ThomsonReuters

JANUARY 4, 2024

Consider adopting a strategy to advise clients on timely tax planning strategies. Proactively addressing these issues will position your firm as a trusted advisor instead of simply a once-a-year tax return provider. Want to start 2024 off strong with an advisory mindset?

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

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CPA Practice

JULY 12, 2023

If the estate is the beneficiary, the value of the HSA is included in the final tax return and the taxable amount may be reduced by any qualified medical expenses incurred by the decedent and paid within a year after the date of death. Of note, an HSA can be inherited from a spouse who has the same rights as the original owner.

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CPA Practice

OCTOBER 20, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. 1705, the STEM Education in Accounting Act. In the House of Representatives, H.R.

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CPA Practice

OCTOBER 19, 2023

Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. 1705, the STEM Education in Accounting Act. In the House of Representatives, H.R.

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ThomsonReuters

NOVEMBER 21, 2023

Broaden your year-end discussion to include advice that extends several years ahead and looks at the full picture by suggesting what levers to pull in various scenarios. Consider educating your clients on the following timely tax planning topics: Corporate Transparency Act. This goes into effect on January 1, 2024.

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MyIRSRelief

APRIL 3, 2023

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. They can also help prepare tax returns, file necessary forms, and represent the business in the event of an audit.

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inDinero Tax Tips

JUNE 24, 2023

Payroll Taxes : The employer portion of social security and Medicare payroll taxes are deductible business expenses. Instead, these premiums may be eligible for deduction on an individual’s personal tax return. Education and Training Expenses Upskilling can be expensive.

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xendoo

APRIL 20, 2022

Come tax time, no one wants to sift through old receipts to account for each expense. . Moreover, up-to-date records ensure that you file tax returns accurately. Besides saving you time, you’ll also want to track expenses to take advantage of tax deductions and better financial health.

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ThomsonReuters

APRIL 25, 2024

Understanding the tax implications of healthcare expenses is an important piece of comprehensive retirement planning. Educate your clients about the tax implications of their financial decisions. Ensure they understand the impact of their choices on their overall tax liability. Do you pay taxes on retirement income?

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CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

Real Estate 115

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CPA Practice

SEPTEMBER 12, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” million of taxes Mayo Clinic paid on revenue generated by “debt-financed real-estate investment” over seven years. (TNS) A precedent-setting $11.5

Real Estate 95

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MyIRSRelief

NOVEMBER 19, 2021

In this article we will go over 10 different tax credits that you may be able to claim in order to reduce your taxable income, and therefore the amount of taxes you owe. My name is Mike Habib and I’m here to tell you about tax credits for this year that can help save you some money. Small-business tax credits.

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MyIRSRelief

MARCH 31, 2020

Tax filers must have provided, on the relevant tax returns or other documents (see below), Social Security Numbers (SSNs) for each family member for whom a rebate is claimed. An employee currently may exclude $5,250 from income for benefits from an employer-sponsored educational assistance program. Pension funding delay.

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Nancy McClelland, LLC

DECEMBER 28, 2022

The S-corporation deducts the expense as compensation and includes the amount on the shareholder’s W-2 — in Box 1, but not in Boxes 3 or 5, which means they are not subject to Social Security or Medicare taxes (commonly known as “payroll taxes” or “employment taxes”).

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inDinero Accounting

JANUARY 9, 2023

As a result, the first few years may see negative returns, and hence no income tax liability. However, this doesn’t mean you shouldn’t concern yourself with taxes. First of all, there are many other taxes – such as payroll tax, property tax, sales tax, and excise tax – to worry about.

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inDinero Accounting

JANUARY 9, 2023

Becoming a certified public accountant (CPA) takes years of higher education (150 credit hours) and success in an exam as well as continuing education requirements. As a result, the first few years may see negative returns, and hence no income tax liability. Deferred Tax Credits. Losing out on funding or contracts.

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KROST

NOVEMBER 24, 2020

Eligible taxpayers with an average of $50 million or less in gross receipts over the previous three years may claim the federal R&D tax credit against their alternative minimum tax liability. This credit is available through 2020 tax years for contributions made to the College Access Tax Credit Fund.

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ThomsonReuters

DECEMBER 29, 2020

Section 288 aligns the definitions of qualified wages for paid sick and family leave with the Internal Revenue Code and excludes leave payments from employer Social Security employment taxes. Extension of Certain Deferred Payroll Taxes. Employee Retention Credit Expansion and Extension. Indian employment credit.

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Going Concern

AUGUST 25, 2023

Talent Nontraditional Candidates Can Solve Accounting Talent Shortage [ Bloomberg Tax Mazars’ Tifphani White-King explains why accounting firms should recruit people with nontraditional educational backgrounds and discusses ways to help such candidates succeed in the industry. appeared first on Going Concern.

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Going Concern

OCTOBER 27, 2023

IRS encourages employers to electronically file payroll tax returns [ IRS Newsroom ] The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. E-filing is the most secure, accurate method to file returns, and saves time.

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