CPA Practice

MARCH 12, 2024

After several weeks of testing , the IRS said on Tuesday that eligible taxpayers in 12 states can now use its new Direct File service to submit their tax returns online for free directly with the agency. This includes 5.2 million in California, 3.8 million in Texas, 2.8 million in New York, 2.4 million in Florida, and 1.1

South Dakota 108

South Dakota income tax tax return Arizona 108

TaxConnex

MARCH 24, 2022

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. implementing sales and use tax collection requirements for marketplace sellers and facilitators who don’t have a physical presence in the state.

South Dakota 173

South Dakota Nevada Missouri Minnesota 173

Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. 16 deadline also applies to 2023 estimated tax payments, normally due on April 18, June 15 and Sept.

California 119

California tax return Nevada payroll 119

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

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.

tax preparation 105

tax preparation tax return South Dakota Arizona 105

inDinero Tax Tips

APRIL 11, 2023

From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax, physical and economic nexus tax, franchise tax, and gross income tax. Final payment on the remaining balance of franchise tax over $5,000 owed.

Delaware 52

Delaware Nevada Tax Sales 52

CPA Practice

APRIL 9, 2024

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

payroll tax 110

payroll tax West Virginia payroll cpas 110

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

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. draft regulations of sales and use tax collection requirements for marketplace sellers and facilitators who don’t have a physical presence in the state.

Wisconsin 130

Wisconsin North Carolina Michigan Iowa 130

TaxConnex

MARCH 2, 2021

Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges. 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.

Sales 229

Sales Tax Missouri Wisconsin 229

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

Tax 98

Tax income tax South Dakota tax return 98

CPA Practice

APRIL 19, 2024

While the first iteration of Nevada’s marketplace facilitator law didn’t specify how it applies to delivery network companies, the Nevada Department of Taxation now says food delivery services are marketplace facilitators. Utah will likely do the same in 2025. Change can surface in other ways too.

Tax 59

Tax Wyoming Alaska Louisiana 59

Going Concern

DECEMBER 2, 2022

McCabe — happened after their tax returns were randomly selected for inclusion in the initial pools from which the agency drew to carry out the examinations. Las Vegas Tax Preparer Sentenced to Prison for Multiple Fraud Schemes [ Department of Justice ]. This one is a doozy: A Nevada man was sentenced Nov.

public accounting 98

public accounting audit Account accountant 98

Anders CPA

MAY 23, 2023

As an employer, you are already required to withhold state income tax from employee wages, even for nonresident workers. Take note that nine states do not have a state income tax, so it is unnecessary to withhold funds in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.

payroll tax 98

payroll tax payroll Rhode Island Tax 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

ThomsonReuters

JUNE 29, 2022

We attended American Payroll Association’s (APA) annual Congress in Las Vegas, Nevada. ” As we mentioned in the this edition, an employer’s deposit schedule for a calendar year is determined from the total taxes reported on Forms 941 (Employer’s Quarterly Federal Tax Return) in a four-quarter lookback period.

payroll 89

payroll Nevada Tax tax return 89

Going Concern

OCTOBER 20, 2023

Nevada CPA Pleads Guilty To Filing False Tax Returns [ U.S. Attorney’s Office, District of Nevada ] According to court documents and statements made in court, Lance K. and took “an aggressive step” toward the agent before he was blocked by DeFrancesch.

CPA 105

CPA quickbooks auditor Real Estate 105

inDinero Tax Tips

MARCH 2, 2023

That means you must disclose any cryptocurrency trading activity conducted over the past year on your tax return. Taxpayers are required to report all cryptocurrency transactions, including buying, selling, and trading, on their tax returns. How Do Businesses Report Capital Gains Tax on Cryptocurrency?

Tax 52

Tax income tax South Dakota tax return 52

ThomsonReuters

FEBRUARY 1, 2021

States like California, Hawaii and Nevada registered unemployment rates at or above 9% in December 2020 and throughout the pandemic many other states suffered record-high unemployment rates rendering the state’s unemployment trust fund insolvent. The FUTA tax rate is currently 6.0% However, employers generally receive a 5.4%

Hawaii 89

Hawaii Nevada California New Jersey 89

ThomsonReuters

DECEMBER 7, 2022

To help accounting professionals, especially those entering the profession, this article will explore how fiduciary income tax is different from estate tax, who files a fiduciary tax return, what defines estates and trusts, and more. What is fiduciary tax? Who files a fiduciary tax return?

Tax 59

Tax North Carolina income tax tax return 59

xendoo

JANUARY 16, 2023

The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

business tax 52

business tax Tax income tax payroll tax 52

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

Snyder

FEBRUARY 12, 2023

From their side, the employer is responsible for: Paying their share of payroll taxes; Depositing tax dollars withheld from the employees’ paychecks; Preparing reconciliation reports; Accounting for the payroll expense; Filing payroll tax returns. To learn more about income taxes check our blog → Click here.

payroll tax 52

payroll tax payroll Tax income tax 52

ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. Fast forward to 2021, as the COVID-19 crisis continues, the federal unemployment rate held steady at 6.2% in February.

payroll tax 98

payroll tax Hawaii South Dakota payroll 98

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-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. New Mexico.

payroll 72

payroll Virginia Utah West Virginia 72

Withum

NOVEMBER 17, 2022

For example, common states where people move to reduce state taxes are Florida, Texas, Wyoming, and Nevada. Other cost segregation services include: Look-back studies to recapture depreciation deductions from prior tax years without amending your tax return. Repair and maintenance studies.

tax planning 98

tax planning Tax Construction income tax 98

inDinero Tax Tips

APRIL 20, 2021

From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax , physical and economic nexus tax, franchise tax, and gross income tax. Final payment on the remaining balance of franchise tax over $5,000 owed.

Delaware 64

Delaware Wyoming Nevada Oregon 64

ThomsonReuters

JULY 13, 2021

Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Form 1099-NEC took effect for the 2020 tax year. The draft forms include information related to the COVID-19 tax credits.

payroll 98

payroll income tax Vermont tax return 98

ThomsonReuters

FEBRUARY 6, 2024

The owners include their allocated share of the businesses’ profits in their income tax return and pay the ordinary individual income tax. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities. In short, there are U.S.

Tax 52

Tax income tax Oregon Ohio 52

ThomsonReuters

JUNE 28, 2021

Nevada: $9.75 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. New York: $15.00

payroll 52

payroll income tax California North Dakota 52

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.

payroll 98

payroll Missouri Virginia Delaware 98