CPA Practice

FEBRUARY 1, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. When will I get my tax refund? ” The IRS and tax professionals strongly encourage electronic filing.

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Tax tax return income tax Massachusetts 111

CPA Practice

NOVEMBER 22, 2023

December is here, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline being April 15 (which can vary based on weekends or state holidays). The IRS and tax professionals strongly encourage electronic filing.

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Tax income tax tax return Massachusetts 98

CPA Practice

DECEMBER 26, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. The IRS and tax professionals strongly encourage electronic filing.

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Tax tax return income tax Massachusetts 105

CPA Practice

APRIL 8, 2023

April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. 23, 2023 Feb. 17)** Feb.

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income tax Tax tax return Massachusetts 115

CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. The IRS and tax professionals strongly encourage electronic filing.

Tax 98

Tax tax return income tax Massachusetts 98

CPA Practice

JANUARY 30, 2023

April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. tool on the IRS website.

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income tax Tax tax return Massachusetts 105

CPA Practice

DECEMBER 15, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. The IRS and tax professionals strongly encourage electronic filing.

Tax 97

Tax tax return income tax Massachusetts 97

CPA Practice

MARCH 14, 2023

This article will provide a general overview of the current reporting requirements for foreign financial assets on the Report of Foreign and Financial Accounts (“FBAR”) and on Form 8938 under the Foreign Account Compliance Act (“FATCA”). person concerning that account or has any signatory authority over the account.

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CPA Practice

FEBRUARY 24, 2023

April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. 23, 2023 Feb. 17)** Feb.

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income tax Tax tax return Massachusetts 98

CPA Practice

OCTOBER 4, 2023

Pramila Jayapal (D-WA) introduced a bill in 2021 that would have created a graduated 2% to 3% annual wealth tax on households worth more than $50 million. In effect, a wealth tax imposes what can be thought of as a third level of taxation—after income tax and capital gains tax—on the most productive drivers of the U.S.

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CPA Practice

APRIL 11, 2024

Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and cheaper for eligible filers. Importantly, Direct File can be used to claim the child and earned income tax credits, providing valuable support to millions of working families.

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Tax tax return income tax Arizona 52

CPA Practice

APRIL 15, 2024

Additional free help at volunteer sites: The IRS saw tax return preparation work at volunteer sites increase to more than 2.3 million returns this tax season, up 2000,000 from last year following work at Volunteer Income Tax Assistance and Tax Counseling for the Elderly sites. And Where’s My Refund?

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CTP

MARCH 30, 2023

In these three related appellate cases, the IRS sought to recharacterize millions of dollars that had been paid as commissions into a domestic international sales corporation (DISC) and then shielded from income tax when the DISC contributed the funds to a Roth IRA. Congress created Roth IRAs to enable taxpayers to reduce taxes.

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CPA Practice

NOVEMBER 20, 2023

It’s almost December, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which can vary based on weekends or state holidays). Paper check mailed sent apx. 22, 2024. *

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Tax income tax tax return Massachusetts 52

ThomsonReuters

JULY 10, 2023

When this happens, the burden of remitting the tax to taxing authorities shifts to the consumer. To further explain, let’s take a look at how two different states — in this case, Washington and Massachusetts — approach use tax. Every calendar year due date, the taxpayer can pay when filing their income tax.

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TaxConnex

DECEMBER 29, 2022

Nevertheless, some states looked to increase their sales tax base: Massachusetts floated the idea of following Maryland in taxing digital advertising sales. Alaska pondered its first statewide sales tax while proposals for higher local sales taxes were headed to ballots in November and before. The year ahead.

Sales 130

Sales Tax Maryland Louisiana 130

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. If you have employees working in states that have state withholding tax, then the business will need to be registered with that state’s Department of Revenue “To Do Business.”

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ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect.

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payroll Tax income tax payroll tax 59

inDinero Accounting

DECEMBER 5, 2023

The IRS defines a qualified trade or business as any field other than the following: Health Law Engineering Architecture Accounting Actuarial science Performing arts Consulting Athletics Financial services Brokerage services Farming Hotels Motels Restaurants Finally, businesses reliant on the reputation of an owner or employee, don’t qualify.

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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. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base.

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ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. Increasing the earned income tax credit percentage and phase-out percentage from 7.65% to 15.3% In the U.S., 2021 Form 941. Final telecommuting regulations adopted.

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payroll Connecticut Massachusetts income tax 98

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

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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).

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ThomsonReuters

OCTOBER 6, 2021

State income tax is a direct tax on business income you’ve earned in a state. It sounds straightforward, but this is a complex topic: States have various ways of calculating how much of your corporation’s business income is attributable to its presence and activity there. What is apportionment in taxes?

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ThomsonReuters

JUNE 28, 2021

Although it is possible to automate payroll systems to account for these minimum wage increases, it is a good idea for payroll professionals to be aware of these changes to avoid the possibility of underpaying employees. Income tax rates to change in 2023. and reduce the number of tax brackets from nine to four in 2023.

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ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog.

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PYMNTS

OCTOBER 28, 2019

Those are not the only new taxes facing remote sellers, and the Wayfair ruling may force businesses to reassess far more than just their digital sales. The Supreme Court decision also appears to enable states to require businesses to file income taxes for revenue shares generated there. Wayfair ruling’s impacts.

South Dakota 42

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ThomsonReuters

OCTOBER 20, 2020

The results of the Checkpoint Catalyst Survey of States’ Approach to Temporary Telecommuting survey show that the business tax consequences of COVID-19 telecommuting for companies large and small are unclear in most states. At issue in these circumstances is the concept of a tax nexus , or connection, with the state.

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South Dakota Sales Tax Rhode Island 40

PYMNTS

DECEMBER 7, 2020

In terms of mechanics, these companies would have to maintain master accounts at the Federal Reserve and must maintain segregated accounts with the Fed, with reserves fully collateralized and convertible into dollars on demand. Read More On Cryptocurrency: Bitcoin Daily: India Eyes Crypto Income Tax; Ripple Unloads $15.3

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CPA Practice

APRIL 13, 2023

In New York state, personal income tax revenue plummeted by $9.1 Taxes on bonuses and investment income account for almost 20% of the state’s general fund, according to Lierman. Massachusetts, for example, is studying ways to use proceeds from a new tax on incomes over $1 million.

Maryland 64

Maryland Virginia Alaska income tax 64