ThomsonReuters

AUGUST 5, 2021

reduces the required year-over-year gross receipts decline from 50% to 20%; . provides a safe harbor that allows employers to use prior quarter gross receipts to determine eligibility; . The American Rescue Plan Act (ARPA) extends the ERC from June 30, 2021,? until December 31, 2021. ARPA also: . 3121(a) and Code Sec.

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ThomsonReuters

NOVEMBER 15, 2023

What to know about Section 501 What is Form 990? How to file taxes for nonprofits What are the 501(c)(3) reporting requirements? What to know about Section 501 Section 501 of the Internal Revenue Code delineates the criteria for organizations to qualify for tax-exempt status. What is Form 990?

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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.

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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.

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Shay CPA

FEBRUARY 15, 2023

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. That can give you and your accountant a good foundation to build on for this year. Amazon, Staples) Payroll (e.g.,

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ThomsonReuters

JANUARY 14, 2022

Also, the Act permitted “severely financially distressed” employers (those that suffered a 90% or more decline in gross receipts to treat all wages (up to the $10,000 limit) as qualified wages. . When final wages are due and what must be included in final wages will vary from state to state. . 116-136, Sec.

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LyfeAccounting

JUNE 11, 2021

But what in the world is a reasonable salary? What is an S-Corporation? What is an S-Corporation? Let’s start by telling you what it is not. And although self-employment taxes are not assessed on S-Corporations, medicare and social security taxes are basically what self-employment taxes are for.

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CPA Practice

JULY 28, 2023

But if you’re selling online and shipping items all over the state or country, you may not know what sales tax rate to charge. This blog post can help you understand your sales tax requirements by answering the following questions: Is sales tax based on shipping address or billing address? Can I use a ZIP code to find a sales tax rate?

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

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. See also 2023 tax deadlines pertaining to the 2022 taxation year Digital Download Available at Amazon What is a t2125?

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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.

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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. What is in a cash flow statement?

accounting and finance 59

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ThomsonReuters

NOVEMBER 2, 2021

If you don’t know what kind of corporation your business is, call the IRS Business Tax Line at 800-829-4933. What is the penalty for filling corporate tax returns late? What are the state filing requirements for corporations? These corporations are subject to federal corporate income taxation.

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inDinero Accounting

APRIL 8, 2023

However, deciding between cash vs. accrual accounting methods is a critical one that will have far-reaching implications. For instance, why is it essential to select between cash and accrual accounting methods? What sets cash and accrual accounting approaches apart? What Is Cash Basis Accounting?

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LyfeAccounting

JANUARY 30, 2021

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. Regardless of where you are our team at, LYFE Accounting specializes in business tax returns and we’re ready to help you this year. February 1, 2021. So just get it done.

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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.

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LyfeAccounting

JANUARY 5, 2021

We’ll be covering what types of donations are eligible, how to claim your deduction, if it even makes sense for you to donate for tax purposes… and everything in between. What Organizations Are Eligible For Deductions? What Kinds of Goods are Considered as Tax Deductible Donations? Let’s get started!

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Nancy McClelland, LLC

AUGUST 15, 2022

My colleagues at the National Society of Accountants for Cooperatives are offering a 75-minute webinar on Tuesday, August 23 to discuss the requirements and pitfalls in claiming Employee Retention Credits (ERC). We’ll have an upcoming blog covering that topic.) Employee Retention Credits (ERC) (nsacoop.org).

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Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. Include the fair market value of merchandise won.

bookkeeping 52

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Nancy McClelland, LLC

DECEMBER 26, 2023

WHAT’S NEW (or isn’t) FOR 2023: – Beginning in 2022, the 1099-NEC was made so that it’s no longer year-specific; there are no changes to the form for 2023. – The IRS launched IRIS, a new free online portal , for businesses to file 1099 returns. Include the fair market value of merchandise won.

bookkeeping 52

bookkeeping tax return Non-Profits Tax 52

LyfeAccounting

OCTOBER 14, 2020

You see, here at LYFE Accounting, we handle the books for small business owners everyday and have a time-tested 6-step process that helps small businesses make better financial decisions that lead to greater profitability. Let’s get started by answering this question first- what is bookkeeping? How can you grow your business?

bookkeeping 52

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Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you have incurred expenses to earn the business income, you may also deduct these from your gross revenues or sales to arrive at net income from business.

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Tax tax return business tax accounting and finance 52

LyfeAccounting

JANUARY 19, 2021

That’s why in this post, I want to make sure everyone understands what they need to know about getting approved for the new PPP Loan. Just a little disclaimer though, this post is not financial advice and we always recommend you consult with your specific accountant or lawyer. ?. It’s finally happening! Step #1: Make sure you qualify.

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LyfeAccounting

JANUARY 13, 2021

What I’ve learned over the years is that many business owners do not know what tax deductions are. And I get it – unless you got a CPA license and Master’s degree in accounting like I do, you’ll likely never learn this stuff. In order to fully understand what tax deductions are, you need to understand how taxes work.

CPA 52

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LyfeAccounting

JULY 3, 2021

So you need to think carefully about your business plan, what’s your budget, what’s your mission, and why should someone donate to you as opposed to someone else. So you need to think carefully about your business plan, what’s your budget, what’s your mission, and why should someone donate to you as opposed to someone else.

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ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? What is indirect tax? You’ve likely heard these terms but understanding what they are and how they differ is important in helping companies better understand the costs they may face and how much they may owe going forward. Direct tax and indirect tax. But it doesn’t end there.

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ThomsonReuters

NOVEMBER 15, 2023

What donations are tax deductible? Understanding the intricacies of charitable contribution deductions is critical for accountants when it comes to advising clients on the best ways to support their chosen philanthropic causes, while optimizing overall tax strategy. Jump to: Are charitable donations tax deductible? In the U.S.,

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ThomsonReuters

JANUARY 9, 2024

“What happens when the IRS AI finds [an issue] because it’s 1.2 “What happens when the IRS AI finds [an issue] because it’s 1.2 He further noted that the AI is coming up with targeted questions about what the IRS should be asking and as a result, “it let them do better issue selection faster.”

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ThomsonReuters

DECEMBER 13, 2021

While many states adopted the economic nexus threshold that the Supreme Court considered in the Wayfair case — $100,000 in gross receipts or 200 transactions in the state — some states have imposed a higher standard, while some don’t use a transaction threshold. States also differ in how they measure thresholds.

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ThomsonReuters

MARCH 8, 2021

Also, it puts into perspective what the changes Perkins implemented, with the FLSA for example, still mean to us as American workers today. The final receipt date for new cap-subject H-2B visa worker petitions requesting an employment start date before October 1, 2021 was February 12, 2021. Choose to Challenge.

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