CPA Practice

OCTOBER 30, 2023

Estate (and Generation-Skipping Transfer) Tax Return Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return Form 730, Monthly Tax Return for Wagers Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Form 1066, U.S.

tax return 132

tax return income tax Real Estate Tax 132

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

MARCH 18, 2024

JHM’s added presence in the Cleveland market will bring Cleveland-area companies additional expertise in construction, manufacturing, not-for-profit, real estate, health care, and governmental sectors, as well as additional layers of advisory services for companies, nonprofits, municipalities, and individuals.

cpa firm 52

cpa firm CPA Tennessee Real Estate 52

Withum

FEBRUARY 14, 2024

However, high labor and real estate costs may need to be balanced against the benefits. In addition, California has some of the highest taxes in the country and if goods will be shipped to customers outside of California, locating the warehouse there can result in higher income taxes than other states.

E-commerce 59

E-commerce Real Estate Nevada income tax 59

CPA Practice

OCTOBER 16, 2023

Rahill, CPA/PFS, JD, LL.M., Here’s how this home sale strategy can help your clients be more tax savvy while navigating today’s real estate market. Understanding the Tax Consequences Capital gains tax should be a significant consideration when selling an appreciated home. Rahill, CPA/PFS, JD, LL.M.,

Sales 122

Sales Real Estate Tax tax planning 122

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

Real Estate West Virginia Manufacturing audit 97

SkagitCountyTaxServices

FEBRUARY 4, 2021

So, to that end, I’m here today with a large tax checklist that you can work from for your personal income taxes , understanding that every situation is a little different. A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait. So … here we go.

income tax 53

income tax Tax Real Estate tax return 53

Withum

NOVEMBER 16, 2023

Withum is proud to share that the Los Angeles Business Journal has recognized Aza Ghazaryan , Tax Partner, and Kerra Diener, Tax Senior Manager, on its Top 100 Accountants list for 2023. Aza Ghazaryan , CPA, MBA, is a tax partner with over 15 years of experience helping businesses minimize their tax liability.

Real Estate 52

Real Estate Account accountant accounted 52

CPA Practice

JUNE 19, 2023

If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. Real estate is one example. Investors can own real estate in their investment portfolio through a REIT, or a real estate investment trust. REITs can also have a high distribution yield.

Tax 112

Tax Real Estate income tax Legal 112

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 104

Real Estate Iowa audit CPA 104

CPA Practice

AUGUST 29, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The most expensive states for millionaires tax high earners at high rates. And if you fall into the top federal income tax bracket , the IRS will tax some of your earnings at the 37% rate.) The top income tax rate is 11%. 9% or higher).

income tax 98

income tax Tax New Jersey Hawaii 98

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 106

Tax income tax Hawaii Oklahoma 106

CPA Practice

MAY 8, 2023

Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. Over 700,000 individuals fled California’s high taxes in favor of other states with lower taxes. New York lost more than 23,000 residents and over $1.6

New York 125

New York California North Carolina South Carolina 125

CPA Practice

MARCH 12, 2024

The impact on homeowners has inspired grass-roots efforts such as a proposed Michigan ballot initiative that would not only abolish state and local property taxes, but require supermajority votes in the Legislature to raise other taxes. Think about elderly people who bought their homes 40 to 50 years ago,” Wagner says.

North Dakota 114

North Dakota Idaho Tax Michigan 114

CPA Practice

JANUARY 19, 2023

The tax law provides generous tax breaks to investors in real estate, but there are several key tax pitfalls to watch out for. Generally, deductions resulting from passive activities are limited to the income received from passive activities, so you can’t write off a current loss. Be more active.

Real Estate 122

Real Estate Tax tax return income tax 122

CPA Practice

SEPTEMBER 11, 2023

million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. Universities are exempt from paying taxes on that type of real estate revenue. The years 2004, 2008 and 2009 were not included because no income of that type was reported.

Real Estate 115

Real Estate Tax Education Hospitality 115

CPA Practice

APRIL 29, 2024

And taxable income in the Beaver State that exceeds $3,750 ($8,100 for joint filers) is taxed at a minimum of 6.75%. Massachusetts High long-term capital gains tax rate: 9.0% While the Massachusetts income tax rate is 5% for most people, millionaires can pay significantly more.

Vermont 122

Vermont Minnesota Hawaii Massachusetts 122

CPA Practice

SEPTEMBER 13, 2023

Unlike many of the federal income tax breaks and income phaseout levels, the individual income levels for the 3.8% NII tax aren’t indexed to inflation each year.

income tax 120

income tax Real Estate Tax Hospitality 120

CPA Practice

AUGUST 21, 2023

National Land Realty (NLR), a real estate land brokerage company specializing in farm, ranch, country estates, timber, recreational, and commercial development properties, has launched “Land 1031,” its new 1031 exchange service.

Real Estate 98

Real Estate Tax Sales income tax 98

CPA Practice

NOVEMBER 3, 2023

When You Should PIG Out It’s not greedy to use a “pig” when you’re talking about investment strategies designed to reduce income tax liability. In this instance, the term refers to a “passive income generator” (PIG). Depending on your situation, you might invest in a PIG to maximize the tax benefits.

Real Estate 65

Real Estate income tax Tax Start-ups 65

CPA Practice

AUGUST 16, 2023

For federal tax purposes, the IRS treats digital assets as “property,” and therefore transactions involving virtual currency are subject to the same general tax rules that apply to property transactions involving stock or real estate. The IRS is looking for unreported assets,” said Lucas Rihely, a tax partner at H2R CPA.

cpas 98

cpas tax return Real Estate Tax 98

CPA Practice

SEPTEMBER 11, 2023

Unlike many of the federal income tax breaks and income phaseout levels, the individual income levels for the 3.8% NII tax aren’t indexed to inflation each year.

income tax 116

income tax Real Estate Tax Hospitality 116

CPA Practice

SEPTEMBER 12, 2023

million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. Universities are exempt from paying taxes on that type of real estate revenue. The years 2004, 2008 and 2009 were not included because no income of that type was reported.

Real Estate 95

Real Estate Tax Education Hospitality 95

CPA Practice

MARCH 13, 2024

million in income taxes, excluding interest and penalties. The IRS notified Barrett that she owed taxes by letter correspondence, telephone calls, bank account and property seizures as well as interviews with IRS agents. In addition to the term of imprisonment, U.S. District Judge Brian A.

Louisiana 52

Louisiana Tax Real Estate income tax 52

CPA Practice

MARCH 13, 2023

Perfetto has worked with numerous large, publicly traded clients on complex accounting and audit matters such as acquisitions, impairment analysis, valuation, income tax provision, group audits, and management review controls. He is also a member of the American Institute of CPAs and the Idaho Society of CPAs.

Real Estate 52

Real Estate forensic accounting Connecticut cpas 52

KROST

DECEMBER 16, 2021

California recently passed Assembly Bill 150 (AB 150), which allows qualified entities to pay tax on the income from an S Corporation, or partnership (reported to you on a K-1). The tax paid would result in a credit that you may use to offset the tax due on your California individual income tax return.

Tax 52

Tax Real Estate California tax return 52

KROST

NOVEMBER 20, 2020

Senate Bill 1447 was enacted on September 9, 2020, to offer new credit called Small Business Hiring Tax Credit to qualified California small business employers who can use it to offset state income tax or sales and use taxes. So Sum Lee, CPA , Principal. Tax , Real Estate , Technology , Hospitality.

California 81

California Tax Real Estate income tax 81

CPA Practice

APRIL 13, 2023

There is tax beauty to a qualified exchange of like-kind real estate under Section 10321 of the tax code. Essentially, you give up property and receive another one in return while owing zero or little capital gains tax. This has been a favorable tax-saving technique used by real estate investors for decades.

Real Estate 119

Real Estate Tax tax return Sales 119

CPA Practice

MARCH 12, 2024

Billionaires tax Biden is proposing a 25% minimum tax rate on households worth at least $100 million, hitting many of the richest Americans—who currently pay an 8% rate on their incomes because of tax preferences that allow them to reduce their bills—with significant tax increases. ©2024 Bloomberg L.P.

Tax 52

Tax Real Estate income tax corporation tax 52

Anders CPA

AUGUST 23, 2022

The 15% corporate alternative minimum will apply to covered corporations, those that have stock traded on an established securities market, that have an average annual adjusted financial statement income (AFSI) exceeding $1 billion for any three taxable year periods ending in the current tax year. 1% Excise Tax on Stock Repurchases.

Tax 98

Tax Real Estate payroll tax payroll 98

CPA Practice

SEPTEMBER 19, 2023

When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. This tax is effectively taxing the increase in the value of the business often earned over many years and decades into a single year. This compounds the economic value of the tax savings structure.

tax planning 116

tax planning Tax income tax Sales 116

ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do? They may even be a tax attorney.

Tax 98

Tax tax return income tax audit 98

Withum

MARCH 17, 2022

With the current real estate market heavily favored towards sellers, property owners are looking to cash in on the appreciated value of their real estate holdings. However, that lucrative sale may come with a hefty tax bill from Uncle Sam. . Currently, there are three capital gains tax rates – 0%, 15%, and 20%.

Real Estate 78

Real Estate Sales Tax income tax 78

CPA Practice

APRIL 12, 2023

By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income.

income tax 73

income tax Real Estate Non-Profits Tax 73

Shay CPA

JULY 26, 2023

Businesses participating in START-UP NY can enjoy several tax credits, including the Business Tax-Free NY Area Elimination Credit, which eliminates franchise tax and personal income tax calculated by the business when filing its tax return.

New York 52

New York income tax Technology Real Estate 52

CPA Practice

NOVEMBER 9, 2023

By Kristin Kowalski , CPA, MST. The Department of Health and Human Services recently made an official recommendation to the Drug Enforcement Administration (DEA) to reschedule cannabis as a Schedule III drug, a move that may significantly impact the way that cannabusinesses manage their operations and taxes.

Non-Profits 86

Non-Profits Real Estate Agriculture Legal 86

CPA Practice

APRIL 12, 2023

There is tax beauty to a qualified exchange of like-kind real estate under Section 10321 of the tax code. Essentially, you give up property and receive another one in return while owing zero or little capital gains tax. This has been a favorable tax-saving technique used by real estate investors for decades.

Real Estate 87

Real Estate Tax tax return Sales 87