CPA Practice

FEBRUARY 11, 2023

After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate , the Internal Revenue Service has provided clarifying the federal tax status involving special payments made by 21 states in 2022. Alaska is in this group as well, but please see below for more nuanced information.

Rhode Island

TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

Sales

TaxConnex

OCTOBER 8, 2024

But not all search engines – or state tax websites – are created equal. What it’s like typing “sales tax” into that little rectangle with the magnifying glass on each state’s website? Here are first impressions from one-and-done searches for “sales tax” on the revenue site of each state. Connecticut Dept.

Sales

TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. A Republican lawmaker recently introduced a bill that would create a 2% state sales tax as one part of a larger plan to close a revenue gap partially created by falling oil prices.

Sales

CPA Practice

APRIL 3, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Maine has the highest property tax burden, while Alabama has the lowest. Red states have a lower tax burden than blue states, on average.

Rhode Island

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. The Internal Revenue Service says that nearly 1.5 The IRS estimates almost $1.5

Rhode Island

CPA Practice

APRIL 9, 2024

A new study by WalletHub revealed that residents of New York state are burdened by taxes the most among the 50 states, while Alaska residents have the lowest tax burden. Maine has the highest property tax burden, while Alabama has the lowest. Red states have a lower tax burden than blue states, on average.

Rhode Island

CPA Practice

SEPTEMBER 9, 2024

The deadline for taxpayers to submit their third quarter estimated tax payment is one week from today. However, individuals and businesses affected by disasters in 17 states, Puerto Rico, and the Virgin Islands may automatically qualify for a delayed tax-payment deadline, the IRS said last week.

South Dakota

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

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. During the pilot last year, Direct File was available in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State and Wyoming.

Alaska

CPA Practice

OCTOBER 18, 2023

One crucial factor to consider when selecting your business location is the tax environment. Business taxes can significantly impact your bottom line and overall profitability. The importance of business taxes As an entrepreneur, you face countless decisions when starting a business.

business tax

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. What is apportionment in taxes?

income tax

ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

South Dakota

Anders CPA

MAY 15, 2023

This changing employment landscape requires employers to reassess their payroll tax withholding processes to ensure you are withholding the proper amount of state, local and unemployment taxes from your employees’ wages. Below we dive into the state and unemployment tax responsibilities employers need to know.

payroll tax

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

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

Rhode Island

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

Rhode Island

ThomsonReuters

JUNE 15, 2022

In the middle of a busy legislative season, several states have made important changes in their tax code that practitioners across the nation will want to be aware of in order to service clients who may have multistate needs. Tax Relief Enacted in Delaware, Florida, Georgia, and New Mexico. Florida Sales Tax Holiday.

Rhode Island

CPA Practice

NOVEMBER 7, 2023

on Tuesday, Treasury Secretary Janet Yellen laid out goals for the 2024 tax filing season, spoke about improvements the IRS has made over the last year since the Inflation Reduction Act was enacted, and responded to House Republicans’ recently passed $14.3 billion Israel aid bill that would be paid for by slashing funds for the tax agency.

Tax

ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. New Mexico. per hour for employees without. .

payroll

ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. Increasing the earned income tax credit percentage and phase-out percentage from 7.65% to 15.3% IRS tax tip on repayment of deferred Social Security taxes. In the U.S.,

payroll

ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 in its “ Green Book.”

payroll

CPA Practice

NOVEMBER 4, 2024

Document Management software is a valuable solution for the organization as you prepare for tax season. Download the guide to ensure you are ready for next tax season. It finds the documents you need in seconds, and creates a bespoke, secure database for your firm.

Rhode Island

CPA Practice

OCTOBER 30, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What software or tools are you using to manage your engagements, or how does your team currently manage client engagements and reporting processes?

Rhode Island