MyIRSRelief

MAY 22, 2023

In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation.

payroll tax

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

Withum

SEPTEMBER 14, 2022

Those who still challenge the system with aggressive deductions and underreported income may find themselves confronting a criminal charge of tax evasion. 10 Troublesome Tax Schemes. With this in mind, below are 10 troublesome tax schemes I have seen used by taxpayers. Remember the data science I mentioned.

Tax

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. From April 2024, sole traders and landlords with a total annual turnover above £10,000 need to use MTD for ITSA compatible software to keep digital records and file returns. Getting started.

accounted

PYMNTS

FEBRUARY 23, 2016

“The response shows how we are often torn between what we want to do with our income tax refund versus what we feel we should do,” Liz Weston, personal finance columnist for NerdWallet, said in a statement.

tax return

ThomsonReuters

JULY 13, 2023

This means source documents are bookmarked and organized into a standardized work paper index that follows the order of the tax return. Preparers don’t have to painstakingly assemble tax work papers thanks to automated scan-and-organize functionality. Sounds great, right?

Technology

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

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.

tax preparation

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. Entities without sufficient tax liability were previously unable to realize the full value of credits, which raised costs and created challenges for financing projects.”

Tax

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 other items, however, Washington state requires that use tax be reported on a designated tax return.

Tax

ThomsonReuters

MARCH 6, 2024

Understanding the ERC It is no secret that the Employee Retention Credit has been challenging for employers who struggle to understand complex eligibility requirements and the process to claim the tax credit, and for the IRS who continues to process a large volume of claims, many of which are dubious, despite the expiration of the credit.

tax return

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.

Real Estate

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. The FBI didn’t have enough evidence.

Tax

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

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

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

PYMNTS

APRIL 5, 2018

million individual returns have been filed electronically, a slight 0.7 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. As of March 16, 2018, the Internal Revenue Service (IRS) reports approximately 72.7

Tax

LyfeAccounting

JUNE 22, 2021

For tax purposes, sole proprietors are considered disregarded entities. All this means is that you do not have to file a business tax return when you file your taxes. Instead, you will file a Schedule C when you file your personal tax return. What Taxes Do You Have to Pay as a Sole Proprietor?

tax return

xendoo

JUNE 24, 2021

As it relates to real estate accounting specifically, choose software with a payroll feature capable of calculating commissions and tracking those amounts for income tax withholding. Suppose you wait until a week before your tax return is due to get your books updated. . • Independent subcontractors.

Real Estate

ThomsonReuters

JANUARY 18, 2024

Preparing tax returns. In order to keep their certification current for representation in front of government entities and tax return preparation, CPAs must also keep up to date with yearly continuing education requirements. Recording disbursements and payments. Ensuring that systems are up to date.

accounted

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. LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their income tax for a period of time.

accounting and finance

Accounting Insight

FEBRUARY 1, 2024

Such a business tax enquiry is not to be confused a regular compliance check into personal tax returns or simpler corporation tax returns, which typically focus on a single tax year or accounting period, and sometimes just a handful of aspects. What is a business tax enquiry / hmrc corporate enquiry ?

corporation tax

LyfeAccounting

MAY 5, 2021

For those people, we edited the chart and made a slight adjustment, so you can see their tax rate would be closer to the 40% range. of the 154 million people who filed a tax return in 2018. During the same year, let’s say you earned $100,000 and that puts in you the 24% tax bracket.

Tax

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.

accounted

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.

accounted

Going Concern

MARCH 24, 2023

Up until now, Tax Heaven 3000 creators MSCHF have been known for sneaker drops more than sketchy tax prep games (is anyone known for sketchy tax prep games?). love and taxes forever my heart- “Suitable for singles without dependents” LOL The game’s itch.io

Tax

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.”

Sports

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.” My return, by the way, was sent electronically on April 3, the same day my cpa firm sent my federal income tax return in electronically. state workers.

accounting firms

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

CPA Practice

OCTOBER 21, 2024

As a contractor for the federal government, he stole President Donald Trump’s tax returns—so sought after that they were locked up in a vault for protection—and leaked them to The New York Times. To some progressive readers, the details raised questions about a possible wealth tax.

tax return

Going Concern

AUGUST 23, 2024

Audit Founder of Trump Media’s Ex-Auditor Faces CPA License Loss [ Bloomberg Tax ] The founder of an audit firm that was branded as a “massive fraud” by the SEC risks losing his certified public accounting license, a punishment that would prevent his firm, BF Borgers CPA PC, from performing external audits or certain complex tax returns.

audit

TaxConnex

MARCH 18, 2025

Separately, despite a recent California Senate bill restricting write-offs for lenders, retailers can continue to take bad debt deductions for sales or use tax paid to the state that is later found worthless and written off for income tax purposes.

Sales

ThomsonReuters

FEBRUARY 20, 2025

Blog home Corporate tax professionals are a lot like daring surfers conquering unpredictable waves as they master electronic invoicing (e-invoicing). By keeping themselves informed and staying ahead of the game, they can ride this powerful wave and push their organizations to new heights of efficiency and compliance.

corporation tax