ThomsonReuters

MAY 17, 2022

For example, freelancers who make money from Etsy businesses or driving for Uber should have been paying taxes on net business income all along. It’s possible some gig workers may not even be aware that income from these sources is subject to tax, let alone their responsibility to pay quarterly estimated taxes to the IRS.

Tax 105

Tax tax return income tax Start-ups 105

ThomsonReuters

DECEMBER 20, 2020

Wayfair decision dramatically shifted the sales tax landscape in the United States. Companies of all sizes are facing sales tax compliance obligations that are more complex than ever. So how do you determine if you have a sales tax obligation in multiple states? Wayfair on your business’s sales tax obligations.

South Dakota 72

South Dakota Sales Tax E-commerce 72

ThomsonReuters

NOVEMBER 15, 2023

Jump to: Do charities get tax exemptions? How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? Helping clients with Form 990 and charity exemptions Charities and nonprofits must comply with tax obligations in order to maintain their tax-exempt status. Do charities get tax exemptions?

Tax 52

Tax Non-Profits tax return accounting and finance 52

inDinero Tax Tips

DECEMBER 13, 2021

Credit: Kelly Sikkema The year is wrapping up, and like a good business owner, you’re already preparing your books for tax season. This can be especially nerve wracking as business taxes constantly change from year to year. Here are 2021 tax changes to look out for.

Tax 52

Tax payroll tax California payroll 52

ThomsonReuters

AUGUST 5, 2021

The Employee Retention Credit is a refundable tax?credit credit against certain employment taxes of the qualified wages an eligible employer pays to employees?after reduces the required year-over-year gross receipts decline from 50% to 20%; . Notice 2021-49]. after March 12, 2020, up to certain limitations.?Established

tax return 52

tax return payroll Tax income tax 52

Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Keep receipts and invoices then record the amounts spent in the accounts. Directors have legal obligations bestowed on them when they are appointed including keeping accounting records and filing accounts.

Start-ups 75

Start-ups Account accountant accounted 75

CPA Practice

JULY 28, 2023

By Gail Cole Is sales tax based on shipping address or billing address? Understanding how sales tax works is fundamental for every retailer. If you’re doing business in a state with a sales tax, you may know you need to register for sales tax, then collect and remit tax as required by law.

Sales 98

Sales Tax Retail New Mexico 98

ThomsonReuters

JANUARY 14, 2022

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (PL 116-260, Sec. 207) amended the ERC, allowing it to be claimed from January 1, 2021 through June 30, 2021 and increased the refundable payroll tax credit $7,000 per employee for each quarter of 2021. . COVID tax credits and paid leave. 116-136, Sec. 117-2, Sec.

payroll 94

payroll payroll tax Tax Education 94

Shay CPA

FEBRUARY 15, 2023

Don’t shoot the messenger: it’s time to do your taxes. Plus, getting things in order before you go to your accountant can streamline the process, helping you avoid extra expenses like troubleshooting services from your bookkeeper or rush-order billable hours with your CPA. Very few founders enjoy doing their taxes.

Tax 52

Tax CPA bookkeeping tax preparation 52

ThomsonReuters

MARCH 10, 2021

Provides that paid sick and paid family leave credits may each be increased by the employer’s share of Social Security tax (6.2%) and employer’s share of Medicare tax (1.45%) on qualified leave wages. “Applicable employment taxes” are defined as the employer’s share of Medicare or Tier 1 RRTA tax. .

payroll 105

payroll payroll tax Tax Non-Profits 105

ThomsonReuters

JULY 15, 2021

The post IRS Information Letters Address Substantiation Rules for Health FSA Debit Card Programs appeared first on Tax & Accounting Blog Posts by Thomson Reuters. See also EBIA’s Consumer-Driven Health Care manual at Section XXIV.D (“HRA Reimbursements: Substantiation”). Contributing Editors: EBIA Staff.

Sales 98

Sales Tax Account accountant 98

SchoolofBookkeeping

FEBRUARY 2, 2024

Advanced Inventory Tracking inventory Using QuickBooks Online For years the outcry from the accounting community has been “QBO doesn’t track inventory” and when QBO was first unveiled (circa 2000), that was 100% accurate. It’s a Pandora’s box that deserves a blog of its own, but needs to be mentioned.

quickbooks 52

quickbooks E-commerce Manufacturing Approval Workflows 52

LyfeAccounting

JUNE 11, 2021

Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. And then, on the backend, you can pay yourself with distribution and not pay self-employment taxes because S-Corporations don’t have to pay them anyway. An S-Corporation is a tax entity.

Non-Profits 52

Non-Profits payroll Tax payroll tax 52

ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

Tax 59

Tax Account accountant accounted 59

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

tax return 52

tax return Tax accounting software business tax 52

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

ThomsonReuters

MARCH 11, 2021

ANSWER: Per diem payments are often used to simplify compliance with the accountable plan rules that allow business travel reimbursements to be excluded from employees’ gross income. The post What Are the Tax Consequences of Providing Per Diem Payments for Employee Travel Expenses? Contributing Editors: EBIA Staff.

Expense Reimbursements 59

Expense Reimbursements Tax Hawaii Alaska 59

Snyder

JUNE 20, 2022

However, delegating doesn’t mean staying out of the loop completely, especially when it comes to business finances, primarily accounting. Accounting is the language of numbers. What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account. Contents: 1.

accounting basics 52

accounting basics general ledger Account accountant 52

inDinero Accounting

APRIL 8, 2023

However, deciding between cash vs. accrual accounting methods is a critical one that will have far-reaching implications. Second, it will modify the timing of your tax liability for earnings and when you can declare expenses. For instance, why is it essential to select between cash and accrual accounting methods?

accrual accounting 52

accrual accounting Account accountant accounted 52

LyfeAccounting

JANUARY 30, 2021

?. Tax season 2021 is here! And if you have been adhering to our suggestions or taken advantage of the tax system in 2020 then you likely know what to expect and excited for this tax year. On the other hand, if you’ve paid very little attention to some of the tax changes or programs then you’ve got a lot to catch up on.

Tax 52

Tax tax return bookkeeping bookkeeping services 52

ThomsonReuters

NOVEMBER 25, 2020

Cards may be used at these stores if either (1) the store uses an IIAS that meets IRS requirements; or (2) 90% of the store’s gross receipts during the prior taxable year (determined on a store-location-by-store-location basis) consisted of items that qualify as medical care expenses under Code § 213(d).

Hospitality 52

Hospitality Tax Account accountant 52

ThomsonReuters

NOVEMBER 25, 2020

Cards may be used at these stores if either (1) the store uses an IIAS that meets IRS requirements; or (2) 90% of the store’s gross receipts during the prior taxable year (determined on a store-location-by-store-location basis) consisted of items that qualify as medical care expenses under Code § 213(d).

Hospitality 52

Hospitality Tax Account accountant 52

ThomsonReuters

APRIL 18, 2023

They rely heavily on cash flow statements and the expertise of their accountant to make informed strategic business decisions. Accounting professionals must have the right tools and resources in place to not only avoid cash flow mistakes but also help maximize cash flow for clients. Therefore, cash flow statements must be accurate.

accounting and finance 59

accounting and finance accounts payable Finance Account 59

LyfeAccounting

JANUARY 5, 2021

As a bonus, the US tax code allows you to receive when you give, in the form of tax deductions that can lower your tax bill. And today, we’re going to be going over everything you need to know about tax deductible donations. So, friends and family unfortunately do not qualify for a tax deductible donation.

Tax 52

Tax tax return audit accounting and finance 52

LyfeAccounting

JANUARY 20, 2021

Note that you will want to speak to your accountant or lawyer for specific advice regarding your specific situation. You had paid salaries and payroll taxes or paid independent contractors. You can demonstrate a minimum 25% or greater reduction in gross revenue. aka PPP loan 2021. housing cooperatives (new additions).

Non-Profits 52

Non-Profits payroll Healthcare Hospitality 52

ThomsonReuters

APRIL 12, 2022

Looking back at the last two years and the sprinter’s pace at which COVID-19 payroll tax credit relief was enacted, payroll accountants have earned a well-deserved pat on the back! But as the dust settles on those prior 2020–2021 Form 941 payroll tax returns, undoubtedly credits were missed, and mistakes were made. see IRC Sec.

payroll tax 98

payroll tax tax return payroll Tax 98

Nancy McClelland, LLC

DECEMBER 26, 2023

So, keep in mind that a company can be an LLC but be taxed as a corporation. Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

So, keep in mind that a company can be an LLC but be taxed as a corporation. Here’s an example of a W-9 showing an LLC that is taxed as an S-Corp: This is one of many reasons you should collect Form W-9 from all service vendors before giving them their first check, just to be safe.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

Tax 52

Tax tax return business tax accounting and finance 52

LyfeAccounting

JANUARY 13, 2021

People are paying WAY too much in taxes because they are missing out on tax deductions. More than 2 million people overpay on their income taxes every year because they are missing out on tax deductions that can LEGALLY lower their tax liability. How Taxes Work? Without taxes, we’d have no government.

CPA 52

CPA Tax income tax bookkeeping 52

LyfeAccounting

JULY 3, 2021

But we can’t ignore that it has some incredible tax benefits for its members and managers. For example, 501(c)(3) organizations are completely tax-exempt, which allows them to use more money towards their desired social causes. So you win in both ways, you save on taxes and you support your favorite social cause.

Tax 52

Tax Georgia Start-ups Legal 52

LyfeAccounting

JANUARY 19, 2021

Just a little disclaimer though, this post is not financial advice and we always recommend you consult with your specific accountant or lawyer. The borrower must demonstrate that there was a 25% reduction from the gross receipts of the entity during the same quarter in 2019. And if you have an existing PPP loan.

payroll 52

payroll Florida tax return accounting and finance 52

ThomsonReuters

JANUARY 24, 2022

The question arises whether a worker who refuses an employer’s vaccine mandate is eligible to collect unemployment benefits, and if so, are employer unemployment accounts impacted by those claims. In general, a worker is ineligible for benefits for refusal to accept suitable work or gross misconduct. California. Connecticut.

Rhode Island 119

Rhode Island West Virginia South Dakota Maryland 119

ThomsonReuters

NOVEMBER 15, 2023

Jump to: Are political donations tax deductible? Are church donations tax deductible? Are GoFundMe donations tax deductible? Are donations to the ACLU tax deductible? Are donations to Planned Parenthood tax deductible? Are political donations tax deductible? Are PAC donations tax deductible?

tax return 98

tax return Tax tax planning Education 98

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? What is indirect tax? Direct tax and indirect tax. The differences between direct tax and indirect tax are important to understand. The differences between direct tax and indirect tax are important to understand. Direct tax is progressive in nature.

Tax 52

Tax income tax Oregon Ohio 52

ThomsonReuters

NOVEMBER 15, 2023

Jump to: Are charitable donations tax deductible? How do charitable donations affect taxes? What donations are tax deductible? IRS rules for charitable contributions How much do charitable donations reduce taxes? Are charitable donations tax deductible? How do charitable donations affect taxes?

Account 52

Account accountant accounted tax return 52

ThomsonReuters

JANUARY 9, 2024

“I think that’s where I’m more worried about it,” James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, began. ” However, there is some uneasiness about the use of AI in IRS audits by not realizing the full picture of a tax return. Will practitioner guidance change?

audit 98

audit Legal Tax tax return 98