CPA Practice

JANUARY 23, 2024

In a news release today reminding taxpayers that they once again must answer a digital asset question and report all digital asset-related income when they file their 2023 income tax return, the IRS noted that it has included a crypto question on four additional tax forms ahead of filing season.

tax return 111

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Ronika Khanna CPA,CA

MAY 5, 2024

The video below takes you through the process of how to enter shareholder loans for specific situations How to record corporate tax expense, payments and interest/penalties: If your business is profitable, you usually have to pay corporate taxes at the end of the year.

income tax 98

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CPA Practice

SEPTEMBER 18, 2023

The idea behind Roth conversions is to take money from a tax-deferred IRA, pay taxes on that amount at your ordinary income rate and convert that money into a Roth IRA. By doing this, you’ll be clear of future taxes on the amount you converted, and the money you put in grows tax-free for your lifetime!

Tax 119

Tax income tax Non-Profits tax planning 119

CTP

FEBRUARY 29, 2024

Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts. First, you must classify gamblers, identify your clients in specific categories, and calculate estimated federal income tax. If so, gambling winnings represent business income.

Gambling 105

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Withum

FEBRUARY 9, 2024

Investors are realizing that purchasing a minority, non-controlling ownership stake is no longer a worthless investment and can actually provide many tax benefits. However, while netting millions of dollars in profits, these sports teams often show losses due to non-cash expenses such as depreciation and amortization.

Sports 52

Sports Non-Profits Tax income tax 52

ThomsonReuters

DECEMBER 11, 2023

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

income tax 52

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Withum

AUGUST 7, 2023

The Commercial Clean Vehicle Credit provides a maximum federal income tax credit of $7,500 or $40,000 (if the gross vehicle weight is 14,000 pounds or above). For-profit entities claim the Commercial Clean Vehicle Credit on their income tax return. The Commercial Clean Vehicle Credit is non-refundable.

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Tax 52

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CTP

NOVEMBER 16, 2023

A partnership is simply a formal agreement between two or more parties to manage a business together and share the profits. From a tax perspective, partnerships are often viewed as too complicated and can come with tax disadvantages when you have non-passive partners involved. How does this work?

Tax 52

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CPA Practice

JUNE 16, 2023

TCJA brought sweeping changes to the tax code for both businesses and individuals. All these “non-permanent” changes, however, are set to expire on Dec. Barring any action on the part of Congress, the window is quickly closing on several of the tax mitigation benefits afforded by the TCJA. the top tax bracket increasing to 39.6%

Tax 119

Tax income tax Non-Profits Education 119

ThomsonReuters

FEBRUARY 6, 2024

To help companies better understand the nuances, this article will take a deeper dive into the layers of direct tax and the tools and resources to help firms better serve their clients. What is direct tax? Direct tax is a tax paid directly by the taxpayer to the government and cannot be shifted, like federal income tax.

Tax 52

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CPA Practice

FEBRUARY 13, 2024

A client’s non-value-added product or inventory has value to somebody. To encourage American businesses to help their communities, IRS regulations allow Regular C Corporations to take an above-cost federal income tax deduction for in-kind donations. Sell it to a consolidator? Put it in a landfill? And do a good thing!

Non-Profits 52

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Withum

MARCH 19, 2024

NEC stands for “non-employee compensation,” because the streamer is not a registered employee of the company, and yet received some type of income in return for the value they provide to the streaming platform. For people that fall into the latter, the IRS requires income earned to be reported on Schedule 1, line 8 of Form 1040.

Gaming 105

Gaming Tax Non-Profits income tax 105

Going Concern

FEBRUARY 26, 2024

Check out the last one LOL: During its inspection, EY Canada disclosed to the PCAOB a number of potential areas of non-compliance related to independence, particularly related to financial relationships. Some related to non-audit services (such as legal services) to the audit client. million in tax loss to the IRS.

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xendoo

NOVEMBER 2, 2021

Under other business structures, you simply take a share of company profit as your payment. This is considered taxable income to the payee by the IRS. These are not employee wages and are not taxed as self-employment income in an S-Corporation. Payments to non-shareholder employees. Duties and responsibilities.

Tax 96

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CPA Practice

FEBRUARY 27, 2024

billion cost of Allegiant Stadium via hotel room tax-backed municipal bonds with investors’ yields sheltered from federal income taxes. Those are the two worst sides of these “tax expenditures.” What about other metropolises, where attendees at these games are almost all locals?

Sports 98

Sports Tax income tax Non-Profits 98

Withum

AUGUST 7, 2023

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? Assume the charging stations meet all the requirements to be deemed qualifying charging stations for the federal income tax credits. How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

income tax 52

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CPA Practice

APRIL 12, 2023

By Dawn Moser Tax forms are notoriously confusing, and with such high stakes, important to get right. We all know the IRS is keen on collecting the right amount of income tax, but determining that amount can get tricky. Especially when one considers everything that counts as income. Do I need to file a 1099 form?

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CPA Practice

JANUARY 27, 2023

Increasing the age of when RMDs must begin benefits savers who don’t need the money for current living expenses, as it prolongs their investment timeframe, pushes out the income tax deferral on their account balances, and allows a longer window to consider and complete Roth IRA conversions. SECURE Act 2.0

Illinois 119

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Inform Accounting

MAY 31, 2022

New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched into tax years for the purposes of self-assessment profit reporting and income tax calculation.

Non-Profits 52

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inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 98

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inDinero Tax Tips

FEBRUARY 10, 2023

Also known informally as a K1 form, a Schedule K-1 is a federal tax document that the IRS requires of partnerships. Two or more partners use a Schedule K-1 to report their share of profits, losses, and dividends. Startup businesses often are not aware of their obligation to provide the K1 tax form to their partners.

Tax 90

Tax tax return Non-Profits income tax 90

Ronika Khanna CPA,CA

MAY 20, 2024

Revenues are a crucial component of business’ profit and loss statement and it is essential that they are accurate so that the business owners may effectively analyze the profitability of their businesses. To a non-accountant, this can sound like a lot of mumbo jumbo.

Non-Profits 52

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Cherry Bekaert

OCTOBER 9, 2023

Pass-Through Deduction – 2017 tax reforms allow REIT investors to deduct up to 20% of combined qualified income, including qualified REIT dividends from income tax. Depreciation – REITs can use depreciation to reduce their ordinary income and reclassify it as return of capital.

Real Estate 110

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CTP

NOVEMBER 16, 2023

Entrepreneurs may be more aware of some of the downsides of launching a partnership, such as possible tax disadvantages for non-passive partners. However, a major benefit of setting a business up as a partnership is the option to leverage special tax allocations. Each type of business entity comes with its pros and cons.

tax planning 52

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Withum

AUGUST 24, 2023

How Do I Claim a Federal Energy Project Income Tax Credit? For-profit entities claim the energy credit on their income tax return. The energy credit is non-refundable. For-profit entities must reflect an income tax liability to receive an immediate benefit from the credit.

Tax 52

Tax Construction income tax Non-Profits 52

Withum

NOVEMBER 18, 2022

While in previous taxable years, not-for-profits were limited to capturing these cash benefits directly unless they had unrelated business income tax (“UBIT”), under the IRA, all not-for-profits are incentivized to invest in clean energy infrastructure through the direct payment program regardless of tax liability.

Non-Profits 72

Non-Profits income tax Tax Manufacturing 72

CPA Practice

FEBRUARY 23, 2024

An S Corp must report corporate income, losses, and deductions through its shareholders/owners, and in turn, the shareholders/owners report company income on their personal income tax returns. Lastly, owners who perform “substantial work” as employees must adhere to payroll tax requirements. corporation.

payroll tax 78

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CPA Practice

NOVEMBER 9, 2023

To date, cannabis’ classification as a Schedule I drug has subjected cannabis businesses to this law, resulting in high effective tax rates and exorbitant tax bills that significantly impact businesses’ annual profits. In the meantime, it’s important for cannabis leaders to hope for the best but plan for the worst.

Non-Profits 85

Non-Profits Real Estate Agriculture Legal 85

xendoo

AUGUST 2, 2023

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

Tax 52

Tax income tax Non-Profits tax return 52

xendoo

AUGUST 2, 2023

Fewer options for raising capital compared to corporations Offer greater flexibility in management and ownership structure The multi-member structure can become complex How LLC taxes work LLCs don’t pay corporate income tax. Instead, they pass through their tax liability to the business owners. tax savings.

Tax 52

Tax income tax Non-Profits tax return 52

inDinero Accounting

OCTOBER 16, 2023

Basic Criteria Your business is currently in operation The business is for-profit Your primary office is located in the U.S For example: Debt Service Coverage Ratio = Annual Profit/Total Outstanding Debt = $100,000/$80,000= 1.25 Your lender will closely review bank statements and tax returns.

tax return 95

tax return Real Estate Non-Profits income tax 95

CPA Practice

FEBRUARY 27, 2024

Note that life insurance premiums are generally non-deductible even for the self-employed. The deduction allows eligible taxpayers to deduct up to 20 percent of their QBI, plus 20 percent of qualified real estate investment trust dividends and qualified publicly traded partnership income.

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

CPA Practice

JANUARY 11, 2023

Taxes are normally paid throughout the year by withholding tax from paychecks or by making quarterly estimated tax payments to the IRS or by a combination of both. Individuals do this because income taxes are pay-as-you-go , meaning taxpayers need to pay most of their tax during the year as income is earned or received.

Tax 98

Tax income tax Real Estate Non-Profits 98

Withum

APRIL 20, 2023

Furthermore, it provided Brazilian taxpayers the freedom to choose among traditional transactional methods, as transactional profits methods are absent. when the deduction of such amount in Brazil results in double non-taxation); or (ii) when paid to beneficiaries located in low tax jurisdictions or in preferential tax regimes.

Non-Profits 72

Non-Profits income tax Tax Legal 72

CPA Practice

APRIL 1, 2024

Each year, taxpayers grapple with a convoluted, inefficient and perplexing tax filing system. These challenges have an outsize impact on Latino taxpayers, particularly those from low-income, non-English speaking and immigrant households. With tax filing season in full swing, Latinos may turn to for-profit tax preparers.

tax preparation 52

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Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

Not registering for sales taxes Any business that has total revenues/sales exceeding $30,000, and whose products and/or services are not specifically exempt, has to register for sales tax. If you are an unincorporated business, both CRA and RQ will advise of the amounts and dues dates for income tax.

Tax 98

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