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IRS Appeals 2022 Ruling in $11.5 Million Tax Dispute with Mayo Clinic

CPA Practice

Universities are exempt from paying taxes on that type of real estate revenue. Nonprofit hospitals are not exempt. Acknowledging it does provide medical education as a teaching hospital, the IRS position is that Mayo Clinic is a healthcare organization and is not primarily a school.

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IRS Appeals 2022 Ruling in $11.5 Million Tax Dispute with Mayo Clinic

CPA Practice

Universities are exempt from paying taxes on that type of real estate revenue. Nonprofit hospitals are not exempt. Acknowledging it does provide medical education as a teaching hospital, the IRS position is that Mayo Clinic is a healthcare organization and is not primarily a school.

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Did You Miss Your State Tax Deduction?

KROST

If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting with the 2018 tax year.

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October 15

RitaKeller

“This isn’t a hospital! 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).

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Accountants Behaving Badly: Kickback Schemes, Hiding Money From the IRS, Embezzlement Spree

Going Concern

Plus, Pennsylvania accountant loves tax evasion, North Carolina CPA indicted on securities fraud charge, and Kentucky accountant gets jail time for sex trafficking. Hammer, who pleaded guilty in August 2018 to one count of filing a false tax return, was the financial officer for various companies controlled by Michael D.

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Payroll Taxes for an Employer: How Is Payroll Tax Calculated?

Snyder

What is a payroll tax? How to calculate payroll taxes Federal Insurance Contributions Act (FICA) Federal Unemployment Taxes (FUTA) State Unemployment Taxes (SUTA) Income taxes Voluntary payroll deductions 3. Payroll tax process steps 4. The self-employment tax rate is 15.3%. Contents: 1.

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Friday Footnotes: Why Private Equity Loves the Profession; A Very Naughty KPMG Employee; WTF PwC Guy | 4.5.24

Going Concern

CPA licensure program off to ‘promising’ start [ Journal of Accountancy ] 38 people huh? The Experience, Learn & Earn (ELE) program, a pilot program designed to help accounting graduates earn required academic credits for CPA licensure, has received early positive reviews.

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