Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. For the 2023 taxable year, a 179 expense of $1.16

Tax 119

Tax Tennessee New Jersey Massachusetts 119

TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. Colorado lawmakers have adopted SB21-282 , which extends the exception to destination sourcing requirements; the exception applies only to businesses with less than $100,000 in retail sales. Previously, New Mexico was an origin-based sourcing state.

Sales 141

Sales Tax Louisiana North Carolina 141

Withum

JANUARY 5, 2024

The NYC Biotechnology Tax Credit offers a valuable financial incentive to investors and owners of qualified biotechnology companies. This credit can offset various taxes including business corporation tax, general corporation tax, and unincorporated business tax. State residency is not a requirement.

Tax 59

Tax corporation tax New York CPA 59

Accounting Today

JANUARY 19, 2024

The city cites corporation business tax "deficiencies" for 2017 through 2021 and is also seeking interest and penalties from the failed bank.

Tax 76

Tax business tax New York corporation tax 76

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Legal marijuana businesses are an enforcement priority of the IRS.

income tax 98

income tax Tax tax return Oregon 98

CPA Practice

AUGUST 15, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Some states have laws that allow inflation to dictate higher property taxes. That’s because revenue from property taxes is used to fund police and fire departments, maintain roads, and other initiatives that benefit the public. Here are some areas in the U.S.

South Carolina 94

South Carolina Michigan Tax Washington 94

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. Some of the major PTET highlights include amplifying the benefits for resident S corporation shareholders, as well as establishing a New York City PTET.

income tax 112

income tax New York Tax New Jersey 112

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax.

Delaware 52

Delaware Nevada Tax Sales 52

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. NY COVID-19 Capital Costs Tax Credit Program. Business Tax Services. How Can Withum Help?

New York 78

New York tax services business tax payroll 78

CPA Practice

MAY 5, 2023

By Alex Gault, Watertown Daily Times, NY (TNS) Nearly a million businesses are owed an employee retention credit for keeping their staff on payroll through the early days of the COVID-19 pandemic, and Sen. Kirsten Gillibrand (D-New York) is demanding the IRS pay up. The ERC has been the subject of significant fraud efforts.

payroll 114

payroll tax preparation Tax New York 114

CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels.

New Hampshire 114

New Hampshire Tax tax return income tax 114

ThomsonReuters

DECEMBER 19, 2020

163(j) was added by the Tax Cuts and Jobs Act (TCJA, PL 115-97). It limits the amount of business interest expense that a taxpayer can deduct, effective for tax years beginning after December 31, 2017. For tax years beginning on or after January 1, 2018, Code Sec. 59A (Base Erosion and Anti-Abuse Tax, BEAT) and Code Sec.

Real Estate 105

Real Estate New York Tax accounting and finance 105

ThomsonReuters

JANUARY 30, 2023

Table of contents: Minimum wage Paid leave Tax credits Unemployment Earned wage access Pay transparency Tipped workers Worker classification State-run retirement plans Work scheduling 1. Both New Jersey ( Assembly Bill 5084 ) and Oregon ( Senate Bill 481 ) are looking to add bereavement as a qualifying reason for their PFMLI programs.

payroll 105

payroll Hawaii West Virginia Oklahoma 105

PYMNTS

FEBRUARY 7, 2019

tax reform led to much chatter and some confusion about exactly how changes would impact the nation’s small businesses (SMBs). Department of Treasury finalized rules that apply to SMBs on qualifying for a 20 percent tax deduction, with the National Federation of Independent Business (NFIB) applauding the initiative.

Tax 49

Tax accounting and finance Finance New York 49

inDinero Tax Tips

MARCH 13, 2023

Your profits have increased steadily over the years, and so has your self-employment tax bill. Regarding potential business structures, should you convert LLC to S corp or C corp? An S corp is a business structure that is treated like an LLC except for taxation purposes. What is an S Corp?

income tax 52

income tax Non-Profits payroll tax Tax 52

inDinero Tax Tips

MARCH 13, 2023

Your profits have increased steadily over the years, and so has your self-employment tax bill. Regarding potential business structures, should you convert LLC to S corp or C corp? An S corp is a business structure that is treated like an LLC except for taxation purposes. What is an S Corp?

income tax 52

income tax Non-Profits payroll tax Tax 52

CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

South Dakota 124

South Dakota Tax Maryland income tax 124

SingleTrackAccounting

APRIL 12, 2021

At Singletrack Accounting, we love hearing from happy small business owners that our team has saved time, headaches, and the stress of the dreaded tax filing season. Alley: In 2016, I specifically remember being on vacation in New York City, having to sit out of sightseeing for the day to file taxes.

bookkeeping 52

bookkeeping Hawaii Tax Start-ups 52

CPA Practice

APRIL 10, 2023

Still, whatever discomfort I experience when booking a room has nothing on what lodging platforms have to endure to comply with the multitude of lodging tax requirements in the United States. We talk a lot about how complicated sales tax compliance is at the Avalara Tax Desk, and it is. Sometimes you just have to go with it.

Tax 85

Tax West Virginia Wisconsin Virginia 85

CPA Practice

JULY 28, 2023

The digital economy has caused an incredible shift in how jurisdictions create, administer, remit and audit indirect taxes. Over the last decade, businesses, governments, regulators and policy makers have all been trying to make sense of this new retail landscape. The tax levies a rate of 2.5%

Maryland 52

Maryland Tax Virginia West Virginia 52

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies.

Delaware 64

Delaware Wyoming Nevada Oregon 64

ThomsonReuters

MARCH 18, 2021

When you automate your tax processes , workflow management significantly improves. Automated workflow management eliminates obstacles and drives greater efficiency and accuracy across your entire tax compliance system. A tax-sensitized ERP approach ensures that you’re getting the right data for a specific transaction.

Tax 98

Tax Technology corporation tax Start-ups 98

PYMNTS

DECEMBER 2, 2016

Want tax cuts? Business tax cuts: The corporate world had reason to cheer this week, when Trump’s pick for incoming treasury secretary, Steve Mnuchin, stated that the number one priority in terms of regulation is to roll back parts of Dodd-Frank. Penney, Macy’s, Neiman Marcus and Barney’s New York.

Sales 40

Sales Retail E-commerce Massachusetts 40

PYMNTS

FEBRUARY 10, 2020

The jousting over eCommerce taxes — especially for U.S. Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. The tax, technically known as “Tax Deducted at Source” (TDS), is sent directly to an account held by the central government.

Tax 70

Tax Illinois Government accounting and finance 70

CPA Practice

APRIL 24, 2023

Now is an excellent time to review how your clients’ legal structure affects their business and personal taxes. Let’s look at the types of entities, how taxes are filed, and when clients should consider changing their entities. The IRS equally taxes all partners who share legal and debt responsibilities.

Legal 98

Legal income tax tax return Mississippi 98

ThomsonReuters

OCTOBER 6, 2021

State income tax is a direct tax on business income you’ve earned in a state. It sounds straightforward, but this is a complex topic: States have various ways of calculating how much of your corporation’s business income is attributable to its presence and activity there. What is apportionment in taxes?

income tax 52

income tax Tax payroll Massachusetts 52

ThomsonReuters

OCTOBER 20, 2020

Many companies are discovering that this massive shift in work behavior may also have unforeseen tax implications. While businesses may focus on the potential for new income and activity tax liabilities, they should be aware that indirect tax responsibilities may be affected as well. In 2018, the U.S.

South Dakota 40

South Dakota Sales Tax Rhode Island 40

PYMNTS

MARCH 25, 2020

Wednesday, the White House and Senate reached a deal on a $2 trillion stimulus package , which features expanded unemployment benefits and business tax relief to keep workers employed during the coronavirus crisis. As much as $350 billion is being established in a fund for firms to stave off layoffs and pay workers.

Real Estate 40

Real Estate Maine New York business tax 40

Going Concern

NOVEMBER 10, 2023

See also: Academics Let AI Ruthlessly Slander Big 4 Firms, They’re Very Sorry They Didn’t Think to Fact Check Talent Don’t slack on hiring tax talent, pre-game your busy season and be ready with a fully staffed team when things get crazy.

audit 101

audit accounting and finance auditor Mississippi 101

CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

tax planning 116

tax planning Tax New Jersey Ohio 116

CPA Practice

JANUARY 16, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan.

Tax 52

Tax New Jersey Ohio income tax 52

CPA Practice

JULY 20, 2023

By Laura Weiss, CQ-Roll Call (TNS) House Republicans opposed to limits on deductions for state and local taxes are making their first stand in a move that could test their newfound power in the GOP conference. Several say no tax bill can get their support unless it allows more state and local tax deductions. New York Rep.

Tax 98

Tax New Jersey Missouri New York 98

Going Concern

DECEMBER 2, 2022

Florida state tax website bug exposed filers’ data [ TechCrunch ]. Report Suggests Tax Audits of Trump Foes Were Random, but Leaves Questions [ New York Times ]. Las Vegas Tax Preparer Sentenced to Prison for Multiple Fraud Schemes [ Department of Justice ]. Law, Order, and Something Else.

public accounting 94

public accounting audit Account accountant 94

CPA Practice

JANUARY 13, 2023

Phil Murphy is promising New Jerseyans will see “absolutely no new taxes” as well as “significant tax cuts.”. The Democratic governor also says he wants to renew a property tax relief program installed last year and will let a surcharge on the state’s corporate business tax expire.

New Jersey 116

New Jersey Tax business tax New York 116

CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. said, referring to the child tax credit. “In Thom Tillis, R-N.C.,

Tax 98

Tax Idaho Iowa New York 98

PYMNTS

DECEMBER 22, 2016

are eyeing incoming regulations likely to impact their businesses, and small business payroll and HR firm Paychex has identified the legislation about which SMEs are most concerned. Tax reform takes the top spot of regulations SMEs are watching most closely, Paychex said in its release of the survey results Wednesday (Dec.

Pennsylvania 43

Pennsylvania payroll New York Tax 43

PYMNTS

NOVEMBER 3, 2017

The GOP released its tax plan Thursday (Nov. 2), offering a glimpse into its Tax Cuts and Jobs Act that includes plans for corporate taxes. According to reports in The New York Times , Republican tax reform efforts would impose a minimum global tax of 10 percent for American multinational corporations.

corporation tax 40

corporation tax Tax tax planning Florida 40