Nancy McClelland, LLC

JANUARY 23, 2023

January 23, 2023 — Per IRS 2023-11 , following a successful opening of its systems today, the IRS is now accepting and processing 2022 tax returns; taxpayers have until April 18 to file their taxes this year. The State of Illinois also opened its tax season today.

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tax return Tax Illinois income tax 52

Nancy McClelland, LLC

APRIL 11, 2023

• An extension is a form filed with the IRS to request additional time to file your federal tax return. This extends the due date for submitting your individual return to October 15. • In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return.

Tax 98

Tax tax return CPA Illinois 98

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. An IRS Online Account is needed, however, to use IRS Direct Pay.

South Carolina 112

South Carolina Georgia income tax Vermont 112

Going Concern

SEPTEMBER 25, 2023

It’s been a while since we’ve done an Accountants Behaving Badly megapost ( 381 days ago , actually), here’s some bad behavior you may have missed. Twice-Convicted Accountant Is Charged With Embezzling More Than $1.1 Palos Hills Accountant Indicted In $7.8M This stock photo is incredible.

tax preparation 94

tax preparation Gambling Account accountant 94

TaxConnex

SEPTEMBER 26, 2023

This applies in states where local jurisdictions have the authority to establish their own sales tax rules. Examples of states with home rule are Alabama, Louisiana, Illinois, Colorado and Alaska. Managing the process Calculating sales tax. All this data needs to come together to file the sales tax return.

Sales 201

Sales Tax South Dakota Colorado 201

Nancy McClelland, LLC

JULY 22, 2022

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. It costs small businesses more in accounting and bookkeeping work than it could possibly save anyone. My inbox on June 27th.

Illinois 52

Illinois Sales Tax tax return 52

CPA Practice

NOVEMBER 29, 2023

Get Your Gifts Ready: If you’re feeling generous with your wealth and would like to pass some of it on to a loved one or other beneficiary, you can gift up to $17,000 (or $34,000 for married couples filing a joint tax return) without triggering a gift tax or reducing your lifetime gift and estate tax exemption.

Tax 108

Tax tax return CPA accounting and finance 108

Nancy McClelland, LLC

FEBRUARY 6, 2022

Last year 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. If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. Why would this matter?

Account 52

Account accountant accounted tax return 52

CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Here are a dozen deduction tips, provided by the Illinois CPA Society. Professional Fees : Need an accountant or bookkeeper? 15, 2024, to file.

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

Nancy McClelland, LLC

JANUARY 30, 2024

To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA. Enter Congress. And we were freaking out about that delay.

Tax 52

Tax tax return Illinois tax preparation 52

Going Concern

OCTOBER 7, 2022

Big 4 accounting firms reap record-high revenues [ The Korea Times ]. The big four accounting firms in Korea posted all-time-high annual revenues last year, due mainly to double-digit year-on-year growth rates recorded in M&As and consulting services. Accounting Firm’s Counterfeit Claim Fails in Similar Name Suit [ Bloomberg Law ].

Illinois 91

Illinois CPA audit tax return 91

CPA Practice

OCTOBER 4, 2023

A veteran of accounting journalism, she also speaks at many accounting events, trade shows, and webinars. She returned to school to study accounting at Illinois State University, earned her CPA, and worked for Deloitte in Chicago for several years as a state and local tax accountant.

Tax 52

Tax Indiana New Hampshire CPA 52

TaxConnex

DECEMBER 23, 2021

The Sales Tax Institute reports that Maine, Illinois, California, Massachusetts, Wisconsin and Washington have been the most aggressive states in sending notices and audit requests. Industry observers look for New York, Ohio and New Jersey to soon intensify enforcement. Get to work on this first and fast.

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audit Sales Tax auditor 167

RitaKeller

MARCH 3, 2022

“Accounting is the language of business.” The article is titled, The Changing Face of the CPA Profession Del Wright, Corporate Outreach Coordinator for the Illinois CPA Society. Accountants are no longer just recordkeepers, they’re analysts and translators. It is so much more than tax returns and using Excel.

Illinois 45

Illinois tax return CPA Tax 45

CPA Practice

FEBRUARY 16, 2023

Join SafeSend as we examine a variety of options for automating client touchpoints across the tax engagement – gather source documents, collect digital organizers, assemble, and deliver completed tax returns, collect e-signatures, send reminders, and accept tax prep fees just to name a few.

Technology 52

Technology Tax Indiana CPA 52

CPA Practice

JUNE 21, 2023

Shirley Chen is a Digital Transformation Practitioner who specializes in leading changes in the tax & accounting industry. Shirley is a certified Scrum Product Owner and PMC, who loves to use stories to bridge knowledge gaps and to help firms re-imagine their tax practice management.

Tax 80

Tax Technology Indiana Michigan 80

CPA Practice

AUGUST 18, 2023

Join SafeSend as we examine a variety of options for automating client touchpoints across the tax engagement – gather source documents, collect digital organizers, assemble, and deliver completed tax returns, collect e-signatures, send reminders, and accept tax prep fees just to name a few.

Technology 52

Technology Indiana Michigan E-commerce 52

CPA Practice

JULY 12, 2023

Fortunately, the Internal Revenue Code includes several tax strategies that may help your clients better prepare for the potential costs of long-term care—here are three to consider. HEALTH SAVINGS ACCOUNTS A health savings account (HSA) is one of the most tax-efficient ways to save for long-term care costs. SECURE ACT 2.0

Tax 98

Tax tax return payroll tax Illinois 98

Going Concern

FEBRUARY 9, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. My buddy from undergrad works office security at one of the Big 4 accounting firms in Midtown.

Technology 85

Technology Colorado audit cpa firm 85

CPA Practice

AUGUST 15, 2023

Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer. A veteran of accounting journalism, she also speaks at many accounting events, trade shows, and webinars.

Tax 52

Tax North Carolina Indiana CPA 52

Nancy McClelland, LLC

APRIL 9, 2023

The funds are usually pulled from your bank account the same day or one day later, so there is very little wiggle room. The great news is that you do not need to have an account with the IRS in order to make payments using Direct Pay. Well… except that you may also have to pay state estimated taxes.

Tax 52

Tax tax preparation tax return bookkeeping 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 106

South Dakota North Dakota Real Estate Washington 106

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. Yet we often see this benefit overlooked on tax returns, especially when S-Corp shareholders pay for their insurance through work.

Tax 52

Tax tax preparation tax return cpas 52

CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. The catch-up amount for people age 50 and older in 2023 is currently $7,500.

Illinois 96

Illinois Start-ups Tax CPA 96

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Tax Attorneys: Tax attorneys are lawyers who specialize in tax law. Contact us for professional tax help today! ERC IRS Audit Process 2.1

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audit North Carolina Oklahoma Ohio 130

ThomsonReuters

FEBRUARY 1, 2021

The FUTA tax rate is currently 6.0% FUTA tax credit reduction when they file their Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return), resulting in a net FUTA tax rate of 0.6%.FUTA on the first $7,000 in wages per employee each year. However, employers generally receive a 5.4%

Hawaii 89

Hawaii Nevada California New Jersey 89

CPA Practice

APRIL 19, 2024

By 2027, marketplaces may account for 59% of ecommerce globally. However, Connecticut and Illinois both require businesses to count sales made through a registered marketplace when calculating their economic nexus thresholds. By Gail Cole. Who wouldn’t want a piece of that pie? That’s the case in Georgia and Tennessee.

Tax 59

Tax Wyoming Alaska Louisiana 59

Anders CPA

JANUARY 23, 2023

From her previous providing interim controller support, Jane is also able to see accounting from the client’s perspective, which allows her to relate to the company’s entire financial situation. Jane is a Certified Public Accountant in the state of Missouri and holds an M.S. in Accountancy with a taxation emphasis and a B.S.

Missouri 19

Missouri Real Estate Illinois public accounting 19

ThomsonReuters

JUNE 22, 2021

Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments. District of Columbia.

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payroll Virginia Utah West Virginia 72

ThomsonReuters

FEBRUARY 9, 2022

The DOL also has a list of potential FUTA credit reduction states for tax year 2022, which includes California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania, and the U.S. Department of Labor (DOL) announces the list of FUTA credit reduction states each November. Virgin Islands.

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payroll California Connecticut Tax 98

inDinero Tax Tips

APRIL 11, 2023

The Delaware franchise tax A franchise tax is a state charge on corporations to conduct business in their state. Other states that have a franchise tax include Alabama, Arkansas, Delaware, Georgia, Illinois, Louisiana, Missouri, New York, North Carolina, and Oklahoma.

Delaware 52

Delaware Nevada Tax Sales 52

CTP

FEBRUARY 29, 2024

Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. So, as an accountant of a gambling client, you need to have detailed knowledge about gambling winnings and losses, as well as all the rules and regulations related to tax on gambling income.

Gambling 105

Gambling Tax Account accountant 105

TaxConnex

SEPTEMBER 7, 2023

Illinois greenlights exemptions for churches, licensed not-for-profit day care centers, arts and cultural not-for-profits, schools and seniors’ organizations, to name a few, but not for American Legions; chambers of commerce; Elks, Lions and Rotary clubs; VFWs; or unions/trade associations.

Sales 147

Sales Tax Non-Profits North Carolina 147

CPA Practice

FEBRUARY 3, 2023

The IRS began accepting tax returns in late January, and if you were hoping for a bigger tax refund—or at least a smaller tax bill—in the new year, some tax law changes impacting the upcoming 2022 tax year filing season may dampen your spirits. Find an Illinois CPA at www.icpas.org/findacpa.

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Tax Illinois tax return cpas 119

CPA Practice

APRIL 10, 2024

This webinar will be held on Thursday, May 16, 2024 Sponsor: SafeSend Duration: 1 Hour Register Now With many technological and AI-powered advances coming to the tax and accounting profession, firms are looking to provide the best service for their clients, all while staying up to date, saving time, and cutting costs.

Tax 52

Tax Indiana tax return Technology 52

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

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payroll tax payroll Tax Missouri 52