RogerRossmeisl

FEBRUARY 25, 2024

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

tax return 138

tax return Tax CPA 138

RogerRossmeisl

AUGUST 4, 2023

But there may be an advantage: You may qualify for a tax break for paying the premiums. Premiums count as medical expenses For purposes of claiming an itemized deduction for medical expenses on your tax return, you can combine premiums for Medicare health insurance with other qualifying medical expenses.

tax return 171

tax return Tax CPA 171

Accounting Today

JANUARY 11, 2024

The official start date of tax season for individual taxpayers will be on Jan. 29, but the Internal Revenue Service plans to accept business tax returns as soon as Jan.

tax return 133

tax return business tax Tax corporation tax 133

RogerRossmeisl

AUGUST 6, 2023

If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t be currently deducted on your tax return. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. The post Starting a Business?

tax return 155

tax return Tax Start-ups CPA 155

MyIRSRelief

OCTOBER 4, 2024

This article will guide you through the process of correcting errors on your tax return, provide instructions on filing amended returns , highlight common mistakes to avoid, and explain how our tax firm can professionally assist you. Get tax help today by calling us at 1-877-788-2937. Corporation Income Tax Return.

tax return 130

tax return business tax Tax income tax 130

Accounting Today

AUGUST 20, 2024

In 2023, 125 violation cases of unauthorized access of tax return data were reported, the highest since 2018, but instances of disclosure violations remains low.

tax return 126

tax return Tax 126

MyIRSRelief

FEBRUARY 23, 2024

The Consequences of Unpaid Back Taxes and Unfiled Returns: Unpaid back taxes and unfiled returns can lead to a cascade of adverse consequences. Firstly, accumulating interest and penalties on unpaid taxes can significantly inflate the original debt, exacerbating financial strain.

tax return 130

tax return Tax CPA accounting and finance 130

TaxConnex

SEPTEMBER 12, 2023

The new app, eConnex, gives Shopify users a simple way to get their sales tax data out of Shopify and upload it into TaxConnex's  Client Connexion  for easy returns filing.

tax return 147

tax return Sales Tax tax consultant 147

Going Concern

AUGUST 14, 2024

We have no way of knowing if Heier Weisbrot & Bernstein, LLC has a tax return backlog. In this case, an unauthorized someone or someones got into HW&B’s tax software and attempted to file fraudulent tax returns. The fraudulent returns were identified and reported to the IRS to be remedied.

tax return 112

tax return Tax Vermont New Jersey 112

Accounting Today

DECEMBER 26, 2023

The Internal Revenue Service is not expected to meet the Treasury Department's goal of scanning millions of returns by the end of the year.

tax return 133

tax return Tax 133

TaxConnex

JULY 18, 2024

Bad Debt Most states allow a deduction for bad debts written off for Federal income tax purposes. Miscellaneous Adjustments Any adjustments taken on your tax return should have supporting documentation. Most companies keep this documentation along with a copy of the filed return.

audit 264

audit Sales Tax tax return 264

Accounting Today

AUGUST 26, 2024

Millionaires only accounted for 0.22% of total returns filed this year for the 2023 tax season.

tax return 135

tax return Tax accounted Account 135

TaxConnex

DECEMBER 12, 2023

Most states’ sales tax registration forms ask for Social Security or driver’s license numbers (or both) of at least one corporate officer or executive. And in a case similar to one that might have involved sales tax, the president of a corporation was properly held liable for the corporation’s unpaid Ohio personal withholding taxes.

Sales 263

Sales Tax Ohio Georgia 263

TaxConnex

MARCH 30, 2021

When you think about tax compliance, of any kind, the first thing that comes to mind is filing, or even the tax return itself. Compliance with sales tax goes way beyond that. Here are some other aspects of sales tax that you shouldn’t overlook when trying to ensure your company remains compliant.

tax return 246

tax return Sales Tax audit 246

TaxConnex

JULY 9, 2024

Yet often we see differences between a client’s billing system and their tax reporting. You could be billing taxes within your billing system and yet haven’t filed a single sales tax return and haven’t tracked the tax data to be aware of a future filing obligation. Tax types and nexus pose other wrinkles.

Sales 264

Sales Tax Colorado tax return 264

TaxConnex

NOVEMBER 9, 2021

Bear in mind, though, that as your business grows, you may need different sales tax processes. Once a sales tax return is prepared, it must get filed and paid. Once a return is filed, some form of documentation must support the reported tax liabilities in case the return is audited.

Sales 246

Sales Tax general ledger tax return 246

RogerRossmeisl

NOVEMBER 6, 2023

Therefore, a taxpayer with three children can transfer $51,000 to the children this year free of federal gift taxes. If the only gifts made during a year are excluded in this fashion, there’s no need to file a federal gift tax return. If annual gifts exceed $17,000, the exclusion covers the first $17,000 per.

Tax 266

Tax tax return CPA 266

TaxConnex

SEPTEMBER 30, 2021

Missing a filing deadline or making a serious (repeated or obviously intentional) error on your return typically exposes your company to penalties and interest from a tax jurisdiction – similar to what happens with a bad filing of tax returns with the Internal Revenue Service. The same holds true, more or less, for Texas.

Sales 246

Sales Tax Maryland tax return 246

TaxConnex

JANUARY 4, 2022

But what about the information in your actual return – do you understand how the data you input is projected onto what you file and remit? You can’t forget that someone needs to connect the dots on your sales tax return before you sign it and send it in – to do anything else invites an eventual visit from the auditor.

tax return 242

tax return Sales Tax Start-ups 242

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes.

Tax 208

Tax income tax tax return CPA 208

RogerRossmeisl

NOVEMBER 27, 2020

If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes. Here’s a rundown of the basic requirements.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

MAY 31, 2022

You must: Get a “qualified appraisal,” Receive the qualified appraisal before your tax return is due, Attach an “appraisal summary” to the first tax return on which the deduction is claimed, Include other information with the return, and Maintain certain records. Keep these definitions in mind.

tax return 201

tax return CPA Tax 201

ThomsonReuters

DECEMBER 4, 2024

Filing business tax returns is no doubt an intricate process, but with the right workflow, accounting firms can streamline the process, reduce errors, and ensure compliance. Prepare and review the tax return 4. File electronically and track the return 5. Review deduction and credit opportunities 3.

tax return 52

tax return business tax accounting firms Tax 52

RogerRossmeisl

AUGUST 2, 2021

Medicare premiums are medical expenses You can combine premiums for Medicare health insurance with other qualifying medical expenses for purposes of claiming an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans.

tax return 241

tax return CPA Tax 241

RogerRossmeisl

JULY 30, 2021

Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. These rules apply if the business conducted out of town reasonably requires an overnight stay.

tax return 241

tax return Transportation CPA Tax 241

RogerRossmeisl

MAY 28, 2021

How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. However, these costs may increase your home’s “basis” (your cost for tax purposes). The housing market in many parts of the country is strong this spring.

Real Estate 234

Real Estate tax return CPA Tax 234

TaxConnex

MARCH 12, 2024

Dependency and worry Automation figures strongly in how companies stay ahead of their sales tax obligations, according to results from the third annual Taxconnex survey of top finance professionals. Do you really need a third-party sales tax calculation solution that plugs into your invoicing system or shopping cart?

E-commerce 264

E-commerce Technology tax return Sales 264

RogerRossmeisl

OCTOBER 27, 2024

One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or requiring a gift tax return.

Tax 212

Tax tax return CPA Finance 212

RogerRossmeisl

FEBRUARY 20, 2023

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). Below are some Q&As about tax limits for this year.

Tax 188

Tax tax return CPA 188

RogerRossmeisl

DECEMBER 10, 2022

Donating to charity In 2022, in order to receive a charitable donation write-off, you must itemize deductions on your tax return. Instead, sell the shares and claim the resulting capital loss on your tax return. What if you want to give gifts of investments to your favorite charities?

tax return 185

tax return CPA Tax accounted 185

TaxConnex

JANUARY 19, 2023

That’s personally responsible, as many states’ sales tax registration forms ask for Social Security or driver’s license numbers (or both) of at least one corporate officer or executive. Owners’ individual tax returns have occasionally been compared to those of the company for evidence of “material involvement” in the business.

Wisconsin 246

Wisconsin Georgia Texas tax return 246

RogerRossmeisl

JUNE 24, 2024

In addition, you could also be eligible for tax breaks. If the individual qualifies as your “medical dependent” and you itemize deductions on your tax return, you can include any medical expenses you incur for the person along with your own when determining your medical deduction.

Tax 206

Tax tax return CPA 206

RogerRossmeisl

FEBRUARY 25, 2024

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. If you’re married, you may wonder if you should file joint or separate tax returns.

tax return 166

tax return CPA Tax 166

TaxConnex

JUNE 8, 2023

Clients will be given individual logins to provide their data, review their cash requests, pull reports, and tax returns, and view historical data, thus removing some of the manual processes clients and practitioners navigated through previously.

tax return 246

tax return audit Tax Sales 246

RogerRossmeisl

SEPTEMBER 18, 2023

If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Does your business receive large amounts of cash or cash equivalents?

tax return 219

tax return CPA Tax cpa firm 219

TaxConnex

SEPTEMBER 17, 2024

Can my sales tax calculation software manage my sales tax filings? Can the sales tax calculation software also file the sales tax returns? Some software solutions provide an “auto-file” capability that will file the sales tax returns.

Sales 264

Sales Tax Technology tax return 264

TaxConnex

FEBRUARY 24, 2022

But many business owners have been gut-punched during due diligence when an unanticipated sales and use tax?deficiency Once a business has determined a requirement to collect and remit sales tax, they must establish a way to charge sales tax, register with each required state and set up a process for filing the sales tax returns.?This

Sales 246

Sales Tax tax return payroll 246