RogerRossmeisl

APRIL 10, 2023

You can save family income and payroll taxes by putting your child on the payroll. Here are four tax advantages. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for services performed. It’s a win-win!

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RogerRossmeisl

APRIL 24, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

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TaxConnex

DECEMBER 27, 2022

Sales and use tax nexus is defined as a connection between a person or entity and a taxing jurisdiction. Sales tax nexus is the basis for all your sales tax decisions because without sales tax nexus you have no further obligation to a state. That is unless an exemption applies.

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TaxConnex

MAY 23, 2023

Last time we looked at a sample of the strange sales tax laws regarding food, including a sliced bagel in New York. If only that was the only complex category concerning sales tax. Diapers and groceries are taxed in Hawaii, Idaho, Utah, Kansas, Missouri, Oklahoma, Arkansas, Tennessee and Alabama, Mississippi and South Dakota.

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RogerRossmeisl

FEBRUARY 20, 2023

If you’re considering buying or selling a business, it’s important to understand the tax implications. Two approaches Under current tax law, a transaction can basically be structured in two ways: 1. The post Key Tax Issues in M&A Transactions appeared first on Roger Rossmeisl, CPA. Stock (or ownership interest).

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TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.

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TaxConnex

SEPTEMBER 13, 2022

The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. Payment is due at the same time the seller’s sales tax return is due. While termed a fee, it functions as a tax,” adds the Tax Foundation. Popular it’s not. Will the fee stand?

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TaxConnex

MAY 18, 2023

Sales tax can be complicated, with rules that frequently change and disparate application across the nation’s thousands and thousands of tax jurisdictions. Sales tax, even at its simplest, can seem like a patchwork puzzle. And that’s before you throw in odd rules and tax loopholes. Colorado taxes napkins and silverware.

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TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

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MyIRSRelief

MAY 15, 2023

If you receive a notice of an IRS or state FTB-CDTFA-EDD tax audit, it’s important to understand your rights and options. Tax audits can be stressful and intimidating, but with the right representation, you can navigate the process with confidence.

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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. Will I qualify for 2023?

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MyIRSRelief

MAY 24, 2023

The notice will state the amount of tax due, as well as interest and penalties. The notice will also include the following information: The amount of tax due The amount of interest and penalties The due date for payment Instructions on how to pay What do I need to do if I receive an IRS CP14 notice? What is an IRS CP14 notice?

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TaxConnex

APRIL 18, 2023

There’s always something changing in the world of tax, especially sales tax. New sales taxes are progressing in some states but not all. Alaska, one of the few states still without a statewide sale tax, is considering one as it tries to close a projected revenue shortfall of $450 million heading into the next fiscal year.

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RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022). million (up from $1.08

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RogerRossmeisl

APRIL 25, 2023

When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). The post Some Taxpayers Qualify for More Favorable “Head of Household”Tax Filing Status appeared first on Roger Rossmeisl, CPA.

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TaxConnex

MAY 16, 2023

As you are likely aware, managing your sales and use tax obligations is not a small task. For many companies, investing in the legal, tax, and accounting expertise of outside consulting experts with a proven track record is a good option for sales and use tax compliance.

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TaxConnex

JANUARY 10, 2023

We have completed our third annual survey of top financial professionals on how they are managing sales tax. The nationwide survey, conducted by In90Group in October of 2022, is composed of responses from 100 top finance professionals in a variety of industries regarding their thoughts and experiences in managing sales tax.

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RogerRossmeisl

JANUARY 11, 2022

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2022.

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RogerRossmeisl

MARCH 30, 2023

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. Tax Court cases learned, not all awards are tax-free.

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TaxConnex

OCTOBER 6, 2022

It’s a common scenario: A company has decided to sell, then due diligence turns up a $2 million risk in past sales tax obligations and compliance. Do you have solid positions and reasons for your sales tax decisions? Can you defend your sale tax position to minimize the escrow’s impact? Let’s say you’re the seller.

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RogerRossmeisl

SEPTEMBER 19, 2022

When you filed your federal tax return this year, were you surprised to find you owed money? Receiving a tax refund essentially means you’re giving the government an interest-free loan. Adjust if necessary Taxpayers should periodically review their tax situations and adjust withholding, if appropriate.

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RogerRossmeisl

MAY 16, 2023

As appearing in IRS Tax Tip 2022-97 Many people take up gig work on a part-time or full-time basis, often through a digital platform like an app or website. The post What Gig Workers Need to Know About Taxes appeared first on Roger Rossmeisl, CPA. This means some.

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MyIRSRelief

JANUARY 2, 2023

Types of IRS tax problems and how to resolve them. There are many types of IRS tax problems that individuals and businesses may encounter. Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.),

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RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The post California Storm Victims Qualify for Extended Tax Filing Deadlines appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

JUNE 5, 2022

The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax.

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TaxConnex

JANUARY 3, 2023

Next summer will mark five years since the Supreme Court ignited economic sales tax nexus with the South Dakota v. Many businesses are still trying to figure out how to manage the resulting obligations, but one thing’s clear: Now every state with a sales tax has economic nexus. Wayfair, Inc et al decision. Stay tuned.

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RogerRossmeisl

DECEMBER 8, 2022

You may wonder how the interest you earn is taxed. And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences? The post How Savings Bonds are Taxed appeared first on Roger Rossmeisl, CPA. For example, you pay $25 for a $50 bond.

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TaxConnex

MARCH 30, 2023

Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill? Is the idea bad? The bill won’t pass.

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RogerRossmeisl

JANUARY 2, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax. Farmers and fishermen: Pay estimated tax for 2022.

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RogerRossmeisl

MAY 15, 2023

If you’ve successfully filed your 2022 tax return with the IRS, you may think you’re done with taxes for another year. Which tax records can you throw away now? At a minimum, keep tax records related to your return for as long as the IRS can audit your return or assess additional taxes. In general, the.

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RogerRossmeisl

FEBRUARY 20, 2023

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. The rules and credit amounts have changed significantly over the last six years. Here are the current rules.

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RogerRossmeisl

MARCH 28, 2022

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. The credit can be used by certain even smaller startup businesses against the employer’s Social Security payroll tax liability.

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TaxConnex

MAY 4, 2023

Many tech companies consider themselves service providers, exempt from sales and use tax. In these cases, IP addresses have been used for sales tax in certain situations because it can be mapped to a physical address. the Foundation asked that same year in its piece, “States Consider Digital Taxes Amidst Conflicting Rationales.” “Or

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TaxConnex

AUGUST 30, 2022

Many tech companies consider themselves a service provider exempt from sales and use tax. But the 2018 Wayfair decision expanded the definition of nexus and and more of these businesses are now subject to sales and use tax collection, including on one of their product staples: apps. What about the sales tax?

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RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Pass-through business entities report tax items to their owners, who then. The post 3 Tax Breaks for Small Businesses appeared first on Roger Rossmeisl, CPA.

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