CPA Practice

APRIL 18, 2024

Taxpayers impacted by disasters typically do not have the benefit of the lookback period for claiming credits and refunds being aligned with a postponed return filing due date, which this legislation would provide for all federally declared disasters. The American Institute of CPAs has expressed its strong support of H.R.

Tax 82

Tax cpas 82

TaxConnex

AUGUST 1, 2023

You sell an item to a customer, they decide for whatever reason to return it, and you give them a refund. One in every five … What are the odds your online company will have to deal with returns and make refunds? You have to refund the right amount of that, too. Except when sales tax becomes involved.

Sales 130

Sales Rhode Island Tax Michigan 130

DuctTapeMarketing

MARCH 11, 2021

For the longest time, Nordstrom had a policy that granted refunds with no receipt, no time limit, no questions asked. A variation of that policy still remains today. This policy is often an example given whenever someone talks about customer service. If you want to exceed expectations, choose the latter!

Technology 247

Technology 247

Withum

MARCH 12, 2024

The giddiness stems from a recent announcement by a publicly traded cannabis company that it obtained large tax refunds from the IRS, even though the company has been tightlipped about the reason for the refunds. Those with an optimistic bent believe the company cracked the tax code, particularly section 280E.

Tax 119

Tax tax return Legal Manufacturing 119

Cherry Bekaert

FEBRUARY 12, 2024

ASU 2023-9 Overview ASU 2023-09, an amendment to FASB Accounting Standards Codification (ASC) Topic 740, mandates annual disclosure of federal, state and foreign income taxes paid (net of refunds received) by all entities. Without further guidance, we view this as an accounting policy election that should be applied consistently.

income tax 105

income tax Tax accounting standards financial statements 105

CPA Practice

SEPTEMBER 22, 2023

Danny Werfel “In fiscal year (FY) 2024, we will be substantially reducing the number of correspondence audits focused specifically on certain refundable credits,” Werfel wrote. The credit, designed to benefit workers with lower incomes, can lower tax liability for eligible households or result in a cash-back refund. Now, in a Sept.

audit 119

audit income tax tax return Tax 119

CPA Practice

FEBRUARY 8, 2023

The compendium includes items focused on improving tax administration, making the tax code fairer and effectively promoting important policy objectives. 41); refunds of any remaining minimum tax credits from the prior corporate alternative minimum tax (AMT) regime (pg.

Tax 105

Tax income tax cpas accounting and finance 105

CPA Practice

AUGUST 3, 2023

“Businesses across the country are being taken advantage of by these dishonest credit mills, and their CPAs are caught in the middle of trying to help their clients and fight off the relentless targeting by ERC vendors,” said Melanie Lauridsen, Vice President of Tax Policy & Advocacy with the AICPA.

cpas 98

cpas cpa firm payroll tax CPA 98

Reckon

SEPTEMBER 25, 2023

8) Dealing with refunds Being able to handle refunds is also part of your responsibility as a business owner. Do you have a refund policy in place? Do you state ‘no refunds’ in signage? Be aware that no matter your company policies, it’s not just up to you how, if, and when, you offer refunds.

Legal 52

Legal payroll Gaming Start-ups 52

PYMNTS

DECEMBER 30, 2020

According to New York-based Rosenbaum Famularo , Amazon has a quick hook for sellers that have minor infractions, such as not refunding customers fast enough. Failure to refund consumers fast enough will have a more detrimental effect on ODR rate than the returns themselves. founding partner of the firm. Items shipped between Oct.

New York 100

New York Start-ups Retail Sales 100

ThomsonReuters

JANUARY 22, 2024

By accelerating the end of the COVID-era Employee Retention Tax Credit and implementing proven tax policies from the 2017 GOP tax reform, this act aims to save taxpayers over $70 billion while promoting American competitiveness and supporting working families.

Tax 105

Tax business tax accounting and finance payroll 105

CPA Practice

JANUARY 10, 2024

At the end of fiscal year 2023, nearly half a million taxpayers with cases pending in the IRS’s Identity Theft Victims Assistance (IDTVA) unit were waiting an average of almost 19 months for the agency to process their tax returns and send them their refunds, according to National Taxpayer Advocate Erin Collins.

tax return 104

tax return income tax Tax 104

Anders CPA

NOVEMBER 13, 2023

The cannabis industry is accustomed to shockwaves, between voter referenda, congressional bills and state-wide policy shifts. However, until the rescheduling has been formalized, we still advise making your estimated quarterly tax payments throughout the year, even though it will likely result in overpayments and a refund in 2025.

Tax 72

Tax tax planning Education CPA 72

Snyder

FEBRUARY 10, 2023

In the current e-commerce climate, having a return and refund policy has become a necessity rather than a nice-to-have feature. However, such policies don’t mean losses for small businesses. In this article, we’ll explore the reasons behind customer returns and the benefits of a small business return policy. Contents: 1.

E-commerce 52

E-commerce Non-Profits Manufacturing Sales 52

PYMNTS

JULY 20, 2020

As the pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but aren’t able to use. Some organizations are refunding a portion of monthly auto premiums. The newest batch of refunds were reportedly due to a lower number of claims and decreased driving because of the pandemic.

California 57

California 57

CPA Practice

DECEMBER 18, 2023

Many aluminum, glass, and plastic containers in California are subject to refundable container recycling fees under the California Beverage Container Recycling and Litter Reduction Act (aka, California Bottle Bill Act), but many aren’t. California bottle fee will apply to wine and spirits effective January 1 By Gail Cole .

California 89

California Manufacturing Iowa Vermont 89

CPA Practice

SEPTEMBER 19, 2023

Danny Werfel “In fiscal year (FY) 2024, we will be substantially reducing the number of correspondence audits focused specifically on certain refundable credits,” Werfel wrote. The credit, designed to benefit workers with lower incomes, can lower tax liability for eligible households or result in a cash-back refund. Now, in a Sept.

audit 59

audit income tax tax return Tax 59

PYMNTS

NOVEMBER 30, 2020

And while on its own it would be a challenge, the trouble really begins when consumers start “crying wolf” about porch piracy to commit refund fraud , which as of 2020 is happening en masse. The Refund Fraud Boom — And Using Data To Curb It. “It’s easy, it’s obvious and it takes literally zero brains to pull off in this environment.”.

Start-ups 81

Start-ups Retail Sales 81

PYMNTS

JUNE 4, 2020

As the pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but aren’t able to use. Tom Troy , CSAA Insurance Group president and CEO, said in the release, “We’re extending our refund program to mirror the relative decrease in driving we’ve seen with continued shelter-in-place orders.

Start-ups 52

Start-ups 52

CPA Practice

MARCH 30, 2023

The AICPA supports the Purple Book’s recommendation that Congress amend the lookback period so that when the IRS postpones a filing deadline due to a disaster declaration, taxpayers can claim refunds within three years plus the period of the postponement.

Alabama 59

Alabama Georgia Tax cpas 59

Menzies

JULY 25, 2023

However, trends show that more restaurants are now applying policies to recoup lost revenues through either requesting non-refundable deposits upon booking or issuing late cancellation or no-show penalties. Here we will review the key practical considerations of designing and implementing a stricter no-show policy.

chartered accountant 40

chartered accountant Non-Profits Sports Hospitality 40

PYMNTS

APRIL 24, 2020

The coronavirus pandemic is upsetting normal life the world over, and plenty of consumers want refunds on things they paid for but aren’t able to use. Here’s a roundup of some coronavirus-related refunds that universities and auto insurers are offering. Auto Insurance. The funds were for prorated residential, student, and meal charges.

New Hampshire 56

New Hampshire Oregon Alabama 56

PYMNTS

JUNE 29, 2020

As the pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but aren’t able to use. Insurance firms are refunding a portion of their customers’ monthly auto premiums.

56

56

SkagitCountyTaxServices

NOVEMBER 29, 2023

But, if you chose an online purchase because of the ease of returning said item, you might want to check the return policy. During the pandemic, legislators created the ERC as a refundable tax credit for businesses if they kept employees on the payroll rather than letting them go. There were a bunch. How do I withdraw my ERC claim?

payroll 70

payroll Government CPA Tax 70

PYMNTS

APRIL 22, 2020

We also want to get refunds back to our fans while so many are hurting economically. All tickets will be fully refunded at point of purchase.”. The auto insurer said it would give back £110m to holders of its policies, with the reimbursement credited automatically to clients by May’s conclusion. Beyond Admiral, U.K.

New York 52

New York 52

PYMNTS

MAY 4, 2020

Ashish Jha, professor of health policy at the Harvard T.H. Colleges in North Carolina have been refunding room and board for students unable to use them due to the pandemic, or offering plans to help make up for the losses. Petitions for reduced or refunded tuitions were circulated as the pandemic escalated.

North Carolina 85

North Carolina Education Sports New York 85

PYMNTS

MAY 1, 2020

The coronavirus pandemic is upsetting normal life the world over, and plenty of consumers want refunds on things they paid for but aren’t able to use. Here’s a roundup of some coronavirus-related refunds airlines and professional sports teams are offering. Airline Tickets. Baseball Tickets.

Gaming 57

Gaming Sports Legal 57

PYMNTS

MAY 18, 2020

As the coronavirus pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but aren’t able to use. Airlines are offering refunds or vouchers for future travel. In the U.S., The DOT usually gets around 1,500 complaints a month, but in April and May, it received more than 25,000.

Transportation 55

Transportation Government 55

PYMNTS

APRIL 16, 2020

The coronavirus pandemic is upsetting normal life the world over, and plenty of consumers want refunds on things they paid for but aren’t able to use. Here’s a roundup of some coronavirus-related refunds that companies and universities are offering. The company will send out refund checks in May pending regulatory approval.

Tennessee 56

Tennessee 56

Withum

APRIL 2, 2021

Have a Shoplifting Policy and Procedures in place to provide guidance to employees on the following: How to identify suspicious customers or shoplifters? Train new hires on all policies and provide annual training to existing employees. Put visible signs at the sale terminals so that the customers are informed of this policy.

Retail 94

Retail general ledger accounts payable payroll 94

PYMNTS

APRIL 17, 2020

The coronavirus pandemic is upsetting normal life the world over, and plenty of consumers want refunds on things they paid for but aren’t able to use. Here’s a roundup of some coronavirus-related refunds that companies and universities are offering. Airline Tickets. Senators Edward J. ” Sports Tickets.

Michigan 56

Michigan Sports Tax 56

PYMNTS

APRIL 23, 2020

Education administrators are forced to restructure everything from international recruitment, to visa applications, to refund policies.”. The report also found that policies that are clearly defined will fuel enrollment. The company said, “Certain policies can ensure enrollment and increased attendance in the months ahead.”.

Education 52

Education Healthcare Start-ups Government 52

PYMNTS

APRIL 13, 2020

Insurance companies are refunding a portion of premiums, while universities are providing prorated reimbursements of some costs amid the coronavirus pandemic. Also, states are requiring that insurance companies refund insurance premiums to consumers and businesses.

North Carolina 52

North Carolina California Education Transportation 52

PYMNTS

FEBRUARY 4, 2020

They have done so primarily by adding checkout features, such as free shipping and guarantee or refund policies that save shoppers time, effort and cash. percent) provided guarantee or refund policies. percent accepted digital wallet payments. The same portion (96.7

Gaming 62

Gaming Retail Sales Maine 62

PYMNTS

APRIL 29, 2020

The coronavirus pandemic is upsetting normal life the world over, and plenty of consumers want refunds on things they paid for but aren’t able to use. Here’s a roundup of the latest coronavirus-related refund news: Big League Baseball. The network said that allowed franchises to hang onto ticket revenue.

Gaming 56

Gaming California Education Sports 56

PYMNTS

APRIL 28, 2020

The coronavirus pandemic is upsetting normal life the world over, and plenty of consumers want refunds on things they paid for but aren’t able to use. Here’s a roundup of some efforts by consumers to receive refunds from universities and events — along with an initiative to provide auto policyholders with reimbursements.

California 56

California Texas Technology 56

CPA Practice

APRIL 18, 2024

When those agents open a new policy or switch an already enrolled policyholder to a different plan, they garner the associated monthly commissions. Instead of getting a $4,100 refund, we now owe almost $700 in taxes based on the 1095-A and premium tax credit applied,” Zukoski said. She plans to appeal. ©2024 KFF Health News.

North Carolina 52

North Carolina Tax Florida Texas 52