CPA Practice

NOVEMBER 21, 2023

Goralka, Kiplinger Consumer News Service (TNS) Recent S corporation sales have increasingly used an F reorganization structure this year. An F reorganization is defined in Internal Revenue Code Section 368(a)(1)(F) as a mere change of identity, form or place of organization of one corporation.

Tax 116

Tax Washington Sales Legal 116

CPA Practice

APRIL 10, 2024

Sales taxes on groceries operate in a sort of similar way. A few states go the full-fat route, applying the full state and local sales tax rate to groceries. Some states provide a partial sales tax exemption — the sensible 1% or 2% milkfat choice. state sales tax on groceries.

Oklahoma 85

Oklahoma Sales Tax 85

CPA Practice

OCTOBER 16, 2023

More recently, a significant rise in interest rates has limited the supply of homes for sale, as homeowners who had locked in low interest rate mortgages don’t want, or can’t afford, to give up those low rates to purchase a new home. For taxpayers who find themselves in this situation, thoughtful tax planning is essential.

Sales 122

Sales Real Estate Tax tax planning 122

CPA Practice

AUGUST 7, 2023

4 that proposed regulations are on the way regarding a new excise tax established by section 5000D of the Internal Revenue Code. The Section 5000D tax is imposed on the sale by the manufacturer, producer, or importer of any designated drug during a day that falls within the statutory period.

Tax 98

Tax Manufacturing Hospitality Sales 98

RogerRossmeisl

AUGUST 21, 2022

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange.

CPA 187

CPA Tax Sales business tax 187

Cherry Bekaert

OCTOBER 10, 2023

If adopted, these new rules, combined with the specified research expenditure capitalization rules from 2022, will change the nature of how research and development (R&D) studies are conducted by standardizing some of the taxpayer information reviewed by the IRS upon submission of an R&D tax credit.

Tax 115

Tax Start-ups Sales 115

ThomsonReuters

DECEMBER 1, 2023

Section 179 and expensing property Running a company is expensive. Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. What does a depreciation schedule look like?

tax return 97

tax return Tax Transportation Non-Profits 97

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.

tax return 113

tax return Entertainment Tax Sales 113

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. In addition, the agency extended until Oct.

tax return 132

tax return income tax Real Estate Tax 132

Cherry Bekaert

JANUARY 18, 2024

2024-9 providing taxpayers with timely information concerning accounting method changes and the treatment of specified research and experimental (SRE) expenditures under Section 174 and Section 460. Taxpayers may not be able to change certain positions on the return that were inconsistent with various sections.

tax return 89

tax return Tax Account accountant 89

MyIRSRelief

OCTOBER 16, 2023

When it comes to navigating the complex world of taxes, understanding deductions and credits is like having a secret treasure map to unlock potential savings. Tax deductions and credits are powerful tools that can help individuals and businesses reduce their tax liabilities, putting more money back in their pockets.

Tax 130

Tax income tax Education tax return 130

Cherry Bekaert

JUNE 9, 2023

Contributors : Chris Grimes, Senior Manager, State & Local Tax | Peter Baisch, Senior Manager, State & Local Tax Georgia IRC Conformity and Section 174 On May 2, 2023, Georgia Senate Bill 56 was signed into law, which updated Georgia’s Internal Revenue Code (IRC) conformity date from January 1, 2022, to January 1, 2023.

Georgia 97

Georgia Tax Wisconsin Kentucky 97

CPA Practice

JULY 6, 2023

And if the business eventually goes under, you could be a saddled with a tax loss of somewhat limited value. On the other hand, you might benefit from a unique tax break if the stock qualifies as “Section 1244 stock.” Be aware, however, that this special tax treatment isn’t automatic. Consult with your tax advisors.

Tax 107

Tax Maine Sales income tax 107

Cherry Bekaert

FEBRUARY 22, 2024

As businesses in India are accustomed to the goods and services tax (GST) on their goods and services, the U.S. sales tax regime often mystifies international sellers. Both GST and sales tax are consumption-based taxes, but they differ in several important key areas: U.S. Input Tax Credit Not applicable.

Tax 87

Tax Hawaii Sales Technology 87

Cherry Bekaert

JANUARY 29, 2024

Section 751 Property Generally, partnerships that have Section 751 property, such as unrealized receivables or inventory property, are required to provide information to the Internal Revenue Service (IRS) when a sale or exchange of partnership interests occurs between partners. What is Form 8308? Return of Partnership Income.

tax return 52

tax return Tax Sales 52

Cherry Bekaert

AUGUST 15, 2023

Property owners restructuring debt should be wary of tax consequences that could occur. Debt cancellation, foreclosures and short sales can often increase tax liability for cancellation of debt income. Contact Us The post Tax Implications of Debt Cancellation, Foreclosures & Short Sales appeared first on Cherry Bekaert.

Real Estate 98

Real Estate Sales Tax Hospitality 98

Withum

JANUARY 8, 2024

The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures.

tax return 78

tax return audit Tax income tax 78

Withum

OCTOBER 25, 2023

Since their creation in 2009, cryptocurrencies have been polarizing, especially when it comes to taxes, bringing both opportunities and challenges. Section 165(g) provides that if a security becomes worthless within the taxable year, the loss is treated as a loss from sale or exchange of a capital asset. Therefore IRC Sec.

income tax 111

income tax Tax Government Sales 111

Ronika Khanna CPA,CA

JANUARY 5, 2024

The only businesses that Revenue Canada allows to use the cash method are farmers, fishers, or self-employed commissioned sales agents Enter First month of the fiscal year If you are a sole proprietorship , the first month of your fiscal year will almost always be January 1st. Customize your sales invoices.

quickbooks 98

quickbooks accounting software accounting and finance Tax 98

CPA Practice

AUGUST 21, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Businesses that sell marijuana have a heavy federal income tax burden. They are taxed on their income but can’t write off most of their business expenses. It doesn’t matter that the use and sale of marijuana are legal under the laws of the state where the business is located.

income tax 98

income tax Tax tax return Oregon 98

VJM Global

MARCH 4, 2024

Held by Hon’ble High Court of Delhi In the matter of M/s ARYAN TIMBER STORE KUMAR SALES TAX OFFICER CLASS II/ AVATO WARD 62 DEPARTMENT OF TRADE AND TAXES IP ESTATE NEW DELHI (WP 628/2024 dated 18th January, 2024) These days, Taxpayers are genuinely facing issues in Input Tax credit due to back date cancellation of GST registrations of the suppliers.

Tax 52

Tax Legal Sales Government 52

RogerRossmeisl

APRIL 17, 2021

The California Department of Tax and Fee Administration (CDTFA) has updated Publication 34 (Motor Vehicle Dealers), to include 2020 legislation that, effective 1/1/2021, imposes new reporting and payments requirements on certain used vehicle dealers. The CDTFA also made a number of nonsubstantive changes to the publication.

California 131

California CPA Tax Sales 131

inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

accrual accounting 105

accrual accounting Tax accounting and finance tax services 105

Withum

MARCH 14, 2024

Qualified Small Business Stock (QSBS) is one of the most advantageous provisions in the tax code. Withum’s Founders and Tech Executives Services Team is here to help you and your company understand the eligibility requirements for QSBS as well as different strategies you can employ to maximize your tax savings. 1045 Rollover Sec.

Tax 52

Tax tax services Sales 52

Cherry Bekaert

JUNE 12, 2023

Tennessee Works Tax Act Tennessee recently enacted the Senate Bill 275/House Bill 323, the Tennessee Works Tax Act , as the single largest tax cut in state history. Current law allows qualified manufacturers and financial asset management companies to elect single-sales factor apportionment.

Tennessee 93

Tennessee Tax payroll Sales 93

Acterys

NOVEMBER 27, 2023

During the cash flow forecasting process, you’ll want to evaluate these three sections of the statement: Cash flows from operating activities: This section shows inflows and outflows related to the company’s primary business operations, such as revenue generated from sales and expenses incurred due to production, employee salaries or tax payments.

financial statements 130

financial statements accounting and finance Sales accounting software 130

TaxConnex

SEPTEMBER 15, 2020

Sales tax is complicated. Many sales tax companies will tell you it’s simple with their solution, but when you take a look at all that goes in to compliance – you will understand that no technology can fully automate or manage sales tax without a good bit of project management from your side.

Sales 225

Sales Tax tax consultant cpa firm 225

CPA Practice

APRIL 13, 2023

There is tax beauty to a qualified exchange of like-kind real estate under Section 10321 of the tax code. Essentially, you give up property and receive another one in return while owing zero or little capital gains tax. This has been a favorable tax-saving technique used by real estate investors for decades.

Real Estate 119

Real Estate Tax tax return Sales 119

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Almost three out of four respondents reported that online sales as a percentage of revenue had increased since 2019 – no doubt fueled by pandemic eCommerce.

Sales 130

Sales Tax Maryland Louisiana 130

CTP

JUNE 10, 2022

Even if you have never assisted a client with the sale of a business, as a tax planner you have the potential to provide tremendous value in the planning process. Many business owners may also be navigating a sale for the first time and likely have little insight into the tax implications and how to set themselves up for savings.

Sales 93

Sales Tax income tax tax return 93

CPA Practice

MARCH 8, 2024

There are currently two annual sales tax holidays in Alabama: A severe weather preparedness tax-free weekend in February and a back-to-school tax-free weekend in July. A new tax holiday will join them starting in 2025 should House Bill 257 become law: The twice-yearly Alabama Adventure Awaits sales tax holiday.

Alabama 52

Alabama Sales Tax Florida 52

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

Withum

APRIL 5, 2023

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. Section 1202 was enacted in 1993 and excludes certain percentages of gain triggered on the sale of Qualified Small Business Stock (“QSBS”) provided the stock is held for more than five years.

income tax 69

income tax corporation tax Tax Sales 69

Withum

APRIL 5, 2022

When negotiations began on the Build Back Better Act (BBBA) in Congress, the tax community, including yours truly, was almost certain that tax rates were going to increase in 2022. However, recent breakdowns in negotiations regarding the specifics of BBBA have almost assured that the 2017 tax cuts are here to stay. What’s in It?

Tax 119

Tax income tax CPA tax services 119

Menzies

MARCH 6, 2024

The FHL regime has been around for years and provides individuals and companies who hire out furnished properties as holiday lets with various tax advantages. This has partly been triggered by the Section 24 interest restriction rules which prevent private landlords from obtaining full tax relief for their mortgage interest.

Construction 64

Construction chartered accountant Tax Government 64

CPA Practice

JANUARY 22, 2024

Careful planning can use this individual ownership interest to save substantial tax in the event of the sale of the corporation or company. million in tax on the sale and a safe, predictable stream of income in the amount of $180,000 per year for his and his spouse’s lives. This is for at least two reasons.

Tax 98

Tax income tax Sales cpas 98

Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. It is equitable, doesn’t punish high-income earners, and everyone is left with the same percentage of after-tax earnings to spend, right? Everyone pays the same percentage of their income.

Massachusetts 75

Massachusetts income tax Tax tax return 75