CPA Practice

JUNE 6, 2023

The Illinois CPA Society (ICPAS) has announced its third class of Strategy Academy graduates. I look forward to seeing the graduates leverage their new skills and mindsets to help their clients to drive greater profitability and long-term business success.”

Illinois 52

Illinois CPA cpas accounting and finance 52

CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%

payroll tax 110

payroll tax West Virginia payroll cpas 110

Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

Illinois 52

Illinois Tax tax preparation bookkeeping 52

CPA Practice

MAY 18, 2023

The American Institute of CPAs has announced the 50 winners of the 2022 Elijah Watt Sells Award. This award is granted to CPA candidates who obtain a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, pass all four sections on their first attempt and have completed testing in 2022.

CPA 128

CPA institute of chartered accountants chartered accountant North Dakota 128

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

Sales 130

Sales Tax Alabama Texas 130

Anders CPA

JULY 26, 2022

The Illinois Back to School Sales Tax Holiday is a great time to stock up on supplies needed for the upcoming school year. In Illinois, the sales tax holiday starts at 12:01 a.m. During this period, qualified purchases can be purchased at a reduced sales tax rate. What items are exempt from sales tax?

Illinois 52

Illinois Tax Missouri Sports 52

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

CPA Practice

NOVEMBER 29, 2023

The hustle and bustle of the holiday season is upon us, and while you’re likely busy hunting for the perfect gifts for your loved ones, don’t forget that you can gift yourself something too—a tax break. Here are five tax-savvy money moves to make now. You may also want to consider investing in a future tax break.

Tax 108

Tax tax return CPA accounting and finance 108

CPA Practice

APRIL 5, 2024

Earlier this week WalletHub released a study that shows which states’ residents have the highest and lowest tax burden , measured as the proportion of total personal income that residents pay toward state and local taxes. The study looks at how much tax the average person is estimated to pay in each state throughout their lifetime.

West Virginia 126

West Virginia Rhode Island South Dakota North Dakota 126

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. Why does my CPA suggest we extend my tax return? • What does this mean? to complete your return.

Tax 98

Tax tax return CPA Illinois 98

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. A printable sign will be available on our website at tax.illinois.gov.

Illinois 52

Illinois Sales Tax income tax 52

CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Here are a dozen deduction tips, provided by the Illinois CPA Society. You can deduct up to 50 percent of your self-employment tax from your income taxes.

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

CPA Practice

JANUARY 2, 2024

PKF Mueller Joins Cherry Bekaert to Expand Chicago Market Reach Cherry Bekaery, an assurance, tax and advisory firm, recently completed an acquisition transaction with PKF Mueller , a full-service certified public accounting and business advisory firm located in the metropolitan Chicago area.

Illinois 114

Illinois Pharmaceutical E-commerce audit 114

MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

North Carolina 147

North Carolina Oklahoma Ohio Tax 147

Anders CPA

OCTOBER 25, 2023

Anders is proud to announce that Julia Deien , Jason Gotway , Jane Maddox, CPA , and Sean McKenzie, CPA are being named partners of the firm, effective January 2024. Julia graduated from Southern Illinois University – Edwardsville with a B.S. Julia also sits on the board for the Girl Scouts of Southern Illinois.

Real Estate 97

Real Estate Illinois Missouri Construction 97

Nancy McClelland, LLC

AUGUST 21, 2023

There is a phased-in approach to the State of Illinois’ new plan, and this November (2023) is going to catch a bunch of folks unprepared, as the requirements will extend to any business with five or more employees. What Is Illinois Secure Choice? Why Is Illinois Making Small Business Owners Do This?

Illinois 52

Illinois Non-Profits payroll Start-ups 52

Nancy McClelland, LLC

AUGUST 21, 2023

There is a phased-in approach to the State of Illinois’ new plan, and this November (2023) is going to catch a bunch of folks unprepared, as the requirements will extend to any business with five or more employees. What Is Illinois Secure Choice? Why Is Illinois Making Small Business Owners Do This?

Illinois 52

Illinois Non-Profits payroll Start-ups 52

TaxConnex

FEBRUARY 16, 2023

Think you’re the only one worried about sales tax compliance? According to our third annual Sales Tax Market Survey you’re not. We have] difficulty with our tax team having extremely limited knowledge of the products and the product teams not caring enough to take the time to properly classify.” Too much staff time needed.

Sales 130

Sales Tax Alaska Missouri 130

CPA Practice

FEBRUARY 9, 2023

A team of students from the Southern Illinois University, Carbondale, claimed victory at the Deloitte FanTAXtic national case study competition by presenting the best analysis on a complex, issues-driven business tax case. The national finals were held Jan.

Illinois 52

Illinois Wisconsin Iowa Louisiana 52

CPA Practice

OCTOBER 19, 2023

Top 30 accounting firm Cherry Bekaert has acquired PKF Mueller, a full-service CPA firm based in Elgin, IL. Financial terms of the deal were not disclosed, but as part of the transaction, Cherry Bekaert also receives Mueller dotKonnect, a business process outsourcing firm that specializes in finance, accounting, tax and payroll functions.

cpa firm 52

cpa firm CPA Illinois Management Consulting 52

MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

North Carolina 130

North Carolina Oklahoma Ohio Tax 130

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

Nancy McClelland, LLC

JULY 22, 2022

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. It’s hard enough to change sales tax amounts on a department-by-department basis… but item-by-item? My inbox on June 27th.

Illinois 52

Illinois Sales Tax tax return 52

Anders CPA

AUGUST 2, 2023

The Missouri Back to School Sales Tax Holiday is a great time to stock up on supplies needed for the upcoming school year. In Missouri, the tax-free holiday starts at 12:01 a.m. During this period, qualified purchases are exempt from sales tax. WHAT ITEMS ARE EXEMPT FROM SALES TAX? DO ALL CITIES IN MISSOURI PARTICIPATE?

Missouri 52

Missouri Illinois Tax Sports 52

CPA Practice

JUNE 21, 2023

Join SafeSend, as they share the journey of solving pain points experienced on the front-end of the tax process and define a new way to get your firm and clients tax ready! Shirley Chen is a Digital Transformation Practitioner who specializes in leading changes in the tax & accounting industry. Click here to log in.

Tax 80

Tax Technology Indiana Michigan 80

Anders CPA

JANUARY 2, 2024

Huff, CPA and Joshua L. Snyder, CPA in Tax and Clay M. Kniepmann, JD, CPA/CFF/ABV, CFE in Forensic, Valuation and Litigation to principals at the firm. About Ryan Huff Ryan began his accounting career at Anders in 2008 and has worked his way up to principal as a technical resource for the tax department.

Missouri 59

Missouri forensic accounting Illinois public accounting 59

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. By Daniel F.

Illinois 119

Illinois CPA Non-Profits cpas 119

Nancy McClelland, LLC

JANUARY 30, 2024

Tax preparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. Never mind that the IRS e-file has been offline since November 18th, because it takes over two months to reprogram the systems for new tax laws, updates, and edits to tax forms.

Tax 52

Tax tax return Illinois tax preparation 52

Going Concern

MAY 31, 2023

“With their leadership, I look forward to our continued journey creating the advisory CPA firm of the future, today.” Ackerman, CPA Assurance – Real Estate and Construction (Washington, D.C.) Badani, CPA Assurance – Financial Services (Irvine, California) Ashley R. Barber, CPA Tax – Commercial (Iselin, New Jersey) Jason M.

Wisconsin 52

Wisconsin Real Estate Pennsylvania Illinois 52

CPA Practice

OCTOBER 11, 2023

Illinois ranked 19 th in the study, where it’s estimated a family will spend $22,310 annually on raising their child when accounting for expenses like rent, food, child care, apparel, transportation, health insurance premiums, and state tax exemptions or credits. Find your CPA at www.icpas.org/findacpa.

Illinois 98

Illinois Education CPA cpas 98

CPA Practice

OCTOBER 12, 2023

Retail sales of guns and ammunition will soon be subject to a new state excise tax in California. Under Assembly Bill 28, which Governor Gavin Newsom signed into law on September 26, 2023, an 11% tax will apply to gross receipts from retail sales of ammunition, firearms, and firearm precursor parts starting July 1, 2024.

California 124

California Sales Tax Pennsylvania 124

Nancy McClelland, LLC

JANUARY 23, 2023

January 23, 2023 — Per IRS 2023-11 , following a successful opening of its systems today, the IRS is now accepting and processing 2022 tax returns; taxpayers have until April 18 to file their taxes this year. The State of Illinois also opened its tax season today.

tax return 52

tax return Tax Illinois income tax 52

CPA Practice

OCTOBER 4, 2023

As a tax professional, you are probably aware of your responsibility for keeping your clients’ personal data safe, but do you know what that really means and how to successfully protect their privacy? Gail Perry is the editor-in-chief of CPA Practice Advisor. Already registered for this webinar? Click here to log in.

Tax 52

Tax Indiana New Hampshire CPA 52

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

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. Legal marijuana businesses are an enforcement priority of the IRS.

income tax 98

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CPA Practice

JULY 12, 2023

Fortunately, the Internal Revenue Code includes several tax strategies that may help your clients better prepare for the potential costs of long-term care—here are three to consider. HEALTH SAVINGS ACCOUNTS A health savings account (HSA) is one of the most tax-efficient ways to save for long-term care costs.

Tax 98

Tax tax return payroll tax Illinois 98

CPA Practice

JUNE 5, 2023

Taylor, Kiplinger Consumer News Service (TNS) NBA finals Game 2 is in the books, and many people who tuned in to see the Miami Heat tie the series with the Denver Nuggets are probably not wondering what a jock tax is. But the NBA Finals—and other sporting events—are connected to taxes in a big way. What is the jock tax?

income tax 118

income tax Tax Sports Nevada 118