TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return. Why should sales tax be any different? They turn to experts.

Sales 139

Sales Tax tax return income tax 139

TaxConnex

FEBRUARY 15, 2022

A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax. Three of these execs’ biggest in-house deficiencies to managing sales tax in 2022: bandwidth, internal knowledge and the right partner or solution. Seems like something needs to change.

Sales 232

Sales Tax income tax tax return 232

TaxConnex

APRIL 20, 2023

If you refer to “filing taxes” most people think of income tax with its annual filing requirement. State sales tax is another beast altogether, with a dizzying number of deadlines – and, potentially, serious consequences for missing one. The states’ call Why no uniformity in sales tax requirements?

Sales 130

Sales Tax income tax tax return 130

CPA Practice

OCTOBER 30, 2023

The tax forms to which this e-signature flexibility applies include: Form 11-C, Occupational Tax and Registration Return for Wagering Form 637, Application for Registration (For Certain Excise Tax Activities) Form 706, U.S. Source Income of Foreign Persons Form 1066, U.S.

tax return 132

tax return income tax Real Estate Tax 132

TaxConnex

APRIL 7, 2022

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t). Contact TaxConnex ?to

Sales 196

Sales Tax income tax Texas 196

Withum

MARCH 1, 2023

Most people that prepare their own returns need someone to review it for errors or omissions. Tax Comparison Schedule When your tax return is completed, you should review the tax comparison schedule your software provides for differences. This process should also include state and local income taxes.

tax return 59

tax return Tax income tax Real Estate 59

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 119

tax return Tax income tax Non-Profits 119

FraudFiles

MAY 23, 2022

One of the most common financial documents reviewed in a divorce or child support case is the income tax return. Tax returns don’t seem all that exciting, and appear to just be a record of what was earned by a party. Income and expenses reported on a tax return should be traced back to the underlying assets.

tax return 52

tax return Real Estate Tax income tax 52

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

tax return Tax income tax Non-Profits 111

TaxConnex

MARCH 2, 2021

There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. This affects returns for sales taking place from December through this month.

Sales 230

Sales Tax Missouri Wisconsin 230

CPA Practice

APRIL 17, 2024

Taylor, Kiplinger Consumer News Service (TNS) Most eligible buyers of qualifying electric vehicles this year are taking their federal EV tax credit at the point of sale. 1, when the point-of-sale credit became available, more than 100,000 eligible buyers (about 90%) have claimed the credit on new electric vehicles at dealerships.

Sales 52

Sales Tax tax return income tax 52

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

Cherry Bekaert

MARCH 14, 2024

market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a goods and services tax (GST) assessed by many other countries. Listen to learn more about: 03:54 – GST tax vs. U.S.

tax services 97

tax services Tax income tax tax return 97

CPA Practice

OCTOBER 3, 2023

A $600 online sale wasn’t a significant concern for so many casual sellers before. New $600 rule for online sales 1099-K reporting Many businesses are subject to 1099-K reporting requirements. federal income tax returns that are normally filed in April 2024). Will you have to pay taxes on your ticket sales?

income tax 122

income tax tax return Kansas Tax 122

CPA Practice

OCTOBER 2, 2023

A $600 online sale wasn’t a significant concern for so many casual sellers before. New $600 rule for online sales 1099-K reporting Many businesses are subject to 1099-K reporting requirements. federal income tax returns that are normally filed in April 2024). Will you have to pay taxes on your ticket sales?

income tax 103

income tax tax return Kansas Tax 103

LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. In this post, I’m going to fully explain the difference between payroll taxes and income taxes.

income tax 52

income tax payroll tax payroll Tax 52

CPA Practice

APRIL 9, 2024

The IRS last week addressed the federal income tax treatment of amounts paid for the purchase of energy-efficient property and improvements. However, taxpayers will need to reduce the basis of the property when they sell it by the amount of the rebate.

income tax 115

income tax tax return Tax Sales 115

TaxConnex

OCTOBER 1, 2020

sales tax post- Wayfair is confusing enough. You’ve heard it before that US sales & use tax laws are some of the most confusing, but how are things done with our neighbor to the north? The tax rates. Collectively, jurisdictions in Canada do impose less diverse sales tax obligations than U.S.

Sales 132

Sales Tax tax return income tax 132

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 130

corporation tax Tax tax return Non-Profits 130

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.

income tax 98

income tax Tax tax return Oregon 98

Mark Lee

DECEMBER 12, 2023

I had thought this might not happen until MTD for income tax becomes a reality. The Rise of DIY Tax Returns This year, in the Facebook groups I frequent, a number of magicians, speakers and consultants have been almost boasting about ho, for the first time, they have completed their own tax returns.

tax return 94

tax return Tax bookkeeping bookkeeping services 94

CTP

JUNE 10, 2022

Even if you have never assisted a client with the sale of a business, as a tax planner you have the potential to provide tremendous value in the planning process. Many business owners may also be navigating a sale for the first time and likely have little insight into the tax implications and how to set themselves up for savings.

Sales 93

Sales Tax income tax tax return 93

SMBAccountant

MARCH 8, 2023

Tax accounting applies to individuals, businesses, and corporations. Tax accountants must use the Internal Revenue Code (IRC) to provide accurate tax returns.

tax accountant 130

tax accountant Tax Account accountant 130

CPA Practice

DECEMBER 29, 2023

In the 2024 presidential election year, you may have another important election to consider, although this one is on your personal tax return. Depending on your situation, you might elect to forgo preferential tax treatment on certain long-term capital gains and qualified dividends in favor of deducting investment interest expenses.

Tax 115

Tax tax return income tax Sales 115

CTP

DECEMBER 8, 2022

This restriction does make sense when you consider that the owner does not have to claim the income on their tax return. Collecting rent alone will not typically be considered self-employment income. Lastly, depreciation can be a major tax planning tool.

Real Estate 98

Real Estate tax planning income tax Tax 98

TaxConnex

NOVEMBER 10, 2022

Gain insight into why Robert started TaxConnex and his plans for our future as well as how sales tax has evolved over the years. I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms.

income tax 130

income tax tax return Tax Sales 130

Ronika Khanna CPA,CA

JANUARY 21, 2022

She hadn’t filed her tax return in a few years mostly because she had one T4, figured that she didn’t owe any tax and was simply procrastinating on an unenjoyable task. Benefits of Filing a Tax Returns Receive a refund—or avoid penalties and interest! You will only receive this if you file a tax return.

tax return 52

tax return Tax payroll tax income tax 52

CPA Practice

APRIL 18, 2023

By David Wichner, The Arizona Daily Star, Tucson (TNS) A tax preparer in Tucson, AZ, already awaiting trial on drug-smuggling charges has been indicted by a federal grand jury, accused of filing fraudulent tax returns to reap inflated fees. including refugees who did not speak English.

Arizona 98

Arizona tax preparation Tax tax return 98

CPA Practice

JUNE 15, 2023

Background : By making a tax return election, you can exclude from taxable income up to $250,000 of gain—or $500,000 for joint filers— from the sale of a home. To qualify for this tax exclusion, you must have owned and used the home as your principal residence for at least two of the five years prior to the sale.

Sales 105

Sales tax return Tax Real Estate 105

Withum

JANUARY 2, 2024

Prior to the passing of this bill, Pennsylvania was the only state that did not align with federal grantor trust rules, allowing the grantor of the trust to be treated as the owner of all or part of the trust for income tax purposes. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. The Los Angeles County sales tax rate is 0.25%.

tax services 147

tax services California Tax tax preparation 147

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both.

Tax 189

Tax Alabama Washington California 189

CPA Practice

AUGUST 7, 2023

3 that identify certain monetized installment sale deals as listed transactions—a reportable transaction that is the same as, or substantially similar to, a transaction specifically identified by the IRS as a tax avoidance scheme. The IRS and the Treasury Department issued proposed regulations on Aug.

Sales 52

Sales income tax Tax tax return 52

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 responded that receipts from sales of services rendered by air inflation machines are subject to sales tax. An inconvenient truth.

Alabama 188

Alabama tax return New York Tax 188

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

Tax 128

Tax Kansas income tax Montana 128