RogerRossmeisl

JUNE 25, 2024

The completion of this review provided the IRS with new insight into risky Employee Retention Tax Credit activity. The post IRS Resumes Processing of Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

Tax 234

Tax CPA business tax 234

TaxConnex

JULY 16, 2024

Knowing when and where you have sales tax obligations is a key part of compliance. And understanding your taxability – especially if you don’t sell just tangible personal property (TPP) – is key to getting the right sales tax rates on transactions. Tax mapping helps you determine how items are taxed in a jurisdiction.

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Tax Sales Account accountant 190

TaxConnex

JUNE 11, 2024

Do you need a state sales tax permit? How about a sales tax license? How about a sales tax certificate of authority? Collecting and remitting sales tax after you hit economic or physical nexus in a state comes with a lot of questions – and you usually answer no small number of questions to register for sales tax.

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Sales Tax North Dakota Nebraska 198

RogerRossmeisl

JUNE 5, 2024

If you’re buying a business, you want the best results possible after taxes. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired.

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RogerRossmeisl

JULY 21, 2024

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.

income tax 130

income tax Tax CPA 130

TaxConnex

APRIL 9, 2024

For purposes of incurring sales tax in any state, that essentially translates into “sometimes.” In other instances, vitamins and supplements aren’t taxed at all. How do you handle sales tax liability if you sell vitamins, dietary supplements or other items in this nebulous category? And we don’t mean “sometimes.”

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Sales West Virginia Tax Virginia 228

BurklandAssociates

JULY 10, 2024

A guide to the tax tools in Burkland’s startup tax toolkit, grouped by the type of tax obligations they address. The post Tax Tools for Startups: Ensuring Compliance and Maximizing Benefits appeared first on Burkland.

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Tax Account accountant accounted 170

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. Here’s a rundown of four of them: Medical expenses.

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Tax tax return CPA 251

Accounting Today

JULY 23, 2024

3 to file various federal individual and business tax returns and make tax payments. Individuals and businesses in the affected counties now have until next Feb.

Texas 117

Texas Tax tax return business tax 117

CPA Practice

JULY 5, 2024

A new emerging tax scam has emerged involving buying clean energy tax credits, according to the Internal Revenue Service. In this latest scam, the IRS is seeing instances where unscrupulous tax return preparers are misrepresenting the rules for claiming clean energy credits under the Inflation Reduction Act (IRA).

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Tax income tax tax return Account 106

CPA Practice

JULY 10, 2024

Becker , a provider of accounting exam prep and professional education, has launched tax representation training in partnership with Tax Rep Network , an education and training resource for tax and accounting professionals. The first webcasts are now available for registration and purchase through Becker’s catalog and website.

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CPA Practice

JULY 22, 2024

Avalara is a provider of tax compliance automation software for businesses of all sizes, and KPMG is one of the world’s largest audit, tax, and advisory firms. Avalara, Inc. and KPMG LLP have announced a strategic alliance to deliver greater value to enterprise businesses, the companies have announced.

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Technology Tax tax consultant audit 114

CPA Practice

MAY 24, 2024

If you receive an award or legal settlement relating to a personal injury or illness, you normally don’t owe any federal income tax on the payment. Background : Most types of compensation—like wages received for working—are subject to federal income tax. So the IRS stepped in and the case ended up in the Tax Court.

Legal 122

Legal Tax income tax 122

CPA Practice

JULY 16, 2024

The regulatory environment for digital assets is still evolving, which can lead to legal uncertainties and potential compliance issues, including the arduous tax reporting and basis tracking rules promulgated by the IRS. Moreover, recent tax proposals aimed at lowering the national debt may further increase this burden.

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Tax Nevada tax planning Legal 126

CPA Practice

JULY 17, 2024

A federal court in the Eastern District of New York issued a permanent injunction yesterday against a Brooklyn, New York, tax return preparer. 5, Jacob pleaded guilty to aiding and assisting in the preparation of a false tax return. Hubbert of the Justice Department’s Tax Division made the announcement. 1, 2019, to the present.

tax preparation 111

tax preparation New York Tax tax return 111

ThomsonReuters

JULY 9, 2024

In a landmark decision that has sent ripples through the legal and tax communities, the recent Loper Bright ruling has the potential to reshape the landscape of federal tax in significant ways. Kovacev, a 20-year veteran in federal tax controversy and tax litigation and a member of the firm, Miller & Chevalier.

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Tax Legal Gaming Government 72

CPA Practice

JULY 22, 2024

But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. million estate tax exemption rate set to drop back to $7 million in 2025. That’s no longer the case.

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Tax Legal audit Florida 119

Accounting Today

JUNE 7, 2024

While the Internal Revenue Service has managed to reduce its backlog of unprocessed tax returns since the pandemic, one area where it's losing ground is in processing all the documentation for tax adjustments.

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Tax tax return 123

Accounting Today

MAY 9, 2024

The Internal Revenue Service and the Treasury Department plan to issue regulations on the interplay between foreign tax credits, dual consolidated losses and OECD rules.

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Tax corporation tax 107

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

income tax Tax corporation tax Non-Profits 127

ThomsonReuters

JULY 2, 2024

The recent surge in artificial intelligence advancements has started to transform the professional services industry, and corporate tax departments are no exception. The integration of GenAI into tax workflows offers a wide set of benefits. The marriage of GenAI and tax operations holds immense promise for the future.

corporation tax 109

corporation tax Tax Technology Gaming 109

CPA Practice

JULY 5, 2024

Monday marked the start of the new fiscal year and California’s state excise tax on gasoline increased 1.7 The excise tax rose on July 1 from 57.9 Last summer, the excise tax jumped 4 cents per gallon from the previous year because the rate of inflation was higher. cents per gallon. Jerry Brown signed into law in 2017.

California 98

California Tax Alaska Transportation 98

CPA Practice

JUNE 20, 2024

Supreme Court upheld a tax on unrealized gains, affirming the constitutionality of a mandatory repatriation tax introduced by the Tax Cuts and Jobs Act (TCJA). Supreme Court income tax case As Kiplinger reported , the case, Moore v. Their lawsuit challenged the TCJA’s provision that levied this one-time tax on U.S.

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Tax income tax Agriculture Washington 116

Accounting Today

JULY 15, 2024

The IRS warned about bad advice that's being peddled on social media promoting a bogus "Self Employment Tax Credit" and prompting unsuspecting taxpayers to file false claims for the credit.

Tax 122

Tax 122

Accounting Today

OCTOBER 25, 2023

In spite of the lack of new tax legislation so far this year, taxpayers and tax preparers have plenty to focus on in preparing 2023 returns.

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tax planning Tax tax preparation 136

Withum

MARCH 12, 2024

The cannabis tax community is abuzz with rumor and delight. The giddiness stems from a recent announcement by a publicly traded cannabis company that it obtained large tax refunds from the IRS, even though the company has been tightlipped about the reason for the refunds. This argument is misplaced.

Tax 119

Tax tax return Legal Manufacturing 119

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.

Tax 123

Tax income tax New Jersey CPA 123

Cherry Bekaert

MAY 23, 2024

The expansions of the production tax credit (PTC) and the energy component of the investment tax credit (ITC) are major elements of the IRA. These include extending and modifying the carbon oxide sequestration credit and tax credits for clean hydrogen production and zero-emission nuclear production.

Tax 105

Tax Real Estate Manufacturing Construction 105

CPA Practice

MAY 7, 2024

While the April 15 tax deadline for most Americans to file their individual annual tax returns has passed, there are several deadlines each year, some for individuals, businesses, nonprofits and even organizations that are tax-exempt. Private foundations filing a Form 4720 for CY 2023 must file the form electronically.

Tax 111

Tax tax return 111

CPA Practice

JULY 8, 2024

TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. 1, 2024, to file various federal individual and business tax returns and make payments. By Janie Slaven, The Times-Tribune, Corbin, Ky.

Kentucky 105

Kentucky Tax tax return income tax 105

CPA Practice

JULY 1, 2024

The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. These regulations are an important part of the larger effort on high-income individual tax compliance. Our research and experience demonstrate that third-party reporting improves compliance. “Our

Tax 114

Tax Real Estate tax return Sales 114

CPA Practice

JULY 2, 2024

Tax practitioners continue to be targeted on a daily basis by cybercriminals whose objective is to steal their clients’ data so they can file fraudulent tax returns that better impersonate their victims and are harder to detect, the IRS warned on July 2.

Tax 119

Tax tax return 119

CPA Practice

JULY 1, 2024

Taylor, Kiplinger Consumer News Service (TNS) As the July 4th holiday approaches, some drivers are facing rising gas taxes at the pump. per gallon, according to AAA , seven states have just implemented fuel tax hikes. Gas tax rates were reduced a bit in a couple of places, offering some relief. But it’s not all bad news.

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Nebraska Missouri Tax Illinois 105