CPA Practice

JANUARY 19, 2023

The Tax Blotter is a round-up of recent tax news. The tax law provides generous tax breaks to investors in real estate, but there are several key tax pitfalls to watch out for. Real estate is automatically treated as a passive activity. Be more active. Swap in time.

Real Estate 122

Real Estate Tax tax return income tax 122

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

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. In addition, the agency extended until Oct.

tax return 132

tax return income tax Real Estate Tax 132

MyIRSRelief

OCTOBER 30, 2023

Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. The fiduciary of an estate or trust is responsible for filing Form 1041, which is due on April 15th each year (unless an extension is filed). Form 1041, U.S.

tax preparation 130

tax preparation Tax tax return income tax 130

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

Withum

FEBRUARY 14, 2024

It is important to review both the logistical considerations of getting goods in and out of a particular state and the plusses and minuses of the state tax and business regulatory environment. However, high labor and real estate costs may need to be balanced against the benefits.

E-commerce 59

E-commerce Real Estate Nevada income tax 59

CPA Practice

JULY 31, 2023

The new promotions touch the firm’s offices in both Pittsburgh and Columbus, and they reach across several areas of the firm’s service offerings, including the firm’s Tax, Audit and Consulting practices, as well as the Merger and Acquisitions/Transaction Advisory practice. He is a licensed CPA and a member of ACG San Francisco.

Real Estate 97

Real Estate West Virginia Manufacturing audit 97

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.

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cpa firm CPA Tennessee Real Estate 52

CPA Practice

MARCH 13, 2024

A Louisiana physician has been sentenced to 52 months in prison for tax evasion. 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. Attorney Ronald C.

Louisiana 52

Louisiana Tax Real Estate income tax 52

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

KROST

DECEMBER 16, 2021

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.

Tax 52

Tax Real Estate California tax return 52

CPA Practice

APRIL 1, 2024

Most retirees focus on the number at the bottom of the balance sheet, not necessarily what that number will be after taxes. Others would rather not have their kids or their estate pay more than necessary to Uncle Sam. Below, I will explain four strategies to leave more by paying less (in taxes). Leave behind real estate.

Tax 52

Tax Real Estate income tax Washington 52

CPA Practice

JANUARY 22, 2024

By Stefan Greenberg, CFP, CFS, CLTC, Kiplinger Consumer News Service (TNS) For many Americans, 401(k) and other tax-deferred retirement plans represent the lion’s share of their investable assets. Let’s assume that you’re currently in the 35% tax bracket and that when you eventually retire, you’ll be in the 25% bracket.

Tax 52

Tax income tax Real Estate Washington 52

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. . Capital Gains Tax Rates. Uncertainty with Future Tax Legislation.

Real Estate 78

Real Estate Sales Tax income tax 78

CPA Practice

JANUARY 11, 2023

Fourth quarter 2022 estimated tax payments are due on or before January 17, 2023. Many taxpayers, especially the self-employed, are required to make quarterly estimated tax payments during the year, and others do so voluntarily to stay current on their taxes. The IRS reminds people that most income is taxable.

Tax 98

Tax income tax Real Estate Non-Profits 98

Ronika Khanna CPA,CA

APRIL 19, 2024

Residents of Canada are required to reflect all sources of worldwide income on their personal tax returns. It is important, if you have investment income in non registered investments (i.e. not TFSA, RRSPs or FHSAs), to ensure that you have received all tax documents and report them.

tax return 98

tax return Tax Real Estate accounting and finance 98

ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

Tax 102

Tax tax preparation bookkeeping bookkeeping services 102

SkagitCountyTaxServices

AUGUST 19, 2022

Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute). But, regardless, you’re going to want to make sure your Skagit County business isn’t vulnerable to new regulatory and tax pressure.

business tax 82

business tax Tax Real Estate CPA 82

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 64

Real Estate income tax Tax Start-ups 64

Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. What exactly are tax deductions?

Tax 98

Tax business tax Real Estate Legal 98

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

AUGUST 16, 2023

Crypto mining operations—the process of creating new digital coins—have unique tax issues because the rules aren’t clear if miners are taxed as cryptocurrency investors or business owners. There’s different tax implications depending on the answer to that,” Ms. Connolly said. That’s really what the purpose of all this is.”

cpas 98

cpas tax return Real Estate Tax 98

Withum

JANUARY 6, 2023

State and local governments, based on volume caps established by the federal government, are able to issue tax-exempt housing bonds. Tax-exempt bonds are those where the interest paid to the bondholders is exempt from federal income tax and, in certain situations, state and local taxes as well.

Finance 75

Finance Tax New Jersey New York 75

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

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

Shay CPA

JULY 26, 2023

An Overview of START-UP NY, QETC, and Life Sciences R&D Tax Credit Program New York has long been a global hub for finance, fashion, and food. START-UP NY: A Decade of Tax-Free Operations START-UP NY is a unique program aimed at partnering businesses with universities and colleges across the state.

New York 52

New York income tax Technology Real Estate 52

inDinero Tax Tips

MAY 10, 2023

Tracking expenses and claiming all of the small business tax deductions you’re eligible for can add up to substantial savings, especially for start-ups that reinvest aggressively as they scale. Many popular tax software are, of course, designed to help you through these startup tax deductions.

business tax 52

business tax Tax bookkeeping bookkeeping services 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 85

Non-Profits Real Estate Agriculture Legal 85

CPA Practice

JUNE 23, 2023

Fernandez, Kiplinger Consumer News Service (TNS) In the context of a 1031 exchange, “boot” refers to the portion of a transaction that doesn’t meet the tax-free criteria and thus becomes subject to immediate capital gains tax. State-level taxes are possible as well, based on an investor’s location.

Delaware 122

Delaware Real Estate Tax income tax 122

KROST

FEBRUARY 25, 2022

As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by California clarify some of the more troubling provisions of this law. The deduction related to this payment would reduce your federal income for 2022 (since the payment was made in 2022). on your 2021 income. KROST Recommendation.

California 52

California CPA tax return Real Estate 52

KROST

MAY 11, 2022

No court supervision in acrimonious estate administrations. Estate tax may need to be paid. Once an irrevocable trust is established, the grantor relinquishes ownership and control of assets included in the trust, which are then excluded from the estate. Income earned from the trust is not distributed to you.

income tax 85

income tax tax return Tax Maine 85

SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. This week is no exception. ” – John W. ” – John W.

business tax 64

business tax Tax Entertainment Real Estate 64

CPA Practice

JUNE 28, 2023

Form 706-GS(D-1) is used by trustees to report certain distributions from a trust that are subject to the generation-skipping transfer tax (GSTT). This form provides the skip person distributee with information needed to figure the tax on the distribution. We continue to work with the IRS to find helpful solutions and seek clarity.”

Real Estate 52

Real Estate income tax cpas Tax 52

CPA Practice

JULY 11, 2023

The new promotions touch the firm’s offices in both Pittsburgh and Columbus, and they reach across several areas of the firm’s service offerings, including the firm’s Tax, Audit and Consulting practices, as well as the Merger and Acquisitions/Transaction Advisory practice. Brett is a graduate of Youngstown State University.

Real Estate 52

Real Estate West Virginia Construction Manufacturing 52

CPA Practice

FEBRUARY 8, 2023

Following another strong year of aggressive growth, Andersen , a global provider of tax, valuation, financial advisory and related consulting services, has expanded its presence in Orange County, Calif. Likewise, clients in these markets will have access to Andersen’s full suite of tax services and extensive global platform.

Real Estate 52

Real Estate Agriculture Iowa income tax 52

SkagitCountyTaxServices

JUNE 22, 2023

Two common methods of calculating earnings are EBIT (earnings before interest and taxes) and EBITDA (Earnings before interest, taxes, depreciation, and amortization). Non-operating assets can include commercial real estate, stocks and bonds, related entities, and surplus cash, so be prepared with documentation on these as well.

tax return 82

tax return Real Estate CPA income tax 82