Cherry Bekaert

SEPTEMBER 21, 2023

Colorado The Colorado Department of Revenue (DOR) recently created an informational section on its website specifically for the state’s pass-through entity (PTE) Tax election. Starting in 2023, an electing partnership’s Minnesota PTE Tax is computed on the total distributive income of Minnesota resident partners.

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Minnesota Nebraska Mississippi Oregon 101

Cherry Bekaert

NOVEMBER 27, 2023

Join two of Cherry Bekaert’s Technology Tax Partners to learn more about what companies in this position should do to mitigate the impact of those rule changes as well as plan strategically for 2024. Contact Us The post 2023 Year-End Tax Planning Strategies for Technology Companies appeared first on Cherry Bekaert.

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tax planning Technology Tax income tax 52

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. Determine Nexus.

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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. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. Add that U.S. Too much or too little?

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Sales Tax Maryland Louisiana 130

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. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2023, and Jan. 31, 2023, and Jan.

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Washington Tax tax return income tax 98

CTP

MARCH 10, 2023

The IRS published Revenue Ruling 2019-11 at the end of March 2019 in order to answer questions that arose due to limitations imposed on itemized deductions for state and local taxes (SALT) by the 2017 Tax Cuts and Jobs Act (TCJA). Would their error in figuring out their SALT deduction have affected their tax liability?

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Tax income tax tax return B2B 98

Cherry Bekaert

APRIL 2, 2024

The Inflation Reduction Act of 2022 (IRA) opened the direct pay program for not-for-profit or tax-exempt organizations to qualify for energy tax credits if they were investing in clean energy solutions.

Tax 59

Tax 59

MyIRSRelief

OCTOBER 30, 2023

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. Trust tax preparation can be a challenging task, even for experienced tax preparers. Third, a tax preparer can help you to avoid costly tax penalties and errors.

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tax preparation Tax tax return income tax 130

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

CPA Practice

MAY 10, 2023

New Jersey Governor Phil Murphy has signed a bill into law that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules. The measure was sponsored by state Sens. Troy Singleton, D-Burlington, and Shirley K.

New Jersey 135

New Jersey Tax income tax Legal 135

Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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tax planning Tax income tax tax return 64

Withum

JANUARY 6, 2023

State and local governments, based on volume caps established by the federal government, are able to issue tax-exempt housing bonds. Tax-exempt bonds are those where the interest paid to the bondholders is exempt from federal income tax and, in certain situations, state and local taxes as well.

Finance 76

Finance Tax New Jersey New York 76

Withum

JULY 26, 2023

sell) clean energy credits was part of the new legislation and covered under IRC Section 6418. The intent of IRC Section 6418, was to increase participation in clean energy initiatives by allowing taxpayers to sell credits without engaging in complicated tax structures. The ability to transfer (i.e.

Tax 52

Tax tax return Alaska Tennessee 52

ThomsonReuters

JANUARY 14, 2022

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (PL 116-260, Sec. 207) amended the ERC, allowing it to be claimed from January 1, 2021 through June 30, 2021 and increased the refundable payroll tax credit $7,000 per employee for each quarter of 2021. . Section 9651 of the American Rescue Plan Act (P.L. 116-136, Sec.

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payroll payroll tax Tax Education 94

ThomsonReuters

APRIL 25, 2024

When filing tax returns, it’s important to report all income sources accurately. How to report excess contributions on Form 5329 • Form 5329 required minimum distributions • Form 5329 health savings account considerations • Can you file Form 5329 by itself? • How to stay up to date on retirement tax changes What is Form 5329?

tax return 52

tax return income tax Tax Education 52

Cherry Bekaert

APRIL 4, 2023

As a key benefit to growing businesses, Cherry Bekaert can provide support for your organization’s tax credits and incentives requirements. utilizing energy-efficient technologies, LEED® certification, etc.) solar, fuel cell, small wind energy property, geothermal, micro-turbine, etc.)

Tax 75

Tax payroll tax Real Estate payroll 75

CTP

MARCH 10, 2023

The IRS published Revenue Ruling 2019-11 at the end of March 2019 in order to answer questions that arose due to limitations imposed on itemized deductions for state and local taxes (SALT) by the 2017 Tax Cuts and Jobs Act (TCJA). Would their error in figuring out their SALT deduction have affected their tax liability?

Tax 52

Tax income tax tax return B2B 52

Anders CPA

FEBRUARY 5, 2024

At the first year anniversary of recreational cannabis in Missouri, the state industry is healthy. It’s unique as it’s one of the only states to have taken the position that hemp-derived products fall under their cannabis program regardless of THC levels. That’s the good news.

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Missouri Education Sales Retail 52

Nancy McClelland, LLC

APRIL 7, 2023

What better way to relax after Tax Day than by watching a webinar on an unfamiliar area of taxation, right? To operate on a cooperative basis for tax purposes, a company must meet specific tax rules in Subchapter T of the Internal Revenue Code. Field of Study: Taxes Program Level: Basic CPE Credit: 1.5

Agriculture 98

Agriculture CPA Virginia Education 98

Withum

AUGUST 29, 2023

Cannabis businesses often operate in multiple jurisdictions with varying tax laws and regulations. One of the primary challenges facing cannabis businesses is the lack of federal legalization in the United States. This has led to a patchwork of state-level regulations that can vary widely regarding taxes and compliance requirements.

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Legal Manufacturing Tax Sales 52

ThomsonReuters

AUGUST 19, 2021

Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions. Our company could also save its share of FICA taxes on the contributions.

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payroll Tax income tax tax return 105

ThomsonReuters

JANUARY 5, 2023

Tax-advantaged contributions generally cannot be made to an HSA unless the account holder is covered by an HDHP and does not have disqualifying non-HDHP coverage. For more information, see EBIA’s Consumer-Driven Health Care manual at Sections X.I (“Telehealth and Other Remote Care Services”), XI.G.8 Mental Health Parity.

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Government Tax Account accountant 88

Withum

FEBRUARY 22, 2024

The act expands existing clean energy tax credits and enhances tax deductions to further incentivize the development and use of clean energy products and technologies. IRC Section 179D (“Sec. IRC Section 179D (“Sec. 179D allows an alternative method for immediate tax deductions. 179D tax deduction from $1.88

Real Estate 52

Real Estate Tax Construction CPA 52

BuildYourFirm

OCTOBER 28, 2020

While aspects of the stock market continue to project economic optimism, we all know that most local businesses are not. In fact, many local businesses have absorbed economic damage and there will be a ripple effect. Beyond the unemployment rate, many local businesses have been severely impacted. Accounting for Film Production.

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Real Estate Hospitality Technology Entertainment 130

ThomsonReuters

FEBRUARY 20, 2024

International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR. Does the U.S.

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income tax corporation tax Tax tax planning 52

Withum

DECEMBER 23, 2023

Small business owners have been suffering in recent years with various federal tax laws impeding their ability to operate and grow. Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024.

Pharmaceutical 52

Pharmaceutical Tax accounting and finance income tax 52

Withum

FEBRUARY 24, 2022

For the latest news and updates on Utah state and local tax. Utah Seeks to Lower Income Tax Rates and Improve the State EITC Program. This bill lowers the corporate and individual income tax rate to 4.85% from 4.95%. UT not changing its filing due date for state income tax. February 25, 2022.

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Utah Tax income tax 52

ThomsonReuters

NOVEMBER 15, 2023

Jump to: Which donations are tax deductible? Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. Which donations are tax deductible? Stock or securities donations.

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Tax tax return tax planning income tax 94

ThomsonReuters

MARCH 29, 2021

Letter from Treasury Secretary Janet Yellen to State Attorneys General, 03/23/2021 ). Letter from Treasury Secretary Janet Yellen to State Attorneys General, 03/23/2021 ). Reductions in revenue resulting from tax cuts that are offset by alternative means would not trigger the Section 9901 limitation.

Tax 52

Tax Government Account accountant 52

Withum

FEBRUARY 26, 2024

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. Key Tax and Filing Requirements As we are still early in the new year, it is the right time for a refresher on several key tax and filing requirements happening in 2024.

Tax 52

Tax income tax tax return Sales 52

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

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corporation tax Tax tax return income tax 52

ThomsonReuters

FEBRUARY 15, 2023

property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live.

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Tax Real Estate Kansas South Dakota 52

ThomsonReuters

JULY 29, 2021

Comparable State Continuation Coverage. A state program that provides continuation coverage comparable to federal COBRA qualifies AEIs for the subsidy even if the state program covers only a subset of state residents (such as employees of a state or local government unit). Claiming the Credit.

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Tax Government Account accountant 98

ThomsonReuters

AUGUST 5, 2021

Guidance on “Long COVID” as a Disability Under the ADA, Section 504, and Section 1557 (July 26, 2021). The guidance warns that individuals with long COVID that qualifies as a disability are entitled to the same protections from discrimination as any other persons with disabilities under the ADA and Section 1557. Press Release.

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Government Tax Account accountant 52

VJM Global

MAY 22, 2023

Section 73 of CGST Act, 2017 provides for scrutiny of GST returns in following cases: Tax has not been paid; or Tax has been short-paid; or ITC has been wrongly availed or utilized; or Erroneous refund has been claimed For reasons other than fraud or any wilful mis-statement or suppression of facts to evade taxes.

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Tax Transportation Account accountant 52

VJM Global

AUGUST 7, 2023

Example: Head office is located in one state Branch Office is located in another state. Distribution of ITC through issuance of tax Invoice HO can also issue tax invoices as per CGST Act to concerned BOs in respect of common ITC. Circular No. 199/11/2023-GST dated 17th July, 2023 on following issues: 1.1

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Government Tax Start-ups Account 52

VJM Global

MAY 15, 2023

As per GST official, GST evasion detected by tax officers has been doubled to INR 1.01 In line with the same, the Central Board of Indirect Taxes and Customs (CBIC) has launched a special all-India drive to combat the rising menace of fake Goods and Services Tax (GST) registrations and the fraudulent passing of input tax credit (ITC).

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