CPA Practice

NOVEMBER 27, 2023

Corvee, a maker of tax planning technology for businesses and tax pros, has added Augusta Rule deduction filing guidelines into its Instead and Instead Pro tax planning systems. For more information on Instead, visit www.instead.com.

tax planning 98

tax planning Tax income tax tax return 98

Anders CPA

AUGUST 2, 2022

Crypto Tax Planning for 2022. Senate, digital assets such as cryptocurrency would have been treated the same as stock and securities in applying the wash sale rule for federal income tax purposes. Anders is keeping an eye on evolving reporting requirements and tax treatment of cryptocurrencies. CONTACT ANDERS.

tax planning 111

tax planning Sales Tax income tax 111

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

tax planning 52

tax planning Tax income tax CPA 52

Withum

FEBRUARY 15, 2024

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability.

Tax 123

Tax income tax New Jersey CPA 123

LyfeAccounting

NOVEMBER 17, 2020

In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. I thought you just paid your income taxes once per year when you filed your tax return, but NO – I was penalized over $4000 because I didn’t make quarterly “ estimated tax payments ”.

income tax 52

income tax payroll tax payroll Tax 52

CTP

MARCH 9, 2022

By Dominique Molina, CPA MST CTS. Tax planning is making shifts in a taxpayer’s financial and business situation, to minimize their tax burden both in the short term and over time. We’ll discuss five of the main strategies for legally lowering your clients’ tax burden. They want us to use loopholes.

tax planning 98

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Hiring family members can save on taxes if you follow IRS income tax thresholds.

tax planning 52

tax planning business tax Tax tax return 52

Withum

JANUARY 2, 2024

Prior to the passing of this bill, Pennsylvania was the only state that did not align with federal grantor trust rules, allowing the grantor of the trust to be treated as the owner of all or part of the trust for income tax purposes. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

CPA Practice

OCTOBER 5, 2023

It’s time to gather everything, fill out a painful spreadsheet and write a check to my CPA. A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. The fourth quarter is for tax planning, not tax reporting. I realize that I’m in the minority in thinking that tax planning is fun.

Tax 111

Tax income tax tax planning accounting and finance 111

MyIRSRelief

JANUARY 8, 2021

Americans living abroad, expatriates, are not immune from having to pay US Federal Income Tax and even some states do as well. Unfortunately, there are some people who mistakenly think that as soon as they leave the United States that they are no longer responsible for paying taxes.

Tax 147

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CPA Practice

AUGUST 22, 2023

The firm provides accounting and auditing, income tax planning and preparation, estate planning and compliance, investment consulting, and business advisory services to middle-market companies and high-net-worth individuals.

cpa firm 52

cpa firm CPA income tax California 52

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

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CPA Practice

JULY 31, 2023

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

Real Estate 97

Real Estate West Virginia Manufacturing audit 97

MyIRSRelief

OCTOBER 3, 2022

Tax preparation services involve the process of preparing for a tax return such as income tax, state, federal, or local tax returns. This process can be done by a taxpayer with or without the use of tax-prepping software or hiring a tax firm.

tax services 147

tax services California Tax tax preparation 147

CPA Practice

JULY 6, 2023

Let’s briefly recap the key tax rules. For starters, there are three main income tax breaks for Section 529 plans. Tax-favored contributions: No federal income tax results from contributions made to a Section 529 account. There are no tax consequences until amounts are withdawn.

income tax 98

income tax Education Tax tax planning 98

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

Shay CPA

JANUARY 17, 2024

ASAP: Check state deadlines While a lot of states follow the IRS’s lead and require tax filings by mid-April, not all do. Usually, there’s not a ton of deviation from the IRS’s date — Iowa requires corporate income taxes by April 30, for example. You still need to pay any taxes you owe by April 15. Disregard that.

Delaware 52

Delaware Tax income tax Iowa 52

MyIRSRelief

APRIL 3, 2023

That’s where an accountant (EA or CPA) can help. Tax Planning and Preparation: An accountant (EA or CPA) can help small business owners navigate the complex world of tax laws and regulations, ensuring compliance and minimizing tax liabilities. Q: How can an accountant help with financial management?

Account 130

Account accountant accounted accounting and finance 130

Anders CPA

APRIL 23, 2024

In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. TCJA Changes to Individual Income Taxes The TCJA provisions affected various aspects of individuals’ taxable income, deductions, credits and tax liabilities. million to $11.2

Tax 52

Tax income tax tax planning CPA 52

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

CPA Practice

SEPTEMBER 18, 2023

The idea behind Roth conversions is to take money from a tax-deferred IRA, pay taxes on that amount at your ordinary income rate and convert that money into a Roth IRA. By doing this, you’ll be clear of future taxes on the amount you converted, and the money you put in grows tax-free for your lifetime!

Tax 119

Tax income tax Non-Profits tax planning 119

CPA Practice

JANUARY 11, 2024

Kavanagh joins CohnReznick as Assurance Partner CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, recently announced that Charles (Chuck) Kavanagh , CPA has joined the firm as an assurance partner. DeRose, CPA, CGMA, as its new Managing Director. LGA, LLP Welcomes Jeffrey S.

Delaware 59

Delaware Georgia CPA bookkeeping 59

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

income tax 112

income tax New York Tax New Jersey 112

Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

Tax 59

Tax CPA tax planning payroll tax 59

MyIRSRelief

DECEMBER 15, 2022

This might include accounting software, a financial calculator, and reference materials such as tax guides or accounting textbooks. Seek help: If the task is too overwhelming to tackle on your own, consider seeking the help of a professional, such as a local SoCal EA enrolled agent or CPA. What is income tax preparation service?

tax accountant 130

tax accountant Tax Account accountant 130

CPA Practice

DECEMBER 21, 2023

An RMD is the minimum amount you must withdraw annually to avoid a tax penalty. The account owner is taxed at their income tax rate at the time of the withdrawal on the amount of the withdrawn RMD. Cause your Social Security to be taxed at a higher rate. Increase net investment income surcharges.

Tax 114

Tax income tax tax planning Legal 114

LyfeAccounting

JUNE 4, 2021

The IRS is looking at the income your business reports, and you report that income like it’s your own when tax time comes around. Generally speaking, you will pay… federal income taxes, state income taxes, and. self-employment taxes. …on the amount you report.

CPA 52

CPA income tax Tax accounting and finance 52

CPA Practice

JUNE 21, 2023

Consider charitable contributions Charitable contributions provide a dual benefit of supporting philanthropic causes and reducing estate tax liabilities. Donations to qualified charities can result in income tax deductions and generate estate tax deductions, effectively lowering the taxable estate.

Kansas 101

Kansas Tax income tax tax planning 101

CPA Practice

APRIL 17, 2023

While the economy and supply chains may still have some hiccups related to the end of the pandemic, one thing is clear: The demand for the services of accounting, finance and tax professionals is growing strong. Unfortunately, there’s also a “critical talent shortage,” says Tom Hood, CPA, a vice president with the AICPA. ( [link] ).

quickbooks 130

quickbooks payroll Technology audit 130

CPA Practice

NOVEMBER 2, 2023

By Diana Crawford, CPA. One of the topics the minds of many tax and accounting professionals is the environment. Tax savings and credits provide an even better package to align your ideals and principles with like-minded companies. Legislation is playing a role in this.

Tax 115

Tax North Carolina Agriculture cpas 115

Anders CPA

AUGUST 30, 2022

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. Anders Sports, Arts and Entertainment advisors are well versed in benefits and limitations of the various retirement plan options for collegiate athletes.

income tax 98

income tax tax return Entertainment Sports 98

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? According to Pilar Garcia, CPA , Tax and Accounting Executive Editor for Thomson Reuters, “AI, especially generative AI, can propel the accounting profession forward like no other technological advancement since Excel. How can accountants be more efficient?

Account 59

Account accountant accounted tax preparation 59

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. Trust tax preparation can be a challenging task, even for experienced tax preparers. However, trusts can also be complex from a tax perspective. Form 1041, U.S.

tax preparation 130

tax preparation Tax tax return income tax 130

Basis 365

APRIL 28, 2022

The income and expenses get reported on your individual return on Schedule C and thus are subject to ordinary income tax rates and self-employment taxes. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners. What are Common Strategies Based on My Entity Type?

income tax 52

income tax tax return tax planning Legal 52

CPA Practice

JANUARY 22, 2024

This goodwill property right provides some unique planning alternatives to minimize income tax related to a corporate or company acquisition. This article illustrates how planning with personal goodwill can be used to minimize tax arising from the sale of a corporation or company.

Tax 98

Tax income tax Sales cpas 98

Nancy McClelland, LLC

APRIL 9, 2024

For one, the immense number of changes to our tax code since the Tax Cuts & Jobs Act (TCJA) took effect in 2018 has made tax planning substantially more complex than it used to be. Or, at the very least, having to pay us at tax-time to fill out the complicated annualization schedule on the tax return.

Illinois 52

Illinois Tax tax preparation tax return 52

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 provides an estimated tax savings of $1,289,100.

tax planning 116

tax planning Tax income tax Sales 116