MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

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CPA Practice

APRIL 1, 2024

While individuals of any background face the risk of being targeted by the predatory tax filing industry, Latinos may fall victim to unqualified service providers who prey on our community. tax system is not just a matter of modernizing government systems—it’s a matter of justice. Improving the U.S.

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ThomsonReuters

APRIL 25, 2024

This means that the funds are deposited into your retirement account before they are taxed — and you won’t owe any income tax on these funds until you withdraw the money from your account, typically after you retire. Are 401(k) contributions tax deductible? What is the 401(k) tax limit?

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Nancy McClelland, LLC

MARCH 7, 2023

(c) Nataliya Vaitkevich The past three years have been challenging in so many ways, to so many people — but as a tax preparer, I can confidently say that the inability for the IRS to provide its usual level of customer service has been among the most impactful. There are products in English and Spanish.

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CPA Practice

APRIL 11, 2024

The IRS wisely started small, piloting Direct File in four states—Arizona, California, Massachusetts and New York—each agreed to implement an integrated option for filing their state tax return and eight states without a state income tax. One reporter said that “the government has created an actually good piece of software.”

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Withum

DECEMBER 22, 2023

Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims. In addition to the VDP, the IRS announced that it started sending up to 20,000 letters with proposed tax adjustments to recapture erroneously claimed ERCs.

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inDinero Tax Tips

MARCH 2, 2023

The anonymous and decentralized nature of blockchains have led many to believe their crypto trades are hidden from the government. Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. Do You have to pay taxes on cryptocurrency gains?

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ThomsonReuters

OCTOBER 12, 2023

Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. income tax returns, just like individuals living in the United States. However, the tax obligations for expats can be different and more complex due to their international status. tax return.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden. If the child’s unearned income (i.e.,

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CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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CPA Practice

AUGUST 15, 2023

Jared Ballew, 2022-23 Chair of the ETAAC and Vice President of Government and Industry Relations at Taxwell; and Ann Campbell, CPA CIA and Drake Software Trainer will share an overview of the cyber threats that taxpayers and tax professionals face daily.

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Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

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ThomsonReuters

APRIL 28, 2022

The federal tax exclusion applies to the fair market value of any employer-provided retirement planning services—regardless of any amount employees contribute to the cost. The value of the services is also excluded from each employee’s wage base for employment tax purposes (e.g., income tax withholding and FICA).

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ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? Accountant vs. CPA vs. tax preparer: What are the differences? Accounting professionals may find that some outside of the profession do not fully understand the differences between an accountant and a tax preparer. So, what are the differences?

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xendoo

MAY 30, 2021

income tax. Florida has a sales tax rate of 6%. S Corporations are exempt from paying state income tax. Sole proprietorships, partnerships, and most LLCs are exempt from state income tax. Florida residents do not pay a state income tax. corporate tax. alternative minimum tax.

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inDinero Tax Tips

MARCH 2, 2023

The anonymous and decentralized nature of blockchains have led many to believe their crypto trades are hidden from the government. Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. Do You have to pay taxes on cryptocurrency gains?

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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ThomsonReuters

OCTOBER 12, 2023

Foreign tax credit carryover Helping clients claim the foreign tax credit For accountants working with U.S. expatriates , understanding the details of the foreign tax credit and Form 1116 is essential in preventing double taxation of income earned abroad and offsetting taxes paid to foreign governments against U.S.

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Cherry Bekaert

NOVEMBER 28, 2023

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. Looking forward, companies should begin to plan for the sunset of many tax provisions in the Tax Cuts and Jobs Act (TCJA).

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MyIRSRelief

FEBRUARY 1, 2023

Form 941, also known as the Employer’s Quarterly Federal Tax Return, is a form used by employers to report their federal tax liabilities, including federal income tax, social security tax, and Medicare tax withheld from employee paychecks. How to resolve employment 941 payroll taxiety problems?

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LyfeAccounting

APRIL 27, 2021

But in today’s post, we’ll actually be explaining why having a huge tax refund or any refund at all is not necessarily a good thing and the reasons might surprise you. What is a Tax Refund? Well, it’s not just free money from the government (though it might feel that way). The Child Tax Credit or CTC.

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PYMNTS

JANUARY 10, 2019

According to various estimates, it can take three to four weeks to get a tax refund from the IRS, while Americans who take the Earned Income Tax Credit or the Additional Child Tax Credit won’t get their refunds until Feb. Those early tax filers, though, often must wait months to gain access to their tax refunds.

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Nancy McClelland, LLC

JANUARY 30, 2024

Tax preparers everywhere spent the past two months gearing up for yesterday’s “opening day” of tax season, January 29th. To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. And we were freaking out about that delay.

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LyfeAccounting

DECEMBER 7, 2020

Payroll taxes that only employees pay typically consist of: – Federal Income Tax. – State Income Tax. Payroll taxes that only employers pay typically consist of: – Federal Unemployment Tax. – State Unemployment Tax. Combined, 7.65% in FICA taxes. – Medicare.

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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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xendoo

APRIL 3, 2023

In this guide, we’ll show how to file Form 3800, maximize your tax savings, and find out if any of the recent tax changes apply to you. General Business Credit) The government uses tax credits to incentivize certain behaviors such as using electric vehicles or retaining employees. What is Form 3800?

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xendoo

APRIL 3, 2023

In this guide, we’ll show how to file Form 3800, maximize your tax savings, and find out if any of the recent tax changes apply to you. General Business Credit) The government uses tax credits to incentivize certain behaviors such as using electric vehicles or retaining employees. What is Form 3800?

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inDinero Tax Tips

MAY 21, 2021

The R&D tax credit is a dollar-for-dollar credit against taxes owed in a given year so long as it can show that it is conducting qualified research activities. The credit calculation was designed so that the government subsidizes additional research that your company would not otherwise have undertaken.

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Ronika Khanna CPA,CA

FEBRUARY 23, 2023

Probably the most popular question posed to accountants and tax preparers (especially around this time of year) is “what types of expenses are deductible?”. The short answer is that a business expense is considered to be deductible if it has been incurred with the ultimate purpose of earning income.

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ThomsonReuters

OCTOBER 12, 2023

For accountants, understanding how to navigate foreign asset reporting is essential, as the IRS requires taxpayers to report certain foreign assets to ensure compliance and combat tax evasion. It is filed with their annual federal income tax return if they meet certain criteria. Report foreign income. tax return.

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ThomsonReuters

SEPTEMBER 7, 2023

Which tax software can accountants use for calculating the child tax credit? The child tax credit is a tax benefit provided by the U.S. federal government to help families with the cost of raising children. Are there any recent changes with child tax credit legislation? citizen, U.S. national or U.S.

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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LyfeAccounting

JULY 22, 2021

In this post, we’re going to continue the fun as we go through the states with the lowest property taxes in the country. What Are Property Taxes For? As you know, property taxes help to fund your local state government. But to what extent are these property taxes just too high or too low? Let’s begin!

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Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Agreements, contracts, government notices etc should all be kept either in hard copy of via a clear scan that can be printed if necessary. Regardless, your record keeping should be as accurate and detailed as possible as this will help your tax prepare to properly reflect your data.

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Going Concern

JULY 21, 2023

Former Deloitte consultant David Milo used confidential government documents to try and win work for his new consulting firm Synergy 360, according to Nine News reports on Thursday. On one side, civil society groups this week launched a coalition to promote the move toward a government-run free-file program.

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LyfeAccounting

APRIL 22, 2021

This basically means Amazon got a federal tax refund for millions of dollars. Over 91 Fortune 500 companies, including Nike, Netflix, and FedEx, don’t pay much in federal income tax, if at all. In this post, we’ll be uncovering how Amazon was able to completely write off taxes. How to Write Off Taxes Like Amazon.

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