ThomsonReuters

JULY 14, 2025

In most cases, severance taxes can be deducted from a company’s federal corporate income tax. But because the AMT is based on financial statement income, not taxable income, IDC deductions don’t lower taxable income as much as they can for smaller oil and gas companies not subject to the AMT.

North Carolina

TaxConnex

JANUARY 13, 2022

Once a remote seller has met one of the economic nexus thresholds (200 sales transactions or more than $100,000 in sales), it must remit tax until an entire calendar year has passed in which it does not meet either threshold. Also, gift cards and cryptocurrency are a form of currency and should be treated as cash for sales tax purposes.

Sales

TaxConnex

OCTOBER 5, 2021

collects about 4% of its revenue from excise taxes. 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. Latest estimates are that at the federal level the U.S.

Sales

TaxConnex

MARCH 2, 2021

Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. Minnesota wants comments on possible rules governing sales and use tax recordkeeping and consolidated return requirements. 20 and April 14 to April 15, 2021.

Sales

TaxConnex

JANUARY 4, 2024

Added another critic, in August, “Next week’s installment of Connecticut’s annual suspension of sales taxes on clothing and shoes may be a reminder that government is very good at bribing people with their own money.” National sales tax H.R.25 The instantly embattled bill seeks a national sales tax on the use or consumption in the U.S.

Sales

CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax

TaxConnex

SEPTEMBER 7, 2023

Definitions For Federal income tax purposes, according to the IRS , tax-exempt organizations include: Charitable: Organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational or other specified purposes. Washington State gives no blanket exemption to nonprofits.

Sales

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. _

income tax

CPA Practice

JANUARY 8, 2024

We continue to urge taxpayers who need help to reach out to a trusted tax professional, including those who work with recognized national organizations.” The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help. The IRS has more information available to help taxpayers select a tax professional.

Tax

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? Top 10 States With The Highest Income. Oregon – 9.9%.

income tax

CPA Practice

APRIL 3, 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

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

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

CPA Practice

FEBRUARY 1, 2024

The IRS said in December that the agency considers the checks federally taxable income, a surprise to state officials that sparked a flurry of lobbying to try to reverse that decision before income tax filing season starts. But in letters sent to Minnesota U.S. This is insulting to the hardworking people of Minnesota.”

Minnesota

Cherry Bekaert

AUGUST 10, 2023

428 allows PTEs to unilaterally terminate their election effective the tax year following submission if filed by November 1 st (for calendar-year filers). It will be prohibited from making election status changes for the following five tax years. Louisiana Louisiana House Bill No. House Bill No.

Alabama

ThomsonReuters

SEPTEMBER 12, 2023

How to manage state and local tax Do you have clients who live in one state but work in another state? If so, they may be able to lower income taxes through a state-by-state reciprocity agreement, should the agreement exist. Bilateral vs. unilateral agreements Do state reciprocity agreements apply to remote workers?

Indiana

CPA Practice

SEPTEMBER 9, 2024

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. To figure 2024’s estimated tax, the IRS recommends using income, deductions, and credits from 2023 as a starting point.

South Dakota

TaxConnex

APRIL 18, 2023

The 2% statewide sales tax proposed would be on top of any local taxes and would not exempt groceries, medicine or other items that have been exempted in previous sales tax bills. Mike Dunleavy has said he’d support an Alaska state sales tax. WalletHub has a new survey of states’ tax burdens. Heaviest and lightest.

Sales

TaxConnex

DECEMBER 29, 2022

But others clung to hiking sale taxes: Kentucky considered gradually replacing its individual income tax with a broader sales tax. South Dakota rejected a proposal to cut the state sales tax. Florida seemed to be leading the way with proposed relief on a range of products from power tools to concert tickets.

Sales

TaxConnex

OCTOBER 8, 2024

Michigan Department of Treasury-Taxes: The almost-1,600 initial responses jump right into forms (present and past), general info, documentation definitions and more. Minnesota Department of Revenue: “Keyword results” go to the overview. Texas Comptroller: “Refunds” come up first, along with a primer for the state’s local governments.

Sales

CPA Practice

OCTOBER 23, 2024

Email (Required) Number of Employees at Your Firm (Required) Number of Employees at Your Firm Sole Proprietor 2 To 4 5 To 9 10 To 19 20 To 49 50 Or More Full Name (Required) State / Province (Required) State / Province Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas (..)

Rhode Island

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota

CPA Practice

AUGUST 26, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve? million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve?

Rhode Island

CPA Practice

SEPTEMBER 20, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

Rhode Island

CPA Practice

SEPTEMBER 3, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?

Rhode Island

CPA Practice

SEPTEMBER 6, 2023

If the sale of an NFT includes a royalty payment, the royalty payment would not be subject to Washington sales tax, but royalties B&O tax would apply to gross income earned from royalties.

Washington

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.

payroll tax

CPA Practice

JULY 19, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system? million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system?

Rhode Island

CPA Practice

APRIL 25, 2024

In 2023, several states including Maryland and Pennsylvania implemented new green fees; Ohio, Tennessee, and Florida deployed new sales tax exemptions or updated their existing exemptions; and Minnesota brought on new delivery fees. Since 2014, an average of 372 sales and use tax rate changes have occurred annually.

Sales

ThomsonReuters

OCTOBER 20, 2020

The results of the Checkpoint Catalyst Survey of States’ Approach to Temporary Telecommuting survey show that the business tax consequences of COVID-19 telecommuting for companies large and small are unclear in most states. At issue in these circumstances is the concept of a tax nexus , or connection, with the state.

South Dakota

CPA Practice

NOVEMBER 1, 2023

North Dakota’s per capita personal income rose to $73,414, giving it the 12th highest income in the country, up from 16th in 2019. The gains allowed it to leapfrog states including Illinois, Minnesota and Virginia. The knocks to personal incomes affected state revenues.

North Dakota

CPA Practice

AUGUST 29, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The most expensive states for millionaires tax high earners at high rates. And if you fall into the top federal income tax bracket , the IRS will tax some of your earnings at the 37% rate.) The top income tax rate is 11%. 9% or higher).

income tax

Going Concern

SEPTEMBER 2, 2022

CHS avoids fine in SEC accounting fraud case [ Compliance Week ] A Minnesota-based agricultural cooperative settled charges levied by the Securities and Exchange Commission (SEC) that the company violated federal securities laws when it filed materially false financial statements with the agency over five years.

North Carolina

ThomsonReuters

JUNE 22, 2021

The following local income tax rates will increase on July 1: (1) Cridersville increases to 1.5% Unclaimed property holder report for unclaimed wages is due on July 1, 2021. While negative reporting is not required, the Department of Treasury strongly encourages holders to file. . The minimum wage increases to $12.50 per hour. .

payroll

CPA Practice

MARCH 8, 2023

Bay Staters with taxable income that exceeds one million dollars are expected to pay 4% more in Massachusetts income tax. Massachusetts recently returned billions in excess revenue to eligible residents through 62F tax refunds. Washington is a state that doesn’t have income taxes.)

Tax

ThomsonReuters

JUNE 28, 2021

Minneapolis, Minnesota: $14.25 Income tax rates to change in 2023. Iowa has enacted legislation that will drop the tax rate from 8.53% to 6.5% and reduce the number of tax brackets from nine to four in 2023. Voter approval for tax bracket reduction. Montgomery County, Maryland: $15.00

payroll

ThomsonReuters

FEBRUARY 9, 2022

The DOL also has a list of potential FUTA credit reduction states for tax year 2022, which includes California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania, and the U.S. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base.

payroll