RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. This new withdrawal option allows certain employers that filed an ERTC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties.

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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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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.

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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.

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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.

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RogerRossmeisl

JANUARY 5, 2022

One way to defer a tax bill on the gain is with a §1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

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RogerRossmeisl

JANUARY 25, 2021

The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences.

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RogerRossmeisl

DECEMBER 28, 2020

If so, you can cash in on depreciation tax savers such as §179 for business property. The election provides a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time.

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RogerRossmeisl

NOVEMBER 2, 2021

If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual. The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA.

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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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RogerRossmeisl

JANUARY 26, 2022

Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications. As you know, before you even open the doors in a start-up business, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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RogerRossmeisl

SEPTEMBER 27, 2021

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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Nancy McClelland, LLC

APRIL 5, 2024

(In my recent MSN article about choosing the best state-mandated small business employee retirement plan solution, I cite this as one of the main reasons to go with Guideline.) It was such a balm on my tired tax-preparing soul to know that they were looking out for us and trying to make our lives better through technology.

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RogerRossmeisl

AUGUST 27, 2021

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. If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt can be.

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RogerRossmeisl

AUGUST 5, 2021

You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. How to treat expenses for tax purposes If you’re starting or planning to launch a new business, keep these three rules in mind: Start-up costs include those incurred or paid while creating an active.

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CPA Practice

APRIL 19, 2024

As business tax season winds down in the US Market, many leading partners have contacted me for strategic technology guidance for 2024 and beyond. Unlike the old days when public practice CPAs rarely spoke to anyone but clients and other team members during tax season, it is evident that CPA firms have become year-round businesses.

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ThomsonReuters

JANUARY 16, 2024

Making occupational wellness a priority Tax and accounting professionals are known for working hard, especially during tax season. 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.

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Nancy McClelland, LLC

JANUARY 30, 2024

Tax preparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. Never mind that the IRS e-file has been offline since November 18th, because it takes over two months to reprogram the systems for new tax laws, updates, and edits to tax forms.

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ThomsonReuters

AUGUST 2, 2022

The mass exodus of employees from the workforce—known as The Great Resignation—is impacting the accounting profession and leaving firm managers scrambling to find quality staff. Increasing productivity with tax technology. So, how can tax technology boost the agility of your firm? Streamline the entire tax workflow.

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ThomsonReuters

JUNE 15, 2022

The foundation of a successful tax practice rests on the technical knowledge of your people. While you can create a modern firm with automated processes and expansive service offerings, your clients won’t keep coming back if your team isn’t up to speed with the most recent tax law changes.

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RogerRossmeisl

JULY 11, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules for businesses that have considered revisiting the Employee Retention Tax Credit.

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CPA Practice

FEBRUARY 1, 2024

Roseland, NJ-based tax and advisory practice Magone & Co. has signed an agreement to merge with Hackensack, NJ-based CPA firm Wurdemann, Pinto & Co. The combined firm will employ approximately 40 people. Financial terms of the deal weren’t disclosed. Founded in 1992, Magone & Co.

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Shay CPA

JANUARY 10, 2024

Betterment is not a tax advisor, nor should any information herein be considered tax advice. Please consult a qualified tax professional. As a CPA for tech firms, you know that small businesses are the backbone of the economy. Startup tax credit Is your client starting a new plan?

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RogerRossmeisl

JUNE 16, 2021

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. No maximum tax limit applies to the Medicare tax.

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RogerRossmeisl

OCTOBER 17, 2020

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax rules for deducting software, whether you’re buying, leasing or developing.

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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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CPA Practice

MARCH 5, 2024

As business tax season winds down in the US Market, many leading partners have contacted me for strategic technology guidance for 2024 and beyond. Unlike the old days when public practice CPAs rarely spoke to anyone but clients and other team members during tax season, it is evident that CPA firms have become year-round businesses.

Technology 64

Technology cpa firm CPA Non-Profits 64

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. The post Proposed Tax Relief Bills for California appeared first on CPA firm in Orange County, CA | CAPATA.

California 52

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RogerRossmeisl

SEPTEMBER 18, 2023

Basic distribution rules If a retirement plan participant withdraws money from an employer plan before reaching age 59½, a 10% additional tax or penalty generally applies unless an exception exists. This is on top of the ordinary tax that may be. appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

DECEMBER 28, 2020

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets.

Tax 131

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RogerRossmeisl

JANUARY 14, 2024

Penalties are steep This is part of the federal government’s anti-money laundering and anti-tax evasion efforts and is an attempt to look beyond shell companies that are set up to hide money. Unfortunately, this will impose burdensome reporting requirements on most businesses, and the willful failure.

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CPA Start-ups Tax Government 230

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.

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VetCPA

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.

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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.

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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

JANUARY 18, 2021

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

SEPTEMBER 4, 2023

Businesses that receive more than $10,000 in cash must report transactions to the U.S. Although many cash transactions are legitimate, information reported on Forms 8300 can help combat those who evade taxes, profit from the drug trade, engage in terrorist financing or conduct other criminal activities. government.

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