Withum

MARCH 7, 2022

The state’s Department of Revenue had initially estimated the tax would apply to about 7,000 state residents a year and would raise about $445 million starting in the fiscal year 2023. State and Local Tax Services. For more information, please reach out to Withum’s Theatre, Entertainment and the Arts team. Get in Touch.

Washington 76

Washington Tax income tax tax return 76

SkagitCountyTaxServices

AUGUST 26, 2021

Per the Treasury , the bill will target tax increases on big corporations (raising the corporate income tax — i.e. C-corps — to 28%, among other moves) while protecting the majority of small businesses (around 97%). Entertainment expenses are no longer deductible. Meal tickets.

business tax 81

business tax Tax Entertainment Real Estate 81

CPA Practice

AUGUST 1, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution.

Pennsylvania 104

Pennsylvania Tax Real Estate Entertainment 104

Withum

NOVEMBER 14, 2022

The taxpayer indirectly, through a partnership, sold QSBS and reinvested the proceeds into two different QSBs (likely to double up the future section 1202 exclusion) within 60 days but failed to file his/her tax return containing the section 1045 election by the extended due date. Contact Us.

tax return 114

tax return Entertainment Sales Tax 114

Withum

SEPTEMBER 14, 2022

There are numerous expenses owners seek to deduct including personal vehicle purchases and operating costs, trips and vacations, school supplies, entertainment, home repairs, nannies, tuition, food, transportation and commuting, utilities, cell phones and other costs that are unrelated to the business and just serve to lower taxable income.

Tax 106

Tax tax return audit Entertainment 106

xendoo

SEPTEMBER 19, 2022

Not only will this shield you in the event of an audit, but it can make it easier for you to keep track of your expenses when filing your income taxes. The past several years have seen changes in the deduction for entertainment expenses and meals eaten in restaurants. . Entertainment. 100% of the days you spend working .

Entertainment 105

Entertainment Transportation Tax tax return 105

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.

Entertainment 98

Entertainment Sports income tax tax return 98

CPA Practice

OCTOBER 31, 2024

Income tax payable 28. Other assets 20. Short-term debt 21. Accounts payable 22. Salaries and wages payable 23. Accrued expenses 24. Accrued interest 25. Cash dividends payable 26. Unearned revenues 27. Other current liabilities 29. Long-term liabilities 3… Owners’ equity 4… Revenue 50. Direct labor 51. Direct consultants 53.

accounted 121

accounted accountant Account Government 121

CPA Practice

JULY 6, 2023

Lodging and non-entertainment meals (50% of meals). The same applies for non-entertainment meals. You can deduct 50% of the non-entertainment meals relating to your individual expense—not the entire family’s meals. Other expenses that are deductible include the following: Fares for taxis or other types of transportation.

Entertainment 98

Entertainment Transportation Maine Tax 98

MyIRSRelief

APRIL 3, 2023

The credit can be applied against both income tax and payroll tax liabilities. Q: What is the Work Opportunity Tax Credit? A: The Work Opportunity Tax Credit is designed to encourage businesses to hire individuals who face barriers to employment, such as veterans, ex-felons, and individuals with disabilities.

accounted 130

accounted accountant Account accounting and finance 130

CPA Practice

JUNE 20, 2023

By Ethan Shanfeld – Variety Entertainment News Service. Variety (via TNS) Hunter Biden has been charged with illegally possessing a handgun in 2018 as well as two tax misdemeanors, for failing to file and pay taxes on time in 2017 and 2018, according to a court filing by the U.S. Attorney in Delaware.

Delaware 98

Delaware Tax Entertainment New York 98

Accounting Insight

FEBRUARY 21, 2023

Travel and entertainment expenses (T&E) can give your business a competitive advantage if used wisely and effectively. Many small and medium businesses (SMBs) worry about the cost of employee expenses when it comes to travel and entertainment expenses (T&E). What expenses are included in T&E?

Travel Expense Management 59

Travel Expense Management Expense Management Entertainment Technology 59

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

xendoo

JULY 6, 2023

On the other hand, complex tax returns are also harder to audit and require people to manually review them. Earned Income Tax Credit Low-income earners (making less than $25,000 per year) that also claim the Earned Income Tax Credit (EITC) are five times more likely to be audited than everyone else.

audit 52

audit tax return Entertainment income tax 52

xendoo

JULY 6, 2023

On the other hand, complex tax returns are also harder to audit and require people to manually review them. Earned Income Tax Credit Low-income earners (making less than $25,000 per year) that also claim the Earned Income Tax Credit (EITC) are five times more likely to be audited than everyone else.

audit 52

audit tax return Entertainment income tax 52

CPA Practice

NOVEMBER 5, 2024

GGF’s employees have joined GHJ’s team, with GGF founder Scott Gilderman becoming a senior consultant in GHJ’s audit and assurance practice, alongside incoming tax partner Jack Garabedian and Sharon Flummerfelt, client accounting and advisory services managing director, to ensure continuity and expanded expertise for GGF’s clients.

Real Estate 52

Real Estate Entertainment income tax audit 52

Withum

NOVEMBER 16, 2023

Kerra Diener, CPA, consults on various tax topics for businesses and individuals, including state income tax nexus , research and expenditures, 704(b) capital account maintenance, federal and state tax credits, and like-kind exchanges.

Real Estate 52

Real Estate accounted accountant Account 52

xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. Therefore, there is no deduction for them.

business tax 97

business tax Tax Education tax preparation 97

inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

Tax 52

Tax income tax Legal Entertainment 52

inDinero Tax Tips

MAY 24, 2023

Sole proprietorships, partnerships, limited liability companies (LLCs), and S-corporations are pass-through entities; owners report their income as personal income on their tax returns and pay regular income tax. It’s uncommon, but LLCs can also elect to be taxed as a C-corporation.

Tax 52

Tax income tax tax return Legal 52

ThomsonReuters

DECEMBER 1, 2023

Any depreciation on a corporate income tax return (other than Form 1120-S). Amortization of costs that begins during the 2022 tax year. Property generally used for entertainment, recreation, or amusement (including photographic, phonographic, communication, and video recording equipment).

tax return 97

tax return Tax Transportation Non-Profits 97

Menzies

APRIL 18, 2024

The rules exist to ensure that in circumstances where a worker or contractor meets the definition of an employee, that worker pays broadly the same income tax and National Insurance contributions to that of a PAYE employee. The off-payroll working rules, or IR35 as it’s commonly referred to, have been around for some time.

chartered accountant 64

chartered accountant Entertainment income tax Healthcare 64

Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

audit 98

audit Tax tax return auditor 98

CPA Practice

JULY 23, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution.

Pennsylvania 59

Pennsylvania Tax Real Estate Entertainment 59

inDinero Tax Tips

JUNE 12, 2023

Certain expenses are more likely to be flagged by the IRS: hotels, travel, meals, groceries, car payments, rent, cosmetics, clothes, and entertainment. Having an experienced tax expert on your side is best for this approach. Indinero’s online bookkeeping services are here to help with this tedious task.

payroll tax 96

payroll tax payroll bookkeeping services Legal 96

xendoo

NOVEMBER 1, 2021

Meals with clients can also be deducted from your taxes, though only when these meals also serve as business meetings. If you and a client decide to see a movie or sporting event, these entertainment costs will not count among your normal and necessary business expenses. VoIP or video conferencing services. eCommerce business software.

Tax 95

Tax Transportation tax return bookkeeping 95

KROST

MARCH 22, 2021

Generally, income tax and reporting requirements would not be reported separately. Rather, they would have been reportable on the owner’s US tax return. Foreign-owned domestic disregarded entities have not had filing requirements in the past unless an election was made to treat it as a corporation, known as “check the box.”

tax return 52

tax return Entertainment income tax CPA 52

MyIRSRelief

APRIL 22, 2024

Discuss Payment Options: If you owe taxes, discuss payment options with your advisor. Form 941 is used by employers to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Problems with payroll taxes are serious and require immediate attention.

Tax 130

Tax payroll tax payroll tax return 130

ThomsonReuters

JANUARY 9, 2024

In other words, C corps are not taxed as individuals, they are taxed as a business structure that is legally separate from the people who own and operate the business. How do C corps file taxes? C corps file federal income taxes using IRS Form 1120 , the U.S. Corporation Income Tax Return.

corporation tax 52

corporation tax Tax income tax Non-Profits 52

Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Meals and entertainment in which business was discussed. With certain exceptions, only 50% of meals and entertainment can be written off. You must be able to demonstrate that the meals related to earning business income. Corporations are separate entities and as such losses cannot be deducted against personal sources of income.

Tax 52

Tax tax return business tax Entertainment 52

CPA Practice

FEBRUARY 8, 2023

Collectively, the professionals joining Andersen deepen the firm’s expertise serving high net worth individuals, families, and businesses across a range of industries, including real estate, manufacturing, construction, professional services, hospitality, entertainment, technology, retail, financial planning, and agriculture.

Real Estate 52

Real Estate Agriculture Iowa income tax 52

FraudFiles

FEBRUARY 3, 2022

Personal income tax returns (Form 1040) for the last 5 years, including any amended returns. W-2 and/or pay stubs for all years for which personal income tax returns have not yet been completed or filed. Copies of personal financial statements prepared for any purpose in the last 3 years.

Real Estate 52

Real Estate tax return income tax financial statements 52

CPA Practice

APRIL 25, 2024

State and local jurisdictions continue to implement more fees, including everything from environmental “green fees” and retail delivery service fees to fees on transactions within airport and entertainment or dining districts. While these are not technically sales taxes per se, they pose similar challenges to indirect tax teams.

Sales 52

Sales Tax Minnesota Maryland 52

Cheap Accounting

AUGUST 31, 2023

Sole Trader Taxes Depending on profit levels a sole trader will pay: Class 2 National Insurance – a fixed weekly amount Class 4 National Insurance – a percentage based on profit over a threshold Income tax Class 2 and 4 National Insurance is explained at [link]. Income tax is explained at [link].

Start-ups 75

Start-ups accounted accountant Account 75

ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

Tax 52

Tax income tax payroll tax Healthcare 52

Withum

FEBRUARY 1, 2023

Important Tax Considerations With 2022 coming to an end, there are several important tax topics and considerations a dealer should be aware of over the next few years. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election. This applies to tax years 2021 and 2022.

accounting and finance 52

accounting and finance income tax Tax CPA 52

Ronika Khanna CPA,CA

APRIL 14, 2022

This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward. If you do have business income, then you are required to declare your business income on a tax return.

Tax 52

Tax tax return accounting and finance business tax 52