CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Can you fill out your state tax return through Direct File?

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tax preparation tax return South Dakota Arizona 105

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

MARCH 10, 2023

In 2005, Brother A purchased a home in Paradise Valley, Arizona for $1,525,000. On his 2012 federal income tax return, Brother C deducted $66,354 of mortgage interest paid relating to the Paradise Valley property—half of the total mortgage interest paid in 2012 on the loan as reported by Wells Fargo.

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Tax income tax Arizona Construction 98

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

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Rhode Island tax return Tax West Virginia 122

TaxConnex

OCTOBER 5, 2021

Excise taxes vary widely from state to state, but in recent years states collecting the highest per-capita excise taxes include Vermont, Nevada, Hawaii, Minnesota, and Maryland. The lowest per-capita excise tax states have included South Carolina, Nebraska, Idaho, and Arizona.

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Sales Tax South Carolina Hawaii 178

CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. This will help us gather important information about the future direction of the Direct File program.”

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tax return Tax South Dakota tax preparation 116

ThomsonReuters

JULY 10, 2023

At the state level, it is not uncommon to have more than one sales tax rate. Items deemed necessities like groceries may have a lower tax rate (or even be exempt) in an effort to provide some low-income tax relief. As noted above, many states also have local sales taxes. Will Arizona use tax apply to this purchase?

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Tax Sales Arizona Georgia 97

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. Wage Base is the maximum amount of wages per employee on which an employer owes state unemployment tax.

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payroll tax payroll South Dakota Rhode Island 52

TaxConnex

JUNE 21, 2022

On the flip side, sales tax breaks are appearing, most notably in such areas as groceries as inflation continues to rise, and sales tax holidays are growing in popularity. They’re still looking. Sellers have also begun pushing back.

South Dakota 185

South Dakota E-commerce Alaska Missouri 185

CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

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South Dakota Tax Maryland income tax 124

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

Rhode Island Alaska Tax New Hampshire 111

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

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Rhode Island Alaska Tax New Hampshire 98

TaxConnex

SEPTEMBER 7, 2023

Definitions For Federal income tax purposes, according to the IRS , tax-exempt organizations include: Charitable: Organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational or other specified purposes. But as always with sales tax, rules vary state to state.

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Sales Tax Non-Profits North Carolina 147

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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payroll income tax Vermont Iowa 98

ThomsonReuters

FEBRUARY 15, 2022

Arizona’s 2022 minimum wage rate increased to $12.80 Errors in paychecks can mean adjustments regarding tax deposits and filings that can be time-consuming and may also result in penalties. Federal tax brackets and the CPI. Each year, the IRS adjusts tax brackets for COLA to calculate federal tax liability.

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payroll Alaska income tax Tax 98

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

South Dakota Retail Arizona income tax 42

Going Concern

MAY 6, 2022

Mesa grandma, 25-year-old accountant share love of Phoenix Suns [ Arizona’s Family ] JoAnne Ralph and Ben Barchilon have a special bond, and it all started with their love of the Phoenix Suns. It’s just wonderful to have another grandson,” said Ralph. “It It upsets my granddaughter because she says ‘I’m not sharing you!’

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auditor audit CPA Real Estate 52

CPA Practice

NOVEMBER 1, 2023

Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much. Incomes in Arizona, Idaho and Missouri increased by about 7%. The knocks to personal incomes affected state revenues.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. This includes 5.2

South Dakota 108

South Dakota income tax tax return Arizona 108

ThomsonReuters

DECEMBER 14, 2020

On top of these final regulations, there are a lot of proposed regulations for business taxation and proposed and final regs on the individual income tax side, as well.”. Adding to the complexity and uncertainty, tax authorities have routinely issued sub-regulatory guidance such as FAQ documents, Oaks said. “On

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business tax Tax Montana New Hampshire 94

CPA Practice

MARCH 26, 2024

By Laura Davison, Bloomberg News (TNS) The progressive rallying cry of “tax the rich” has morphed into a popular policy stance with voters in the key states that will decide the 2024 election, enjoying support even among those who prefer billionaire Donald Trump, according to the latest Bloomberg News/Morning Consult poll.

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North Carolina Nevada Wisconsin Tax 69