Menzies

OCTOBER 30, 2024

7 Key Pillars The government has unveiled 7 key pillars to its growth mission, the most relevant of which for manufacturers are expected to be: Investment, Infrastructure and Planning – higher public and private investment in infrastructure is likely to create opportunities in the manufacturing sector. per hour for all eligible workers.

Manufacturing

RogerRossmeisl

FEBRUARY 23, 2025

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.

Sales

Withum

AUGUST 6, 2025

Individuals who believe they are subject to the no tax provisions on tips and/or overtime may be tempted to adjust withholding. Experts and businesses with tips and overtime cannot yet advise employees on this matter. Tips No Tax on Tips allows certain employees in industries, yet to be officially named by the U.S.

Tax

Ronika Khanna CPA,CA

OCTOBER 18, 2024

This helps with tracking income and expenses and simplifies tax filing. Budget for Taxes One of the biggest changes when you become self employed is that taxes are not automatically deducted from your paycheque. You can calculate your approximate taxes owing by using a tax calculator.

income tax

ThomsonReuters

JULY 18, 2025

The state and local tax (SALT) deduction has long been a pillar of the U.S. tax code, providing critical relief to taxpayers — especially those in high-tax states. That changed dramatically with the 2017 Tax Cuts and Jobs Act (TCJA), which imposed a $10,000 cap on SALT deductions.

New Jersey

MyIRSRelief

MAY 23, 2025

Your Complete Guide to Tax Help in San Diego, California: Frequently Asked Questions Expert Tax Resolution Services by Mike Habib, EA – Serving the Greater San Diego Metropolitan Area About Our San Diego Area Tax Services Q: Which areas does Mike Habib, EA serve in the San Diego metropolitan region? A: Generally, yes.

California

CPA Practice

OCTOBER 25, 2024

s vision for the future and its longstanding reputation as a premier accounting, tax, and advisory firm make them an ideal partner.” “We Advisory LLC, not a licensed CPA firm, will provide business tax, advisory, and other non-attest services and be led by Bellamy. LMP partner Jason Barg said, “Cohen & Co.’s Cohen & Co.

cpa firm

Shay CPA

FEBRUARY 10, 2025

However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. Prior to 2022, businesses could expense R&D costs under Section 174 immediately. This detail further delays the timing of deductions, which can significantly impact cash flow and tax liability for startups.

accrual accounting

MyIRSRelief

JULY 4, 2025

Receiving notice of an IRS audit can be one of the most stressful and intimidating experiences a taxpayer faces, triggering immediate concerns about potential penalties, additional taxes, and the complex process ahead. The three primary types of IRS audits each present different challenges and require distinct defense strategies.

audit

Menzies

NOVEMBER 10, 2024

As the government seeks to finance its ambitious social welfare programs and public sector salaries, care homes may be subjected to higher business taxes and payroll taxes. This is particularly troubling because many care homes already struggle with labour shortages and rising operational costs.

chartered accountant

ThomsonReuters

MARCH 3, 2025

These are just a few of the issues that newer tax professionals can face when learning the U.S. Given the difficulties, it comes as little surprise that keeping up with tax law and government regulations ranked number three among the top accounting challenges in 2024 , according to Thomson Reuters research. The IRC is complex.

Tax

CPA Practice

JULY 23, 2025

extension on filing taxes and payment) beyond what was initially provided when the state of emergency was declared. extension on filing taxes and payment) beyond what was initially provided when the state of emergency was declared. when there is loss of property to circumstances beyond your control – fire, theft, disaster, etc.).

Technology

ThomsonReuters

MAY 27, 2025

Thomson Reuters ONESOURCE is a state-of-the-art tax platform that provides everything corporate tax departments and IT personnel need to manage indirect and direct tax calculations, reporting, and compliance. How can ONESOURCE future-proof our tax operations? Can ONESOURCE transform tax data into business intelligence?

Tax

Withum

APRIL 15, 2025

trillion for federal tax reform but also a goal of $2 trillion in spending cuts, with specific instructions of cutting spending by $1.5 Our team closely monitors and analyzes proposed tax legislation, providing individuals and businesses with timely insights to help navigate the evolving tax landscape.

Tax

Withum

JULY 8, 2025

The new law will greatly expand the availability and benefits of the QSBS exclusion, as evidenced by the fact that the Joint Committee on Taxation scored the provision to cost the federal government $17,186,000,000. There are also specific tax strategies, like stacking and packing , that enable shareholders to magnify their QSBS tax benefits.

Tax

Withum

JANUARY 30, 2025

Following the January inauguration, a flurry of executive orders, and Senate confirmations rolling in, the timing of when federal tax reform will take place still appears to be undecided amongst the Republican party. How Will Federal Tax Reform Be Presented In Congress? How Will Federal Tax Reform Be Presented In Congress?

Tax

Going Concern

JUNE 24, 2025

Here’s what PwC said in Phasing out the penny: Preparing for a currency shift without clear rules : At the Streamlined Sales Tax Governing Board meeting held on May 21, 2025, US Treasury Department Assistant Secretary John York shared plans to discontinue penny production due to rising costs and declining utility.

general ledger

Withum

FEBRUARY 27, 2025

The House took the first step toward federal tax reform by approving a budget resolution on February 25, 2025, that would require $2 trillion in overall spending cuts over the next decade. trillion in tax cuts as an extension of President Trumps 2017 tax cuts is set to expire this year. This resolution aims to help pay for $4.5

Tax

CPA Practice

JULY 25, 2025

By Mark Weiner syracuse.com (TNS) WASHINGTON — Micron Technology stands to gain about $5 billion in new tax breaks for its massive chipmaking complex in Central New York after President Donald Trump’s big bill boosted incentives for chip plants. Micron disclosed in documents last year that the tax credit would be worth about $11.3

Tax

Going Concern

JULY 7, 2025

Hot off the Journal of Accountancy presses this morning , the AICPA has asked the government to delay a September 30 deadline to eliminate paper checks “to and from America’s bank account.” AICPA senior manager–Tax Policy & Advocacy, said in a news release. Happy Monday! Read the rest if you’re into it.

Real Estate

MyIRSRelief

AUGUST 1, 2025

IRS wage garnishment represents one of the most devastating collection actions the federal government can take against taxpayers, immediately reducing take-home pay and creating severe financial hardship for individuals and families.

Tax

RogerRossmeisl

NOVEMBER 6, 2023

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Social Security tax.

Tax

RogerRossmeisl

AUGUST 5, 2021

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%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

Start-ups

CPA Practice

AUGUST 22, 2024

The IRS said earlier this week that it’s continuing to expand features within its online self-service tool for businesses, launched last October as part of the agency’s service improvement initiative funded under the Inflation Reduction Act. What can business taxpayers do now? Request a tax compliance check. Who can use BTA now?

tax accountant

RogerRossmeisl

AUGUST 6, 2023

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. Census Bureau reports that business applications are still increasing slightly (up 0.4% The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. And the U.S.

tax return

RogerRossmeisl

SEPTEMBER 9, 2024

So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.

income tax

xendoo

JANUARY 17, 2022

As a business owner, how do you go about filing personal and business taxes with the IRS? The answer to this question actually depends on the way your business is structured, so there’s not a one-size-fits-all approach to filing small business taxes. Are Business Taxes and Personal Taxes FiledTogether?

business tax

Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

business tax

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. affected taxpayer)?

Government

RogerRossmeisl

SEPTEMBER 4, 2023

Businesses that receive more than $10,000 in cash must report transactions to the U.S. government. 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.

CPA

RogerRossmeisl

SEPTEMBER 18, 2023

permits a plan sponsor to amend its 401(k), 403(b) or government 457(b) plan to offer emergency savings accounts that are connected to the plan. 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.

CPA

Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. What is a 100% tax deduction?

business tax

RogerRossmeisl

AUGUST 4, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

income tax

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

tax services

RogerRossmeisl

MAY 16, 2022

The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

Entertainment

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

RogerRossmeisl

NOVEMBER 13, 2022

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. From tax years 2010 to 2019, audit rates of individual tax returns decreased for all income levels, according to the GAO.

audit