CPA Practice

OCTOBER 2, 2023

But all the excitement and talk about Taylor’s appearance at an NFL game has also raised questions about what Eras Tour tickets have to do with taxes. So, to sort out some of the confusion, here’s what you need to know about how reselling concert tickets (not just those for Swift’s tour) might impact your tax bill.

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CTP

FEBRUARY 29, 2024

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. First, you must classify gamblers, identify your clients in specific categories, and calculate estimated federal income tax.

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Withum

FEBRUARY 29, 2024

However, unlike Social Security tax, the annual Medicare tax withholding is based on 100% of the employee’s annual gross salary (with limited exceptions such as employee’s contributions to employers’ medical plans). Next, let’s review his State tax liability.

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CTP

APRIL 21, 2025

In 2021, student athletes were granted licensing rights for the first time, allowing them to earn income on the use of their name, image, and likeness (or NIL). Popular athletic brands, video games, and local businesses see this as an opportunity to get a small-time celebrity endorsement at a more affordable cost.

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ThomsonReuters

DECEMBER 11, 2020

The IRS has added an optional computational bridge to its 2021 version of Publication 15-T (Federal Income Tax Withholding Method) that employers can use if they want to treat 2019 or earlier Forms W-4 as if they were 2020 or later Forms W-4 for the purposes of determining federal income tax withholding. Background.

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Withum

FEBRUARY 29, 2024

However, unlike Social Security tax, the annual Medicare tax withholding is based on 100% of the employee’s annual gross salary (with limited exceptions such as employee’s contributions to employers’ medical plans). Next, let’s review his State tax liability.

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CPA Practice

JUNE 10, 2024

of all taxpayers’ adjusted gross income and 25.7% of all federal income taxes(1), up from 8.1% Over the same period, the group also enjoyed the largest decline in its average income-tax rate, to 25.7% What’s needed it the courage to reform a dysfunctional system. _ (1) These are federal income taxes.

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CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

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MyIRSRelief

MAY 22, 2023

Tax professionals can help taxpayers determine the best course of action for their situation and guide them through the process of resolving their back taxes. 941 Payroll Tax Problems: The 941 payroll tax is a tax that employers must pay on behalf of their employees for Social Security, Medicare, and income taxes.

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Xero

NOVEMBER 27, 2022

Sam See, another Xero education specialist, will explain how you can streamline accounts production with Xero Tax, in a masterclass taking place at 1pm on 30 November, and 12.30pm on 1 December. . Find out why MTD for ITSA is great.

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CPA Practice

JANUARY 23, 2023

By Tim Grant, Pittsburgh Post-Gazette (TNS) The stimulus benefits that have been fattening income tax returns for the past few years are gone. But since the stock market didn’t do so well last year, investors who sold at a loss can at least expect a lower tax bill. Filing early is usually the best game plan.

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CPA Practice

FEBRUARY 27, 2024

billion cost of Allegiant Stadium via hotel room tax-backed municipal bonds with investors’ yields sheltered from federal income taxes. What about other metropolises, where attendees at these games are almost all locals? Those are the two worst sides of these “tax expenditures.”

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. 115-97 ) of 2017 brought about significant changes to the U.S.

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Withum

NOVEMBER 16, 2023

These entities, not subject to corporate income tax, pass their income through to individual or corporate owners, who are then taxed at their respective income tax rates. Given the complexity of these structures, they have become popular among higher-income groups, necessitating increased scrutiny.

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ThomsonReuters

JULY 13, 2023

Tax work paper software powered by AI can improve staff members’ daily work by minimizing review time and standardizing work paper preparation. Because reviewers bill time at the highest rate, the review is the most expensive phase of the 1040 income tax process. Sounds great, right?

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CPA Practice

FEBRUARY 19, 2025

The quarter percent federal excise tax, also known as the handle tax, "does nothing except penalize legal gaming operators for creating thousands of jobs," said U.S. Rep.Dina Titus, D-Las Vegas.

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Xero

AUGUST 22, 2022

The road to Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is long and winding, but the end is in sight. We have fantastic software, we’re using Xero’s MTD for ITSA beta product, and we’re ahead of the game. We explain they have to take this up, and it’s our job to smooth the process. Tips of the trade.

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Shay CPA

OCTOBER 18, 2023

The maximum credit limit that can be applied against payroll taxes has been increased from $250,000 to a whopping $500,000 for tax years starting after December 31, 2022. The Basics The R&D Tax Credit, or IRC 41, offers taxpayers a credit against income tax for qualified research expenses (QREs).

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CPA Practice

JUNE 14, 2023

For tax years beginning after Dec. This payment will first offset any tax liability of the entity and any excess will be refundable. Businesses can also choose elective pay for three of those credits: the credits for advanced manufacturing (45X), carbon oxide sequestration (45Q), and clean hydrogen (45V).

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CPA Practice

JANUARY 10, 2024

The legalization of sports betting and online gambling has led to an explosion in gaming across America. With millions trying their luck, complex tax rules for reporting and deducting gambling winnings and losses present new challenges for taxpayers. From W-2Gs to 1099-Ks, the IRS reporting requirements leave much confusion.

Gambling 80

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LyfeAccounting

DECEMBER 30, 2020

Are you tired of paying taxes? Taxes stink. But recently, I heard that some people pay very little in taxes. In fact, the president’s tax returns show he paid just $750 in federal income taxes in 2016 and 2017. This helps make the tax system fair. How to Calculate Your Taxes. INCOME TAXED.

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Menzies

AUGUST 8, 2022

NFTs take various forms such as artwork, video game items, or even concert tickets. Like a unique weapon in a popular video game. There is no precedent for what tax rates are applicable to NFTs, if feasible, getting advice from a tax professional who is knowledgeable of NFTs is a safe option. Badges of Trade.

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inDinero Tax Tips

JANUARY 1, 2025

People need skin in the game to incentivize them to continue working. As shares vest and increase in value, so do the income tax consequences of receiving them as compensation. By filing the 83(b) election, you can lock in the lower equity valuation for tax purposes, saving you and would-be investors considerably.

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Going Concern

JULY 14, 2023

Prior to joining DLA, John served as a Partner with two National professional services firms, where he was the subject matter expert on business combinations, impairment analysis, income tax accounting, stock compensation, revenue recognition, and going concern analysis.

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inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

Delaware 52

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Withum

SEPTEMBER 14, 2022

Thanks to third-party reporting, the IRS in most cases today knows if you haven’t filed income tax returns, especially if your income is high. If your income is high and you have not filed tax returns, expect to be contacted by the IRS. Failure to file : Do I really need to explain this one?

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CTP

APRIL 11, 2025

By connecting with a Certified Tax Planner, student athletes can receive expert advice on the savings tactics that will work best for their unique situation. Read on for an overview of key things to keep in mind when it comes to tax planning for student athletes. self-employment tax.

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Withum

FEBRUARY 9, 2022

tax Net Investment Income Tax. It means that it can be used to play a game, visit a real-life event, stake to earn rewards, etc. In our example, had ETH decreased by $100 by the time we purchased the NFT, the loss would have been $213.34. In addition, since it is a capital asset, it is also subject to the additional 3.8%

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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%). Well, no more.

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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.

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Analytix Finance & Accounting

JUNE 23, 2023

The Cost of Missed Tax Benefits: According to a study by Statista , the total revenue of the U.S. Individual income taxes totaled 2.63 dollars in 2022, whereas corporate income taxes totaled 425 billion U.S. American taxpayers spend more time and money each year complying with the federal tax code.

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CPA Practice

AUGUST 11, 2023

Hagi Schwartz, Managing Director at Insight Partners, said: “IVIX’s AI-powered platform is a game changer for government agencies combatting financial crimes. The platform’s level of sophistication and adoption by tax authorities globally is impressive, and has the potential to enable governments to provide better services to its citizens.

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CPA Practice

FEBRUARY 3, 2023

(TNS) A Columbus, GA-based tax preparer has pleaded guilty in federal court to charges that she submitted false claims for tax credits for her clients and also failed to pay her own personal taxes. Nadine Word pleaded guilty to preparing and submitting false tax returns and failing to file her personal tax returns,” James E.

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LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. When you buy art, it can be a tax write-off.

Legal 59

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CPA Practice

SEPTEMBER 6, 2023

Digital tokens collected in digital games are also static NFTs. A static NFT is fixed: The token ID and contract address cannot be changed after the NFT has been minted, and it’s difficult to change the metadata. Everydays: The First 5000 Days is an example of static NFT digital art.

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CPA Practice

APRIL 15, 2024

TNS) During the past few months, the IRS has been touting the fact that it’s upping its cryptocurrency expertise and crypto tax enforcement game. Coincidentally, the tax agency also issued a not-so-subtle reminder to digital asset holders that they must continue to report income from certain digital transactions this year.

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Withum

FEBRUARY 9, 2024

These on-paper losses have the opportunity to provide investors with significant tax reduction opportunities. For many investors these losses can be considered passive activity losses and can be used to offset other passive activity income on their individual income tax returns.

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