Randal DeHart

NOVEMBER 25, 2022

Depending on the nature of your construction business, you may have workers who are employees or contractors, or you may have both. Each has its merits, but it's important to review which are to meet your tax obligations. When you have an employee, you must withhold income tax and report on additional benefits.

Construction 84

Construction payroll tax payroll income tax 84

Menzies

JANUARY 7, 2024

If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below). If you have already missed your payment, you should contact HMRC as soon as possible. Congratulations!

income tax 52

income tax Tax chartered accountant Government 52

Withum

MAY 10, 2024

It is estimated that only 30% of construction companies survive after the founder dies, and that number drops to 20% through the third generation. The purpose of this article is to provide a high-level overview of the various alternatives that construction businesses can consider as transition becomes a key factor to their survival.

Construction 52

Construction Tax Non-Profits Sales 52

CPA Practice

NOVEMBER 27, 2023

Corvee, a maker of tax planning technology for businesses and tax pros, has added Augusta Rule deduction filing guidelines into its Instead and Instead Pro tax planning systems. Instead and Instead Pro offer seamless Augusta Rule savings estimation to help plan, calculate, document and file a return.

tax planning 98

tax planning Tax income tax tax return 98

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its

Sales 177

Sales Tax Oklahoma Illinois 177

Dent Moses

JUNE 14, 2023

The bill eliminates the 5% tax on overtime pay for a fixed period of time. Key Provisions: The bill exempts Alabama state tax withholding on overtime from January 2024 through June of 2025 – extension will require a renewal by lawmakers. The Alabama Legislature recently passed HB217 which was signed into law by Governor Ivy.

income tax 52

income tax Alabama Tax payroll 52

CPA Practice

MAY 3, 2024

Could tax incentives geared toward turning Hawaii short-term rentals (STRs) into long-term housing increase housing stock and decrease rents for Hawaiians? The carrot: “We will cover the fair market value of each rental for two years, and also provide a property tax exemption for 18 months for those who participate.” By Gail Cole.

Hawaii 116

Hawaii Tax income tax Agriculture 116

Cherry Bekaert

APRIL 22, 2024

individual states offer unique tax credits and negotiated incentives to attract or retain business operations. The credit may be used against income tax, and excess credit may be used against payroll withholding tax in certain situations. Throughout the U.S., The incentive amount varies by location and industry.

South Carolina 105

South Carolina North Carolina Mississippi Tennessee 105

CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.

Tax 111

Tax Real Estate income tax Legal 111

CPA Practice

MARCH 10, 2023

Recent tax legislation has tightened up the rules, but qualified borrowers may still be entitled to generous write-offs. Under the Tax Cuts and Jobs Act (TCJA), the interest is deductible on acquisition debt up to a $750,000 threshold for 2018 through 2025, down from $1 million. million construction loan with Brother B.

Tax 98

Tax income tax Arizona Construction 98

CPA Practice

FEBRUARY 27, 2024

Local public officials are trapped in a no-win situation, which pits their residents’ love for local teams against the perverse economics of tax-privileged stadium financing. The team owners love being tenants, and especially love it when the rents they pay are chiseled lower by the use of tax-exempt bonds issued by public agencies.

Sports 98

Sports Tax income tax Non-Profits 98

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

Withum

AUGUST 24, 2023

The base energy project 6% can be increased to 30% if the project:  has a maximum net output of less than 1 megawatt of electrical (as measured in alternating current) or thermal energy,  construction began before January 30, 2023, or  meets the prevailing wage and apprenticeship requirements. 

Tax 52

Tax Construction income tax Non-Profits 52

CPA Practice

MAY 7, 2023

Thinking that only dispensaries have to worry about taxes to their cannabusiness? Entrepreneurs, processors, and cultivators in the cannabis industry may be subject to taxation, and it’s important for them to understand the complexities around their tax implications. Do they have to pay tax on all gross revenue? Think again.

Tax 111

Tax income tax CPA audit 111

CPA Practice

FEBRUARY 14, 2023

A taxpayer who deducted expenses attributable to the business use of his vehicles took a wrong turn before the Tax Court. New case: The taxpayer reported income and expenses from two business activities for 2015 and 2016. His reported expenses vastly exceeded his reported income.

Tax 137

Tax Construction Healthcare Start-ups 137

Dent Moses

MAY 8, 2024

This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 Notable Provisions: Increased Taxes on High Earners: Increase income taxes for individuals earning more than $400,000 per year. trillion from 2024 to 2034.

Tax 40

Tax income tax corporation tax Construction 40

RogerRossmeisl

JUNE 1, 2021

If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. The credit is intended primarily for business users of alternative energy (other energy tax breaks apply if you use alternative energy in your home or produce energy for sale).

Construction 182

Construction income tax CPA Tax 182

Dent Moses

MAY 1, 2024

This outlines how the administration would implement the President’s tax policy, indicating a gross tax hike of approximately $5.3 Notable Provisions: Increased Taxes on High Earners: Increase income taxes for individuals earning more than $400,000 per year. trillion from 2024 to 2034.

Tax 40

Tax income tax corporation tax Construction 40

Cherry Bekaert

JUNE 20, 2023

The Inflation Reduction Act (IRA) significantly altered the 45L Energy Efficient Home Credit (45L) credit and the Section 179D Energy Efficient Commercial Buildings Deduction (179D) amounts and qualification criteria, creating more tax-saving opportunities for home builders and multi-family developers constructing energy-efficient homes.

Tax 75

Tax Construction Manufacturing Real Estate 75

ThomsonReuters

MAY 26, 2022

The IRS has announced special tax relief for leave-based donation programs set up by employers to aid victims of the “further Russian invasion of Ukraine” that began on February 24, 2022. see our Checkpoint article ), this notice addresses both tax issues. IRS Notice 2022-28 (May 19, 2022). Available at [link].

Tax 97

Tax Construction income tax tax return 97

ThomsonReuters

AUGUST 19, 2021

Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions. Our company could also save its share of FICA taxes on the contributions.

payroll 105

payroll Tax income tax tax return 105

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. Taxable Income Over. 2022 Long-Term Capital Gains Tax Bracket. Taxable Income (Including Capital Gains) Over. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA.

tax planning 98

tax planning Tax Construction income tax 98

CPA Practice

AUGUST 11, 2023

IVIX , the first AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, has closed a $12.5M Every year, at least $20 trillion in global business activity goes unreported to tax authorities. IVIX is currently used by major government agencies around the world, including the U.S.

Tax 98

Tax Technology E-commerce Government 98

CPA Practice

JULY 24, 2023

million in taxes. According to court documents, Lohrasb “Jeff” Jafari, 72, of Alpharetta, Georgia, was the executive vice president of PRAD Group, an architectural, design, and construction management firm headquartered in Atlanta that performed services for the City of Atlanta and DeKalb County. million in taxes. Polite, Jr.

Georgia 98

Georgia Tax income tax tax return 98

Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. Therefore, Julia would be able to exclude $50,000 of income and would be required to include only $10,000 of cancellation of debt income.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

AUGUST 7, 2023

The Alternative Vehicle Refueling Property Credit is a federal tax credit designed to incentivize the adoption of eco-friendly refueling infrastructure. What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? The purchase price, including installation, is $150,000.

income tax 52

income tax Construction Non-Profits Transportation 52

ThomsonReuters

DECEMBER 11, 2023

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

income tax 52

income tax accounting standards Non-Profits accounting and finance 52

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

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

Cherry Bekaert

JULY 25, 2023

The Inflation Reduction Act (IRA) provided two new mechanisms to facilitate the utilization of certain clean energy tax credits that were authorized and expanded by the IRA. The elective pay provisions are available for tax years ending after December 31, 2022, and are claimed on the income tax return that claims the underlying credit.

Tax 59

Tax income tax tax return Manufacturing 59

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

Tax 81

Tax income tax Real Estate Start-ups 81

xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. However, there are many types of business tax credits and the IRS has strict eligibility requirements.

business tax 52

business tax Tax tax return income tax 52

Cherry Bekaert

APRIL 18, 2023

Taxpayer claims for the federal income tax credit for Increasing Research Activities (R&D tax credit) continue to draw scrutiny from the Internal Revenue Service (IRS). Two recent court cases highlight how taxpayers can lose their R&D tax credit claims. In Little Sandy Coal v. In Scott Moore, et al.

Tax 72

Tax income tax Construction tax return 72

MyIRSRelief

NOVEMBER 19, 2021

If you’re like most, then taxes are probably not your favorite thing in the world. In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. A tax credit is something that reduces your taxable income.

Tax 100

Tax CPA Education business tax 100

Reckon

JUNE 13, 2022

EOFY 2022 is coming up fast which means tax time is looming…. If you’re a business owner, the ATO requires entities of all sizes to file their tax documentation before 30 June 2022. Key tax dates. 25 June : (If lodging electronically) tax agents must lodge and pay their 2022 Fringe Benefits Annual Tax Return.

Tax 98

Tax tax return income tax Start-ups 98

CPA Practice

MAY 14, 2023

Taxpayers may rely on the rules described in this notice for qualified facilities, energy projects or energy storage technologies, the construction of which begins before the date that is 90 days after the date the proposed regulations are published in the Federal Register.

Manufacturing 119

Manufacturing Construction Tax Technology 119

Menzies

MAY 7, 2024

The distinction between capital and revenue expenditure for tax purposes can be difficult to make. As always, if you are unsure then we recommend that you consult a tax advisor. Why this is relevant to UK tax? Tax relief for revenue expenditure is given in the tax year that it is incurred.

tax return 52

tax return Construction chartered accountant Tax 52