In the wake of the sweeping One Big Beautiful Bill Act (OBBBA), signed into law just one week prior, accounting professionals are scrambling to understand and apply a raft of new federal tax provisions.

cpas

CPA Practice

JULY 25, 2025

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholders sell qualified small business stock (QSBS). [1] There are two approaches available for converting a business operated through an S corporation into a business operated through a domestic (US) C corporation.

income tax

CPA Practice

JULY 29, 2025

OBannon Leave a Reply Cancel reply Δ CPA Practice Advisor is the definitive technology and practice management resource for accounting and tax professionals. Read the FAQs Subscribe for free to get personalized daily content, newsletters, continuing education, podcasts, whitepapers and more. © 2025 Firmworks, LLC.

Technology

Wellers Accounting

FEBRUARY 21, 2025

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your bill.

Tax

CPA Practice

JULY 25, 2025

Jason Bramwell Small Business July 25, 2025  Some Small Business Owners Sweating Impact Trump Tax Law Will Have on Their Bottom Line Business owners have shared concerns about cuts to Medicaid and other health care programs, while the U.S. © 2025 Firmworks, LLC.

Tax

CPA Practice

JUNE 23, 2025

Jason Bramwell Taxes June 23, 2025  IRS Refines Pre-Filing Agreement Tax Certainty Program Improvements made to the IRS Pre-Filing Agreement program will provide greater tax certainty for large business and international taxpayers, the agency announced on June 17. © 2025 Firmworks, LLC.

Missouri

MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

tax preparation

Accounting Today

NOVEMBER 3, 2023

The service's development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut.

business tax

Ronika Khanna CPA,CA

AUGUST 29, 2024

One of these obligations requires that you calculate and pay the full amount of your income taxes when you file your income tax return, rather than having your employer remit deductions from your paycheck directly. Consequently Revenue Canada requires that you pay “instalments” of taxes payable based on an estimate.

income tax

MyIRSRelief

OCTOBER 4, 2024

Incorrect Filing Status: Choosing the wrong filing status can affect your tax liability and eligibility for certain credits. Math Errors: Simple arithmetic mistakes can lead to incorrect tax calculations. Incorrect Bank Account Numbers: Errors in bank account numbers can delay direct deposit refunds. Unsigned forms.

tax return

RogerRossmeisl

AUGUST 6, 2023

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Taxes are considered the government’s property.

income tax

RogerRossmeisl

APRIL 21, 2022

If you’re employed by your own corporation, up to 25% of your salary can be contributed to your account, with a maximum contribution of $61,000. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2022 by a whopping $19,520 (32% times $61,000).

Tax

MyIRSRelief

DECEMBER 15, 2022

How to fix my messy back-years accounting for my Los Angeles, CA business? If you have messy books for many back years of accounting, it can be overwhelming to try to organize and clean them up. This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks.

tax accountant

Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. That is true, LIFO and FIFO are not reality, but an agreed-upon method of how a business will calculate their Cost of Goods Sold (“COGS”). Business Tax Services.

business tax

RogerRossmeisl

APRIL 28, 2024

If you’re employed by your own corporation, up to 25% of your salary can be contributed to your account, with a maximum contribution of $69,000. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2024 by a whopping $22,080 (32% × $69,000).

Tax

xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance

business tax

xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

business tax

Snyder

OCTOBER 30, 2022

Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. But is there a way to escape tax filing season disturbance? Read till the end to find a helpful table with all important 2023 Tax Deadlines for the Tax Year 2022!

tax preparation

VetCPA

MARCH 16, 2022

With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership. To reduce that stress, taxes shouldn’t be something to focus on only at year’s end. Business structure.

Tax

Ronika Khanna CPA,CA

MAY 5, 2024

Accounting software has come a long way in the past few years. Although a good bookkeeper can be invaluable, It has become fairly easy for business owners and their support staff to take on the responsibility of entering day to day transactions while they employ accountants for the more complex aspects of their accounting and tax.

income tax

Snyder

FEBRUARY 7, 2023

Look through your profit and loss report and research the applicable tax deductions for your business starting from work-related trips and ending with accounting software subscription purchases. What exactly are tax deductions? How to claim small business tax deductions 2. Contents: 1.

business tax

SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. This week is no exception. ” – John W.

business tax

CPA Practice

APRIL 28, 2024

Businesses can get an EIN online immediately at IRS.gov, and it’s free. Choosing a business structure Small business owners, as taxpayers, must decide on what the most appropriate business structure should be for their enterprise when they start their new business. Self-employment tax.

tax return

CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

business tax

CPA Practice

MAY 10, 2023

Since cannabis is federally prohibited, cannabis businesses were not allowed to deduct expenses like normal businesses would (Section 280E of the IRS Tax Code). It will ensure that dispensaries are paying a fair amount of taxes by taking into account critical business expenditures and allowing these deductions from their income.”

New Jersey

CPA Practice

OCTOBER 2, 2023

24, 2024, to file various individual and business tax returns. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. IRS Direct Pay.

South Carolina