Nancy McClelland, LLC

JULY 9, 2022

Illinois’ 1% sales tax on groceries will be suspended for the state’s fiscal year, from June 1, 2022 through June 30, 2023. This sales tax reprieve is predicted to net approximately $400 million in consumer savings.

Illinois 52

Illinois Sales Tax income tax 52

CPA Practice

FEBRUARY 11, 2023

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

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

Sales Tax Alabama Texas 130

CPA Practice

JANUARY 27, 2023

Rahill, CPA/PFS, JD, LL.M., Increasing the age of when RMDs must begin benefits savers who don’t need the money for current living expenses, as it prolongs their investment timeframe, pushes out the income tax deferral on their account balances, and allows a longer window to consider and complete Roth IRA conversions.

Illinois 119

Illinois CPA Non-Profits cpas 119

Anders CPA

AUGUST 16, 2022

Most residents choose to opt for an in-state plan, but it’s important to consider whether the state offers an income tax deduction for contributing. If the resident state does not offer an income tax deduction, it’s important to instead focus on fees, expenses, and investment objectives. CONTACT ANDERS.

Missouri 91

Missouri Illinois Tax income tax 91

CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

income tax 118

income tax Tax Sports Nevada 118

Nancy McClelland, LLC

APRIL 11, 2023

It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. An extension is a form filed with the IRS to request additional time to file your federal tax return.

Tax 98

Tax tax return CPA Illinois 98

CPA Practice

FEBRUARY 3, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 119

Tax Illinois tax return cpas 119

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

Rhode Island Alaska Tax New Hampshire 111

CPA Practice

OCTOBER 4, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) Now that the U.S. Supreme Court has agreed to take up a lower court decision on taxation ( Moore v United States ) that could open or slam the door on a federal wealth tax, it’s worth a deep dive into just how terrible a wealth tax would be for American taxpayers.

Tax 105

Tax income tax Hawaii Oklahoma 105

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska Tax New Hampshire 105

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

Tax 128

Tax Kansas income tax Montana 128

CPA Practice

DECEMBER 7, 2023

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

Montana 118

Montana Idaho New Mexico Illinois 118

CPA Practice

OCTOBER 2, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 124

South Carolina Tax Georgia income tax 124

Nancy McClelland, LLC

APRIL 9, 2024

We still want folks to make quarterly payments (see my related IRS & Illinois posts for how to do it online), but for the first quarter, at least, we’re asking everyone to use “safe-harbor” calculations. However, times have changed. Why Use 1Q Safe-Harbor Calculations Instead of Annualizing?

Illinois 52

Illinois Tax tax preparation tax return 52

CPA Practice

MARCH 14, 2023

This article was provided by the Illinois CPA Society. Tax season may be in full swing, but there’s still time to make a smart money move that often goes overlooked by taxpayers eager to file their tax returns and pocket their refunds: saving for retirement. Find your CPA at www.icpas.org/findacpa.

Tax 52

Tax Illinois CPA income tax 52

Nancy McClelland, LLC

JANUARY 23, 2023

Due to tax law changes such as the expiration of the Advance Child Tax Credit and Recovery Rebate Credit this year to claim pandemic-related stimulus payments, many taxpayers may find their refunds somewhat lower this year. The State of Illinois also opened its tax season today. “Where’s My Refund?

tax return 52

tax return Tax Illinois income tax 52

CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 111

South Carolina Georgia income tax Vermont 111

Going Concern

FEBRUARY 16, 2024

This is according to the Illinois CPA Society (ICPAS), which surveyed 449 employers and 433 accounting and finance employees last summer and released its results last month. According to a lobbyist for the Iowa Society of Certified Public Accountants, fewer CPA firms are willing to audit government agencies.

Real Estate 103

Real Estate Iowa audit CPA 103

CPA Practice

MARCH 8, 2023

Bay Staters with taxable income that exceeds one million dollars are expected to pay 4% more in Massachusetts income tax. Massachusetts recently returned billions in excess revenue to eligible residents through 62F tax refunds. Washington is a state that doesn’t have income taxes.)

Tax 115

Tax Hawaii Illinois Massachusetts 115

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

payroll tax 52

payroll tax payroll Tax Missouri 52

CPA Practice

JANUARY 31, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 64

Tax Illinois tax return cpas 64

CPA Practice

NOVEMBER 29, 2023

If navigating your taxes and personal finances is a challenge, know that a CPA—a certified public accountant—can help. A CPA can advise you on how to strategically manage your finances all year long and then prepare and file your tax return to ensure all eligible credits and deductions available are maximized.

Tax 108

Tax tax return CPA accounting and finance 108

CPA Practice

AUGUST 15, 2023

Jared Ballew, 2022-23 Chair of the ETAAC and Vice President of Government and Industry Relations at Taxwell; and Ann Campbell, CPA CIA and Drake Software Trainer will share an overview of the cyber threats that taxpayers and tax professionals face daily. Gail Perry is the editor-in-chief of CPA Practice Advisor.

Tax 52

Tax North Carolina Indiana CPA 52

CPA Practice

JANUARY 23, 2023

By Marsha Mercer, Stateline.org (TNS) As inflation soared in the past year, families in some states suffered a double whammy—paying food sales taxes on top of higher-priced groceries. At least five of the 13 states where groceries were taxed as of last Jan. I couldn’t go to a meet-and-greet where the grocery tax didn’t come up.”

Idaho 111

Idaho South Dakota Tax Kansas 111

CPA Practice

OCTOBER 16, 2023

Rahill, CPA/PFS, JD, LL.M., Short-term capital gains are taxed at ordinary income tax rates, which can be significantly higher compared to long-term capital gains. Long-term capital gains typically benefit from preferential tax rates of 0%, 15%, or 20%, depending on your client’s taxable income and filing status.

Sales 122

Sales Real Estate Tax tax planning 122

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. Learn more about how we can ensure compliance with state payroll tax withholding requirements and the associated fees by contacting Anders below.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59

Going Concern

JANUARY 5, 2024

CPA Tom Janney Announces Retirement [ WJLE ] Local stories like these are so cute. Longtime local CPA Tom Janney has announced his retirement from the tax and accounting side of Janney & Associates, CPAs, PC, a business he started in 1992 but sold to another firm fourteen months ago. Happy trails, Tom!

tax return 106

tax return Virginia accounting and finance audit 106

Nancy McClelland, LLC

JANUARY 30, 2024

To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA. And we were freaking out about that delay.

Tax 52

Tax tax return Illinois tax preparation 52

Nancy McClelland, LLC

JANUARY 16, 2024

Our firm is located in Chicago, so to get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] (without logging in) and enter your SSN, Name, and the tax year in question. It puts both you and your CPA at risk. Let the tax return preparation begin! ” Seriously?

tax return 52

tax return Tax Account accountant 52

Going Concern

OCTOBER 9, 2023

The new findings will be published and shared to bring awareness of, and renew focus on, the most relevant and effective strategies to promote the CPA credential and ensure its sustainability and relevance moving forward. The tax was due from U.S. owners based on their ownership, regardless of whether they got a distribution.

Account 67

Account accountant accounted Iowa 67

CPA Practice

FEBRUARY 1, 2023

Illinois CPA Society member Daniel F. Rahill, CPA/PFS, JD, LL.M., He is also a former chair of the Illinois CPA Society Board of Director and is a current Board Member of the American Academy of Attorney-CPAs. CGMA, is a Managing Director at Wintrust Wealth Management.

Illinois 96

Illinois Start-ups Tax CPA 96

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. The deduction is claimed as a reduction of taxable income , and applies only to income taxes, not to self-employment taxes.

Tax 52

Tax tax preparation tax return cpas 52

CPA Practice

JANUARY 31, 2023

Gabe Rivers focuses on providing income tax planning and tax compliance services to high-net-worth individuals and families, partnerships, S corporations, trusts, and private foundations.Gabe holds a Bachelor of Business Administration and a Master of Accountancy from the University of Tennessee.

New Hampshire 110

New Hampshire Georgia Virginia public accounting 110