ThomsonReuters

OCTOBER 28, 2021

For purposes of the last requirement, salary reductions in excess of the limit must be paid to the employee and reported as wages for federal income tax withholding and employment tax purposes on the employee’s Form W-2. The error is timely corrected. For more information, see EBIA’s Cafeteria Plans manual at Section XIX.F.8

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Cherry Bekaert

MARCH 28, 2024

They did provide further guidance on several items that were not clear under IRC Section 6417, including: The direct pay election is available to applicable entities that own disregarded entities (DREs) for federal tax purposes in circumstances where the DRE separately owns the qualifying property. territories.

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Withum

JANUARY 22, 2024

Learn how Withum helped a limousine company with its corporate income tax return to claim over $150,000 in electric vehicle tax credits. The Approach And Solution The client attended Withum’s tax webinars throughout the year and contacted our team for more information.

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Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. Yet we often see this benefit overlooked on tax returns, especially when S-Corp shareholders pay for their insurance through work.

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ThomsonReuters

JANUARY 28, 2021

The IRS has released an updated version of Publication 502 for the 2020 tax year. Publication 502 describes the medical expenses that are deductible by taxpayers on their federal income tax returns. 1 (“Only Code § 213 Medical Care Receives Favorable Tax Treatment”). Relevant dollar amounts (e.g.,

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Nancy McClelland, LLC

FEBRUARY 13, 2022

The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021. 4) If even one of the partners or shareholders plans to or is required to report foreign tax credits on Form 1116, Foreign Tax Credit , the Partnership or S-Corp must prepare Schedules K-2 and K-3.

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xendoo

NOVEMBER 23, 2020

Are you claiming all the income tax deductions you’re entitled to? These include: • Classes, seminars, webinars and workshops. This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies. . Home Office.

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ThomsonReuters

DECEMBER 17, 2021

“Countries would have to write new laws, adopt new tax treaty language, and repeal some policies that conflict with the new rules.”. International tax experts from KPMG, Orbitax, and Thomson Reuters noted this aggressive timetable during a recent webinar exploring the details of the Global Minimum Tax framework.

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Cherry Bekaert

NOVEMBER 14, 2023

Generally, taxpayers must identify the replacement property within 45 days of selling the relinquished property, and then acquire the replacement property within 180 days of the sale transaction or by the due date of the tax return. or 39-year lives. Each state has different eligibility requirements and PTE election regimes.

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Real Estate tax planning Construction Tax 109

Withum

OCTOBER 31, 2023

2023-33 on October 6, 2023, with additional information on how individuals buying used or new electric vehicles (EVs) can transfer a federal income tax credit to the auto dealership at the time of purchase, as opposed to claiming the credit on their federal income tax return.

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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.

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CPA Practice

JULY 27, 2023

“Tax advisory is so important for the future of our profession,” said Dominique Molina, CPA, MST, CPS, co-founder and president of the American Institute of Certified Tax Planners , and a presenter of advisory-related webinars to Intuit® ProConnect Tax , Lacerte® Tax , and ProSeries® Tax customers. “As

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KROST

APRIL 19, 2021

Step 1: Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Step 1: Calculate your annualized 2019 gross receipts: Step 1(a): Begin with gross receipts as reported on the eligible entity’s 2019 Federal tax return. Business tax returns (IRS Form 1120 or IRS Form 1120-S).

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Snyder

JANUARY 19, 2023

The general workload of the busy period includes getting the end-of-year info from clients, reconciliation, working with tax receipts, income reporting slips, preparing for tax returns, and more. We have a tight workflow, and we don’t take on anything new until after tax season ends. Paid plans start at $8/mo.

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