DentalAccounting

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

CPA 100

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RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use.

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CapataCPA

APRIL 8, 2021

Most of the deductions are in the form of business meals, but there are select exceptions of when a business can also deduct entertainment expenses. The post Deducting Meals and Entertainment Expenses appeared first on CPA firm in Orange County, CA | CAPATA. There have been two developments.

Entertainment 98

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Withum

MAY 5, 2022

The New Jersey Economic Development Authority (“NJEDA”) announced on May 3, that applications are now open through June 30, for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program.

New Jersey 72

New Jersey income tax cpa firm CPA 72

ThomsonReuters

AUGUST 2, 2022

With cloud-based technology, you and your staff have the ability to share data and documents directly and securely, automatically extract data from client source documents, or easily transfer account balances from integrated business tax preparation software. How do you attract and retain talent with tax technology?

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ThomsonReuters

JANUARY 16, 2024

Check out our   self-care blog series   to learn more about actionable strategies on how to take care of yourself through the busy tax season and throughout the year. Blog 5 tips to manage stress during busy season. White paper How to prepare your CPA firm for the future with automation and integration.

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Nancy McClelland, LLC

JANUARY 30, 2024

To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. And we were freaking out about that delay. I can’t imagine what six weeks will look like. This should make for an even more laid-back season.

Tax 52

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ThomsonReuters

JUNE 15, 2022

Now more than ever, your tax and accounting staff require a robust system or framework that leverages technology so that they can keep up with regulatory developments in a timely manner. Top CPA firms have long understood the need to elevate their staff from being tax preparers to tax advisors.

Tax 98

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CapataCPA

JULY 6, 2021

The post Proposed Tax Relief Bills for California appeared first on CPA firm in Orange County, CA | CAPATA. 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. How much qualifying taxpayers will receive is dependent on.

California 52

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CapataCPA

MAY 5, 2021

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. The post California’s Partial PPP Conformity Bill appeared first on CPA firm in Orange County, CA | CAPATA.

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cpa firm California CPA Tax 52

RogerRossmeisl

JANUARY 14, 2024

Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the U.S.

CPA 230

CPA Start-ups Tax Government 230

RogerRossmeisl

JANUARY 21, 2024

As reported via IR-2024-16 on 1/19/2024 The Internal Revenue Service and the Department of the Treasury today issued Notice 2024-20 to provide guidance on eligible census tracts for the qualified alternative fuel vehicle refueling property credit (the tax credit applicable to the installation of EV chargers) and to announce the intent to propose regulations (..)

CPA 216

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RogerRossmeisl

JANUARY 1, 2024

The IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously.

CPA 225

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RogerRossmeisl

JANUARY 14, 2024

As the Financial Crimes Enforcement Network (FinCEN) opens its beneficial ownership information (BOI) reporting portal, its BOI webpage, reflects a fraud alert for individuals and entities who may be subject to beneficial ownership information (BOI) reporting.

CPA 214

CPA cpa firm business tax Tax 214

RogerRossmeisl

JANUARY 1, 2024

As reported via IR-2023-230 on 12/6/2023 As part of continuing efforts to combat dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERTC claims.

CPA 214

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RogerRossmeisl

MARCH 18, 2024

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest.

Tax 171

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RogerRossmeisl

OCTOBER 30, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. Here are the numbers that small business owners need to know. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 million.

Real Estate 247

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RogerRossmeisl

NOVEMBER 20, 2023

As reported via IR-2023-193 on 10/19/2023 Special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service announced the details of a special withdrawal process to help those who filed (..)

Tax 229

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RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return.

CPA 259

CPA Government Tax Finance 259

RogerRossmeisl

SEPTEMBER 18, 2023

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return.

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RogerRossmeisl

FEBRUARY 18, 2024

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S.

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Account accountant accounted CPA 187

RogerRossmeisl

OCTOBER 29, 2023

But if you’re a business owner, tax issues can complicate matters even more. 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. If you’re getting a divorce, you know the process is generally filled with stress.

Tax 227

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RogerRossmeisl

SEPTEMBER 18, 2023

The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”

CPA 243

CPA Tax Government Account 243

RogerRossmeisl

NOVEMBER 6, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale.

Tax 211

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RogerRossmeisl

OCTOBER 29, 2023

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 implications. Let’s say you decide to, or are asked to, guarantee a loan to your corporation.

Tax 251

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Nancy McClelland, LLC

APRIL 5, 2024

to include loads of information that most CPA firms are simply not going to have access to — not only current tax-year payroll information, but prior-year data on a per-employee basis; as well as information on how many employees qualified to participate (whether or not they actually participated), again both in 2022 and in 2023.

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RogerRossmeisl

APRIL 24, 2023

If you’re starting a business with some partners and wondering what type of entity to form, an S corporation may be the most suitable form of business for your new venture. Here are some of the reasons why.

CPA 233

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RogerRossmeisl

JANUARY 1, 2024

As reported via IR-2023-247 on 12/21/2023 As part of an ongoing initiative aimed at combating dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERTC claims in error.

CPA 130

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Shay CPA

JANUARY 10, 2024

Plus, we have a special offer live just for Shay CPA firms. Transparent and flexible pricing : Betterment offers clear and flexible pricing to meet your client’s specific needs, so that they always understand what they’re paying for A Betterment 401(k) plan could be better for your clients. Find out more today.

Tax 52

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RogerRossmeisl

NOVEMBER 26, 2023

The State Controller’s Office (SCO) has now opened the sign up process for businesses to apply for the program. California AB 2280 established a new Unclaimed Property Voluntary Compliance Program that waives interest for taxpayers who voluntarily come into compliance with unclaimed property reporting requirements.

California 130

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RogerRossmeisl

MAY 5, 2023

If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient.

CPA 163

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RogerRossmeisl

FEBRUARY 5, 2023

On 2/3/2023, the IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle tax credits.

Tax 230

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Snyder

JANUARY 10, 2023

The cost of using accounting software and doing the bookkeeping yourself, turning to an accountant only to deal with small business taxes, will be different from the cost of outsourcing your bookkeeping and accounting tasks to a CPA firm or hiring an accountant part or full-time.

Account 59

Account accountant accounted bookkeeping 59

RogerRossmeisl

MAY 15, 2023

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

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payroll tax CPA payroll Tax 191

RogerRossmeisl

NOVEMBER 9, 2022

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment.

Tax 231

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RogerRossmeisl

JANUARY 4, 2023

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. Consider computing in advance what the tax on this recapture would be and to see what planning steps might be taken to minimize it.

Tax 207

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RogerRossmeisl

JUNE 26, 2022

On 6/1/22, the IRS made available an update to the “Cost Segregation Audit Techniques Guide” (Publication 5653). Originally issued in 2004, the purpose of the Audit Techniques Guide (ATG) was to offer guidance to IRS auditors auditing cost segregation studies.

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audit auditor CPA Tax 237