California Main Street Small Business Tax Credit II Begins 11/1/21

RogerRossmeisl

50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No.

5 Commonly Missed Small Business Tax Deductions

MazumaBusinessAccounting

Whether you know it or not, you could be leaving hundreds—even thousands—of dollars on the table by missing a few lesser-known small business tax deductions. Avoid overpaying taxes this year by making sure you’ve reviewed all small business deductions to see if you qualify.

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Analyzing Business Tax Returns in Divorce Cases

FraudFiles

Tax returns can be one of the most important pieces of information a forensic accountant evaluates in a divorce case. I typically recommend reviewing three to five years of tax returns, but the further you can go back, the better the picture you will get of the personal or business finances.

California Main Street Small Business Tax Credit II

KROST

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses.

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Steve Padgett’s Latest Updates on Small Business Tax Deductions

SkagitCountyTaxServices

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses.

Save on Your Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Put very simply, the more you earn on paper, the more taxes you pay.

Save on Business Taxes – 6 Useful Planning Tips from the Experts

MyIRSRelief

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Want to save on taxes? Business loans made to clients.

Small Business Tax Credit Updates Skagit County Owners Will Want to Consider

SkagitCountyTaxServices

Most notably, you can now use the loan to pay other business debts (previously, you had to “certify” that you would use funds for operating expenses and not pay down debt). The 6-month run for employee subsidies and employer tax credits to help pay for COBRA health insurance.

Tax Considerations When Launching a Sole Proprietorship

RogerRossmeisl

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Here are some tax rules and considerations involved in operating with that entity. Your business expenses are.

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Business Tax Provisions: The Year in Review

SmallBusinessAccounting

Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes

4 Next Steps for Business Tax Return Review

SkagitCountyTaxServices

This week marks the end of another tumultuous tax filing season. With the last minute legislative changes, software update delays, and IRS service issues — this very well might have been the most disrupted and difficult tax season in decades. But despite an exhausting tax season, we’re never done, and we’re always here for YOU – including for a business tax return review. 4 Next Steps for Business Tax Return Review.

Home Based Business Tax Advantages and Deductions

LyfeAccounting

?. More than half of all businesses in the United States are now home based. And if you own a home-based small based business or thinking about starting one, I can see why. And best of all, you get to save on taxes. How to Claim Home-Based Business Tax Deductions.

New Per Diem Business Travel Rates Became Effective on October 1

RogerRossmeisl

Are employees at your business traveling again after months of virtual meetings? Background information A simplified alternative to tracking actual business travel expenses is to use the high-low per diem method. Small Business Tax Briefs Per Diem Travel Rates

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Hire Your Minor Children for Tax and Non-Tax Benefits

RogerRossmeisl

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses.

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Tax Breaks to Consider During National Small Business Week

RogerRossmeisl

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. Small Business Tax Briefs National Small Business Week

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Reuters, KPMG Team For Aussie Business Taxes

PYMNTS

Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb.

Possible Tax Consequences of Guaranteeing a Loan to your Corporation

RogerRossmeisl

Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. This may be either a business or a nonbusiness bad debt deduction. A business bad debt can be.

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New Mexico Lawsuit Sparks Marijuana Business Tax Debate

PYMNTS

Paying business taxes is a key source of friction for many legal marijuana companies in the nation, particularly for companies that operate on a cash-only basis. A lawsuit in New Mexico is reigniting the debate over marijuana business taxes, only this time, the controversy surrounds how to classify these companies under state tax code. Under the state’s tax rules, prescription drug sales are exempt from gross receipt taxes.

California AB-150 Provides SALT Cap Work-Around

RogerRossmeisl

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given.

How New Business Start-up Expenses are Handled on your Tax Return

RogerRossmeisl

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. Census Bureau reports that business applications are up 18.6%. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Start-up Expenses

Steve Padgett’s Three Business Tax Penalties To Avoid When Possible

SkagitCountyTaxServices

But before we leave taxes in the rearview, let’s address an unfortunate reality: as a business owner, you have a greater number of tax reporting obligations than a regular person has. (Of Of course, you have MANY more tax-savings opportunities as well.). But with those increased obligations comes increased opportunity for things to slip through the cracks, potentially resulting in business tax penalties and interest charges from the IRS.

Traveling for Business Again? What can you Deduct?

RogerRossmeisl

As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. The post Traveling for Business Again?

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Business Meal and Vehicle Expense Recordkeeping DOs and DON’Ts

RogerRossmeisl

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax Court case.

Q3 2021 Tax Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.

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Getting a Divorce? Be Aware of Tax Implications if you Own a Business

RogerRossmeisl

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. Small Business Tax Briefs Divorce

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Business Tax Provisions: The Year in Review

AbeyeHailu

Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes

10 Facts About the Pass-Through Deduction for Qualified Business Income

RogerRossmeisl

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or §199A deduction. The deduction has two components: 20% of QBI from a domestic business operated as.

Claiming a Theft Loss Deduction if Your Business is the Victim of Embezzlement

RogerRossmeisl

A business may be able to claim a federal income tax deduction for a theft loss. Tax Court decision illustrates how that’s sometimes difficult to do. Small Business Tax Briefs Automobile Dealership CPA Firm automotive cpa Embezzlement Theft Loss Deduction

Who in your Business Can Be Hit with the “Trust Fund Recovery Penalty”?

RogerRossmeisl

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. Because taxes are considered property of the government, the employer holds them in “trust” on the government’s behalf until they’re paid over.

Business Highlights in the new American Rescue Plan Act

RogerRossmeisl

While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the business tax highlights of ARPA. Small Business Tax Briefs ARPA

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Tax Depreciation Rules for Business Automobiles

RogerRossmeisl

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate.

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Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

RogerRossmeisl

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. A business may also provide the worker with fringe benefits if it makes them available to other employees.

The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

ThomsonReuters

Business Tax Professionals. The tax rules and regulations U.S. We’re left to approach tax-filing season with a great deal of uncertainty,” said Melissa Oaks, a Thomson Reuters tax specialist who presented the webinar. “We’re Uncategorized Checkpoint US Tax Refor

Simple Retirement Savings Options for your Small Business

RogerRossmeisl

SEPs are intended as an alternative to “qualified” retirement plans, particularly for small businesses. The post Simple Retirement Savings Options for your Small Business appeared first on Roger Rossmeisl, CPA. Small Business Tax Briefs EBP Employee Benefit Plan SIMPLE IRAs

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Key Q4 2021 Tax Deadlines for Businesses

RogerRossmeisl

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

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What IRS Auditors Know About Your Business Industry

RogerRossmeisl

In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. The post What IRS Auditors Know About Your Business Industry appeared first on Roger Rossmeisl, CPA.

Large Cash Transactions with your Business must be Reported to the IRS

RogerRossmeisl

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. The post Large Cash Transactions with your Business must be Reported to the IRS appeared first on Roger Rossmeisl, CPA.

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Payroll Provisions of the American Rescue Plan Act

RogerRossmeisl

Automotive Current Events Small Business Tax Briefs American Rescue Plan Act ARPA Automobile Dealership CPA Firm automotive cpa

Reporting M&A Transactions to the IRS

RogerRossmeisl

If you’re considering buying or selling a business — or you’re in the process of an M&A transaction — it’s important that both parties report it to the IRS and state agencies in the same way.

Is an LLC the Right Choice for Your Small Business?

RogerRossmeisl

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Small Business Tax Briefs Choice of Entity

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Overstock To Pay Some Ohio Business Taxes With Bitcoin

PYMNTS

3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. In a press release , Overstock said it plans to pay its commercial activity taxes (CAT) in Ohio this coming February using the state’s recently launched OhioCrypto.com platform, which lets taxpayers pay state business taxes with bitcoin. Cryptocurrency bitcoin cryptocurrency News ohio taxes What's Hot

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COVID-Related Deadline Extensions for Health Care Benefits

RogerRossmeisl

Small Business Tax Briefs COVID ExtensionsThe U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-related deadline extensions that apply to health care benefits plans.

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Sweden Cuts Small Business Tax With Eye On Entrepreneurship

PYMNTS

Sweden is looking to become an epicenter for entrepreneurs and hopes to entice small businesses to set up shop, thanks to tax legislation changes in the country. 5) in Reuters noted Sweden, which has its sights set on having the lowest unemployment rate in Europe by the end of the decade, is planning to cut taxes for small businesses that are hiring their first employees. Reports said legislators are also planning to lessen payroll taxes for small businesses.