Shay CPA

APRIL 17, 2024

In the last year, we’ve seen some companies run into issues because they assume all of their ML or AI work is qualifying R&D — and it isn’t. Where you started is key Newness is a huge component of qualifying for the R&D tax credit. Talking with your accountant can help you get a good idea of what you can and can’t claim.

Tax 52

Tax Technology CPA Account 52

ThomsonReuters

APRIL 28, 2022

ANSWER: Retirement planning benefits are not taxable to employees if they meet the requirements of the exclusion for “qualified retirement planning services” in Code § 132(a)(7). The exclusion does not apply to services that might be related to retirement planning, such as tax preparation, accounting, legal, or brokerage services.

tax preparation 105

tax preparation Education income tax Legal 105

Cherry Bekaert

MARCH 4, 2024

The proposed regulations will provide an option for regulated financial companies and members of regulated financial groups to use a new method of accounting for federal tax purposes that will align the allowable bad debt deductions to GAAP (book) charge-offs. In addition, the term worthless is not defined in Section 166 or its regulations.

financial statements 93

financial statements tax accountant Tax Account 93

ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. From an accountant’s perspective, the answer to this question varies depending on the source of the income and applicable tax laws. Consider pension and annuity payments.

Tax 52

Tax Account accountant accounted 52

CPA Practice

MARCH 22, 2023

The 401(k) plan is one of the most popular qualified retirement plans around. will provide access to more part-time workers. For starters, an employee can elect to defer part of their salary on a pre-tax basis to a personal account, subject to generous limits. Now the new law passed at the end of 2022—dubbed SECURE Act 2.0—will

Tax 117

Tax Account accountant accounted 117

Shay CPA

NOVEMBER 8, 2023

You can reduce your tax liability by up to $500 with this credit and a lot of the game development process applies, so it’s definitely one you shouldn’t overlook. You can reduce your tax liability by up to $500 with this credit and a lot of the game development process applies, so it’s definitely one you shouldn’t overlook.

Gaming 52

Gaming Tax CPA payroll 52

CPA Practice

FEBRUARY 27, 2023

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts. 16 to make 2022 contributions to their IRAs and health savings accounts. It also applies to the quarterly payroll and excise tax returns normally due on Jan.

Tax 95

Tax Alabama tax return Georgia 95

Ronika Khanna CPA,CA

MAY 5, 2024

Accounting software has come a long way in the past few years. Although a good bookkeeper can be invaluable, It has become fairly easy for business owners and their support staff to take on the responsibility of entering day to day transactions while they employ accountants for the more complex aspects of their accounting and tax.

income tax 90

income tax Account accountant accounted 90

CPA Practice

APRIL 11, 2023

Qualified retirement plans : If certain requirements are met, an employer can deduct the full amount of contributions made to a qualified retirement plan on behalf of an employee-spouse. Contributions compound within the account without any current tax erosion. This rule also applies to coverage for an employee-spouse.

Education 131

Education Tax payroll Account 131

CPA Practice

FEBRUARY 29, 2024

The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA) , individuals and households that reside or have a business in Spokane County qualify for tax relief.

Washington 98

Washington Tax tax return income tax 98

MyIRSRelief

OCTOBER 30, 2023

There are many complex rules and regulations that apply to estate and trust taxation, and it can be difficult to keep up with the latest changes. Form 1041, U.S. Income Tax Return for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. This can help you to save money on your taxes.

tax preparation 130

tax preparation Tax tax return income tax 130

CPA Practice

DECEMBER 27, 2023

The IRS recently sent out a reminder, which applies to taxpayers aged 73 or older (born before 1951), and noted new requirements under the law beginning in 2023. Required minimum distributions , or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. New for 2023: The Secure 2.0

tax return 59

tax return Non-Profits Tax income tax 59

inDinero Accounting

DECEMBER 5, 2023

The Qualified Small Business Exemption (QSBS exemption) can shield up to $10 million, and sometimes more, of stock appreciation from capital gains tax. Housed under section 1202 of the tax code, it provides for a 50-100% exemption from capital gains tax for qualified stock investments. A C Corporation must issue the shares.

tax return 52

tax return Mississippi Wisconsin Tax 52

CPA Practice

MARCH 31, 2023

Qualified retirement plans, like the popular 401(k) plan, are meant to be used to accumulate savings for retirement. Accordingly, you may derive generous benefits for participating in a 401(k) or other qualified plan, while taking early distributions from your account are generally penalized. SECURE Act 2.0 SECURE Act 2.0

Tax 75

Tax Account accountant accounted 75

CPA Practice

MARCH 24, 2023

Lawrence and Suffolk counties qualify for tax relief. Other areas added later to the disaster area will also qualify for the same relief. Among other things, this means that eligible taxpayers will have until May 15 to make 2022 contributions to their IRAs and health savings accounts. 23 and Dec. 23 and Dec.

New York 105

New York Tax tax return income tax 105

Basis 365

OCTOBER 26, 2022

However, many business owners need to be aware of the R & D credit or believe it applies to their situation. businesses and is applied as a tax credit. Traditional The traditional method allows a 20% credit to be applied to qualified research expenses exceeding a base amount. soil can apply for R&D credit.

Tax 95

Tax payroll tax payroll income tax 95

Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. Scrapping the FHL regime will be a blow to those that currently provide qualifying holiday lets and will be seen by landlords as yet another attack on their businesses. In recent years the number of landlords providing furnished holiday homes has increased significantly.

Construction 64

Construction chartered accountant Tax Government 64

ThomsonReuters

FEBRUARY 24, 2022

The IRS has issued new Form 8915-F for use by individual taxpayers to report retirement plan distributions due to qualified disasters as well as repayments of disaster distributions. Forms 8915-B, 8915-C, and 8915-D (relating to qualified 2017, 2018, and 2019 disasters, respectively) have been updated for 2021. Form 8915-F.

Alaska 89

Alaska Construction Tax Washington 89

Withum

JUNE 24, 2022

When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC. The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. .

Tax 126

Tax audit tax return tax services 126

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. As a result, impacted residents can now finally apply for grants from FEMA to assist with temporary housing and home repairs. 10 to Sept. 13, 2023. 31 and April 30, 2024.

Rhode Island 52

Rhode Island Tax income tax tax return 52

ThomsonReuters

DECEMBER 19, 2023

For accountants, understanding these tax credits is essential in ensuring clients make the most of their investment in clean vehicles. Tax incentives for electric vehicles are available at both at the federal and state level. Purchases made before 2023 don’t qualify.

Tax 52

Tax Colorado accounting and finance tax return 52

CPA Practice

APRIL 3, 2023

Other areas added later to the disaster area will also qualify for the same relief. Among other things, this means that eligible taxpayers will have until July 31 to make 2022 contributions to their IRAs and health savings accounts. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

Arkansas 98

Arkansas Tax tax return income tax 98

TaxConnex

MARCH 11, 2021

Four states recently took a closer look at how sales tax applies to technology-related solutions, one of the more confusing industries for complying with sales and use tax requirements. Texas has clarified that the sale or lease of software installed on computer hardware is part of the sale or lease of the computer hardware.

Sales 197

Sales Technology Indiana Tax 197

ThomsonReuters

DECEMBER 11, 2023

What conditions must be met to apply the proportional amortization method? In March 2023, the Financial Accounting Standards Board ( FASB ) issued an  Accounting Standards Update (ASU)  aimed at improv ing the accounting and disclosures for investments in tax credit structures. What are LIHTC investments?

income tax 52

income tax accounting standards Non-Profits accounting and finance 52

CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. the Act) was passed into law on December 26, 2022.

Illinois 96

Illinois Start-ups Tax CPA 96

CPA Practice

OCTOBER 2, 2023

Taxpayers affected by recent natural disasters including those impacted by the recent Maui fires and hurricane Idalia in parts of Florida, South Carolina and Georgia. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. They have until Oct. 31, 2023, to file.

South Carolina 124

South Carolina Tax Georgia income tax 124

ThomsonReuters

APRIL 20, 2023

FAQs About Affordable Care Act and Coronavirus Aid, Relief, and Economic Security Act Implementation Part 59 (Apr. 13, 2023) Available at [link] The DOL, HHS, and IRS have jointly issued FAQs (Part 59) addressing the impact of the recent court decision in Braidwood Management Inc. HDHP Safe Harbor. COVID-19 Vaccine Coverage.

Legal 98

Legal Government Tax Account 98

Shay CPA

NOVEMBER 1, 2023

You can apply a percentage of what you spend on qualified research expenses (QREs) to this credit — to the tune of up to $500,000. Understanding which roles qualify Your research credit equals 20% of your QREs over what the IRS calls a base amount. So, what counts as qualified research? It needs to meet four criteria.

Tax 52

Tax Technology audit CPA 52

CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. Individuals and households that reside or have a business in this locality qualify for tax relief. Currently, this includes San Diego County. 31 and April 30, 2024.

tax return 69

tax return income tax California payroll 69

CPA Practice

JUNE 20, 2023

As of June 9, 2023, the FTC Safeguards Rule (part of the Gramm-Leach-Bliley Act) has entered the enforcement stage. While that part seems clear, there is confusion as to WHO this ruling applies to. Is it tax firms only, or, do firms who do CAS (with or without Payroll) need to comply as well?

payroll 98

payroll CPA tax preparation auditor 98

Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments.

Rhode Island 72

Rhode Island income tax Tax tax return 72

Shay CPA

FEBRUARY 21, 2024

Starting January 2024 (read: this already applies), the vast majority of companies operating across the country need to submit an annual report called Beneficial Ownership Information (BOI). If you think you might qualify, scroll to your potential exemption category and see if you can tick the required boxes.

CPA 52

CPA Tax Start-ups Legal 52

CPA Practice

OCTOBER 16, 2023

Taxpayers affected by recent natural disasters including those impacted by the recent Maui fires and hurricane Idalia in parts of Florida, South Carolina and Georgia. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. They have until Oct. 31, 2023, to file.

South Carolina 111

South Carolina Georgia income tax Vermont 111

CPA Practice

NOVEMBER 21, 2023

Accountants play a huge role in estate planning—from knowing your client’s asset and property values inside out to helping them plan how to manage and distribute these assets in case of an unplanned death. However, accountants play a crucial and very important role in this process. million.

Account 112

Account accountant accounted Legal 112

Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. And the money that your company earned is part of it! Look through your profit and loss report and research the applicable tax deductions for your business starting from work-related trips and ending with accounting software subscription purchases. Contents: 1.

Tax 98

Tax business tax Real Estate Legal 98

ThomsonReuters

SEPTEMBER 7, 2023

This credit allows eligible taxpayers to reduce their tax liability by a certain percentage of the qualified expenses incurred for the care of their children or dependents. From an accountant’s perspective, you likely have heard these questions: How do dependents affect taxes? What is the adoption tax credit?

Tax 52

Tax income tax tax preparation tax return 52

ThomsonReuters

NOVEMBER 15, 2023

For accountants, understanding the ins and outs of tax deductions for charitable contributions , including how to properly report monetary donations using Schedule A, is an essential part of tax planning for clients. Donating appreciated stocks or securities to a qualifying charitable organization can offer tax benefits.

Tax 94

Tax tax return tax planning income tax 94