CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. Here is the main federal income tax implication. Look for more states to follow suit. _

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income tax Tax tax return Minnesota 98

TaxConnex

AUGUST 18, 2022

has long included employees working in tax jurisdictions different from your office locations. Telework creates no exception to the rule, as was recently shown by the Supreme Court’s refusal to hear a remote work and tax case between New Hampshire and Massachusetts. Pandemic relief is obviously expiring.

Sales 191

Sales Tax New Hampshire income tax 191

CPA Practice

JANUARY 8, 2024

April 15 tax filing deadline for most taxpayers For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays.

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Tax tax return income tax Massachusetts 133

CPA Practice

DECEMBER 7, 2023

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.

Montana 118

Montana Idaho New Mexico Illinois 118

CPA Practice

FEBRUARY 1, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. When will I get my tax refund? ” The IRS and tax professionals strongly encourage electronic filing.

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Tax tax return income tax Massachusetts 111

CPA Practice

NOVEMBER 22, 2023

December is here, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline being April 15 (which can vary based on weekends or state holidays). The IRS and tax professionals strongly encourage electronic filing.

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Tax income tax tax return Massachusetts 98

CPA Practice

DECEMBER 26, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. The IRS and tax professionals strongly encourage electronic filing.

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Tax tax return income tax Massachusetts 105

CPA Practice

JANUARY 30, 2023

April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. tool on the IRS website.

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income tax Tax tax return Massachusetts 105

CPA Practice

APRIL 8, 2023

April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. 23, 2023 Feb. 17)** Feb.

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income tax Tax tax return Massachusetts 115

CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. The IRS and tax professionals strongly encourage electronic filing.

Tax 98

Tax tax return income tax Massachusetts 98

CPA Practice

JANUARY 29, 2024

The IRS reminds taxpayers the deadline to file a 2023 tax return and pay any tax owed is Monday, April 15, 2024. Taxpayers living in Maine or Massachusetts have until April 17, 2024, due to the Patriot’s Day and Emancipation Day holidays. Most tax return preparers provide outstanding and professional tax service.

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tax return Tax income tax tax preparation 116

CPA Practice

DECEMBER 15, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. The IRS and tax professionals strongly encourage electronic filing.

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Tax tax return income tax Massachusetts 97

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Can you fill out your state tax return through Direct File?

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CPA Practice

FEBRUARY 24, 2023

April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. 23, 2023 Feb. 17)** Feb.

income tax 98

income tax Tax tax return Massachusetts 98

CPA Practice

OCTOBER 4, 2023

Pramila Jayapal (D-WA) introduced a bill in 2021 that would have created a graduated 2% to 3% annual wealth tax on households worth more than $50 million. In effect, a wealth tax imposes what can be thought of as a third level of taxation—after income tax and capital gains tax—on the most productive drivers of the U.S.

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CTP

MARCH 30, 2023

In these three related appellate cases, the IRS sought to recharacterize millions of dollars that had been paid as commissions into a domestic international sales corporation (DISC) and then shielded from income tax when the DISC contributed the funds to a Roth IRA. Congress created Roth IRAs to enable taxpayers to reduce taxes.

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income tax Ohio Massachusetts Tax 98

CPA Practice

APRIL 11, 2024

Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and cheaper for eligible filers. Importantly, Direct File can be used to claim the child and earned income tax credits, providing valuable support to millions of working families.

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Tax tax return income tax Arizona 52

CPA Practice

APRIL 15, 2024

Additional free help at volunteer sites: The IRS saw tax return preparation work at volunteer sites increase to more than 2.3 million returns this tax season, up 2000,000 from last year following work at Volunteer Income Tax Assistance and Tax Counseling for the Elderly sites.

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Tax tax return Maine Massachusetts 117

TaxConnex

APRIL 12, 2022

The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though. Kentucky is considering gradually eliminating its individual income tax in favor of a broader sales tax. South Dakota has rejected a proposal to cut the state sales tax by a half a percent.

South Dakota 209

South Dakota Sales Tax North Carolina 209

CPA Practice

NOVEMBER 20, 2023

It’s almost December, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which can vary based on weekends or state holidays). Paper check mailed sent apx. 22, 2024. *

Tax 52

Tax income tax tax return Massachusetts 52

CPA Practice

APRIL 12, 2023

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.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions. Several states also have paid family and medical leave (PFML) programs.

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payroll tax payroll Rhode Island Tax 98

ThomsonReuters

JULY 10, 2023

When this happens, the burden of remitting the tax to taxing authorities shifts to the consumer. To further explain, let’s take a look at how two different states — in this case, Washington and Massachusetts — approach use tax. Every calendar year due date, the taxpayer can pay when filing their income tax.

Tax 98

Tax Massachusetts Washington South Dakota 98

CPA Practice

MARCH 14, 2023

The FBAR filing deadline follows the Federal income tax return filing deadlines. FBAR returns are filed separately from the taxpayer’s federal tax returns. person. : The value of the Specified Asset is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the year. 4 th 1 (1 st Cir.

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income tax tax return Tax financial accounting 125

TaxConnex

SEPTEMBER 22, 2022

SaaS vs. downloaded), a burden that leads to greater risk of error; and that taxing digital goods and services through a sales and use tax is best. Sales tax revenues continue their robust pandemic-driven rise in many states. Georgia’s gross sales and use tax collections approached $1.48 The draft is on the MTC site here.

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Sales Tax Indiana Colorado 130

CPA Practice

JANUARY 15, 2024

The sooner you provide the required information to your tax professional, the sooner you can relax. Usually, the IRS grants taxpayers an extra day or two to meet the filing deadline for federal income taxes. Note: Residents of Maine and Massachusetts have until April 17, 2024 to file because of Patriot’s Day.

Tax 40

Tax Massachusetts tax preparation income tax 40

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. This will help us gather important information about the future direction of the Direct File program.”

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Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. It’s important to remember an out-of-state employee will be considered an employee in the state in which they work , not the state in which the business is based or in which the employee lives.

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payroll tax payroll South Dakota Rhode Island 52

TaxConnex

DECEMBER 29, 2022

Nevertheless, some states looked to increase their sales tax base: Massachusetts floated the idea of following Maryland in taxing digital advertising sales. Alaska pondered its first statewide sales tax while proposals for higher local sales taxes were headed to ballots in November and before.

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Sales Tax Maryland Louisiana 130

ThomsonReuters

JULY 7, 2021

Federal Employment Taxes. The United States first imposed a federal income tax briefly during the American Civil War and also in the 1890s. Constitution in 1913 that permanently legalized a federal income tax. And in 2013, the Additional Medicare tax (0.9%) on wages in excess of $200,000 took effect.

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payroll Tax income tax payroll tax 59

Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. Everyone pays the same percentage of their income. Not exactly the best example of a “flat tax” system, right? What does this mean for Massachusetts Taxpayers?

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Massachusetts income tax Tax tax return 75

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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Tax Kansas income tax Montana 128

inDinero Accounting

DECEMBER 5, 2023

QSBS Rules by State While the QSBS applies universally to federal capital gains taxes, some states still levy capital gains taxes. How much capital gains tax an investor is safe from depends on when the stock was purchased. Sometimes it’s 50%, others 75% or even 100%.

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tax return Mississippi Wisconsin Tax 52

CPA Practice

APRIL 7, 2023

Why April 18 is the Tax Deadline This Year The deadline to submit 2021 tax returns or an extension to file and pay tax owed this year falls on April 18, instead of April 15, because the 15th falls on a Saturday, and Monday, April 17 is the Emancipation Day holiday in the District of Columbia, and Monday is also the Patriot’s Day holiday in Maine and (..)

Tax 98

Tax tax return Massachusetts Maine 98

CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

South Dakota 124

South Dakota Tax Maryland income tax 124

PYMNTS

JULY 19, 2018

And while sales tax holidays are always politically popular, and favored by consumers, there remain two large question marks around their usefulness, as showcased in two Federal Reserve studies: whether they actually encourage new spending, and whether they encourage spending among the right consumers. How Tax Holidays Work.

Sales 40

Sales Tax Massachusetts Louisiana 40

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska Tax New Hampshire 105