CPA Practice

AUGUST 21, 2023

They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

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?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

TaxConnex

SEPTEMBER 30, 2021

Missing a filing deadline or making a serious (repeated or obviously intentional) error on your return typically exposes your company to penalties and interest from a tax jurisdiction – similar to what happens with a bad filing of tax returns with the Internal Revenue Service. The same holds true, more or less, for Texas.

Sales 178

Sales Tax Maryland tax return 178

CPA Practice

NOVEMBER 17, 2023

So, while you might already know about the 2023 child tax credit and other family tax breaks for the current year, here is what you can expect for the 2024 tax year ( for income tax returns normally filed in early 2025 ). How much is the 2024 child tax credit? resident alien during the tax year.

Tax 116

Tax income tax tax return Minnesota 116

Cherry Bekaert

AUGUST 10, 2023

428 allows PTEs to unilaterally terminate their election effective the tax year following submission if filed by November 1 st (for calendar-year filers). It will be prohibited from making election status changes for the following five tax years. Louisiana Louisiana House Bill No. House Bill No.

Alabama 98

Alabama Ohio Iowa Louisiana 98

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit. ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

audit 130

audit North Carolina Oklahoma Ohio 130

TaxConnex

MARCH 24, 2022

Most states now have marketplace facilitator laws, though definitions of a “marketplace facilitator” vary almost as much as do states’ sales tax laws. Most recently , Michigan and Minnesota issued guidance on sales and use tax nexus applicable to marketplace facilitators and sellers, clarifying when facilitators have sales tax obligations.

South Dakota 173

South Dakota Nevada Missouri Minnesota 173

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

TaxConnex

AUGUST 4, 2022

that states that marketplace providers are responsible for collection and remittance of the Wisconsin premier resort taxes. Michigan and Minnesota have issued guidance on sales and use tax nexus applicable to marketplace facilitators and sellers, clarifying when facilitators have sales tax obligations. has also proposed?

Wisconsin 130

Wisconsin North Carolina Michigan Iowa 130

Anders CPA

SEPTEMBER 28, 2022

Many states don’t require a company to collect tax if all they provide is nontaxable services. How a state may define SaaS could determine if a company is required to file a sales tax return in a particular state, regardless of if SaaS is actually taxable by law within that given state.

Rhode Island 52

Rhode Island West Virginia South Dakota South Carolina 52

CPA Practice

MARCH 18, 2024

Is long-term care insurance tax deductible? If you are eligible, you can deduct premiums for long-term care insurance on your federal income tax return. Is California considering a long-term care tax? To be deductible, those premiums must exceed 7.5% of your adjusted gross income.

payroll tax 59

payroll tax Washington payroll Tax 59

Going Concern

SEPTEMBER 25, 2023

The long-running TPB investigation found that Mr Carter lodged false BAS and amendments for unwitting clients and lied about their tax returns and debts that did not exist. He spent $350,000 in client refunds and ATO payments on himself and misappropriated $440,000 intended for share purchases on behalf of clients.

tax preparation 104

tax preparation Gambling Account accountant 104

CPA Practice

APRIL 19, 2024

For example, businesses should exclude sales made through a registered marketplace facilitator when determining whether they’ve reached the economic nexus threshold for Arizona and Minnesota. Some states require marketplace facilitators to identify their own sales separately from third-party sales on their sales tax returns.

Tax 59

Tax Wyoming Alaska Louisiana 59

Going Concern

SEPTEMBER 1, 2023

Law & Order Co-Owner of Media Brokerage Firm Pleads Guilty to Filing a False Tax Return [ Department of Justice ] According to court documents and statements made in court, Susan K. Despite receiving the completed and accurate tax returns from the accounting firm, Patrick did not file them with the IRS.

Account 109

Account accountant accounted audit 109

Going Concern

JUNE 26, 2023

Here’s a cool profile on Myrna Bowie , who was among Minnesota’s first women Certified Public Accountants and is now likely the oldest practicing one at 90. And after persistently bugging him, her boss relented and allowed her to attend a business trip in Brownsville to meet with farmers about their tax returns.

Account 52

Account accountant accounted Minnesota 52

CPA Practice

MAY 17, 2023

Most states tax personal property owned by businesses and require businesses to complete and file a personal property rendition every year. The exceptions to that rule are Delaware, Hawaii, Illinois, Iowa, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Pennsylvania, and South Dakota.

South Dakota 105

South Dakota North Dakota Real Estate Washington 105

CPA Practice

APRIL 10, 2023

The legislation does nothing to eliminate the requirement to file an additional tax return.” “It would be an unpleasant outcome if having two thresholds confuses a seller so much they stop collecting in Colorado,” says Peterson. million in fiscal year 2023-24, and even more in subsequent years, according to the bill’s fiscal note.

Colorado 107

Colorado Retail Tax Sales 107

Going Concern

OCTOBER 20, 2023

Nevada CPA Pleads Guilty To Filing False Tax Returns [ U.S. Pocrnich has also faced a civil lawsuit from a partner at The Anton Group, and in May 2023 the Minnesota Board of Accountancy revoked his CPA license. and took “an aggressive step” toward the agent before he was blocked by DeFrancesch.

CPA 109

CPA quickbooks Real Estate auditor 109

ThomsonReuters

JUNE 22, 2021

Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments. New Mexico.

payroll 72

payroll Virginia Utah West Virginia 72

Going Concern

SEPTEMBER 18, 2023

Tax records show an Overland Park accounting firm, Graham & Associates, prepared the tax reports for the Overland Park Police Officer’s Foundation. Reached by phone, a representative of a newly re-worked firm said the man who did the tax returns retired due to medical issues. That’s all I’ve got for now.

audit 62

audit Account accountant accounted 62

ThomsonReuters

FEBRUARY 9, 2022

The DOL also has a list of potential FUTA credit reduction states for tax year 2022, which includes California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, New Jersey, New York, Pennsylvania, and the U.S. This comes to an additional $21 in FUTA tax per employee to the $7,000 annual taxable wage base.

payroll 98

payroll California Connecticut Tax 98

TaxConnex

JUNE 1, 2023

So, is cancelling your sales tax registration simple? Process varies by state Cancelling can be as straightforward as writing “Final” on your sales tax return. In Michigan and Minnesota, for instance, you have to have not met nexus thresholds for almost a year. And do you always want to do it?

Sales 130

Sales Tax New Jersey North Carolina 130

TaxConnex

SEPTEMBER 7, 2023

Minnesota exempts non-profits from collecting sales tax when the sales are for fundraising. During a sales tax audit, one of the first requests from the auditor will be for copies of all exemption certificates for any exemptions claimed on sales tax returns. How important are these certificates?

Sales 147

Sales Tax Non-Profits North Carolina 147

CPA Practice

JANUARY 3, 2024

Child tax credit for 2024 Additionally, several states have increased child and dependent tax credits for 2024. Colorado’s expanded child tax credit of up to $1,200 per child is effective for 2024 (tax returns normally filed in early 2025). Massachusetts now has one of the highest child tax credits in the U.S.

Tax 128

Tax Kansas income tax Montana 128

TaxConnex

FEBRUARY 9, 2023

In the case of a physical presence, you may need to make the nexus determination at the local level before determining whether you have the obligation to collect the local sales tax or not. and around the Twin Cities of Minnesota, to cite two of many communities. Similar proposals have cropped up in Tucson, Ariz.,

Sales 130

Sales Louisiana Alabama Tax 130

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax 85

Tax West Virginia Wisconsin Virginia 85

ThomsonReuters

JUNE 28, 2021

Minneapolis, Minnesota: $14.25 The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette.

payroll 52

payroll income tax California North Dakota 52

CPA Practice

FEBRUARY 1, 2024

The IRS said in December that the agency considers the checks federally taxable income, a surprise to state officials that sparked a flurry of lobbying to try to reverse that decision before income tax filing season starts. But in letters sent to Minnesota U.S. This is insulting to the hardworking people of Minnesota.”

Minnesota 40

Minnesota Tax income tax tax return 40

TaxConnex

MARCH 2, 2021

Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. This affects returns for sales taking place from December through this month. Minnesota wants comments on possible rules governing sales and use tax recordkeeping and consolidated return requirements.

Sales 229

Sales Tax Missouri Wisconsin 229

Going Concern

SEPTEMBER 2, 2022

CHS avoids fine in SEC accounting fraud case [ Compliance Week ] A Minnesota-based agricultural cooperative settled charges levied by the Securities and Exchange Commission (SEC) that the company violated federal securities laws when it filed materially false financial statements with the agency over five years.

North Carolina 98

North Carolina Tax Idaho audit 98