RogerRossmeisl

MARCH 18, 2024

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest.

Tax 198

Tax income tax tax return CPA 198

RogerRossmeisl

APRIL 17, 2024

Some people mistakenly believe that Social Security benefits are always free from federal income tax. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. The post Beware of a Stealth Tax on Social Security Benefits appeared first on Roger Rossmeisl, CPA.

Tax 212

Tax income tax tax return CPA 212

RogerRossmeisl

NOVEMBER 6, 2023

But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. While these changes affect your account value, they have no tax consequences until you finally start taking withdrawals.

Tax 260

Tax CPA Account accountant 260

RogerRossmeisl

OCTOBER 29, 2023

But if you’re a business owner, tax issues can complicate matters even more. Transferring property tax-free In general, you can divide most assets, including cash and business ownership interests, between you and your soon-to-be ex-spouse without any federal income or gift tax consequences. For example, let’s say.

Tax 259

Tax CPA cpa firm business tax 259

RogerRossmeisl

FEBRUARY 25, 2024

Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Before the Tax Cuts and Jobs Act (TCJA) took effect, the gross receipts threshold for classification as a small.

business tax 239

business tax accrual accounting Tax Account 239

RogerRossmeisl

OCTOBER 29, 2023

However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. The post Tax Consequences of Employer-Provided Life Insurance appeared first on Roger Rossmeisl, CPA. In other words, it’s “phantom income.”

Tax 277

Tax income tax CPA 277

RogerRossmeisl

APRIL 28, 2024

Current retirement plan rules allow for significant tax-deductible contributions. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2024 by a whopping $22,080 (32% × $69,000). Set One Up Now appeared first on Roger Rossmeisl, CPA.

Tax 192

Tax income tax CPA Account 192

RogerRossmeisl

FEBRUARY 18, 2024

What hasn’t changed is that they can help you save for retirement on a tax-favored basis. The post IRAs: Build a Tax-Favored Retirement Nest Egg appeared first on Roger Rossmeisl, CPA. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers.

Tax 241

Tax CPA 241

Summit CPA

MARCH 7, 2024

Anyone who registers for an IRS Preparer Tax Identification Number (usually abbreviated as PTIN) is authorized to prepare taxes for compensation. The requirements are minimal: In order to obtain a PTIN, the applicant must verify with the IRS that they are in compliance with their own taxes and pay a small yearly fee ($19.74

tax preparation 102

tax preparation CPA Tax Education 102

RogerRossmeisl

OCTOBER 29, 2023

Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. The post Tax Implications of Guaranteeing a Loan to Your Corporation appeared first on Roger Rossmeisl, CPA. A business bad debt.

Tax 264

Tax CPA cpa firm business tax 264

RogerRossmeisl

NOVEMBER 26, 2023

Taxpayers who make home energy improvements in 2023 may be able to benefit from tax credits for a portion of the qualifying expenses. This post is intended to assist taxpayers in comparing the tax credits available for making energy home improvements.

Tax 261

Tax CPA 261

RogerRossmeisl

NOVEMBER 6, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale. Reasons: The corporation.

Tax 251

Tax income tax CPA Sales 251

RogerRossmeisl

NOVEMBER 6, 2023

If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. This is only the beginning of the unwelcome tax compliance tasks. For 2023, the SE tax consists of 12.4%

Tax 244

Tax income tax CPA Government 244

RogerRossmeisl

APRIL 17, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

Tax 192

Tax income tax tax return CPA 192

RogerRossmeisl

APRIL 17, 2024

If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances. Some states exempt unemployment comp from state tax.) Be aware of these three areas. (1) Be aware of these three areas. (1)

Tax 214

Tax CPA 214

RogerRossmeisl

FEBRUARY 18, 2024

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) 1) What are this year’s deadlines? Keep in mind.

Tax 201

Tax Massachusetts income tax tax return 201

RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. This new withdrawal option allows certain employers that filed an ERTC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties.

Tax 260

Tax CPA cpa firm business tax 260

MyIRSRelief

FEBRUARY 23, 2024

Facing the IRS can be a daunting experience, especially when dealing with unpaid back taxes, unfiled returns, and the looming threat of bank levies. For many, the stress and confusion surrounding tax debt can feel overwhelming. Furthermore, failure to file tax returns can result in hefty fines and legal repercussions.

tax return 130

tax return Tax CPA accounting and finance 130

CPA Practice

APRIL 22, 2024

The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has announced the honorees of its annual Outstanding Leadership Awards program, which celebrates distinguished leaders within the CPA profession through a variety of prestigious awards. Wolfe, Ltd.

Illinois 116

Illinois CPA Indiana audit 116

TaxConnex

APRIL 25, 2024

There’s nothing like just walking down the hall of your office or clicking into a virtual team meeting to get an answer on something as complex and important as your company’s sales tax obligations. Almost as many (43%) relied on internal resources for the all-important task of calculating the correct sales tax.

Sales 200

Sales Tax accounting and finance auditor 200

RogerRossmeisl

MARCH 5, 2024

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. The credit can be used by certain smaller startup businesses against their Social Security payroll and Medicare tax liability.

payroll tax 162

payroll tax payroll Tax CPA 162

RogerRossmeisl

APRIL 24, 2023

If so, it’s important to determine whether you’re required to file a 2022 gift tax return. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. The post Gift Tax Return Basics appeared first on Roger Rossmeisl, CPA.

tax return 245

tax return Tax CPA 245

RogerRossmeisl

NOVEMBER 6, 2023

By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. Therefore, a taxpayer with three children can transfer $51,000 to the children this year free of federal gift taxes.

Tax 279

Tax tax return CPA 279

RogerRossmeisl

APRIL 30, 2024

That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. The post Taxes When You Sell an Appreciated Vacation Home appeared first on Roger Rossmeisl, CPA. However, the 20%.

Tax 130

Tax income tax CPA Sales 130

RogerRossmeisl

NOVEMBER 8, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2023. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas.

Tax 264

Tax CPA business tax 264

RogerRossmeisl

NOVEMBER 1, 2023

The post IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers appeared first on Roger Rossmeisl, CPA. The IRS’s new Energy Credits Online tool will allow dealers and sellers of clean vehicles to complete the entire process.

Tax 264

Tax CPA Sales 264

RogerRossmeisl

FEBRUARY 25, 2024

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

tax return 177

tax return Tax CPA 177

RogerRossmeisl

OCTOBER 29, 2023

Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). You can exclude a large chunk If you’re selling your principal residence, and meet certain requirements, you can exclude from tax up to $250,000 ($500,000 for joint filers).

Tax 264

Tax income tax CPA Sales 264

RogerRossmeisl

OCTOBER 8, 2020

or a seasoned automotive veteran looking to make a change to an Automotive CPA that understands your business. I’m Roger Rossmeisl, a senior partner with Kho & Patel CPAs with offices in Southern California. Today, The post Does Your Dealership’s CPA Know the Auto Industry? appeared first on Roger Rossmeisl, CPA.

CPA 246

CPA cpa firm California cpas 246

RogerRossmeisl

DECEMBER 3, 2023

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. In certain circumstances, The post There May Still Be Time to Reduce your Small Business 2023 Tax Bill appeared first on Roger Rossmeisl, CPA.

Tax 264

Tax CPA tax planning business tax 264

CPA Practice

JANUARY 17, 2023

State CPA Society Ne ws is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. Massachusetts: The Massachusetts Society of CPAs (MASSCPAs) wants members to prioritize their health this tax season. Opposing sales tax on professional services.

CPA 125

CPA Pennsylvania Tennessee Nevada 125

RogerRossmeisl

FEBRUARY 18, 2024

If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA. When launching a small business, many entrepreneurs start out as sole proprietors.

Tax 221

Tax CPA business tax 221

RogerRossmeisl

APRIL 17, 2024

In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days it’s rented and your level of personal use. In the right circumstances, this can produce significant tax benefits. Any rent you.

Tax 158

Tax CPA 158

RogerRossmeisl

FEBRUARY 13, 2024

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old.

Tax 196

Tax income tax CPA 196

RogerRossmeisl

NOVEMBER 8, 2023

After you celebrate, be aware that there are tax consequences attached to your good fortune. Winning at gambling For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere. They’re reported on an “Other income” line of your 1040 tax return. appeared first on Roger Rossmeisl, CPA.

Gambling 239

Gambling Tax tax return CPA 239