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Landscape of Employee Retention Credit Tax Issues

Withum

Has the IRS Ramped up the Number of ERC Audits? The IRS has significantly increased the number civil and criminal audits, and it has centralized the audit process. We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Yes, but very slowly.

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Latest Developments in State and Local Sales Tax

TaxConnex

The state’s largest categories of general fund tax revenue, individual and corporate incomes taxes and sales taxes, all rose in August. Sales taxes were up 8.2 million in the month’s taxes on online sales, which go into a different state tax fund. percent over August 2019 – not even counting $9.6

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Professionals on the Move – August 2023

CPA Practice

The new promotions touch the firm’s offices in both Pittsburgh and Columbus, and they reach across several areas of the firm’s service offerings, including the firm’s Tax, Audit and Consulting practices, as well as the Merger and Acquisitions/Transaction Advisory practice. Deatrick joined the firm in 2009.

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5 States with the Lowest Combined Business Taxes

CPA Practice

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

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What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

As many IRS audits and prosecutions have shown, this is not the case. Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket.

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Tax Partner Matters More Than Firm on Business Taxes

CPA Practice

The study found that the partner has twice as great an impact on the firm’s cash effective tax rate than did their firm. The study also found that partners were a greater factor in determining the likelihood of an IRS audit. “We Male partners also tended to be associated with a higher likelihood of an IRS audit.

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Five Tax Breaks Often Overlooked By Small Business Owners

CPA Practice

Here’s how: If you’re careful and follow IRS rules, you can lower your taxable income by deducting their wages and some benefits from your business income. Employed children do have to pay income taxes, regardless of their age, but each child’s income will be tax-free up to his or her standard deduction of $14,600 in 2024).

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