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IRS Says State Issued Stimulus Payments are Not Taxable

CPA Practice

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

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IRS Shoots Down Rumors of More Stimulus Checks

CPA Practice

Three rounds of stimulus checks—known officially as Economic Impact Payments—were sent by the federal government to income tax filers between March 2020 and March 2021 as a way to offset some of the hardships of the COVID pandemic. “There is no fourth round of [stimulus checks] from the Treasury Department,” he said.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

Sports betting is illegal in Alabama, Alaska, California, Georgia, Hawaii, Idaho, Minnesota, Missouri, Oklahoma, South Carolina, Texas, and Utah. Gambling winnings tax If you are one of the millions to place a bet this year, you need to know that the IRS considers sports betting to be gambling. Usually, the payer (e.g.,

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Tax-Free States? Pay No Income Tax in These 9 Tax-Friendly States!

LyfeAccounting

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income.

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

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Excise Tax versus Sales Tax

TaxConnex

Excise taxes vary widely from state to state, but in recent years states collecting the highest per-capita excise taxes include Vermont, Nevada, Hawaii, Minnesota, and Maryland. The lowest per-capita excise tax states have included South Carolina, Nebraska, Idaho, and Arizona.

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Turns Out a Place Called “Accountant ‘R’ Us” Was Not a Legitimate Business at Which to Get Your Taxes Done

Going Concern

9 at his Bethel home on an arrest warrant and indictment issued by federal court in Boise, Idaho, where the bank that processed the loan is based. He submitted a payroll log showing 22 employees and their salaries, as well as quarterly tax and corporate income tax forms. O’Neil formed Accountant “R” Us Inc.

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