RogerRossmeisl

JANUARY 14, 2021

The post California 1099-NEC Filing Requirements appeared first on Roger Rossmeisl, CPA. Nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the TIN provided was incorrect PDF.

California 192

California tax return CPA Tax 192

RogerRossmeisl

NOVEMBER 17, 2020

The California Legislature passed, and the governor signed, Senate Bill 1447 (click here for FTB Bill Analysis) into law creating a new small business hiring credit (SBHC) for small businesses impacted by economic disturbances in 2020. The Small Business Hiring Credit is also referred to as the “Main Street Hiring Credit”.

California 143

California income tax CPA Maine 143

RogerRossmeisl

DECEMBER 24, 2020

With the prospect that ordinarily tax deductible business expenses will still be deductible if they were paid for with forgiven PPP loan funds contained in the Coronavirus Response and Relief Supplemental Appropriations Act, 2021, attention turns to the California treatment of same. This is Blog Post #943).

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California CPA Tax business tax 136

MyIRSRelief

OCTOBER 3, 2022

According to the IRS, in 2019, Los Angeles county residents had 4,806,030 total 1040 tax returns. The minimum combined 2022 sales tax rate for Los Angeles County, California is 10.25%. This is the total of state and county sales tax rates. The California state sales tax rate is currently 6%.

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tax services California Tax tax preparation 147

RogerRossmeisl

MARCH 28, 2022

Unlike a regular or C corporation, an S corporation generally isn’t subject to income tax (California does charge a 1.5% entity-level tax). Instead, each shareholder is taxed on the corporation’s earnings, whether or not the earnings are distributed. Similarly, if an S corporation has a loss, the loss.

income tax 245

income tax CPA California Tax 245

CapataCPA

JULY 6, 2021

Proposed Tax Relief Bills for California California’s Governor is expected to sign several tax-related and stimulus bills that the California General Assembly sent to him. SB 139 will authorize a second Golden State Stimulus payment up to $1,100 per California taxpayer with an AGI of $75,000 or less.

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California Tax cpa firm CPA 52

RogerRossmeisl

NOVEMBER 28, 2021

Recent pass-through entity (PTE) tax (AB-150) clarifications from the Franchise Tax Board (FTB) underscore that detailed planning is critical when considering this credit. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. For calendar-year taxpayers, that is March 15, 2022.

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Tax CPA California cpa firm 240

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3% Previously, there was no limit.

California 245

California CPA Tax Start-ups 245

RogerRossmeisl

MAY 20, 2021

This means that many workers previously classified as independent contractors are now employees under California law and you must withhold California income and payroll taxes, and meet California’s minimum wage and overtime requirements.

payroll tax 136

payroll tax California payroll CPA 136

MyIRSRelief

APRIL 22, 2024

Why Focus on Tax Services in the Inland Empire, California? The Inland Empire, including Corona, CA, has a diverse economic landscape with numerous small to medium-sized businesses. Tailored tax services in this region help businesses and individuals navigate complex tax landscapes effectively.

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Tax payroll tax tax return payroll 130

CPA Practice

NOVEMBER 29, 2023

Hood & Strong Announces Audit Management Promotions Hood & Strong LLP, a leading Northern California public accounting and business consulting firm, recently promoted three audit team members to new and expanded roles. She is a member of the American Institute of CPAs and the California Society of CPAs.

Real Estate 52

Real Estate audit cpas tax consultant 52

RogerRossmeisl

DECEMBER 13, 2020

California has begun their mandate of employer participation in the CalSavers Program. CalSavers is California’s new retirement savings program for workers in the private sector who do not currently have a way to save at work (i.e. The post Reminder for Businesses to Register with CalSavers appeared first on Roger Rossmeisl, CPA.

California 136

California CPA Account accountant 136

CPA Practice

MARCH 9, 2023

Storms, wildfires and flooding damage have pushed back the tax filing deadlines for most Californians. 16 applies to California and federal individual and business tax returns and payments. By Samantha Gowen, The Orange County Register (via TNS). The new deadline of Oct.

Tax 133

Tax tax return California payroll 133

CapataCPA

MAY 5, 2021

California’s Partial PPP Conformity Bill On April 29, 2021, Governor Newsom signed into law Assembly Bill No. 80 (“AB 80”), providing partial conformity to the Federal tax treatment for deducting expenses paid with Paycheck Protection Program (“PPP”) loans, EIDL advance, and targeted grants.

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cpa firm California CPA Tax 52

CPA Practice

JANUARY 30, 2024

A team of students from University of Nebraska , Lincoln, claimed victory at the Deloitte FanTAXtic national case study competition by presenting the best analysis on a complex, issues-driven business tax case.

Nebraska 72

Nebraska Florida Mississippi Utah 72

CPA Practice

FEBRUARY 28, 2023

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16 to file various federal individual and business tax returns and make tax payments, the IRS said on Feb. The deadline already had been postponed to May 15 for these areas.

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Tax Alabama tax return Georgia 128

CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

tax return 69

tax return income tax California payroll 69

CPA Practice

FEBRUARY 27, 2023

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16 to file various federal individual and business tax returns and make tax payments, the IRS said on Feb. The deadline already had been postponed to May 15 for these areas.

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Tax Alabama tax return Georgia 95

CPA Practice

FEBRUARY 9, 2023

A team of students from the Southern Illinois University, Carbondale, claimed victory at the Deloitte FanTAXtic national case study competition by presenting the best analysis on a complex, issues-driven business tax case. I applaud all of the participants – well done.”

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Illinois Wisconsin Iowa Louisiana 52

CPA Practice

AUGUST 21, 2023

They’re bucking the federal laws and decoupling from federal tax code Section 280E, meaning that legal marijuana firms located in these states can deduct expenses for state tax purposes, even if they can’t do so on their federal income tax returns. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

CPA Practice

AUGUST 15, 2023

For example, Californians receive some of the highest tax bills in the country, despite the state imposing one of the lowest property tax rates. This is due to the generally high home prices in California. And even if you don’t live in a state that is raising tax rates, you could experience higher tax bills.

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South Carolina Michigan Tax Washington 94

CPA Practice

FEBRUARY 17, 2023

Marketplace facilitators are being required to monitor and vet high-volume marketplace sellers in a growing number of states, including Arkansas , California , and Oklahoma. By Gail Cole.

Oklahoma 105

Oklahoma Arkansas Sales Tax 105

CPA Practice

JULY 28, 2023

All states with a general sales tax have economic nexus laws that base sales tax on a remote seller’s sales in the state. For example, you’ll have to register for California sales and use tax if your total combined sales of tangible personal property in the state (including nontaxable sales) reach $500,000.

Sales 98

Sales Tax Retail New Mexico 98

CPA Practice

FEBRUARY 6, 2024

Based on recent trends and fiscal projections, we believe that it is likely that some states will continue to enjoy budget surpluses in 2024 and further reduce their income tax rates. 86-272 to reflect the modern economy and internet business activities. Conformity to new P.L. 86-272 guidance is not valid. 86-272 protection.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax 85

Tax West Virginia Wisconsin Virginia 85

CPA Practice

APRIL 24, 2023

Partnerships Business taxes are passed through to partners like in a sole proprietorship since there is no legal separation between the owners and the company. The IRS equally taxes all partners who share legal and debt responsibilities.

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Legal income tax tax return Mississippi 98

Going Concern

NOVEMBER 10, 2023

Customers of the Falasz Tax and Accounting company say they’re upset because the company didn’t file their taxes on time in April and then missed the October extension date. One customer says their business tax documents haven’t been filed since 2019. Tax National Taxpayer Advocate Erin M.

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audit accounting and finance auditor Mississippi 119

CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

tax planning 116

tax planning Tax New Jersey Ohio 116

CPA Practice

JANUARY 16, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan.

Tax 52

Tax New Jersey Ohio income tax 52

CPA Practice

JULY 20, 2023

There have been New York, New Jersey and California Republicans who’ve rebelled against the GOP-created SALT cap from its 2017 inception, but they secured needed leverage in a narrowly divided House this year to force their party to confront the issue. New York Rep.

Tax 98

Tax New Jersey Missouri New York 98

CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. said he wouldn’t support a tax deal that doesn’t address the “SALT” limit. “As

Tax 98

Tax Idaho Iowa New York 98

CPA Practice

JANUARY 19, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) The House Ways and Means Committee voted overwhelmingly Friday to approve a $78 billion tax package that would revive a trio of business tax incentives and expand the child tax credit. Sanchez of California and Gwen Moore of Wisconsin. Lloyd Doggett of Texas, Linda T.

Tax 119

Tax Wisconsin Massachusetts Start-ups 119

CPA Practice

FEBRUARY 16, 2024

Five of the bill’s backers are from New York, two are from California and one each hail from Maryland and New Jersey. Among the bill’s sponsors, three—Lawler, Anthony D’Esposito of New York and Mike Garcia of California—are in races that Inside Elections with Nathan L. Gonzales considered to be Toss-ups this November.

New Jersey 59

New Jersey New York Maryland California 59

CPA Practice

JUNE 9, 2023

If included in the tax package, the proposal would align a larger standard deduction with the 2025 cliff when much of the 2017 tax law is set to expire, teeing it up to be part of that broader debate on the tax code. That law lost backing from some blue state Republicans because it limited the SALT deduction.

Tax 52

Tax New Jersey Maine New York 52

CPA Practice

AUGUST 11, 2023

An impasse on if or how to bolster the benefit has now held up tax negotiations for a year. While Democrats are demanding a child credit boost in any bipartisan tax package that also revives lapsed business tax breaks, some lawmakers in Republicans’ narrow House majority are also naming it a top concern. New York Rep.

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