CPA Practice

MARCH 24, 2023

Residents and businesses in five New York counties affected by recent winter storms now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service has announced. 9, 2023, will be abated as long as the tax deposits were made by Jan.

New York 105

New York Tax tax return income tax 105

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 98

income tax Tax tax return Oregon 98

CPA Practice

FEBRUARY 11, 2023

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. Other payments Other payments that may have been made by states are generally includable in income for federal income tax purposes.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

tax preparation 132

tax preparation Tax tax return income tax 132

CPA Practice

SEPTEMBER 20, 2023

Pass-through organizations, including large partnerships and S corporations, will be the focus of the new work unit within LB&I. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

income tax 122

income tax Tax audit tax return 122

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. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

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. That sort of virtual hand-holding is similar to what you’d get by using commercial tax preparation software.

tax preparation 105

tax preparation tax return South Dakota Arizona 105

TaxConnex

DECEMBER 7, 2021

Rolling the dice with sales tax compliance can backfire in a big way. Keep reading to see some recent sales tax missteps that had big costs. Tax air-or. New York: A Long Island provider of self-service, coin-operated air machines to inflate car tires has been socked with a $4.25

Alabama 187

Alabama tax return New York Tax 187

CPA Practice

APRIL 11, 2024

By Jean Ross, InsideSources.com (TNS) If there’s one thing we should be able to agree upon, it’s that everyone should pay the taxes they owe without having to pay for the privilege of doing so. This year, for the first time, residents of 12 states who file simple tax returns can file online for free using the IRS’s new Direct File portal.

Tax 52

Tax tax return income tax Arizona 52

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. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

CPA Practice

FEBRUARY 2, 2023

A former Jacksonville company CEO was sentenced on January 30, 2023, to 32 months in prison for willfully attempting to evade the assessment of his federal income taxes. As CEO, Cory caused transfers to Gambit Matrix under the false pretense that they were payments for consulting services that had never been provided.

Florida 52

Florida Tax tax return income tax 52

Accounting Today

OCTOBER 14, 2022

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tax return 98

tax return Tax New York income tax 98

Shay CPA

DECEMBER 7, 2022

Sales tax accounts. State franchise and income tax accounts. It can be helpful to sit down with your accountant to get a handle on all of the various accounts with which your business is associated, especially if you’ve been relatively hands-off with your company’s tax compliance. . New Jersey. Washington.

tax accountant 59

tax accountant Tax tax return Account 59

CPA Practice

MARCH 7, 2023

For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels.

New Hampshire 114

New Hampshire Tax tax return income tax 114

CPA Practice

MARCH 18, 2024

Others say the program doesn’t provide sufficient benefits and that Washington state, one of nine states without a personal income tax, doesn’t need another payroll tax. Another concern is that while the withholding tax rate cannot exceed.58%, 58%, there is no income cap, meaning high earners will essentially pay more.

payroll tax 59

payroll tax Washington payroll Tax 59

ThomsonReuters

DECEMBER 7, 2022

As we know, governments collect taxes to fuel economic growth and fund investments in infrastructure, human capital, as well as the provision of services for individuals and businesses. This also extends to the income an individual receives after their death, which is subject to income tax. What is fiduciary tax?

Tax 59

Tax North Carolina income tax tax return 59

CPA Practice

NOVEMBER 29, 2023

On December 11-12, the NYU 42 nd Annual Institute on State and Local Taxation, hosted by the NYU School of Professional Studies Division of Programs in Business , will take place at the Westin New York at Times Square. Coverage addresses the complexities arising from the new PTE tax regimes and combined reporting issues.

New York 52

New York Tax Connecticut New Jersey 52

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

Delaware 52

Delaware Nevada Tax Sales 52

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

tax planning 52

tax planning Tax income tax New York 52

ThomsonReuters

JUNE 22, 2021

New Mexico. Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments.

payroll 72

payroll Virginia Utah West Virginia 72

inDinero Tax Tips

MARCH 13, 2023

If you receive $200,000 as an S corp employee, you’ll only pay payroll taxes on what you decide is a reasonable salary, say $120,000. The remaining $80,000 will be subject to income tax but not Social Security. For instance, in states like Florida, you will not pay state income tax on profits earned through an S corp.

income tax 52

income tax Non-Profits payroll tax Tax 52

inDinero Tax Tips

MARCH 13, 2023

If you receive $200,000 as an S corp employee, you’ll only pay payroll taxes on what you decide is a reasonable salary, say $120,000. The remaining $80,000 will be subject to income tax but not Social Security. For instance, in states like Florida, you will not pay state income tax on profits earned through an S corp.

income tax 52

income tax Non-Profits payroll tax Tax 52

Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

Tax 59

Tax CPA tax planning payroll tax 59

Shay CPA

MARCH 22, 2023

These notable Section 174 changes can directly impact: Taxable income The estimated taxes you owe in 2022 Income tax provisions for financial statement purposes More details to know There are special rules under Section 174 that exclude Land and Exploration expenditures. New York), this also impacts that base rate.

Tax 52

Tax accounting principles accounting and finance income tax 52

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 98

payroll California Connecticut Tax 98

ThomsonReuters

DECEMBER 17, 2021

In the case of the Global Minimum Tax, the goals are to eliminate low-tax jurisdictions and ensure corporate income is taxed in countries where companies generate revenue but don’t have a physical presence. Tax leaders need to diligently prepare their department for these changes.”.

Tax 52

Tax corporation tax Delaware Washington 52

MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. Q: My nonprofit is tax-exempt.

Tax 130

Tax payroll tax payroll tax preparation 130

Withum

FEBRUARY 26, 2024

In this case, the entities are treated as single-member LLCs and are disregarded for tax purposes. Consequently, no partnership tax return is necessary, and the activity is reported on the sole owner’s personal tax return using Schedule C as a separate business.

Delaware 106

Delaware tax return CPA income tax 106

ThomsonReuters

JUNE 11, 2024

Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws. However, a challenge can arise for smaller businesses when it comes to tax compliance and reporting.

accounting firms 59

accounting firms Account accountant accounted 59

CPA Practice

APRIL 24, 2023

Consequently, taxes are filed with a Schedule C (IRS Form 1040), “Profit or Loss From Business,” which is considered personal income. The LLC owners (called members) also report business profits and losses on their individual income taxes. There is a flat tax rate of 21% on corporate income.

Legal 98

Legal income tax tax return Mississippi 98

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Currently, California, Connecticut, Illinois, New York, and the U.S.

Tax 52

Tax income tax tax planning payroll 52

ThomsonReuters

JUNE 28, 2021

New York: $15.00 per hour for fast-food workers outside of New York City (includes Nassau, Suffolk and Westchester). Federal News. The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021.

payroll 52

payroll income tax California North Dakota 52

Going Concern

MARCH 18, 2024

Their earlier story: NZ chair of EY leaves after ‘historical behavioural matter’ raised PKF O’Connor Davies added a partner : New York-based IPA top 100 firm PKF O’Connor Davies (FY22 net revenue of $335 million) announces the admission of Gina Citrola as partner. I have an update to this story to get up later.

Account 83

Account accountant accounted audit 83

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% Unemployment tax rates increase. In the U.S., 2021 Form 941.

payroll 98

payroll Connecticut Massachusetts income tax 98

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so.

Delaware 64

Delaware Wyoming Nevada Oregon 64

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 52

income tax Tax payroll Massachusetts 52

KROST

FEBRUARY 23, 2021

If the CFC that is subject to GILTI taxes pays non-US income tax at an effective tax rate greater than 18.9%, then the CFCs can claim the GILTI high tax exception election and be exempt from paying GILTI taxes. May Sung, MSA, Tax Senior. appeared first on KROST.

Tax 54

Tax Non-Profits income tax tax planning 54