CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

TaxConnex

DECEMBER 23, 2021

12% of respondents say they’re likely to have to outsource management of sales tax audits next year. The Sales Tax Institute reports that Maine, Illinois, California, Massachusetts, Wisconsin and Washington have been the most aggressive states in sending notices and audit requests. Get to work on this first and fast.

audit 168

audit Sales Tax auditor 168

inDinero Accounting

DECEMBER 5, 2023

If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. QSBS Rules for Qualification QSBS Tax Treatment How to Report QSBS on Your Tax Return Conclusion What is the QSBS Exemption? 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

MAY 23, 2023

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

PYMNTS

APRIL 23, 2020

One 73-year-old Connecticut resident is wondering if she’s eligible for payment based on her 2018 or 2019 tax returns after being laid off from a nonprofit. The intricacy of many people’s situations has left them without answers.

Wisconsin 70

Wisconsin Connecticut tax return Tax 70

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit. ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

audit 130

audit North Carolina Oklahoma Ohio 130

ThomsonReuters

JULY 10, 2023

Use tax only applies to out-of-state purchases where no sales tax was collected and, as noted earlier, the consumer is typically responsible for remitting use tax per calendar year. People can use tax return due dates to pay use taxes. However, many consumers do not pay the tax.

Tax 97

Tax Sales Arizona Georgia 97

TaxConnex

APRIL 6, 2021

Use tax remittances are paid by the purchaser to Nebraska using one of two returns. Businesses with sales tax permits may use Nebraska and Local Sales and Use Tax Return, Form?10 10 to report use tax. Individuals may report their use tax liability using Nebraska and Local Individual Use Tax Return, Form 3.

West Virginia 130

West Virginia Sales Nebraska Alaska 130

TaxConnex

OCTOBER 3, 2023

Highs and lows: According to The Tax Foundation’s most recent analysis , the five states with the highest average combined state and local sales tax rates are Tennessee (9.548%), Louisiana (9.547%), Arkansas (9.44%), Washington (9.4%) and Alabama (9.24%). billion for August, $39.4 million less than estimated and $1.7

Sales 147

Sales Louisiana Tax Tennessee 147

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax 85

Tax West Virginia Wisconsin Virginia 85

CPA Practice

JANUARY 3, 2024

In recent developments, Wisconsin has abolished its personal property tax, thanks to the legislation passed by Gov. Similarly, Colorado has made some modifications to its property tax system. Child tax credit for 2024 Additionally, several states have increased child and dependent tax credits for 2024.

Tax 128

Tax Kansas income tax Montana 128

CTP

FEBRUARY 29, 2024

As an accountant, you must know that Connecticut, Illinois, Indiana, and Wisconsin do not allow casual gamblers to deduct gambling losses. Your clients can deduct gambling losses as professional gamblers, but their returns may be strictly scrutinized. The expert can help them avoid tax mistakes, fines, and legal issues.

Gambling 105

Gambling Tax Account accountant 105

TaxConnex

MARCH 2, 2021

Estimates reportedly said the tax will generate up to $250 million but opponents promise legal challenges. Maryland has also extended time free of interest and penalties to file sales and use tax returns due between Jan. This affects returns for sales taking place from December through this month. Tony Evers ? 6, 2020.

Sales 230

Sales Tax Missouri Wisconsin 230

Going Concern

AUGUST 25, 2023

That sparked a very thoughtful response from Jason Reis, a partner at Reis & Reis CPAs in Wisconsin, that I’m going to quote at some length, because he raises some very interesting points: “Our firm has both remote and flex employees, and it has worked out well,” he wrote.

tax preparation 86

tax preparation CPA payroll tax Illinois 86