RogerRossmeisl

JUNE 1, 2025

The federal tax code may allow a bright strategy to lighten the impact. The net operating loss (NOL) deduction levels the playing field between businesses with steady income and those with income that rises and falls. It lets businesses with fluctuating income to average their income and losses over the years and pay tax accordingly.

Tax 195

Tax CPA business tax 195

RogerRossmeisl

DECEMBER 29, 2024

HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. HSA basics For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. You may already have an HSA.

Tax 259

Tax tax return CPA accountant 259

RogerRossmeisl

FEBRUARY 16, 2025

Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in todays businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions. What are intangible assets?

Tax 232

Tax CPA business tax 232

RogerRossmeisl

APRIL 26, 2025

Whether youre ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different succession strategies is key. Here are five options to consider, along with some of the tax implications.

Tax 217

Tax CPA Sales business tax 217

Patriot Software

MAY 9, 2025

There are two types of people come tax time. Youve got the ones who are excited and file their taxes on the first day they can. And, youve got the ones who moan and groan and file at the last minute. Which one are you? Maybe youre the second onethe person whose least favorite thing […] Read More

tax preparation 98

tax preparation business tax Tax accountant 98

RogerRossmeisl

OCTOBER 13, 2024

The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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Nevada Tax income tax payroll tax 105

MyIRSRelief

OCTOBER 11, 2024

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

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tax services payroll tax Tax tax preparation 130

RogerRossmeisl

APRIL 27, 2025

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). The post Are You a Tax-Favored Real Estate Professional? An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. You can deduct suspended PALs when.

Real Estate 195

Real Estate Tax income tax CPA 195

RogerRossmeisl

AUGUST 11, 2024

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it.

Tax 261

Tax Washington business tax CPA 261

RogerRossmeisl

JUNE 15, 2025

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities.

CPA 165

CPA business tax Tax cpa firm 165

Withum

MAY 12, 2025

While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. However, certain smaller employers will receive a 50% reduction in their payroll taxes.

New York 72

New York business tax Tax Transportation 72

MyIRSRelief

JUNE 27, 2025

When overwhelming tax debt threatens your financial stability and future, an Offer in Compromise (OIC) may provide the lifeline you need to resolve your tax obligations and regain control of your finances. Doubt as to liability occurs when there’s legitimate uncertainty about whether the tax debt is correct.

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Tax financial statements payroll tax business tax 130

ThomsonReuters

DECEMBER 4, 2024

Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. Depending on the type of business structure, required documents can vary.

tax return 52

tax return business tax accounting firms Tax 52

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The post California Storm Victims Qualify for Extended Tax Filing Deadlines appeared first on Roger Rossmeisl, CPA.

California 246

California Tax tax return CPA 246

Withum

MAY 21, 2025

On Monday, May 12, 2025, the House Ways and Means Committee released additional details about its proposed tax legislation, The One, Big, Beautiful Bill. While the bill may undergo further changes in the Senate, it lays the foundation for 2025 tax reform.

Real Estate 119

Real Estate Tax CPA Washington 119

RogerRossmeisl

FEBRUARY 16, 2025

Tax implications A C corporation allows the business to be treated and taxed separately from you as the principal owner. The corporate tax rate is currently 21%, which is lower than the highest non-corporate tax rate of 37%. Heres a detailed look at the pros and cons of operating as a C corporation.

Non-Profits 257

Non-Profits corporation tax CPA Tax 257

RogerRossmeisl

DECEMBER 29, 2024

Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. The rules have changed in recent years. Lets take a look at what you can deduct in 2024.

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Entertainment Gaming CPA Tax 263

Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

Tax 122

Tax auditor financial statements income tax 122

LSLCPAs

JANUARY 9, 2025

Yet, for many individuals and businesses, poor accounting practices lead to unnecessary stress, missed opportunities, and even costly tax consequences. If youve ever felt overwhelmed by your financial records or rushed to prepare your tax return at the last minute, this.

tax return 52

tax return business tax Tax accountant 52

RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday. Previously, the deadline had been postponed to May 15, 2023 for these areas.

California 246

California Tax tax return CPA 246

inDinero Accounting

OCTOBER 17, 2024

For small business owners and startup founders, navigating the complex world of tax deductions can feel like traversing a financial minefield. The IRS allows businesses to deduct a wide range of “ordinary and necessary” expenses, but the devil, as they say, is in the details.

business tax 52

business tax Tax bookkeeping bookkeeping services 52

RogerRossmeisl

OCTOBER 27, 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax.

Hospitality 263

Hospitality payroll CPA Tax 263

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

Real Estate 263

Real Estate Tax income tax CPA 263

RogerRossmeisl

JUNE 26, 2024

The next quarterly estimated tax payment deadline is September 16 for individuals and businesses, so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated tax without triggering the penalty for underpayment of estimated tax.

Tax 257

Tax CPA business tax 257

RogerRossmeisl

OCTOBER 13, 2024

Or do you hold property titled under your business’s name? With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. The post Advantages of Keeping Your Business Separate From It’s Real Estate appeared first on Roger Rossmeisl, CPA.

Real Estate 259

Real Estate CPA Tax Sales 259

RogerRossmeisl

SEPTEMBER 9, 2024

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual method. appeared first on Roger Rossmeisl, CPA.

accrual accounting 261

accrual accounting Tax accountant accounted 261

Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

Tax 105

Tax income tax Construction Non-Profits 105

RogerRossmeisl

SEPTEMBER 29, 2024

When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.

Tax 264

Tax income tax CPA business tax 264

Nancy McClelland, LLC

APRIL 8, 2025

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Well, you’ve come to the right place.

Illinois 52

Illinois business tax Tax income tax 52

RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. If a calendar-year S corporation.

income tax 264

income tax Tax payroll CPA 264

RogerRossmeisl

MARCH 28, 2022

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. The credit can be used by certain even smaller startup businesses against the employer’s Social Security payroll tax liability.

payroll tax 246

payroll tax payroll Tax CPA 246

RogerRossmeisl

JUNE 5, 2022

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax.

Tax 240

Tax CPA business tax 240

RogerRossmeisl

AUGUST 5, 2024

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. They may also need to report self-employment tax.

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Tax income tax tax return CPA 255

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 130

California Tax payroll tax Real Estate 130

Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. If a 2024 tax return has already been filed, then an amendment would be required. The Senate bill adds an additional $1 trillion more than the original House bill proposed.

income tax 119

income tax Tax Kentucky Agriculture 119

RogerRossmeisl

OCTOBER 20, 2024

Small businesses are also unlikely to see a rise in audit rates in the near future, as the IRS is prioritizing more complex returns for higher-wealth entities. For example, the tax agency has announced that one focus area. The post How Your Business Can Prepare For and Respond to an IRS Audit appeared first on Roger Rossmeisl, CPA.

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