Withum

MARCH 7, 2024

We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim. Is There Legislation Pending That Would Alter the ERC?

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CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Online Account.

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MyIRSRelief

DECEMBER 15, 2022

Here are some steps you can take to tackle the task: Take an inventory: First, make a list of all the records you have, including bank/credit card statements, invoices, receipts, and other documents. Our Los Angeles tax preparation service is the process of preparing and filing tax returns for individuals or businesses.

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns?

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xendoo

JULY 6, 2023

Generally, the chances of the Internal Revenue Service (IRS) auditing you are low. However, businesses tend to have more complex tax returns, so auditing is a concern. Typically, the IRS only goes back to audit tax returns that you’ve filed within the last three years. How far back can the IRS audit tax returns?

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Cherry Bekaert

MAY 3, 2024

tax purposes (the classification may be different for foreign tax purposes) Expanding primarily into treaty countries or non-treaty countries, or both Keeping its cash offshore (e.g., income tax return. corporations that are expanding into high-tax countries. tax return. tax liability.

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Withum

JULY 28, 2022

Most likely, the IRS will focus on eligibility, the ERC calculation, and whether the taxpayer amended its income tax returns to pay tax on the ERC. Claiming the ERC is no different than claiming a deduction on an income tax return – both are done under penalties of perjury. Business Tax Services.

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Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Business Tax Services. Contact Us.

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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.

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CPA Practice

APRIL 7, 2023

An Indiana woman pleaded guilty in federal court last Friday in the District of Columbia to conspiring to file false tax returns and related charges. According to court documents and statements made in court, Awett Tedla of Indianapolis was the owner and operator of Speedy Tax Services, L.L.C.,

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Withum

SEPTEMBER 9, 2022

The program applies to all taxpayers who have filed corporate income tax returns in the state of New Jersey that are within the statute of limitations and have intercompany transactions that would be subject to adjustment under the applicable laws. To enter the program, taxpayers must agree in writing by Sept. Contact Us.

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Canopy Accounting

FEBRUARY 14, 2023

It’s so easy for them to register for the portal and upload their documents there." — Robert Azar, of America's Choice Bookkeeping and Tax Services. It’s simple for them to sign up and upload all the documents we need to the portal. It’s so easy for them to register for the portal and upload their documents there.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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xendoo

MAY 16, 2023

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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Withum

JANUARY 8, 2024

Based on this modified guidance, contract researchers should review their legal documents carefully to determine whether they can fall under the excluded product right exception and most likely immediately expense the R&E activity as a trade or business expense.

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inDinero Tax Tips

JUNE 7, 2023

In 2020, only ~5% of individual income tax returns filed exceeded that threshold. The IRS is targeting HNW individuals and businesses because this group of taxpayers is responsible for a disproportionate amount of the tax gap, according to public finance researchers Johns and Slemrod. Who Will This Impact?

Tax 52

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Withum

MARCH 24, 2022

Mr. Kocemba was not paid for any of those services, and he later married the shareholder’s daughter. On its corporate income tax return, the taxpayer claimed a business expense deduction for the cost of Mr. Kocemba’s tuition for the computer coding course. Business Tax Services. Contact Us.

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inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. Table of Contents What is the QSBS Exemption?

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xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. There are many documents that you may need to attach to your return, depending on your business.

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xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. There are many documents that you may need to attach to your return, depending on your business.

Non-Profits 52

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Withum

DECEMBER 4, 2023

As tax returns that originally included the Transition Tax were filed for the 2017 and 2018 tax years, the three-year period from the date of filing the returns to claim a refund have since passed. Proper documentation and adherence to these timelines are crucial to the success of protective claims.

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Snyder

NOVEMBER 10, 2022

While the software doesn’t perform all the steps required for a full tax return, it can still help you calculate your total tax liability and prepare all of the necessary forms and other IRS documents. Personal advice is invaluable in complex tax situations that regular tax software simply cannot handle.

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FraudFiles

JANUARY 27, 2021

It was discovered during that investigation that Cho was being bribed by public officials at South Kora’s National Intelligence Service (NIS) and National Tax Service (NTS). Falsifying documents (including tax returns and bank statements) used to to purchase of a co-op in New York.

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MyIRSRelief

AUGUST 10, 2020

If you’re a Los Angeles business taxpayer and are looking to file your return, chances are you will need to know what this form actually is. IRS form 941 is basically a quarterly tax return for an employer. This form is also in place to report FICA taxes which are payable by the employer. Speak to a professional.

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Anders CPA

NOVEMBER 21, 2023

Pass-through entities like a sole proprietorship, partnership or S-corp, won’t see the benefits as any charitable donation made by those businesses will pass through to your personal tax return. Anders Tax advisors work with businesses on customized tax strategies to reach their highest potential.

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Withum

JULY 26, 2023

The much-anticipated Internal Revenue Service (“IRS”) regulations were released this month and provide additional guidance to a growing subsidy market for clean energy. The proposed regulations detail an intensive documentation process and limits the ability to utilize purchased credits to a narrow field.

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Accounting Insight

APRIL 21, 2023

Furthermore, technology brings about efficiency, and it’s inevitable that tax will eventually shift to a digital default. As for the tax process, technology will simplify and expedite the filing of tax returns for taxpayers and the processing of such returns for tax authorities.

Account 59

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xendoo

AUGUST 2, 2023

Management structure May choose between member-managed or manager-managed Managed by shareholders and officers Reporting Most states require filing annual reports along with an annual reporting fee or tax More complex reporting requirements than LLCs. Naming a registered agent, who’ll accept legal documents on behalf of the LLC.

Tax 52

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xendoo

AUGUST 2, 2023

Management structure May choose between member-managed or manager-managed Managed by shareholders and officers Reporting Most states require filing annual reports along with an annual reporting fee or tax More complex reporting requirements than LLCs. Naming a registered agent, who’ll accept legal documents on behalf of the LLC.

Tax 52

Tax income tax Non-Profits tax return 52

Withum

APRIL 5, 2023

Procedure 2000-50, computer software is defined as any program or routine designed to cause a computer to perform a desired function or set of functions, and the documentation required to describe and maintain that program or routine. This requirement was burdensome and could cause headaches when filing state income tax returns.

Tax 78

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Steve Feinberg

SEPTEMBER 7, 2023

Accurate bookkeeping also ensures that you are compliant with tax regulations. Not only is it required by law, but proper tax compliance ensures that your business avoids penalties and maximizes tax returns and deductions.

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Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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MyIRSRelief

MAY 15, 2024

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. Q: My nonprofit is tax-exempt. A : Not quite!

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inDinero Tax Tips

NOVEMBER 15, 2021

Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation. These are businesses where the owners pay taxes on their individual tax returns, and they are increasingly becoming the new standard. Are Legal Fees Tax Deductible in 2020?

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TaxConnex

NOVEMBER 9, 2021

Bear in mind, though, that as your business grows, you may need different sales tax processes. Once a sales tax return is prepared, it must get filed and paid. Once a return is filed, some form of documentation must support the reported tax liabilities in case the return is audited. Audit work papers.

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Withum

NOVEMBER 17, 2022

Resident Clients: Resident partners/shareholders participating in a PTET (elective or mandatory) may not receive a credit for taxes paid to another state on their resident state income tax return. As such, business owners may remain subject to tax on virtually all their income after they move. Contact Us.

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Withum

FEBRUARY 21, 2024

This includes entities such as corporations (including S corporations), LLCs, and other entities that were required to file a document with a Secretary of State (SOS) or similar office to create or register the entity. An image of the document showing the ID number also must be included with the report. Who Are Beneficial Owners?

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