Withum

AUGUST 10, 2023

On August 3, 2023, Treasury and the IRS issued proposed regulations and a press release identifying monetized installment sale transactions and substantially similar transactions as Listed Transactions. It has previously included monetized installment sales on its annual Dirty Dozen list of common tax scams and schemes.

Sales 52

Sales tax return Tax tax services 52

TaxConnex

SEPTEMBER 21, 2021

When attempting to manage your sales tax obligations across many different states, one of the first things to hit you will be the dizzying number of deadlines you must follow when filing sales tax returns. Generally, the higher the volume of tax you’ll be reporting, the more often you have to file and remit.

tax return 179

tax return Tax Sales tax services 179

CPA Practice

FEBRUARY 2, 2024

When something is viewed as a commodity, price is usually the deciding factor in who gets the sale. When price is deciding the factor in who gets the sale, two things happen: 1: You, as the accounting firm, won’t be able to substantially raise your prices because there’s always someone else that will be glad to take the low-priced work.

Account 119

Account accountant accounted tax return 119

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

Withum

NOVEMBER 14, 2022

The IRS’s decision to grant late-filing relief in this context is not that surprising or ground-breaking, but it does highlight an important tax strategy that we are starting to see with increasing frequency. Section 1202 generally provides for the full or partial exclusion of capital gain realized on the sale of QSBS. QSBS Generally.

tax return 113

tax return Entertainment Tax Sales 113

CPA Practice

FEBRUARY 27, 2024

These processes often include accounting and CFO services, financial planning, transaction services, corporate tax compliance and, increasingly, state and local tax compliance, including sales and use tax reporting. One of its core growth services is sales tax management.

Technology 52

Technology Tax Sales tax return 52

Cherry Bekaert

MAY 3, 2024

tax purposes (the classification may be different for foreign tax purposes) Expanding primarily into treaty countries or non-treaty countries, or both Keeping its cash offshore (e.g., income tax return. corporations that are expanding into high-tax countries. tax return. tax liability.

Tax 96

Tax income tax Non-Profits corporation tax 96

Withum

JANUARY 8, 2024

A change in a federal income tax accounting method generally requires the Commissioner’s consent by filing a Form 3115 and must be filed in the year the taxpayer wants the change to be reflected. However, automatic changes in accounting methods can be filed on Form 3115 and are not due until the extended due date of the tax return.

tax return 78

tax return audit Tax income tax 78

CPA Practice

FEBRUARY 5, 2024

When something is viewed as a commodity, price is usually the deciding factor in who gets the sale. When price is deciding the factor in who gets the sale, two things happen: 1: You, as the accounting firm, won’t be able to substantially raise your prices because there’s always someone else that will be glad to take the low-priced work.

Account 52

Account accountant accounted tax return 52

xendoo

JANUARY 12, 2022

These businesses can also file for a tax extension, and this extension must also be received by April 18. Once your extension is approved, your new tax deadline becomes October 17, 2022. It’s important to remember that your tax return must be at least postmarked by the due date. This date, of course, assumes you’re ready.

business tax 98

business tax Tax tax return tax preparation 98

inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. This would come to a capital gains tax bill of $140,000 ($500,000 * 0.28).

tax return 52

tax return Mississippi Wisconsin Tax 52

Anders CPA

SEPTEMBER 28, 2022

Even if a state doesn’t require sales tax on SaaS, the company may still need to file if they pass a certain threshold of sales. SaaS really encompasses three types of services: SaaS; Infrastructure as a Service (IAAS) and Platform as a Service (PAAS). Anders State and Local Tax services.

Rhode Island 52

Rhode Island West Virginia South Dakota South Carolina 52

Withum

JUNE 1, 2022

Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs. Company A would recognize taxable income of $17,050, increasing their taxable income by 24%, even though the same number of sales took place. Potentially.

business tax 119

business tax Tax income tax tax return 119

Withum

JUNE 8, 2022

The Notice identifies an additional 101 taxable substances that are subject to the excise tax and requires reporting on Form 6627 , relating to Environmental Taxes, which is attached to Form 720 , the quarterly Federal excise tax return. Business Tax Services. See Exhibit B for a list of these substances.

Tax 121

Tax Manufacturing tax return tax services 121

ThomsonReuters

JANUARY 28, 2022

Stay top-of-mind with tax and accounting clients all year. Companies that only offer tax services have to start over each year building a brand through marketing and advertising. That includes: Preparing federal and state income taxes. Filing quarterly employment taxes. Insurance sales.

Tax 102

Tax tax preparation bookkeeping bookkeeping services 102

TaxConnex

NOVEMBER 9, 2021

You might think that collecting the tax and filing a tax form is all you need to be sales tax compliant. Ideally, all your sales tax calculations are managed in one system to produce a single report each month with details of all your sales and use tax liabilities.

Sales 185

Sales Tax general ledger tax return 185

xendoo

AUGUST 2, 2023

Advantages of LLCs Disadvantages of LLCs Protects the owner’s personal assets Subject to self-employment tax, meaning a possible higher tax bill It’s a pass-through entity, so you include business income on your personal tax return. FAQs Which is better for taxes: LLC or S corp?

Tax 52

Tax income tax Non-Profits tax return 52

xendoo

AUGUST 2, 2023

Advantages of LLCs Disadvantages of LLCs Protects the owner’s personal assets Subject to self-employment tax, meaning a possible higher tax bill It’s a pass-through entity, so you include business income on your personal tax return. FAQs Which is better for taxes: LLC or S corp?

Tax 52

Tax income tax Non-Profits tax return 52

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. You must report this credit on a federal tax return form filled in in plenty of time, using Form 6765. Technological uncertainty.

Tax 100

Tax payroll tax tax return Start-ups 100

Withum

JULY 26, 2023

An eligible taxpayer can transfer any portion of an eligible credit on its original tax return. The regulations clearly state that the division And sale of only a portion of the credit, for example just the base credit, is not allowed. What is the tax treatment of a partnership or S corporation that sells credits (i.e.

Tax 52

Tax tax return Alaska Tennessee 52

Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. After all, nothing in IRC §174 overrides the general sale or exchange rules related to the disposition of property under IRC §1001.

income tax 80

income tax Tax accounting standards accounting and finance 80

Steve Feinberg

SEPTEMBER 7, 2023

Importance of Bookkeeping for Home Service Contractors Bookkeeping for small construction businesses and home service contractors is crucial for many reasons. Accurate bookkeeping also ensures that you are compliant with tax regulations.

bookkeeping 52

bookkeeping bookkeeping services bookkeeping software accounting and finance 52

Withum

FEBRUARY 1, 2023

In addition, a covered corporation may treat stock contributions to an employer-sponsored retirement plan as having been contributed in the prior taxable year if contributed by the filing deadline for the IRS Form 720, Quarterly Federal Excise Tax Return, that is due for the first full quarter after the close of the taxpayer’s taxable year.

Tax 75

Tax tax return CPA Legal 75

xendoo

MAY 19, 2021

Ideally, an experienced accountant will monitor your books all year long (or at least at regular intervals), which is vital when it comes to tax planning. A Florida Certified Public Accountant Can Help You to Understand Sales Tax Laws. Tax laws are notoriously complicated. Sales tax laws in Florida are no exception.

Florida 52

Florida Account accountant accounted 52

Withum

NOVEMBER 17, 2022

Today, almost all states employ economic nexus concepts, whereby merely having sales sourced to a state generally result in a filing requirement even without a physical presence. States across the nation use different sourcing rules and methodologies to assign sales to a state. Income tax apportionment. ultimate customer).

tax planning 52

tax planning Tax income tax CPA 52

ThomsonReuters

FEBRUARY 8, 2022

Adding services in the areas beyond filing tax returns, such as accounting, payroll, bookkeeping, business planning, payroll and audit solutions, will always be services clients need. Respondents also indicated interest in receiving other services from their accounting firms. Your prospects want to be wooed.

Tax 105

Tax Entertainment payroll bookkeeping 105

Going Concern

JUNE 10, 2022

The Chrisleys were found guilty of tax evasion, and Peter Tarantino was found guilty of filing two false corporate tax returns on behalf of the Chrisleys’ company. Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions [ Journal of Accountancy ] A U.S.

auditor 59

auditor accounting and finance audit CPA 59

Withum

AUGUST 11, 2022

Congress’s intent is to impose the excise tax at the beginning of the commercial chain of production, distribution, consumption, and disposal of hazardous substances. Therefore, the excise tax is not assessed on purchase, but instead is applied on the sale or use of the taxable chemicals and imported taxable substances.

Tax 72

Tax Manufacturing tax return Sales 72

MyIRSRelief

MAY 15, 2024

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. Overlooking local property and sales tax exemptions.

Tax 130

Tax payroll tax payroll tax preparation 130

CPA Practice

JANUARY 19, 2024

“Where do you fit the tax side, and how do you interface with the tax team in your model of CAS,” Tallyfor founder Peter Wen asked. What that means is, you’re still going to have to do the payroll tax returns and the 1099s, you’re still going to have to do annual accounting work. That doesn’t go away anytime soon.

accounting firms 78

accounting firms Account accountant accounted 78

TaxConnex

OCTOBER 1, 2020

sales tax post- Wayfair is confusing enough. You’ve heard it before that US sales & use tax laws are some of the most confusing, but how are things done with our neighbor to the north? The tax rates. Collectively, jurisdictions in Canada do impose less diverse sales tax obligations than U.S.

Sales 131

Sales Tax tax return income tax 131

PYMNTS

JANUARY 8, 2018

The new service will allow consumers who filed their taxes using Credit Karma to take a $500-$1000 advance on their tax refund without an additional fee or charge. Funds can be deposited into a consumer’s account with 24 hours of the IRS accepting their fully filed tax return. So, what did we learn this week?

Tax 42

Tax Louisiana Legal Colorado 42

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Not all sales and not all taxpayers can qualify to use the installment sale method.

Real Estate 109

Real Estate tax planning Construction Tax 109

TaxConnex

NOVEMBER 23, 2021

But what happens when a world still rocked by the pandemic continues to make the majority of its sales online? eCommerce has become a growing and important aspect of retail sales. In fact - Cross-border eCommerce sales worldwide grew more than 20% in 2020 while U.S. But how does this impact your sales tax obligations?

Tax 180

Tax Sales tax return Retail 180

Ryan Lazanis

OCTOBER 24, 2022

When you combine basic bookkeeping services provided with CFO guidance, financial reports, tech implementation, year-end tax returns preparation, tax return preparation fees, and strategic advisory you have a wide range of value being provided which can alter your approach. Fixed vs. Value Pricing. Fixed Pricing.

Account 98

Account accountant accounted bookkeeping services 98

Withum

MARCH 7, 2022

Since the state doesn’t otherwise levy an income tax, the ultimate decision will impact individuals as well as many business owners who have sought tax residency in the state, which is often used to implement state tax strategies in planning for the sale of a business. State and Local Tax Services.

Washington 75

Washington Tax income tax tax return 75

xendoo

JANUARY 16, 2023

How Much Do Small Businesses Pay in Taxes by State? How Are Small Businesses Taxed? Depending on your business structure and income, you may be subject to one or more types of taxes. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. S corporations will file Form 1120-S.

business tax 52

business tax Tax income tax payroll tax 52