Withum

MARCH 2, 2024

By way of background, the CTA was enacted on January 1, 2021 as part of the 2021 National Defense Authorization Act as an attempt to prevent money laundering and tax evasion by requiring new reporting for certain companies doing business in the US. Stay tuned for further developments as they arise.

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TaxConnex

FEBRUARY 1, 2024

It’s also safe to say that its storyline of repetition seems to echo what you must do, over and over and over, to comply with sales tax laws. It’s a doozy! – “Needlenose Ned” Ryerson There are multiple steps to make sure your sales tax compliance works well. The days you get over and over with sales tax are deadline days.

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TaxConnex

DECEMBER 21, 2023

It’s the end of the year and as we all start to think about our New Year’s resolutions, it’s also a good time to start thinking about correcting any sales tax missteps your business may be facing. They report taxes owed in exchange for a waiver of penalty and a limited look-back period.

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MyIRSRelief

FEBRUARY 1, 2023

Tax anxiety, TAXIETY, comes in different forms of tax problems such as: What is an IRS audit taxiety? An IRS audit is a review or examination of an individual’s or organization’s tax return to ensure that the information is accurate and that the tax return is being filed in compliance with the tax laws.

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TaxConnex

AUGUST 31, 2023

Online selling of products and services triggers sales tax obligations today like never before – and has ever since the Supreme Court’s 2018 Wayfair decision unleashed economic nexus on e-commerce merchants nationwide. Some businesses can manage the calculation of sales tax without separate sales tax software systems.

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TaxConnex

DECEMBER 5, 2023

Clubs and dues have been around for decades, but the rise of certain memberships – and the ability to sell them over the internet – have also raised the question of whether memberships incur sales tax. Health and fitness club In some states membership in one of these creates a sales tax obligation; in others it doesn’t.

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RogerRossmeisl

DECEMBER 7, 2021

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. Purchase assets Thinking about buying new or used equipment, machinery or office equipment in the new year? Buy them and place them in service by December 31, and you can deduct 100% of the cost as bonus depreciation.

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Withum

JANUARY 4, 2024

Withum and Kostelanetz LLP collaborate to break down ERC tax audits. Read Full Article Contact Us For more information on this topic, please contact a member of Withum’s COVID-19 Financial Assistance Services Team.

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TaxConnex

AUGUST 24, 2023

Sales tax automation has come a long way since the Quill vs. North Dakota case in 1992. Now, even the smallest multi-state businesses and startups have access to sales tax automation options that lower costs and ease the burden of compliance. Sales tax automation provides the most value at the point of sales tax calculation. 

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MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable. Contact us for professional tax help today!

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Withum

NOVEMBER 15, 2023

In a move aimed at modernizing and streamlining the interaction between the Internal Revenue Service (IRS) and taxpayers, the IRS has recently announced the launch of its new Online Document Upload Tool. Contact Us For more information on this topic, please contact a member of Withum’s Tax Controversy Services Team.

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CPA Practice

JANUARY 18, 2024

In today’s fast-paced world, you are constantly juggling between client needs, regulatory demands, and staying abreast of ever-changing tax laws. 10 Quick Tips Here are 10 quick tips to market your services efficiently, even when time is a luxury you don’t have. Helping [your niche] stress less this tax season!

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Withum

DECEMBER 7, 2023

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

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Withum

FEBRUARY 15, 2024

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability.

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Withum

DECEMBER 8, 2023

The Internal Revenue Service (IRS) is continuing its crack down on dubious claims for the employee retention credit (ERC), a refundable tax credit for certain businesses that paid employees during the COVID-19 pandemic. Contact Us The post IRS Rejects More Than 20,000 ERC Claims appeared first on Withum.

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Withum

NOVEMBER 14, 2023

The Internal Revenue Service (IRS) releases a list of inflation adjustments annually. The IRS has recently published the inflation adjustments for the 2024 tax year. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes.

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Cherry Bekaert

MARCH 14, 2024

market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a goods and services tax (GST) assessed by many other countries. Listen to learn more about: 03:54 – GST tax vs. U.S.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.

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Withum

JANUARY 20, 2023

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. Let’s Chat The post 2023 Tax Pocket Guide appeared first on Withum. We can help.

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Withum

APRIL 5, 2022

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. Download 2022 Tax Pocket Guide. Contact Us. Contact Us. We can help.

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Cherry Bekaert

APRIL 18, 2024

Each year, as the tax filing deadline nears, it is important to identify your projected tax payments and when to pay them [LJ1] so you can avoid submitting inaccurate tax returns. This podcast focuses on estimated tax payments, withholding and related cash flow planning.

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Withum

FEBRUARY 1, 2024

7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The refundable child tax credit would continue to increase by $100 per year through Dec. The refundable child tax credit would continue to increase by $100 per year through Dec. Taiwan tax provisions.

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Withum

DECEMBER 19, 2022

Such was the path of a young Christian Pulisic, or ‘Captain America’, as he is endearingly called by US Soccer fans. However, players do not dream of having to pay taxes on the foreign-sourced income they earn while playing abroad. The question is – how much does this equate to in taxes owed to the IRS? Contact Us.

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Withum

MARCH 15, 2024

Late last week, the Chancellor in the United Kingdom (UK) announced exciting news which the theatre industry welcomed with open arms; a permanent extension for the increased theatre tax relief rates for productions produced in the UK. The extension of the tax relief was announced to also be applicable for film and high-end TV.

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Withum

JUNE 8, 2022

The IRS’ “Dirty Dozen ” is an annual list warning taxpayers of abusive tax arrangements, schemes, scams, and shams. If challenged by the IRS, accuracy-related and civil fraud penalties could amount to 75% of any underpayment of tax. Business Tax Services. Contact Us. Contact Us.

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Withum

JANUARY 24, 2024

The R&D Tax Credit is a tax incentive that can be applied as a dollar-for-dollar offset against a company’s tax liability if they engage in activities related to the design and development of a product, process, formula, invention, software, or technique within the United States.

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Withum

MARCH 15, 2023

The IRS also noted that promotors may not be upfront with taxpayers about the requirement to amend their federal income tax returns to reduce wage deductions by the amount of the credit. If the tax professional they’re using raises questions about the accuracy of the Employee Retention Credit claim, people should listen to their advice.

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Going Concern

NOVEMBER 16, 2023

Join the Freelance Recruiting network by contacting us and letting us know which candidates you want to connect with. See a freelancer you’re interested in?

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Withum

FEBRUARY 21, 2022

passports or reject passport applications for individuals who have delinquent tax debts in excess of $52,000, provided such debts have been certified by the Internal Revenue Service. International Services. Contact Us. For more information on this topic, please reach out to Withum’s International Tax Services Team.

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Withum

JANUARY 12, 2023

The IRS announced comprehensive tax relief provisions for taxpayers affected by California’s winter storms. The current list of eligible localities is always available on the Tax Relief in Disaster Situations page on IRS.gov. Contact Us. Let’s Chat. Let’s Chat.

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Cherry Bekaert

APRIL 4, 2024

Continuing the conversation on international tax planning strategies for both outbound and inbound companies, International Tax Services Managing Director Rajesh Tripathi and Tax Partner Chris Delcambre discuss the various considerations foreign parent companies need to make when establishing operations in the U.S.

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Cherry Bekaert

JANUARY 24, 2024

The Internal Revenue Service (IRS) has taken several steps to tackle the millions of invalid Employee Retention Credit (ERC) claims. The IRS created the VDP to allow taxpayers to report any potentially incorrect ERC claims by paying back 80% of the tax credit received by the company.

Tax 102

Tax 102

Withum

APRIL 18, 2024

Withum is an extraordinary firm and the fact that 4 of us are included on that list indicates recognition of that. Jim Bourke is the partner in charge of our Advisory Services Team which encompass so many innovative and nontraditional services that it is hard to describe. All three are friends and great people to be with.

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Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim.

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Withum

DECEMBER 22, 2023

Taxpayers also must disclose to the IRS identifying information and other details about any advisors or tax preparers who advised or assisted them with their ERC claims. In addition to the VDP, the IRS announced that it started sending up to 20,000 letters with proposed tax adjustments to recapture erroneously claimed ERCs.

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Withum

SEPTEMBER 11, 2023

The “pass-through” term was coined as all the income passes through to its owners to be taxed; the entity itself does not pay federal income taxes with the entity tax return. So, how does the entity information get to the owners if the entity doesn’t pay tax? Enter the K-1.

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Cherry Bekaert

SEPTEMBER 10, 2023

When thinking about not-for-profit or tax-exempt organizations, abiding by strict tax rules is probably not top of mind. Form 990 is the annual information return for most tax-exempt entities. Form 990 is the annual information return for most tax-exempt entities.

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