Going Concern

APRIL 5, 2024

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.

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inDinero Tax Tips

MAY 13, 2024

What is payroll tax? It’s money collected from employee wages and used to fund Social Security, Medicare, unemployment insurance, and other government programs. Since businesses are responsible for calculating, withholding, and remitting the tax to the government, navigating this process can be an administrative challenge.

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PYMNTS

FEBRUARY 6, 2020

Business information firm Thomson Reuters is teaming up with global tax company KPMG to offer Australia businesses a solution to deal with fringe benefits taxes (FBT), Thomson Reuters announced Thursday (Feb. The ONESOURCE FBT software automates the tax calculations necessary to file an FBT return. “As

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inDinero Tax Tips

MAY 24, 2023

However, gross vs net income is slightly different for tax purposes depending on whether you’re an employer or an employee: Employers pay tax on net income Employees pay tax on gross income Because the law requires employers to withhold taxes from employees, business owners need to keep both perspectives in mind.

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Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. PPP EIDL ERC FFCRA SVOG R R F. Paycheck Protection Program (PPP).

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Withum

SEPTEMBER 22, 2022

The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. The rest of the analysis in the CCA is a relatively straightforward application of the tax law. Contact Us.

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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.

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xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. CFO services?

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xendoo

APRIL 3, 2023

As a business owner, you can pay less in taxes by taking advantage of credits or deductions. Tax credits lower the amount you owe. For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. What is Form 3800?

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xendoo

JANUARY 26, 2023

As a business owner, you probably know that you should file taxes on time. However, if you’ve fallen behind on taxes, you’re not alone. Over 33% of Americans procrastinate doing taxes until the last minute. Reasons for procrastinating taxes vary. What happens if a business doesn’t file taxes by the due date?

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Withum

FEBRUARY 15, 2022

Like the answer to many tax questions, the answer to this one is an unsatisfying “yes and no.” The latter approach, which some call a budget gimmick, reduces the headline number of the bill but causes the government to spend more over time because no politician likes to be seen as ending a government program. For his part, Sen.

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Withum

FEBRUARY 27, 2023

Over the past few days, the IRS has issued several updates regarding tax relief for victims of severe winter storms, flooding, landslides, and mudslides. The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments.

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. trillion over ten years.

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Withum

MARCH 27, 2024

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 , including the reinstitution of immediate expensing for domestic research expenditures, in a staggering bipartisan vote of 357 to 70, it still remains unclear if the Senate can pass this crucial legislation.

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Withum

JULY 25, 2022

Although most federal funds related to the COVID-19 pandemic have been exhausted, small businesses in New York are still eligible to receive sizeable grants and credits created by Governor Hochul’s Executive Budget. Specifically, two NY small business programs currently offer small business owners upwards of $75,000 in grants and credits.

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Withum

MARCH 15, 2022

To stave off an impending government shutdown, federal lawmakers passed a $1.5 billion for taxpayer services, including the Office of Taxpayer Advocate, and increased hiring; $5.4 billion for operations support; and $275 million for business systems modernization. Business Tax Services. Contact Us.

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Withum

JUNE 27, 2022

These various versions can cause problems when trying to manage these models and maintain governance on multiple models that are essentially the same in the back end with different reports attached to the front end. Digital and Technology Transformation Services. Contact Us. Contact Us.

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LyfeAccounting

JANUARY 7, 2021

?. Government spending represents over ? Who is profiting from government spending? Government contractors. That’s a lot of money going into the hands of businesses that are set-up to get government contracts. That’s a lot of money going into the hands of businesses that are set-up to get government contracts.

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Going Concern

NOVEMBER 10, 2023

” Wilkinson’s comments came in the wake of news reports saying the government paid KPMG nearly $670,000 to find ways to save money — and after the the Trudeau government announced an initiative to tighten spending and reduce its reliance on outside consultants. .

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inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. However, if you’re claiming ineligible business expenses , you risk facing an audit. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . Check out these blogs: Year-End, Capital Gains Tax and Iffy Choices.

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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. In addition, the IRA expanded the ability to receive an immediate deduction for certain energy improvements.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source FinCEN will store the information in a secure, non-public database and it will be made available only to certain government agencies and foreign officials that submit a request to FinCEN related to national security, intelligence, or law enforcement.

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Withum

DECEMBER 23, 2023

Small business owners have been suffering in recent years with various federal tax laws impeding their ability to operate and grow. Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024.

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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.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source FinCEN will store the information in a secure, non-public database and will be made available only to certain government agencies and foreign officials that submit a request to FinCEN related to national security, intelligence, and law enforcement.

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Withum

APRIL 24, 2023

If you want a quick overview of the rules governing QSBS, you can read about them here. These rules are complex, and a tax counsel should be consulted before any redemptions are executed, particularly for redemptions designed to take out one or more founders early in the venture. The rules governing QSBS are complex.

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Withum

MARCH 16, 2022

Government issued Executive Order 14068 prohibiting certain imports, exports and new investment with Russia. Person, to the Government of Russia or any person located in Russia; any approval, financing, facilitation, or guarantee by a U.S. Business Tax Services. On March 11, 2022, the U.S. Contact Us. Contact Us.

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Withum

NOVEMBER 14, 2022

The IRS recently released a private letter ruling (PLR 202244004 (August 9, 2022)) that grants additional time to a taxpayer that failed to timely elect to defer the gain from a rollover of qualified small business stock (QSBS). QSBS Generally. A taxpayer is deemed to have acted reasonably and in good faith if it —.

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Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. The New York PTET allows partnership (including LLCs) and S corporation entities to make an annual election to pay an entity-level tax. PTET Income Tax Addback.

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Withum

MARCH 21, 2022

Careful analysis of the employee retention credit (“ERC”) provided under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the 199A limitations set forth under the Tax Cuts and Jobs Act of 2017 (“TCJA”) may lead to unexpected tax consequences this tax season.

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Withum

MAY 23, 2022

The ERC is a fully refundable tax credit for employers impacted by the COVID-19 pandemic. Any order, proclamation, or decree from the Federal government or any State or local government can qualify as long as it limits commerce, travel, or group meetings due to COVID-19 and relates to the suspension of the supplier’s trade or business.

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Withum

APRIL 4, 2022

District Court in Tennessee invalidated IRS Notice 2016-66 (November 2016) , which announced the IRS view that certain micro-captive insurance transactions are transactions of interest (essentially tax shelter transactions) and that they are subject to the special reporting regime applicable to so-called reportable transactions. Contact Us.

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CPA Practice

OCTOBER 18, 2023

On-demand service marketplaces: great for midnight ice-cream cravings or last-minute school project supplies; complicated for tax compliance. And with marketplace facilitator laws in effect, more and more on-demand service providers are responsible for managing taxes for the transactions on their platforms.

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Withum

APRIL 8, 2022

However, the aspects of the bill that would tax retirement contributions, as opposed to distributions, could be surprising for some. Even though Roth retirement plans must be funded with after-tax dollars, the main tax advantage of participating in one is that none of the growth in the plan should be taxed. The reason?

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MazumaBusinessAccounting

JULY 27, 2022

As a small business owner, you already have a lot on your plate. And while bookkeeping is integral to any business, most business owners aren’t experts. A simple mistake can lead to loss of revenue and investors, and tax filing errors. So what is bookkeeping, and why is bookkeeping important for a small business?

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Withum

JUNE 22, 2022

By the time they reach me, the callers have already spoken with their local tax advisors and/or looked on the internet, and they know there is a 5-year holding period in order to qualify for the QSBS exclusion in section 1202. Business Tax Services. The taxpayer’s ability to document the facts will be important.

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Withum

JULY 26, 2023

The intent of IRC Section 6418, was to increase participation in clean energy initiatives by allowing taxpayers to sell credits without engaging in complicated tax structures. The much-anticipated Internal Revenue Service (“IRS”) regulations were released this month and provide additional guidance to a growing subsidy market for clean energy.

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