CPA Practice

JANUARY 2, 2024

and priced at $1,500 or less Items like cell phones and video game consoles are not eligible for the tax-exemption. For more information on what kinds of items are and aren’t eligible for the Florida sales tax holiday, see the Florida Department of Revenue Tip Sheet. And, of course, Florida is a state with no income tax.

Florida 97

Florida Sales Tax income tax 97

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.

Tax 105

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CPA Practice

JANUARY 3, 2024

and priced at $1,500 or less Items like cell phones and video game consoles are not eligible for the tax-exemption. For more information on what kinds of items are and aren’t eligible for the Florida sales tax holiday, see the Florida Department of Revenue Tip Sheet. And, of course, Florida is a state with no income tax.

Florida 59

Florida Sales Tax income tax 59

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).

payroll tax 52

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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

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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TaxConnex

OCTOBER 7, 2021

Sales tax revenues and state corporate tax receipts (franchise and excise taxes) both posted substantial growth. In Georgia , tax collections were up 12.7% The gross sales tax take finished 15.9% over August 2020; income tax collections were up 13.9%. in August year over year. State Updates.

West Virginia 181

West Virginia Sales Tax Alaska 181

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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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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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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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

Delaware Nevada Tax Sales 52

Going Concern

AUGUST 28, 2023

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” I was trying to find out when my Pa. Dead silence. But now I understand.

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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.

Sports 52

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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?

Tax 97

Tax Technology accounting firms income tax 97

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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bookkeeping Education income tax Technology 83

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).

Tax 85

Tax Alaska Manufacturing Tennessee 85

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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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

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ThomsonReuters

MARCH 6, 2024

Employers who file an annual payroll tax return can file an amended return using Form 944-X or 943-X to claim the credits. Employers claiming the credit on an amended payroll tax return may also need to file an amended income tax return for the tax year in which the credit is claimed.

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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.

Account 71

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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

Legal Tax income tax Real Estate 59

Withum

FEBRUARY 1, 2023

Set in New Orleans, Louisiana this year, there was plenty of fun (Phillies Astros World Series Game 1) and information to go around. 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.

accounting and finance 52

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Menzies

AUGUST 1, 2023

Profit extraction – a waiting game The first question to consider is whether you personally need or want the cash, or whether it might be best to leave profits in the company.

corporation tax 52

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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.

Gambling 105

Gambling Tax Account accountant 105

CPA Practice

APRIL 7, 2023

This is a game changer to transform how the U.S. government administers the tax laws in a more helpful and efficient manner while focusing on providing the service taxpayers deserve,” Collins writes in the blog.

Tax 64

Tax Gaming Government income tax 64

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?

Tax 105

Tax tax return audit Entertainment 105

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%

Tax 87

Tax income tax Legal Gaming 87

Mark Lee

DECEMBER 12, 2023

I had thought this might not happen until MTD for income tax becomes a reality. The Rise of DIY Tax Returns This year, in the Facebook groups I frequent, a number of magicians, speakers and consultants have been almost boasting about ho, for the first time, they have completed their own tax returns.

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LyfeAccounting

JULY 1, 2021

But in 1931, Capone was found guilty of 22 counts of federal income tax evasion and was convicted to 11 years in federal prison, in addition to $215,000 plus interest due on back taxes. You see, despite publicly displaying his wealth, Capone never filed a Federal tax return. He didn’t even land in jail for murder!

Tax 52

Tax Gambling tax return income tax 52

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.

business tax 64

business tax Tax Entertainment Real Estate 64

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.

Washington 121

Washington Pennsylvania Technology Tax 121

PYMNTS

APRIL 5, 2018

For many, though, the hard part comes after their taxes are filed and they are forced to play the waiting game, even if they opt to get refunds with direct deposit. Given the stakes, it’s little wonder that direct deposit is the preferred option for tax filers. percent uptick from the same period in 2017.

Tax 40

Tax tax preparation income tax tax return 40

ThomsonReuters

JULY 10, 2023

The use tax rate is the same as the sales tax rate where the item is being used and is due when the item is first used in the state. Every calendar year due date, the taxpayer can pay when filing their income tax. For businesses, purchases of equipment, supplies, and books would be subject to tax.

Tax 98

Tax Massachusetts Washington South Dakota 98

CPA Practice

OCTOBER 3, 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.

income tax 122

income tax tax return Kansas Tax 122

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.

income tax 103

income tax tax return Kansas Tax 103

PYMNTS

APRIL 14, 2018

But despite the things that 1914 didn’t have, it did have income taxes; the 1040 we all know and love today made its first appearance among the masses that year following the ratification of the 16th Amendment to the Constitution. Back then, taxes weren’t due on April 15. Unfortunately, it seems to be a growing trend.

Tax 41

Tax income tax tax return Massachusetts 41

CPA Practice

APRIL 3, 2023

Automate = Delegate When time is a precious commodity, automating tasks becomes a real game-changer. Between the late nights at the office and long drives to client sites, CRM can be your partner in making every client feel like the only client.

Tax 52

Tax financial statements Gaming Account 52