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Scary Numbers: How To Effectively Deal With Tax Notices

Shay CPA

Over the last 20 years of being an accountant, I’ve opened my fair share of mail to find tax notices so daunting they could wake you in cold sweat. These letters—from federal, state, or city agencies—might demand income tax, franchise tax, sales tax, unemployment insurance, or workers’ compensation.

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Enrolled Agent Near Me: Comprehensive Tax Services for Individuals and Businesses

MyIRSRelief

An Enrolled Agent can help ensure that you are taking advantage of all available deductions and credits to minimize your tax liability. They will carefully review your income, expenses, and other relevant information to prepare accurate and timely returns.

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Advanced Section 1202 (QSBS) Planning for S Corporations

CPA Practice

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholders sell qualified small business stock (QSBS). [1] 2] Stock issued by an S corporation can never qualify as QSBS, even if such S corporation subsequently converts to be classified as a C corporation for federal income tax purposes. [3]

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Sales tax and accounting services

TaxConnex

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? Lobbying is a major reason that professional services generally don’t incur sales tax nationwide).

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Understanding use tax

TaxConnex

In a primer entitled “California Use Tax, Good for You. Good for California,” the Golden State says that those with a California seller’s permit must pay the use tax due on business related purchases with their sales and use tax return. California state income tax return.”.

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Payroll Taxes Demystified: A Breakdown for Accountants and CPAs Serving Business Owners

CPA Practice

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

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Shutting Down a Tech Company – Some Tax/Accounting Tips

Shay CPA

Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts. State franchise and income tax accounts. Some of the particularly notorious states in this area include: California. New Jersey.