ThomsonReuters

MARCH 1, 2024

Itemize business deductions Like most businesses, S corps can reduce their tax burden by deducting expenses related to operation of the business. Each child can make up to $12,000 without paying federal income taxes, and those salary amounts ($24,000 for two children, say) are subtracted from the business’s total income, saving on taxes.

corporation tax 52

corporation tax Tax tax return income tax 52

Withum

MARCH 3, 2023

The remaining five states do not impose a sales tax. To get started, you will need the following: Where the company currently files income tax, payroll tax, unclaimed property, and sales tax. Where your company has real or tangible personal property. What do I need to get started with Withum’s nexus tool?

South Dakota 52

South Dakota Tax Real Estate Sales 52

PYMNTS

JULY 6, 2020

Parma was the target of a recent audit by state Auditor Nicole Galloway, who found evidence of payroll fraud and/or “improper payments to the mayor, city clerk, and to city officials and others who were related to the major or city clerk.”

accounts payable 59

accounts payable Missouri Real Estate payroll 59

CPA Practice

SEPTEMBER 11, 2023

million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. Universities are exempt from paying taxes on that type of real estate revenue. In 2009, the IRS audited Mayo Clinic and issued a notice of “adjustment” for the years 2005 and 2006.

Real Estate 115

Real Estate Tax Education Hospitality 115

MyIRSRelief

JANUARY 6, 2020

Maybe you’ve heard the term Audit. They could ruin your credit score, seize your assets, and put you in jail for tax evasion. But, you protest, you paid off all your federal taxes and only owe State! Let’s take a look at a couple of Back Taxes scenarios: You didn’t file your returns. You’re facing Tax Liens or Levies.

Tax 100

Tax payroll tax audit tax return 100

CPA Practice

SEPTEMBER 12, 2023

million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. Universities are exempt from paying taxes on that type of real estate revenue. In 2009, the IRS audited Mayo Clinic and issued a notice of “adjustment” for the years 2005 and 2006.

Real Estate 95

Real Estate Tax Education Hospitality 95

Accounting Seed

JULY 21, 2022

For instance, if you buy property such as real estate, cars, or computer equipment, you’ll keep the relevant records as long as you own the asset. For example, only a CPA can draw up audited financial statements for a publicly traded company. In some cases you’ll need to keep them longer.

accrual accounting 52

accrual accounting Account accountant accounted 52

ThomsonReuters

FEBRUARY 8, 2024

Now, if an LLC has employees in addition to its members, or owners, the LLC must collect and pay payroll taxes, which include unemployment, Medicare, and Social Security taxes — also known as FICA taxes (i.e., Federal Insurance Contributions Act), or “self-employment” tax. The post How are LLCs taxed?

Tax 52

Tax income tax payroll tax Healthcare 52

Going Concern

JANUARY 19, 2023

Mentioned in: Friday Footnotes: Why People Leave Public Accounting; Audit Workloads Up; Terrorist Clients (Literally) | 12.2.22 million in fraudulent tax refunds and attempted to obtain at least $27 million more. Eventually, Umoren succeeded in inducing a victim to purchase the company for approximately $3.8 million in restitution.

Tax 62

Tax tax return Gambling tax preparation 62

Going Concern

AUGUST 25, 2023

The CONNECT event, held every five years since 2003, allows GCAS employees to stay current with the trends and best practices of the accounting and auditing industry, with intentional application to the needs of the Seventh-day Adventist Church. The event also allows networking and team-building opportunities for GCAS professionals. .

tax preparation 98

tax preparation CPA payroll tax Illinois 98