CPA Practice

APRIL 7, 2023

Goldberg of the Justice Department’s Tax Division. “As As the Tax Division’s work over the past year demonstrates, our prosecutors have the expertise and resources to identify crooked return preparers and hold them accountable for their criminal conduct.” The Tax Division works with U.S. million in restitution.

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CPA Practice

JANUARY 8, 2024

An enhanced IRS Individual Online Account that includes chat, the option to schedule and cancel future payments, revise payment plans and validate and save bank accounts. IRS.gov, IRS Online Account provide free help Visit IRS.gov to find online tools to help get information needed to file a complete and accurate return.

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CPA Practice

JANUARY 29, 2024

Online Account. An enhanced IRS Individual Online Account that includes chat, the option to schedule and cancel future payments, revise payment plans and validate and save bank accounts. Get free help preparing and filing taxes electronically Taxpayers can visit IRS.gov 24 hours a day to get answers to tax questions.

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Withum

JANUARY 31, 2024

The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments. Please note that, as of this time, Rhode Island has not provided an extension of time to file the state income tax returns.

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CPA Practice

OCTOBER 30, 2023

Ignition , an all-in-one platform for professional services to get paid faster and run smarter, has launched a new pricing enhancement. This latest addition equips accounting and tax professionals with the tools they need to improve profitability and put an end to underselling their services.

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ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us. Let’s Chat.

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Accounting Insight

APRIL 21, 2023

Nevertheless, considering the impact of technology on how we conduct business and engage with the world, digital transformation will be indispensable to facilitate tax and Budget adjustments. So, what does the roadmap look like for a digital economy in the upcoming years, specifically for enterprises and accountants?

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CPA Practice

MAY 10, 2024

Erin Eberly has been named the partner-in-charge of KSM’s tax services. In this role, Eberly leads tax professionals across the firm to deliver tax compliance and consulting services with excellence. Ecroyd has split her career between in-house roles and public accounting at local and international firms.

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Withum

JANUARY 14, 2022

Withum, a national top 25 accounting and advisory firm, announced today that Pat Walsh , Partner and Market Leader for Withum’s National Tax Services Practice, will succeed CEO and Managing Partner Bill Hagaman , after his term ends in 2023. Bill Hagaman, CPA, CGMA Managing Partner and CEO, Withum.

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Withum

JANUARY 13, 2022

A5: The draft instructions to IRS Form 1120-S (released December 22, 2021) provide that the PPP tax-free income and the expenses giving rise to forgiveness in the Other Adjustments Account (OAA), and not in the Accumulated Adjustment Account (AAA). Q8: Will PPP loan forgiveness be taxable on my state income tax return?

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ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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Withum

FEBRUARY 27, 2023

Affected individuals and businesses will have until October 16, 2023, to file returns and pay any taxes, including 2022 individual income tax returns due on April 18 and various 2022 business returns normally due on March 15 and April 18, 2023.

California 119

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Withum

AUGUST 7, 2023

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? Assume the charging stations meet all the requirements to be deemed qualifying charging stations for the federal income tax credits. How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

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Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. Accounting Standards Update No. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures.

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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. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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Withum

AUGUST 24, 2023

How Do I Claim a Federal Energy Project Income Tax Credit? For-profit entities claim the energy credit on their income tax return. For-profit entities must reflect an income tax liability to receive an immediate benefit from the credit. The energy credit is non-refundable. sell) the energy credit.

Tax 52

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Withum

APRIL 5, 2023

The ability to limit 1202 to C corporations to avoid double taxation, once at the C corporation and again at the shareholder level, may have made more sense when the corporate income tax rate was 35%. Therefore, none of Angela’s gain on the sale of QSBS would be taxable at the federal income tax level. A rate of 29.6%

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Xendoo does online accounting , bookkeeping, and taxes for businesses, so it’s a question we answer frequently. Instead, they pass through their tax liability to the business owners. CFO services?

Tax 52

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Withum

JUNE 6, 2022

For example, if a shareholder with zero basis stock is selling such stock for $10 million, then she will pay no federal income tax if the business is a QTB and she otherwise qualifies for a QSBS exclusion. Business Tax Services. The post IRS Issues Favorable QSBS Tax Ruling for Businesses appeared first on Withum.

Tax 126

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source and it generally does not include a business’s accountants or lawyers, Board members, or partnership representative (s ee FAQ D.6 Can I engage a lawyer or accountant to assist me with reporting? 9 & FAQ D.10 1 & FAQ F.4.

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Withum

JANUARY 8, 2024

The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures.

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xendoo

AUGUST 2, 2023

Your business structure impacts your tax savings, accounting practices, and how you pay yourself. Xendoo does online accounting , bookkeeping, and taxes for businesses, so it’s a question we answer frequently. Instead, they pass through their tax liability to the business owners. An S corp is a tax classification.

Tax 52

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Withum

APRIL 8, 2022

putting a full-court press on the need for Americans to add more to their retirement accounts. However, the aspects of the bill that would tax retirement contributions, as opposed to distributions, could be surprising for some. Many experts recommend diversification between pre and post-tax contributions. Business Tax Services.

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TaxConnex

JULY 12, 2022

The current online resource used for sales tax filing (e-TIDES) will be retired this November and the state will move sales tax services to the online system currently used for most other tax types, myPATH. for how this will change sales tax filing and other taxpayer services?

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xendoo

JULY 6, 2023

However, there are exceptions—like underreporting or foreign income mistakes—where the IRS may audit your returns from the past six years or anytime (if the IRS suspects fraud). For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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xendoo

JULY 6, 2023

However, there are exceptions—like underreporting or foreign income mistakes—where the IRS may audit your returns from the past six years or anytime (if the IRS suspects fraud). For example, online bookkeeping and business tax services can file accurate returns, on-time for you so you avoid common audit triggers.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Generally does not include a business’s accountants or lawyers, Board members, or partnership representative. Can I engage a lawyer or accountant to assist me with reporting? It also includes important decision makers. 9 & FAQ D.10.

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MyIRSRelief

OCTOBER 18, 2021

With this tax credit, you can claim as much as 35% of your overall child care expenses, up to a maximum of $1,050 for one dependent or $2,100 for two dependents. Earned income tax credit. The next example of IRS federal tax credits we’re looking at today is earned income tax credit. Savers Tax Credit.

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xendoo

JANUARY 6, 2022

By keeping your books up-to-date, you can be confident that you are reporting your income and expenses correctly, paying the proper amount in taxes, and paying your estimated taxes in a timely manner, which produces a stress-free tax season. Pay Self-Employment Tax. Pay Quarterly Estimated Taxes .

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Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

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MyIRSRelief

JANUARY 3, 2022

With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man. What exactly are TFRP – trust fund taxes? Get tax help today by calling us at 1-877-78-TAXES [1-877-788-2937].

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inDinero Accounting

APRIL 3, 2023

Your choice of business entity depends on a variety of factors including size, number of owners, optimal tax considerations, liability, and options available for raising investment capital. No matter what choice is right for you, Indinero provides expert business tax services that simplify the complex. Let’s dive in.

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inDinero Accounting

APRIL 3, 2023

Your choice of business entity depends on a variety of factors including size, number of owners, optimal tax considerations, liability, and options available for raising investment capital. No matter what choice is right for you, Indinero provides expert business tax services that simplify the complex. Let’s dive in.

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MyIRSRelief

APRIL 22, 2024

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

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inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. How much capital gains tax an investor is safe from depends on when the stock was purchased.

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inDinero Tax Tips

JUNE 12, 2023

One of the most common problems for startup founders is the commingling of funds: when you pay for personal transactions from a business account, or visa versa. You’ll reimburse yourself if you’ve used personal accounts to pay for business expenses. This process will result in taxable income to the shareholder.

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