CPA Practice

APRIL 29, 2024

The IRS issued new guidance on Monday that provides additional information about the second allocation round under the Qualifying Advanced Energy Project Tax Credit program. The Inflation Reduction Act provided $10 billion in new funding for the Qualifying Advanced Energy Project Credit program. Approximately $2.5

Tax 98

Tax Manufacturing Gaming 98

TaxConnex

DECEMBER 14, 2023

In sales tax calculation, you deal with the “hard” and the “less-hard.” Figuring out sales tax obligations for goods (aka, tangible personal property, or TPP) is the less-hard part; you merely have to bear in mind that every state that taxes TPP does it a little differently. States also tax services with nuance.

West Virginia 206

West Virginia Virginia Kentucky Minnesota 206

CPA Practice

AUGUST 10, 2023

The Treasury Department and the IRS on Thursday released final rules and procedural guidance for a new program established by the Inflation Reduction Act that provides bonus tax credits for qualified solar and wind facilities in low-income communities. Provide the disqualification and credit recapture rules specific to the program.

Tax 90

Tax Technology 90

TaxConnex

AUGUST 1, 2023

Except when sales tax becomes involved. Clothing and shoes are the most returned product category, followed by electronics. And the state or local sales tax you also charged on the purchase? Here it gets complicated: How much did you charge the customer in sales tax? You have to refund the right amount of that, too.

Sales 130

Sales Rhode Island Tax Michigan 130

CPA Practice

MARCH 1, 2024

The Internal Revenue Service has announced a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017. With new Inflation Reduction Act funding available, the IRS now has the capacity to do this core tax administration work. “At

tax return 115

tax return Tax audit income tax 115

Airbase

NOVEMBER 15, 2023

We can break out our recent product advancements into three categories: The big changes that let you expand into other areas with Airbase, like travel booking. Here’s an overview of what’s new in Airbase, organized by three categories. You’ll get a clear view of the outstanding balance, including vendor credits for unpaid bills.

NetSuite 130

NetSuite AP Automation Expense Management Spend Management 130

CPA Practice

MAY 10, 2024

Innovative Program to Ease Attainment of CPA Education Requirement Gets Off to Quick Start AICPA reports that a pilot program to help accounting graduates earn the required academic credits for CPA licensure is off to a quick start and has earned positive reviews in limited feedback so far from students and the accounting firms that employ them.

cpas 115

cpas CPA Non-Profits Education 115

Cherry Bekaert

JANUARY 29, 2024

Reconciling items are required to be presented on a gross basis with two exceptions (unrecognized tax benefits and effects of certain cross-border tax laws).

income tax 95

income tax Tax financial statements accounting standards 95

CPA Practice

MARCH 12, 2024

After several weeks of testing , the IRS said on Tuesday that eligible taxpayers in 12 states can now use its new Direct File service to submit their tax returns online for free directly with the agency. As expected, Direct File has been met with resistance from tax-prep software providers like H&R Block and Intuit , which makes TurboTax.

South Dakota 108

South Dakota income tax tax return Arizona 108

CTP

FEBRUARY 29, 2024

Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. So, as an accountant of a gambling client, you need to have detailed knowledge about gambling winnings and losses, as well as all the rules and regulations related to tax on gambling income. So, let’s start from the basics.

Gambling 105

Gambling Tax Account accountant 105

Cherry Bekaert

OCTOBER 10, 2023

On September 15, 2023, the Internal Revenue Service (IRS) released proposed changes to Form 6765, Credit for Increasing Research Activities, and requested feedback, which is due by October 31, 2023. The proposed updates to Form 6765 require information like that which is required when submitting amended returns.

Tax 115

Tax Start-ups Sales 115

CPA Practice

APRIL 29, 2024

Vesting Requirements for Former Long-Term, Part-Time Employees The AICPA recommends that Treasury and the IRS issue final regulations stating that an individual is no longer a LTPT employee once they are credited with 1,000 hours of service in any subsequent plan year. 1.410(a)-3(d) as it relates to the proposed regulations.

CPA 69

CPA Tax 69

Shay CPA

NOVEMBER 14, 2023

The state of New York offers some serious tax perks for tech startups operating within its borders. Specifically, if you can get certified as a qualified emerging tech company (QETC), you and your investors can claim some meaningful credits to lower your tax liability. And that could mean some notable tax savings.

New York 52

New York Technology corporation tax Tax 52

CPA Practice

DECEMBER 11, 2023

Nearly three months after pressing pause on the employee retention credit program until the end of this year due to a wave of fraudulent claims, the IRS said on Dec. 6 it has rejected more than 20,000 suspicious submissions for the pandemic tax credit meant to help small businesses.

audit 122

audit tax return Tax Legal 122

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is indirect tax? Types of indirect tax The value of indirect tax to tax professionals Differences between direct and indirect tax Tax planning and management is one of the primary areas accountants help their clients. Taxes are either direct tax or indirect tax.

Tax 52

Tax income tax Manufacturing corporation tax 52

VetCPA

MARCH 16, 2022

As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership.

Tax 130

Tax income tax tax consultant business tax 130

MyIRSRelief

AUGUST 1, 2023

However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance. Contact us for professional tax help today! However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

payroll tax 130

payroll tax Tax payroll audit 130

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

This is especially true with respect to the more technical aspects of business such as accounting and tax. While you may not see yourself as a business owner, the tax authorities do and they, unfortunately, have the final say on this. Digital Download Available at Amazon 1.

Tax 98

Tax income tax tax return accounting and finance 98

Withum

MARCH 14, 2022

The Treasury and IRS released the final foreign tax credit (“FTC”) regulations on December 28, 2021. These final regulations are the latest set of regulations to modify the FTC rules since the enactment of the Tax Cuts and Jobs Act in 2017. tax liability. International Tax Services. Contact Us. Contact Us.

Tax 72

Tax income tax tax services 72

Shay CPA

MARCH 6, 2024

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. You can’t apply the R&D credit toward the 6.2%

payroll tax 52

payroll tax payroll Tax tax return 52

Ronika Khanna CPA,CA

OCTOBER 5, 2023

Ensuring that you keep on top of your finances and tax obligations is among the most important of these tasks for which it is essential to have a system in place so that you can maximize tax deductions, minimize taxes payable and reduce amounts that you have to pay to CRA and RQ.

Tax 98

Tax tax return accounting and finance accounting software 98

Cherry Bekaert

APRIL 5, 2023

The Research and Development (R&D) Tax Credit is a federal incentive designed to promote innovation in the design, development and improvements of processes, products and services. It allows companies to receive tax credits when certain expenses are incurred for the performance of qualified R&D activities in the U.S.

Tax 75

Tax payroll tax general ledger payroll 75

CPA Practice

MAY 10, 2024

Women to Watch Awards The Women to Watch Awards are presented in two categories—Experienced Leader and Emerging Leader—to recognize women who have made significant contributions to the accounting profession, their organizations, and to the development of women as leaders. CPE credits. Wolfe, CPA | Owner, Larry J. Wolfe, Ltd.

CPA 64

CPA Illinois Kansas Oklahoma 64

CPA Practice

APRIL 15, 2024

“The expectation that the Fed may lower interest rates continues to have a positive effect on some of our clients, and obviously that’s good from the perspective of the overall economic outlook,” said Jim Wittmer , Grant Thornton’s national managing partner for Tax Growth. Still, the road ahead contains ample challenges.

Real Estate 111

Real Estate Technology E-commerce Finance 111

CPA Practice

APRIL 24, 2023

If you missed the tax deadline, it isn’t the end of the world, and IRS agents aren’t going to knock on your door anytime soon. The Internal Revenue Service says taxpayers who missed the April 18 tax-filing deadline should file as soon as possible. They may qualify for an additional extension of at least 180 days to file and pay taxes.

income tax 97

income tax Tax tax return online accounting 97

ThomsonReuters

OCTOBER 12, 2023

Jump to: What is the foreign tax credit? What is a high tax kickout? Foreign tax credit carryover Helping clients claim the foreign tax credit For accountants working with U.S. federal income tax liability. federal income tax liability. Who qualifies for the foreign tax credit?

Tax 40

Tax income tax Account accountant 40

inDinero Tax Tips

DECEMBER 13, 2022

The R&D tax credit, formally known as the Credit for Increasing Research Activities, represents a significant opportunity for innovative businesses to reduce their federal tax liability. Could your business be eligible for this tax credit? Do You Have a Federal Tax Liability?

Tax 75

Tax payroll tax income tax tax return 75

ThomsonReuters

JUNE 15, 2022

In the middle of a busy legislative season, several states have made important changes in their tax code that practitioners across the nation will want to be aware of in order to service clients who may have multistate needs. Tax Relief Enacted in Delaware, Florida, Georgia, and New Mexico. Florida Sales Tax Holiday.

Rhode Island 105

Rhode Island Delaware Oklahoma Tax 105

SkagitCountyTaxServices

NOVEMBER 16, 2023

owner=19530343 There is still some budget discussion in Congress for the new fiscal year, which could include some tax provisions, as several tax changes introduced by the Tax Cuts and Jobs Act are set to end in 2025. There are also recent and developing tax legislation changes that affect that advice.

Tax 79

Tax Start-ups Government tax planning 79

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.

income tax 112

income tax New York Tax New Jersey 112

xendoo

MARCH 21, 2022

Then there are the complicated tax matters that arise when you sell across state lines. Accounting professionals then use that information to file taxes and generate reports that help you understand the past and plan for the future. Set up business accounts and tax information. Research your tax obligations.

Account 115

Account accountant accounted bookkeeping 115

TaxConnex

DECEMBER 1, 2022

There’s always something changing in the world of tax, especially sales tax. An Arizona business challenging Louisiana’s remote seller sales tax structure is appealing to the U.S. The five worst states for business based on sales tax are Alabama, Washington, Louisiana, California and Tennessee. Back to court.

Sales 130

Sales Tax Alaska Louisiana 130

Ronika Khanna CPA,CA

JANUARY 5, 2024

This can be found by looking at your business’ year end financial statements or corporate tax return. Note that once selected, all future tax filings will reflect this as your year end date. There are various details that you can enter including contact info, tax information, how they pay you, notes and attachments.

quickbooks 98

quickbooks accounting software accounting and finance Tax 98

Withum

JULY 28, 2022

Multiple businesses notified us this week that their claims for the employee retention credit (ERC) are being audited by the IRS. Most likely, the IRS will focus on eligibility, the ERC calculation, and whether the taxpayer amended its income tax returns to pay tax on the ERC. Business Tax Services. Contact Us.

audit 121

audit income tax tax return Tax 121

Ronika Khanna CPA,CA

APRIL 5, 2024

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

Tax 52

Tax tax return Education accounting and finance 52

Going Concern

FEBRUARY 2, 2024

Paul McNab, formerly tax partner for 22 years, is challenging a key clause in the firm’s retirement plan that denies pension payments to partners – which are worth around $140,000 a year – if they leave to work for a “major competitor”. In the middle of a busy tax season, it would only take a few seconds—and just one click.

audit 120

audit Tax Texas Massachusetts 120

ThomsonReuters

DECEMBER 19, 2023

Jump to: What are green taxes? How are environmental taxes calculated? Current ESG tax credits and initiatives What are the benefits of an ESG tax strategy? Accountants play a critical role in helping their clients navigate ESG tax credits and green taxes. What are green taxes?

Tax 52

Tax Account accountant accounted 52