RogerRossmeisl

NOVEMBER 19, 2023

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. Depreciation basics Business buildings generally have a 39-year depreciation period (27.5

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CPA Practice

OCTOBER 6, 2023

Among the items now stalled are a measure to extend federal banking protections to marijuana companies operating in states where the drug is legal and negotiations to restore tax breaks for business spending on research and development.

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Withum

SEPTEMBER 2, 2022

The federal tax incentive for qualified energy property was extended through the IRA for most projects that begin construction before January 1, 2025 (2035 for geothermal energy used for healing and cooling a structure). For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Tax 69

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Withum

JANUARY 21, 2022

Offering this new benefit or loosening restrictions on existing PTO programs is great for employee morale, but it can cause unintended tax consequences under the constructive receipt doctrine. The problem with these plans is they create unintended tax consequences due to an arcane tax concept called the constructive receipt doctrine.

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Withum

AUGUST 11, 2022

announced they had reached an agreement on a reconciliation bill that includes a significant adjustment to Section 45, the renewable electricity production tax credit (PTC). The proposed bill incentives businesses to create more efficient facilities and provide fair wages to laborers and mechanics during construction.

Tax 84

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RogerRossmeisl

NOVEMBER 9, 2023

They generally do research about specific industries and issues on tax returns by using IRS Audit Techniques Guides (ATGs). In other words, your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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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

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CPA Practice

MAY 7, 2023

Thinking that only dispensaries have to worry about taxes to their cannabusiness? Entrepreneurs, processors, and cultivators in the cannabis industry may be subject to taxation, and it’s important for them to understand the complexities around their tax implications. Do they have to pay tax on all gross revenue? Think again.

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MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

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CPA Practice

JULY 20, 2023

By Laura Weiss, CQ-Roll Call (TNS) House Republicans opposed to limits on deductions for state and local taxes are making their first stand in a move that could test their newfound power in the GOP conference. Several say no tax bill can get their support unless it allows more state and local tax deductions. New York Rep.

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CPA Practice

NOVEMBER 9, 2023

The Internal Revenue Service Advisory Council (IRSAC) has issued its annual report for 2023 (PDF), including recommendations to the IRS on new and continuing issues in tax administration. IRSAC members offer constructive observations regarding current or proposed IRS policies, programs and procedures.

Construction 105

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RogerRossmeisl

NOVEMBER 12, 2021

If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.

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CTP

JANUARY 22, 2024

What does it look like to operate ethically in the world of tax planning? Circular 230 regulations are intended for those who “practice” before the IRS, but the ethical standards of conduct can apply to any tax professional. Say the company itself wants to hire you to do its yearly tax plan. This would be a conflict of interest.

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CPA Practice

MAY 14, 2023

Taxpayers may rely on the rules described in this notice for qualified facilities, energy projects or energy storage technologies, the construction of which begins before the date that is 90 days after the date the proposed regulations are published in the Federal Register.

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RogerRossmeisl

SEPTEMBER 6, 2021

In other words, your business can use the same guides to gain insight into what IRS auditors know, and what the IRS is looking for in terms of compliance with tax laws and regulations.

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RogerRossmeisl

JUNE 1, 2021

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. If construction began in 2020, the.

Construction 182

Construction income tax CPA Tax 182

Withum

MAY 16, 2022

Favorable rules, which were put into place for taxable years after 1992, could allow the cancellation of debt income to be deferred for federal income tax purposes even if the taxpayer is not in bankruptcy or insolvent—as is normally the case. How coronavirus hit commercial real estate – GREEN STREET ADVISORS.

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Reckon

JUNE 13, 2022

EOFY 2022 is coming up fast which means tax time is looming…. If you’re a business owner, the ATO requires entities of all sizes to file their tax documentation before 30 June 2022. Key tax dates. 25 June : (If lodging electronically) tax agents must lodge and pay their 2022 Fringe Benefits Annual Tax Return.

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Withum

JUNE 24, 2022

One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. The memos are so generic that they would not even qualify as tax advice that clients can rely on to assert a reasonable cause defense to penalties.

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Menzies

DECEMBER 11, 2023

This was a blow to residential property investors, because whilst they are now able to claim a tax deduction for the cost of replacing furnishings on a like for like basis, this relief is much less generous than the wear and tear allowance which was equal to 10% of rental income, regardless of whether any expenditure was actually incurred.

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CTP

FEBRUARY 28, 2023

As you look ahead to tax season, and beyond, here are seven inexpensive marketing tips to get the year started on the right foot. Update your profiles in Google My Business and Yelp – To maximize the number of leads during tax season, please triple check your profiles within Google My Business and Yelp.

Tax 52

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MyIRSRelief

MARCH 1, 2022

Bookkeeping is a very important part of any business and unless you have a dedicated department to handle yours, you should consider hiring an outside tax/accounting firm. Get a free evaluation by calling us at 1-877-78-TAXES [1-877-788-2937]. Get a free evaluation by calling us at 1-877-78-TAXES [1-877-788-2937].

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Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses.

Tax 81

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PYMNTS

AUGUST 27, 2019

The Australian government is preparing a strategy to combat tax dodging among small businesses amounting to an estimated $11 billion in missing tax payments, News.com.au billion small business “tax gap” — the difference between income tax collected and what small businesses actually owed.

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Withum

SEPTEMBER 2, 2022

Applicable entities, including tax exempt entities, state or local governments, and Indian tribal governments can make a direct pay election for this credit to effectively treat the tax credits as taxes paid on a filed return. The post Is It Time for Businesses To Invest in Electric Vehicles? Contact Us. Let’s Chat.

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CPA Practice

NOVEMBER 10, 2023

Top 30 accounting firm Sikich has signed an agreement to acquire the operating assets of Thornhill Financial, a Cleveland-based accounting firm that provides tax, audit, and financial advisory services. The deal, which was announced on Nov. 9, is expected to close at the end of this month.

Ohio 52

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Menzies

MARCH 1, 2023

Remuneration is key, but it is important to consider other aspects such as work-life balance, the business environment, and culture, if you want to attract and retain the best people for the business. Death in service Exempt from tax and NIC if conditions are met Parties Annual event, open to all employees at the location.

Tax 52

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LyfeAccounting

NOVEMBER 3, 2020

Every year, more than 2 million taxpayers overpay their income taxes. This could be due to poor tax planning, or because they’re missing some of the biggest business tax write-offs. Meanwhile, the top 1% are using the tax law to their advantage to minimize their tax liability, oftentimes leaving us clueless….

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Accounting Insight

FEBRUARY 1, 2024

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. What is a business risk review in LB?

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Withum

SEPTEMBER 6, 2022

Under the IRA, the square footage deduction could be as high as $5 per square foot encouraging the construction of energy efficient commercial buildings. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. The deduction for the 2022 taxable year was $1.88 per square foot.

Construction 80

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Withum

SEPTEMBER 23, 2022

The basis still includes not only the purchase price of the property but also any costs for acquisition or construction. In addition, qualified apprentices must be utilized when constructing the alternative fuel vehicle refueling property. For construction that beings before January 1, 2024, apprenticeship hours must equal 12.5%

Construction 52

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ThomsonReuters

DECEMBER 11, 2023

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

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Steve Feinberg

JANUARY 30, 2023

Even after attaining a high degree of competency, building a client base and reliable reputation, and investing in your own company, many HVAC technicians and business owners can be surprised to find they’re still operating at a loss. See related: Small business tax services.

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Steve Feinberg

SEPTEMBER 7, 2023

Importance of Bookkeeping for Home Service Contractors Bookkeeping for small construction businesses and home service contractors is crucial for many reasons. Accurate bookkeeping also ensures that you are compliant with tax regulations. Contact us today to see what Appletree can do for your home services business!

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DMCL

APRIL 11, 2022

While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was undoubtedly influenced by the recent announcement of a coalition with the NDP.

Non-Profits 52

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Menzies

MARCH 1, 2023

This can be particularly challenging in an LLP, as tax is paid by the members on the profits made, but then they may need to leave cash in the business. Dividends are usually preferential to salary from a personal tax perspective (see R&D below). Research and development should also be considered.

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Reckon

MAY 4, 2023

Reckon survey scope We polled over 290 Australian businesses across a range of industries including retail, bookkeeping, construction, consulting, agriculture, and healthcare. We asked business owners to rate how important certain areas were in terms of budgetary focus. Let’s dive into the temperature of their mood and outlook.

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