CPA Practice

APRIL 28, 2024

The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week. Tax topics during the week will include: Monday, April 29. Small business owners must implement data protection safeguards and always be on the lookout for tax-related scams.

tax return 128

tax return income tax Tax business tax 128

CPA Practice

DECEMBER 19, 2023

The start of a month typically brings some number of tax-related changes. Erie County, New York, exempts energy sources and services New York state sales tax doesn’t apply to retail sales of residential energy sources and services, but local sales tax does apply in many jurisdictions, including Erie County. cents per gallon.

South Carolina 111

South Carolina Tax Florida tax return 111

TaxConnex

JANUARY 26, 2023

There’s always something changing in the world of tax, especially sales tax. Gary Bingel, partner-in-charge for state and local taxes in accounting firm EisnerAmper’s State and Local Tax National Tax Group, made several predictions for 2023 in sales and other taxes. Crystal ball time. Oneida, N.Y.,

Sales 130

Sales Tax Arkansas Missouri 130

CTP

DECEMBER 28, 2023

in foreign markets, you may want to introduce this lucrative tax incentive: the interest charge domestic international sales corporation, more commonly known as the “IC-DISC.” The benefit of creating an IC-DISC is that some or all of the taxable income from export sales will be taxed at a lower rate—namely, the qualified dividend rate.

Tax 111

Tax Manufacturing Agriculture income tax 111

TaxConnex

JANUARY 12, 2023

It’s a fair bet, then, that sooner or later you’re going to be selling online into Puerto Rico, which has a sales tax. state with a sales tax has economic nexus thresholds – does Puerto Rico? Such companies must register with the Puerto Rico Department of Treasury and collect and remit Puerto Rico sales tax. Nexus for two years.

Sales 130

Sales Tax Real Estate Manufacturing 130

Cherry Bekaert

JANUARY 10, 2024

Additionally, the IRS opened access to the pre-filing registration tool for taxpayers and tax-exempt entities looking to monetize IRA and Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act related eligible tax credits. The tax credit is effective for sales that take place after December 31, 2022. per kilogram.

Tax 101

Tax Manufacturing income tax tax return 101

CPA Practice

OCTOBER 12, 2023

Retail sales of guns and ammunition will soon be subject to a new state excise tax in California. Under Assembly Bill 28, which Governor Gavin Newsom signed into law on September 26, 2023, an 11% tax will apply to gross receipts from retail sales of ammunition, firearms, and firearm precursor parts starting July 1, 2024.

California 124

California Sales Tax Pennsylvania 124

CPA Practice

APRIL 25, 2024

The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors act (CHIPs) enable taxpayers to take advantage of certain manufacturing investment, clean energy investment and production tax credits through elective pay or transfer provisions. For tax years beginning after Dec.

tax return 116

tax return Manufacturing Tax 116

CPA Practice

JANUARY 8, 2024

19 to submit time-of-sale reports for vehicles, such as electric cars, that qualify for the new clean vehicle tax credit. To provide dealers more time to submit and intake seller reports into the IRS ECO system, the tax agency said last week it was temporarily extending the three-day time period to submit time-of-sale reports.

Sales 112

Sales Tax tax return Manufacturing 112

Cherry Bekaert

MAY 3, 2024

Expanding business operations globally allows companies access to new markets, more efficient manufacturing options, new technologies, a larger workforce and new sources of inventory. Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. income tax return.

Tax 52

Tax income tax Non-Profits corporation tax 52

CPA Practice

APRIL 19, 2024

The courage to navigate a dizzying array of services—representing clients, preparing tax strategies, tax returns, financial plans, and valuations, as well as offering management consulting on everything from manufacturing to blockchain and AI.”

cpas 105

cpas CPA tax return Management Consulting 105

ThomsonReuters

DECEMBER 19, 2023

Jump to: What environmental tax breaks are available? Helping your clients with claiming environmental tax credits As sustainability initiatives gain momentum, the IRS continues to encourage environmentally conscious actions through a range of tax incentives. What environmental tax breaks are available? 

Tax 52

Tax income tax tax return Manufacturing 52

TaxConnex

MAY 11, 2021

Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Returns are typically due either monthly, quarterly, or annually. Know your Deadlines. Due dates also vary.

Sales 131

Sales Tax Colorado tax return 131

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Snyder

OCTOBER 30, 2022

Taxes add a big chunk to this plate. Tax filing deadlines and taxes themselves become a really big deal for e-commerce business owners, adding even more stress to their busy lives. But is there a way to escape tax filing season disturbance? How much do small businesses pay in taxes? How to file income tax?

tax preparation 98

tax preparation E-commerce Tax income tax 98

TaxConnex

NOVEMBER 18, 2021

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

Sales 178

Sales Tax Non-Profits audit 178

Withum

JUNE 22, 2023

Did you know that the application deadline for the NH R&D Tax Credit is fast approaching? Read below for the highlights of the R&D Tax Credit program and application due date. Principal features of the New Hampshire Tax Credit are: The credit is awarded by the New Hampshire Department of Revenue Administration.

New Hampshire 78

New Hampshire Tax Manufacturing tax return 78

CPA Practice

JUNE 14, 2023

The IRS and the Treasury Department proposed guidance on Wednesday for companies that elect to receive a direct payment in lieu of the tax credit for the manufacturing of semiconductor chips in the U.S. The CHIPS Act allows eligible taxpayers to make an election to treat the credit as a payment against federal income tax.

Tax 52

Tax Manufacturing income tax tax return 52

ThomsonReuters

AUGUST 25, 2023

How is software depreciated for tax purposes? Internal use vs. external use software Solutions for managing software depreciation for taxes In today’s tech-driven environment, companies need software to efficiently run their business, whether it is software they purchase from an outside source or develop internally.

Tax 97

Tax Technology Manufacturing payroll 97

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

CTP

DECEMBER 28, 2023

to foreign countries, you will want to familiarize yourself with this tax incentive: the interest charge domestic international sales corporation, more commonly known as the “IC-DISC.” This IRS election can allow some or all of the taxable income from your export sales to be taxed at a lower rate. manufacturer or distributor.

Tax 52

Tax Manufacturing Agriculture income tax 52

CPA Practice

JUNE 14, 2023

Nearly three-quarters of that climate change investment—an estimated $270 billion—is delivered through tax incentives. The law created two new credit delivery methods— elective pay (also known as “direct pay”) and transferability —that enables different entities to take advantage of the clean energy tax credits.

Tax 85

Tax Alaska Manufacturing Tennessee 85

Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. The IIJA lowered this threshold to 20%.

Tax 122

Tax Manufacturing tax return tax services 122

CPA Practice

MARCH 8, 2023

Anyone who deals with property tax knows firsthand how complex it can be to manage, especially given how tax laws differ not only between states but even among local jurisdictions within the same state. Ask three organizations how they manage their property taxes, and you’ll get three different answers.

Tax 105

Tax Technology accounting and finance tax return 105

CPA Practice

FEBRUARY 10, 2023

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.

tax return 119

tax return income tax tax preparation Manufacturing 119

Cherry Bekaert

APRIL 4, 2024

The IRA created and expanded tax incentives for individuals who own or rent a home to invest in energy-saving home improvements. These individuals can now earn a percentage of their money spent back through federal energy tax credits. Taking advantage of energy tax credits can seem like a daunting task.

auditor 90

auditor tax return audit Tax 90

ThomsonReuters

AUGUST 9, 2022

Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA) passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. What is the purpose of the Superfund Chemical Excise Taxes? Are exporters being taxed?

Tax 97

Tax Manufacturing tax return Sales 97

CPA Practice

JANUARY 9, 2024

19 to submit time-of-sale reports for vehicles, such as electric cars, that qualify for the new clean vehicle tax credit. To provide dealers more time to submit and intake seller reports into the IRS ECO system, the tax agency said last week it was temporarily extending the three-day time period to submit time-of-sale reports.

Sales 52

Sales Tax tax return Manufacturing 52

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

ThomsonReuters

DECEMBER 20, 2020

What is the difference between sales tax and value-added tax (VAT)? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax vs. VAT overview.

Sales 119

Sales South Dakota Tax corporation tax 119

KROST

MARCH 10, 2022

There are so many tax reporting deadlines and for the past two years, every time we came closer to the next deadline, there was some reason (beyond our control) for delays. Coming into this tax season, we were hopeful that things would be better. Tax basis reporting on K-1s for partnerships and S Corporations. About the Author.

California 52

California Tax Real Estate tax return 52

Withum

AUGUST 24, 2023

The domestic content rules are satisfied with respect to an energy project if the taxpayer certifies that any steel, iron, or manufactured product that is a component of such an energy project was produced in the United States. How Do I Claim a Federal Energy Project Income Tax Credit? The energy credit is non-refundable.

Tax 52

Tax Construction income tax Non-Profits 52

CPA Practice

DECEMBER 21, 2023

Recent tax changes coupled with the potential for an economic slowdown have made it even more critical for companies and individuals to make smart decisions on investments and financing. The energy cost savings together with the tax benefits can make a compelling case. Prepare for public stock buyback tax. Energy credits.

tax planning 59

tax planning Tax Real Estate accounting and finance 59

CPA Practice

JUNE 13, 2023

TNS) A backlog of claims for the employee retention credit (ERC) has piled up before the IRS, as business owners seek out the retroactive tax credit. Take the case of Alicia Chapman, CEO of the Portland, Oregon-based metal manufacturer Willamette Technical Fabricators. By Melissa Angell, Inc.

tax return 111

tax return Oregon payroll tax Tax 111

ThomsonReuters

JUNE 15, 2022

The foundation of a successful tax practice rests on the technical knowledge of your people. While you can create a modern firm with automated processes and expansive service offerings, your clients won’t keep coming back if your team isn’t up to speed with the most recent tax law changes. When do tax law changes take effect?

Tax 98

Tax Technology audit tax preparation 98

Going Concern

APRIL 12, 2024

ICYMI: These are the most-read articles on Going Concern this week: Tax Preparer Finds Out in the Worst Way Possible That ERC Wasn’t a Free Money Glitch Survey Says: Which Group of Auditors Are Most Satisfied With Their Salaries? With less than a week left before the federal tax filing deadline, Doug Blattman is in panic mode.

CPA 104

CPA auditor Tax audit 104

MyIRSRelief

APRIL 15, 2021

Lately, there has been a lot of talk surrounding R&D tax credits, and how they can potentially benefit large and small companies alike, regardless of which industry you happen to be involved in. Here’s a look at several things to know surrounding R&D tax credits. First off, what are R&D tax credits? Increased ROI.

Tax 100

Tax payroll tax tax return Start-ups 100