CPA Practice

FEBRUARY 27, 2023

This “abuse” puts the firm at financial risk, the lawsuit claims, at a minimum for replacing the improperly withdrawn $350,000. The 401(k) plan also could be disqualified, meaning employees may have to pay income taxes on money they contributed and, if so, they may bring litigation against the firm in response, Garigen argues.

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RogerRossmeisl

NOVEMBER 17, 2021

There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision. The corporate federal income tax is currently imposed at a flat 21% rate, while the current individual federal income tax rates begin at 10% and go up to 37%.

income tax 236

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RogerRossmeisl

MARCH 28, 2022

Unlike a regular or C corporation, an S corporation generally isn’t subject to income tax (California does charge a 1.5% entity-level tax). Instead, each shareholder is taxed on the corporation’s earnings, whether or not the earnings are distributed. Similarly, if an S corporation has a loss, the loss.

income tax 226

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RogerRossmeisl

AUGUST 4, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Wide-ranging penalty The Trust Fund.

income tax 246

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RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given. Curiously the IRS has approved.

California 246

California income tax CPA Tax 246

CPA Practice

JUNE 26, 2023

First reported by Going Concern on June 19 and confirmed by Bloomberg Tax on June 21, the move gives BDO USA certain advantages that “position our firm for ongoing success as we continue to grow and transform,” it said in a statement to Bloomberg Tax. Ranked only behind the Big Four firms and RSM US, BDO USA had revenue of $2.49

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TaxConnex

AUGUST 15, 2023

Among the provisions was adoption of the state’s economic nexus sales tax thresholds (200-plus transactions or receipts of more than $100,000) for income tax purposes. New Jersey becomes the latest state to apply rules for collecting sales tax revenue from out-of-state businesses for income tax purposes.

Sales 130

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TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. Either those that they’ve hired internally or the trusted CPA firm they’ve utilized for years.

Sales 139

Sales Tax tax return income tax 139

CPA Practice

MARCH 5, 2024

Top 100 accounting firm HHM CPAs has expanded outside of Tennessee after merging in Pensacola, FL-based CPA firm Bizzell, Neff & Galloway on March 1. This growth opportunity will enable us to better serve our clients in all markets and strengthen our firm’s capabilities.”

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RogerRossmeisl

SEPTEMBER 17, 2021

A business may be able to claim a federal income tax deduction for a theft loss. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses The tax code allows a deduction for losses sustained during the taxable year and not compensated by insurance or other means. A recent U.S.

income tax 199

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RogerRossmeisl

SEPTEMBER 26, 2021

Qualified small businesses will be able to offset either their income taxes or their sales and use taxes with the credit when filing their. The post California Main Street Small Business Tax Credit II Begins 11/1/21 appeared first on Roger Rossmeisl, CPA.

Maine 178

Maine California business tax Tax 178

RogerRossmeisl

NOVEMBER 17, 2020

Overview Taxpayers can use the credit against income taxes (personal income tax, corporation franchise or income taxes), or can make an irrevocable election to apply the credit against sales and use taxes. The post California Small Business Hiring Credit FAQs appeared first on Roger Rossmeisl, CPA.

California 134

California income tax CPA Maine 134

CapataCPA

MARCH 18, 2021

Individual Tax Deadline Extended to May 17, 2021 The Internal Revenue Service (IRS) and Treasury Department announced today the 2020 tax year federal income tax filing due date for individuals has been automatically extended from April 15, 2021 to May 17, 2021.

Tax 98

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Going Concern

AUGUST 28, 2023

Two Mississippi State University grads were recognized for getting the highest CPA exam scores in their state : Karis Pannel, of Tupleo’s Byrne Zizzi CPAs, received the MSCPA’s Fred T. We are very proud of Karis and Gelsey and their performance on the CPA exam,” said MSU College of Business Dean Scott Grawe. Dead silence.

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TaxConnex

NOVEMBER 10, 2022

I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles.

income tax 130

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RogerRossmeisl

JUNE 16, 2021

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. rate for Medicare. An additional 0.9%

Tax 132

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CPA Practice

MAY 10, 2024

She has a wide range of SALT experience including income and franchise, sales and use, provisions, compliance, M&A and transactions work, and audits. Ecroyd is a licensed CPA in New York and Colorado. a Top 60 independent CPA firm, recently announced that Erin Wood has joined the firm’s growing Tax practice as a Tax Director.

Tennessee 52

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CPA Practice

JULY 31, 2023

Sayre has more than 15 years of experience consulting and advising public and privately held clients in the areas of income and franchise taxation. James is one of the firm’s leading experts in accounting for income tax, including accounting for mergers and acquisitions, in accordance with ASC 740. She is a licensed CPA.

Real Estate 97

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CPA Practice

JANUARY 11, 2024

Kavanagh joins CohnReznick as Assurance Partner CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, recently announced that Charles (Chuck) Kavanagh , CPA has joined the firm as an assurance partner. DeRose, CPA, CGMA, as its new Managing Director.

Delaware 59

Delaware Georgia CPA bookkeeping 59

RitaKeller

DECEMBER 9, 2021

” – Bill Reeb, CPA. So have CPA firms. Some firms are notifying their clients about an increase in fees. Some firms are notifying their clients about an increase in fees. For the preparation of your 2021 income tax returns, our minimum service fee will increase by a percentage range of 11% – 20%.

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Withum

MAY 5, 2022

Author: Sergio Benavides , CPA | sbenavides@withum.com. Over the past few years, Withum’s life science and technology clients have received over $20 million from the program, which will be reinvested in the state, spur innovation and lead to economic growth in New Jersey. Life Sciences Services. Contact Us.

New Jersey 72

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ThomsonReuters

JULY 13, 2023

Tax work paper software powered by AI can improve staff members’ daily work by minimizing review time and standardizing work paper preparation. Because reviewers bill time at the highest rate, the review is the most expensive phase of the 1040 income tax process. Interested in learning more about tax workflow automation?

Tax 97

Tax Technology accounting firms income tax 97

CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

cpas 52

cpas CPA Education audit 52

RitaKeller

OCTOBER 15, 2020

Substitute the word firm for hospital. For many CPA firms, you are down to the wire on extended individual income tax returns and all of the activity that surrounds that huge event. It’s an insane asylum! And it’s your fault!” – – Sally Kellerman (Hot Lips) in MASH (1970).

Hospitality 40

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CPA Practice

SEPTEMBER 23, 2023

NovaTax has partnered with Tax Analysts, a provider of original tax and accounting content, to deliver select federal and state tax news to practitioners through the NovaTax research system. Tax Analysts is proud to partner with NovaTax to support small and midsize CPA firms,” said Tax Analysts president and CEO Cara Griffith.

Tax 52

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KROST

MAY 11, 2022

Income earned from the trust is not distributed to you. Requires filing of an income tax return. Requires filing of a gift tax return. in other words, the trust income will be taxed at the grantor level, rather than the trust level. Income tax paid by the grantor. Richard Umanoff, CPA, MBA.

income tax 83

income tax tax return Tax Maine 83

Nancy McClelland, LLC

APRIL 5, 2024

As a CPA whose company works with loads of small businesses that need to process payroll, I’ve used quite a few payroll systems through the years… and Gusto has become our favorite. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

tax preparation 52

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KROST

FEBRUARY 25, 2022

Worst case scenario: you get credit for your individual California income tax return payment but will not get a deduction on your federal tax return. Let’s assume you have fully paid your 2021 California tax already (you made your Q4 estimated payment). David Troost, CPA, Director. Tax , Technology Industry.

California 52

California CPA tax return Real Estate 52

CPA Practice

JUNE 8, 2023

Richard and his team set out in 2015 to modernize accounting and have transformed Taxfyle over the years into a platform that serves tens of thousands of taxpayers each year, hundreds of CPA firms around the United States, and counts a Big Four accounting firm and international accounting corporations among its enterprise clientele.

Technology 98

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Nancy McClelland, LLC

AUGUST 2, 2022

In fact, due to the number and complexity of governmental aid such as stimulus checks and the advance child tax credit, our CPA firm requires clients to obtain a transcript before we will finalize their return preparation (I’ve written up instructions here ).

Tax 98

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Basis 365

APRIL 28, 2022

The income and expenses get reported on your individual return on Schedule C and thus are subject to ordinary income tax rates and self-employment taxes. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners. Sources Carbajo, Marco.

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Going Concern

OCTOBER 21, 2022

EisnerAmper Merges in Maryland Firm. Herbein + Company Acquires Organizational Psychology Firm. UHY Acquires Michigan Firm. And one more to add to the bunch from CPA Practice Advisor: CLA to Combine with Top 200 CPA Firm Concannon Miller. Accountant jailed for two years, stripped of CPA designation, for $1.3M

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Nancy McClelland, LLC

JANUARY 30, 2024

Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA. If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar.

Tax 52

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KROST

OCTOBER 20, 2020

According to the Center for Budget and Policy Priorities, individual income taxes generate approximately 50 percent of US federal government revenue. 1 With unemployment rates now above Great Recession levels, individual taxes, along with most other streams of revenue, will fall well short of years past.

Manufacturing 40

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KROST

MARCH 16, 2021

2020-25, allowing taxpayers to file a change of accounting method using Form 3115 with the current year of income tax return filing to catch up on the missed depreciation on qualified improvement property. To help taxpayers implement the change, the IRS released Rev.

Real Estate 52

Real Estate tax return Delaware Tax 52

ThomsonReuters

OCTOBER 27, 2020

It has been two years since the Wayfair case passed through the Supreme Court, so why are people discussing the Wayfair impact on CPA advisory now? In this episode of Pulse of Practice “Second wave of Wayfair”, Paul Miller, CPA from Business by Design , and I are joined by Shaun Hunley, Executive Editor at Thomson Reuters.

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