TaxConnex

SEPTEMBER 7, 2023

They also frequently sell TPP such as merchandise, memberships, books and so forth that for-profit companies generally have to charge and collect sales tax on. Are non-profits exempt from sales tax obligations? But as always with sales tax, rules vary state to state. That depends on many factors.

Sales

CPA Practice

JANUARY 22, 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

MyIRSRelief

NOVEMBER 17, 2023

The biggest feature of an S Corporation is that it provides its owners with limited liability protection, while allowing income and losses to be passed through to the owners’ personal income tax returns, thereby avoiding double taxation. We assist in business tax compliance, preparation, planning and representation.

corporation tax

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

Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. international tax rules. income tax return.

Tax

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

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. 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

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

Ronika Khanna CPA,CA

DECEMBER 2, 2022

If you do decide to pay yourself dividends, it is important to ensure that you prepare the proper documentation for Revenue Canada (CRA) and if you live in Quebec, Revenue Quebec (MRQ) since this must be reported as investment income on your personal tax return in the calendar year in which the dividends are paid.

tax return

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 Be prepared to provide your personal tax returns for the past two tax years.

Real Estate

Ronika Khanna CPA,CA

SEPTEMBER 22, 2023

Not reporting earnings from a business venture on your tax return Anyone who earns income, whether you are a freelancer or selling vintage clothing on Instagram or a course/template/digital download on your website is required to declare their net business income on Schedule 2125 of their tax return.

Tax

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

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

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

Ronika Khanna CPA,CA

APRIL 25, 2025

There are essentially two types of tax returns for small businesses and the self employed. If you are an unincorporated sole proprietor or a partnership, you are required to fill out the statement of business activities (T2125) on your personal tax return also referred to as the T1.

Tax

Snyder

DECEMBER 28, 2022

This might be explained by the fact that lots of these taxpayers file for a tax return and claim the earned income tax credit ranging from from $560 to $6,935 in the tax year 2022. The IRS pays closer attention to such cases to make sure that there’s no fraud in claiming the earned income tax.

audit

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

ThomsonReuters

DECEMBER 1, 2023

If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. Any depreciation on a corporate income tax return (other than Form 1120-S).

tax return

ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Federal News.

payroll

xendoo

SEPTEMBER 2, 2021

Income Tax for Individuals, Sole Proprietors, and Single-Owner LLCs. Individual taxpayers, sole proprietors, and single-owner LLCs must make estimated tax payments on a quarterly basis and file an annual income tax return. . 2021 Tax Filing Deadlines for Estimated Income Tax.

Tax

FraudFiles

JANUARY 7, 2021

The issue of “income available for support” in divorces can be huge, particularly if only one spouse works. The issue gets complex if the earnings of one or both spouses are non-traditional. As a general rule, there is latitude in state courts when it comes to income and what is included or excluded for support calculation.

Real Estate

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

Analytix Finance & Accounting

NOVEMBER 30, 2023

The business structure of an organization determines tax implications and can impact how profitable or scalable the entity may be. Some of the parameters that can influence tax obligations, depending on business structure include: Number of people making up business staff, part-time workers, temporary employees, etc.

Tax

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.

income tax

CPA Practice

SEPTEMBER 12, 2024

Before joining BRG, Hollerich served as chief compliance officer for two publicly traded financial services firms and operated a private consulting firm through which he served in advisory and executive roles at large international banking organizations, regional banks, non-depositories and FinTechs. Hollerich holds a B.A.

Kansas

CPA Practice

APRIL 12, 2023

However, given that tax representation has, until now, remained a relatively specialized segment of the accounting profession the buzz was fairly localized. The IRS has just presented the tax and accounting community with an easy pathway to leveraging highly profitable tax representation and advisory work. Not anymore.

accounted

Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. What taxes will I pay? Tax is paid on profits (income less allowable costs) from your business. If your profit is less than that, then operating as a sole trader might be the preferred route.

Start-ups

CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

tax return

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

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

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

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

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

JANUARY 17, 2023

What is the importance of an income tax treaty? What tax form does a nonresident alien file? Are nonresident aliens exempt from Social Security tax? FDAP — which is passive income such as interest, dividends, rents, or royalties — is taxed at a flat 30% rate, unless a tax treaty specifies a lower rate. .

Tax

Analytix Finance & Accounting

FEBRUARY 6, 2023

Schedule C: Schedule C is used to report the profit or loss of a business over the course of a financial year. You will need to add the total amount of earned income or mention the loss that occurred during the year. Schedule C must be attached to Form 1040 when filing the personal return.

Tax

xendoo

AUGUST 2, 2023

Advantages of LLCs Disadvantages of LLCs Protects the owner’s personal assets Subject to self-employment tax, meaning a possible higher tax bill It’s a pass-through entity, so you include business income on your personal tax return. Instead, they pass through their tax liability to the business owners.

Tax

xendoo

AUGUST 2, 2023

Advantages of LLCs Disadvantages of LLCs Protects the owner’s personal assets Subject to self-employment tax, meaning a possible higher tax bill It’s a pass-through entity, so you include business income on your personal tax return. Instead, they pass through their tax liability to the business owners.

Tax