Plan Ahead for the 3.8% Net Investment Income Tax

RogerRossmeisl

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Net Investment Income Tax appeared first on Roger Rossmeisl, CPA. Individual Tax Briefs 3.8%

How is Disability Income Taxed?

RogerRossmeisl

Many Americans receive disability income. if, and how is disability income taxed? As is often the case with tax questions, the answer is … it depends. If the income is paid directly to you by your employer, it’s taxable to you as ordinary salary would be.

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2021 Personal Income Tax Return Checklist

DMCL

Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

How is Crowdfunded Income Taxed?

CPA Practice

Crowdfunding organizers and any person receiving amounts from crowdfunding should keep complete and accurate records of all facts and circumstances surrounding the fundraising and disposition of funds for at least three years.

Rental Property Income Tax: Why Active or Material Participation Matters

Anders CPA

Owning rental real estate can be a great supplemental source of income in addition to a normal day job. What is most commonly misunderstood about this type of investment is how an individual can treat the income and or losses for tax purposes.

Wayfair: Sales Tax and State Income Tax Implications

TaxConnex

Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Sales tax nexus can be physical or economic – or both.

List of State Income Tax Deadlines for 2022

CPA Practice

The deadline for most Americans to file their federal tax returns in 2022 is April 18, instead of the usual April 15 date. Most states that have their own income tax reporting. This is because of a holiday recognized in the nation's capital.

Crypto investors are likely paying less than half the taxes they owe

Accounting Today

Income taxes IRS Tax Charles Rettig Cryptocurrencies

White House ties Republicans to a tax-hike plan disowned by GOP

Accounting Today

Income taxes Joe Biden Biden Administration Tax

Keeping Pace With Corporate Income Tax Filing Season

ThomsonReuters

A new episode of Thomson Reuters Tax & Tech Talks podcast shares tips and best practices for streamlining operations and navigating this unprecedented tax season. Beneficial tax technology features and functions.

IRS Says Paper Income Tax Returns are Major Cause of Logjam

CPA Practice

The IRS doesn't have the ability to scan paper-based tax returns directly into their systems. The data must be manually typed, a tedious process that causes logjams in processing tax returns.

U.S. budget deficit shrinks $1.6T on record tax surge

Accounting Today

Income taxes Deficits Treasury Department Tax Tax season

Senators seek FTC probe of ID.me

Accounting Today

Income taxes Identity verification IRS Tax FTC

How to Pay Federal Income Tax Online

xendoo

They offer several ways to pay your tax online. Tax Return or Notice. 1040, 1040A, 1040EZ, health care Form 1040, retirement plan 5329 or tax-favored account 5329. Estimated Tax 1040ES. Proposed Tax Assessment. Electronic Federal Tax Payment System.

Will 2022 Income Tax Refunds be Smaller and Later?

CPA Practice

While returns are usually due April 15, this year that day falls on a Friday District of Columbia holiday, postponing the deadline to April 18 for most. Taxpayers in Maine and Massachusetts have until April 19 thanks to the Patriots’ Day holiday in.

What is a provision for income tax and how do you calculate it?

ThomsonReuters

What is a tax provision? Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. How provision for tax is calculated. Current income tax expense.

New Alabama Legislation to Exempt Federal COVID Benefits from Alabama Income Tax

Dent Moses

This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress.

New Jersey Enacts Legislative Fix for Business Alternative Income Tax

Withum

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services.

April Fool’s Day Blog: Income Tax Rates Increased to 94%… or Possibly Vox Pop

Withum

The top income tax rates have varied from 2% to 94% since the first United States income tax was instituted in 1862. Right now the top rate is 37%.

3 benefits of a centralized tax data warehouse for corporate income tax

ThomsonReuters

Tax compliance — and the reporting involved in maintaining that compliance — is one of the most stressful tasks a corporate tax team must complete. For each report or result, someone must find, adjust, and make sense of tax data — and then store it for reuse.

Businesses to Face Expansion of Income Tax Nexus

Withum

Articles

Payroll Taxes vs. Income Taxes | What’s the Difference Between Payroll and Income Tax?

LyfeAccounting

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. With that said, let’s talk about taxes. 3 Tax Plan.

The Next Frontier in State & Local Tax After Wayfair: Expansion of Income Tax via P.L. 86-272

Withum

Articles

Take the BAIT – Why NJ Business Owners Should Reconsider the Business Alternative Income Tax

Withum

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services.

State Income Tax Considerations Related to PPP Funds

Withum

Articles Coronavirus Stimulus Package

A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes

SkagitCountyTaxServices

So, last week I ran through the (rather incredible) selection of NEW and/or extended tax credits available for Skagit County business owners. A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait.

IRS Intends to Greenlight Full State Income Tax Deduction for Pass-Throughs

Withum

Articles

Tips to Speed Tax Return Processing

RogerRossmeisl

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1 Contact us soon for an appointment to prepare your tax return.

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?

Extensions of Timelines by India’s Income Tax Authority Due to the Pandemic

Withum

Articles

Is the Spring Statement 2022 the start of tax cuts?

Wellers Accounting

Tom Biggs ACA CTA , summarises Chancellor, Rishi Sunak's key announcements from the Spring Statement.

New York Issues Formal PPP Guidance for Personal Income Tax Purposes

Withum

Articles

IRS Postpones Deadline for Federal Income Tax Returns, 2020 HSA Contributions, and Certain Retirement-Related Filings

ThomsonReuters

In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. Tax Refunds and Credits. Tax Return Preparers.

End of tax year planning strategies for 2021/22

Wellers Accounting

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

tax 52

Bitcoin Daily: S Korea Eyes New Crypto Income Tax; Less Network Traffic Causes Drop In Bitcoin Fees

PYMNTS

South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. But individuals’ profits from virtual currency is not listed as income, they don’t end up falling under income taxes.

Tax on Fees Paid to Board Members

Generate Accounting

Inland Revenue (IR) has recently released information setting out the tax rules which apply on fees paid to board members. Individuals may apply for an exemption certificate or a special tax rate certificate. In the case of a company, no withholding tax would apply.

What is IRS Form 941?

ThomsonReuters

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax.

On-Demand Webinar: The MTC’s Restatement on PL 86-272 Expands State’s Ability to Impose Income Taxes

Withum

On-Demand Webinars

How To File Your 2021 Tax Return While Waiting For 2020 To Be Processed

Nancy McClelland, LLC

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. The IRS has a couple of “special tips” to ensure the tax return is accepted by the IRS for processing.

How To Download An IRS Account Transcript – UPDATED 2/6/2022

Nancy McClelland, LLC

Last year we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return.