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IRS Extends Tax Deadlines in Parts of Texas and Mississippi for Victims of Severe Storms

CPA Practice

Victims of severe storms that produced flooding and damaging winds in areas of Texas and Mississippi in mid- to late March have more time to file various federal individual and business tax returns and make tax payments, the IRS said.

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Billy Long Sworn in as 51st Commissioner of the IRS

CPA Practice

.” Related article: Trump IRS Nominee Billy Long Grilled Over Ties to Fraudulent Tax Credits After Long, 69, left Congress in 2023, he received at least several thousand dollars in compensation from White River, which holds oil and gas mineral leases in Louisiana and Mississippi.

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What's new in July for state sales and use taxes

TaxConnex

Mississippi specified that its exemption for health care facilities paying sales tax on construction materials and machinery and equipment purchased within three months of completion of construction does not include medical marijuana establishments. Iowa has modified its sales tax base. thermometers, masks, diabetic care?products

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A Refresher on the Types of Small Business Legal Structures, and Their Benefits

CPA Practice

Partnerships Business taxes are passed through to partners like in a sole proprietorship since there is no legal separation between the owners and the company. The IRS equally taxes all partners who share legal and debt responsibilities. The difference is the protection from personal liability for the business’s debts.

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QSBS Exemption Explained: What Investors and C-Corp Executives Should Know

inDinero Accounting

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

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Friday Footnotes: Big 4 Culture Gets Slammed Again; Audit Leads the Way in AI; Small Firm Gripes | 11.10.23

Going Concern

Customers of the Falasz Tax and Accounting company say they’re upset because the company didn’t file their taxes on time in April and then missed the October extension date. One customer says their business tax documents haven’t been filed since 2019.