CPA Practice

FEBRUARY 12, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. However, this isn’t the first time lawmakers have introduced legislation to end income tax on Social Security benefits.

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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?

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CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

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CPA Practice

SEPTEMBER 22, 2023

What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A Fewer IRS audits involving credits for taxpayers with lower incomes?

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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. _

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CPA Practice

FEBRUARY 9, 2024

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. Super Bowl 2024 is on Sunday, Feb. 11 Where?

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CPA Practice

NOVEMBER 17, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.

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CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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CPA Practice

JUNE 29, 2023

Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal income tax returns due to severe weather events. 16, 2023 to file.

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CPA Practice

APRIL 8, 2023

It’s almost March, and the 2023 tax filing season is well underway. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. Updated: April 8, 2023: 7:41 pm ET. where the IRS is headquartered.

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CPA Practice

JANUARY 12, 2023

The IRS said it is expecting more than 168 million individual tax returns to be filed this year, with the majority of those returns coming before the April 18 tax deadline. The IRS is urging taxpayers to have all the information they need before they file a tax return. The IRS has set a special day on Jan.

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CPA Practice

JANUARY 23, 2024

Taylor, Kiplinger Consumer News Service (TNS) If you received an Arizona child tax rebate last year, you will have to report that amount on your federal income tax return. The IRS has classified the rebate payments as taxable income, meaning some Arizona families might have to pay taxes on the money they received.

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CPA Practice

JANUARY 30, 2023

Most individual taxpayers won’t have such issues for this tax season. For clarification, the weeks leading up to the April 18, 2023 , deadline is when Americans file tax returns for income they received during the 2022 calendar year, or they can file an automatic extension, which gives them an additional six months to file.

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CPA Practice

MAY 8, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Given the economy, many people are looking to save money where they can. Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year.

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TaxConnex

MARCH 31, 2022

Because of the level of complexity in adhering to these use tax notification requirements, many businesses simply registered for sales tax and started collecting and remitting the applicable sales tax. Two types of use tax. California state income tax return.”.

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CPA Practice

FEBRUARY 24, 2023

It’s almost March, and the 2023 tax filing season is well under way. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. The IRS Started Accepting Returns on Jan. Updated: Feb. 24, 2023: 4:41 pm ET.

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CPA Practice

FEBRUARY 5, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.

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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.

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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?

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CPA Practice

DECEMBER 27, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following severe tornadoes and storms that began on Dec. 9, the IRS has announced a Tennessee tax deadline extension for affected taxpayers. Eligible individuals and businesses now have an extended tax deadline of June 17, 2024. 9, 2023, and June 17, 2024.

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CPA Practice

SEPTEMBER 12, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Following Tropical Storm Idalia, the IRS has granted tax relief to South Carolina residents impacted by the storm. The relief includes certain extended federal tax filing and payment deadlines. Some state tax filing and payment deadlines have also been extended.

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CPA Practice

FEBRUARY 6, 2024

The volume of tax returns prepared by most CPAs means that they are not going to notice if something is missing. Here are the most common tax forms you, our clients, are receiving: 1098: These are some of the earliest to arrive. A common exception to the income tax statement above is a direct rollover.

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CPA Practice

SEPTEMBER 19, 2023

What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A Fewer IRS audits involving credits for taxpayers with lower incomes?

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Withum

OCTOBER 3, 2023

It is not clear how often, if at all, the IRS will use this second rule to pursue taxpayers because it is required to coordinate with DOJ and actually file a lawsuit, which is more burdensome that just assessing tax within the regular statute of limitations.

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CPA Practice

JULY 5, 2023

Note: Some legitimate unclaimed tax refunds are available at the IRS if you didn’t file a federal income tax return in 2019. Unclaimed tax refunds totaling about $1.5 billion remain unclaimed at the IRS because millions of taxpayers haven’t filed their tax returns for the 2019 tax year.

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CPA Practice

APRIL 7, 2023

An Indiana woman pleaded guilty in federal court last Friday in the District of Columbia to conspiring to file false tax returns and related charges. According to court documents and statements made in court, Awett Tedla of Indianapolis was the owner and operator of Speedy Tax Services, L.L.C., and District Heights, Maryland.

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CPA Practice

JANUARY 23, 2023

By Tim Grant, Pittsburgh Post-Gazette (TNS) The stimulus benefits that have been fattening income tax returns for the past few years are gone. But since the stock market didn’t do so well last year, investors who sold at a loss can at least expect a lower tax bill. This year, the tax-filing deadline is April 18.

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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?

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CPA Practice

MARCH 31, 2023

A Treasury spokesperson says this was not a reporting error, and a spokesperson for the Internal Revenue Service says it is unlikely this would be caused by processing a backlog of returns in one day. Privacy rules prevent government officials from discussing the specifics of any tax return. How do estate and gift taxes work?

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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.

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CPA Practice

AUGUST 14, 2023

When your account is locked by the IRS because you’ve been marked deceased, you can’t file tax returns or receive tax refunds. A CP01H notice is a letter issued by the IRS when the agency receives a tax return that contains a Social Security number (SSN) for a locked account. What is a CP01H notice?

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CPA Practice

MARCH 30, 2023

A Treasury spokesperson says this was not a reporting error, and a spokesperson for the Internal Revenue Service says it is unlikely this would be caused by processing a backlog of returns in one day. Privacy rules prevent government officials from discussing the specifics of any tax return. How do estate and gift taxes work?

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CPA Practice

MARCH 1, 2023

But what about when death and taxes coincide, such as when someone dies during the year and has a tax filing obligation? Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person. 31, 2022, you can file a joint 2022 return.

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CPA Practice

JUNE 9, 2023

Taylor, Kiplinger Consumer News Service (TNS) IRS notices were recently sent to many California taxpayers indicating that balances due on their 2022 federal tax returns had to be paid in 21 days. The IRS clarified Thursday, in a Tweet , that a tax deadline extension applies in most of California. By Kelley R.

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CPA Practice

JULY 3, 2023

The IRS has made significant progress processing its backlog of most tax returns and has cut telephone hold times, according to the Taxpayer Advocate Service (TAS). Despite these improvements, the IRS is still behind in processing amended tax returns and taxpayer correspondence,” Taxpayer Advocate Erin M.

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ThomsonReuters

JULY 10, 2023

When this happens, the burden of remitting the tax to taxing authorities shifts to the consumer. To further explain, let’s take a look at how two different states — in this case, Washington and Massachusetts — approach use tax. Each new owner of an item is charged with paying the use tax.

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CPA Practice

JANUARY 31, 2024

Here’s how: If you’re careful and follow IRS rules, you can lower your taxable income by deducting their wages and some benefits from your business income. Employed children do have to pay income taxes, regardless of their age, but each child’s income will be tax-free up to his or her standard deduction of $14,600 in 2024).

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