Expert insights. Personalized for you.
As noted in our recent alert , IR-2021-179 {“Tax Relief”} as initially issued and updated, provides comprehensive relief to business and individual taxpayers affected by Hurricane Ida in the Tri-State area. MORE
Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT). The post Will you Owe Tax on Profits from Selling Your Personal Residence? MORE
The New Jersey BAIT As many may be aware, in early 2020, New Jersey enacted P.L.2019, c.320 the Pass-Through Business Alternative Income Tax (BAIT) Act, effective for tax years beginning on or after January 1, 2020. MORE
Articles MORE
However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you. MORE
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. MORE
The Budget contains numerous tax provisions that have broad implications to New York taxpayers. As detailed in our previous post , Governor Cuomo signed the 2021-22 New York State (NYS) Budget (The Budget) last month with little fanfare. MORE
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. MORE
2531 ), Laws 2021 {“Bill”}, that establishes an elective Pass-through Entity Tax (PTET) for partnerships and S corporations. The Bill permits PTEs to pay an elective tax on income earned or received in the state. On August 27, 2021, Illinois governor J.B. Pritzker signed P.A. MORE
who are facing a tax charge they have been avoiding for 20 years, according to a report by the Financial Times. The HMRC said an estimated 50,000 contractors took advantage of loan-based tax dodging maneuvers it refers to as “disguised remuneration.” All of those offenders will have to pay, and the HMRC will tax income on all of the received loans in a single financial year. Genuine loans are repaid; if loans are not repaid, they are income and tax is payable.”. MORE
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% MORE
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. MORE
On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given. MORE
New York State (NYS) second quarter Personal Income Tax Estimated Payments are due on June 15, 2021. As… The Bottom Line Featured Post State & Local Strategies Corporate Income Tax Personal Income Tax Featured Content MORE
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas. MORE
New York’s Pass-through Entity Tax (PTET) may result in significantly lower Federal tax benefits for certain electing S corporations. The PTET provisions’… The Bottom Line Featured Post State & Local Strategies Corporate Income Tax Income and Franchise Personal Income Tax MORE
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. MORE
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. MORE
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. MORE
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. MORE
Articles MORE
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. Small Business Tax Briefs Hiring Your Children MORE
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. MORE
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. MORE
Tax season, that is. Curious to know how your taxes stacked up? million tax returns last year, some 88 percent of which were filed electronically. trillion in adjusted gross income — meaning a total tax liability of $1.52 percent federal tax rate. While that looks to mean the average taxpayer forked over $9,655, Motley Fool pointed out that this data is skewed by the Earned Income Tax Credit (EITC). states don’t charge residents income tax. MORE
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. MORE
Overview Taxpayers can use the credit against income taxes (personal income tax, corporation franchise or income taxes), or can make an irrevocable election to apply the credit against sales and use taxes. MORE
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. MORE
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? MORE
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. MORE
State income tax is a direct tax on business income you’ve earned in a state. It sounds straightforward, but this is a complex topic: States have various ways of calculating how much of your corporation’s business income is attributable to its presence and activity there. MORE
This year, Albany has been quite engaged in its attempt to enhance New York State’s tax “platform.” Spring is in the air, baseball has begun, and we await Governor Cuomo’s signature of the 2021-22 New York State (NYS) fiscal year budget. MORE
The IRS opened the 2020 individual income tax return filing season on February 12. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How is a person’s tax identity stolen? The post Should I File My 2020 Tax Return Early? MORE
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. MORE
The Notice adds guidance with respect to specific New York State tax filings and payments due on or before… Featured Post State & Local Strategies Corporate Income Tax Income and Franchise Sales and Use Tax Featured Content MORE
The TSB is New York’s initial guidance in addressing the myriad of technical and procedural issues since New York adopted its elective Pass-through Entity Tax (PTET). Just in time for Labor Day, on August 25, 2021, New York State (NYS) issued Technical Memorandum TSB-M-21(1)C, (1)I , {“TSB”). MORE
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%. MORE
Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. Single-Member LLC Tax Basics. Multimember LLC Tax Basics. Small Business Consulting Taxes MORE
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Individual Tax Briefs Inherited Property Stepped-Up Basis MORE
SEPTEMBER 26, 2021
50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No. MORE
income tax Related Topics 
RogerRossmeisl
JUNE 15, 2021
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%
RogerRossmeisl
NOVEMBER 27, 2020
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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TaxConnex
MARCH 18, 2021
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.
RogerRossmeisl
OCTOBER 28, 2020
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.
ThomsonReuters
OCTOBER 1, 2021
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.
Marlogin,Winer&Evens
JUNE 7, 2021
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact.
ThomsonReuters
SEPTEMBER 2, 2021
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.
xendoo
DECEMBER 14, 2020
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.
Withum
MARCH 31, 2021
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%.
Withum
JULY 26, 2021
Articles
LyfeAccounting
NOVEMBER 17, 2020
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.
SkagitCountyTaxServices
FEBRUARY 4, 2021
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.
|
Withum
JANUARY 26, 2021
Articles Coronavirus Stimulus Package
LyfeAccounting
JUNE 25, 2021
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?
Withum
NOVEMBER 11, 2020
Articles
Withum
JULY 13, 2021
Articles
Marlogin,Winer&Evens
SEPTEMBER 23, 2021
As noted in our recent alert , IR-2021-179 {“Tax Relief”} as initially issued and updated, provides comprehensive relief to business and individual taxpayers affected by Hurricane Ida in the Tri-State area.
Marlogin,Winer&Evens
SEPTEMBER 2, 2021
2531 ), Laws 2021 {“Bill”}, that establishes an elective Pass-through Entity Tax (PTET) for partnerships and S corporations. The Bill permits PTEs to pay an elective tax on income earned or received in the state. On August 27, 2021, Illinois governor J.B. Pritzker signed P.A.
ThomsonReuters
APRIL 1, 2021
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.
Withum
JANUARY 15, 2021
Articles
Marlogin,Winer&Evens
AUGUST 27, 2021
The TSB is New York’s initial guidance in addressing the myriad of technical and procedural issues since New York adopted its elective Pass-through Entity Tax (PTET). Just in time for Labor Day, on August 25, 2021, New York State (NYS) issued Technical Memorandum TSB-M-21(1)C, (1)I , {“TSB”).
Marlogin,Winer&Evens
JUNE 9, 2021
New York State (NYS) second quarter Personal Income Tax Estimated Payments are due on June 15, 2021. As… The Bottom Line Featured Post State & Local Strategies Corporate Income Tax Personal Income Tax Featured Content
Marlogin,Winer&Evens
JUNE 4, 2021
New York’s Pass-through Entity Tax (PTET) may result in significantly lower Federal tax benefits for certain electing S corporations. The PTET provisions’… The Bottom Line Featured Post State & Local Strategies Corporate Income Tax Income and Franchise Personal Income Tax
Marlogin,Winer&Evens
MAY 13, 2021
The Budget contains numerous tax provisions that have broad implications to New York taxpayers. As detailed in our previous post , Governor Cuomo signed the 2021-22 New York State (NYS) Budget (The Budget) last month with little fanfare.
Marlogin,Winer&Evens
APRIL 16, 2021
This year, Albany has been quite engaged in its attempt to enhance New York State’s tax “platform.” Spring is in the air, baseball has begun, and we await Governor Cuomo’s signature of the 2021-22 New York State (NYS) fiscal year budget.
PYMNTS
MAY 28, 2020
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.
Marlogin,Winer&Evens
OCTOBER 14, 2021
The Notice adds guidance with respect to specific New York State tax filings and payments due on or before… Featured Post State & Local Strategies Corporate Income Tax Income and Franchise Sales and Use Tax Featured Content
Marlogin,Winer&Evens
APRIL 7, 2021
The New Jersey BAIT As many may be aware, in early 2020, New Jersey enacted P.L.2019, c.320 the Pass-Through Business Alternative Income Tax (BAIT) Act, effective for tax years beginning on or after January 1, 2020.
ThomsonReuters
OCTOBER 6, 2021
State income tax is a direct tax on business income you’ve earned in a state. It sounds straightforward, but this is a complex topic: States have various ways of calculating how much of your corporation’s business income is attributable to its presence and activity there.
PYMNTS
APRIL 18, 2017
Tax season, that is. Curious to know how your taxes stacked up? million tax returns last year, some 88 percent of which were filed electronically. trillion in adjusted gross income — meaning a total tax liability of $1.52 percent federal tax rate. While that looks to mean the average taxpayer forked over $9,655, Motley Fool pointed out that this data is skewed by the Earned Income Tax Credit (EITC). states don’t charge residents income tax.
RogerRossmeisl
JULY 27, 2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.
RogerRossmeisl
JULY 14, 2021
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. Small Business Tax Briefs Hiring Your Children
RogerRossmeisl
OCTOBER 6, 2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.
Bharmal&Associates
AUGUST 28, 2020
Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. Single-Member LLC Tax Basics. Multimember LLC Tax Basics. Small Business Consulting Taxes
RogerRossmeisl
SEPTEMBER 6, 2021
However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you.
PYMNTS
MARCH 26, 2019
who are facing a tax charge they have been avoiding for 20 years, according to a report by the Financial Times. The HMRC said an estimated 50,000 contractors took advantage of loan-based tax dodging maneuvers it refers to as “disguised remuneration.” All of those offenders will have to pay, and the HMRC will tax income on all of the received loans in a single financial year. Genuine loans are repaid; if loans are not repaid, they are income and tax is payable.”.
RogerRossmeisl
NOVEMBER 17, 2020
Overview Taxpayers can use the credit against income taxes (personal income tax, corporation franchise or income taxes), or can make an irrevocable election to apply the credit against sales and use taxes.
RogerRossmeisl
AUGUST 15, 2021
On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given.
RogerRossmeisl
AUGUST 9, 2021
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Individual Tax Briefs Inherited Property Stepped-Up Basis
RogerRossmeisl
SEPTEMBER 26, 2021
50 (AB-50) established the California Main Street Small Business Tax Credit II, which will provide COVID-19 financial relief to qualified small business employers. Small Business Tax Credit. California Assembly Bill No.
RogerRossmeisl
SEPTEMBER 27, 2021
Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT). The post Will you Owe Tax on Profits from Selling Your Personal Residence?
RogerRossmeisl
FEBRUARY 13, 2021
The IRS opened the 2020 individual income tax return filing season on February 12. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How is a person’s tax identity stolen? The post Should I File My 2020 Tax Return Early?
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