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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MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. The process of resolving tax issues can be overwhelming and stressful for taxpayers, and seeking professional (EA, CPA, Lawyer) tax help can be a wise decision.

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RogerRossmeisl

SEPTEMBER 4, 2023

That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to benefit from an enhanced residential energy tax credit to help defray the cost. You can claim the credit for improvements made through 2032.

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RogerRossmeisl

SEPTEMBER 14, 2023

The post IRS Orders Immediate Stop to New Employee Retention Tax Credit Processing appeared first on Roger Rossmeisl, CPA.

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MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today.

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RogerRossmeisl

APRIL 24, 2023

If so, it’s important to determine whether you’re required to file a 2022 gift tax return. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. The post Gift Tax Return Basics appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

SEPTEMBER 4, 2023

If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax breaks. 5 Potential Tax Implications appeared first on Roger Rossmeisl, CPA. More than a million Americans live in nursing homes, according to various reports.

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TaxConnex

AUGUST 22, 2023

If you’re in this industry, the last thing you need added to your load is sales tax. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. But sales tax has to be your concern if you engage in contracts in different states. Tax-exempt entities.

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TaxConnex

AUGUST 15, 2023

There’s always something changing in the world of tax, especially sales tax. Midyear sales tax. The Tax Foundation released its “State and Local Sales Tax Rates, Midyear 2023” report of the 45 states (and the District of Columbia) that collect statewide sales taxes and the 38 states where local sales taxes are collected.

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RogerRossmeisl

AUGUST 6, 2023

If you own an unincorporated small business, you probably don’t like the size of your self-employment (SE) tax bills. For 2023, the SE tax is imposed at the painfully high rate of 15.3% for Social Security tax and 2.9% for Medicare tax. additional Medicare tax, on all income. on the first $160,200 of net SE income.

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RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. See the exception below, under “August 10.”)

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CPA Practice

SEPTEMBER 14, 2023

Bloomberg Tax & Accounting released its 2024 Projected U.S. Tax Rates, which indicates inflation adjusted amounts in the tax code will increase 5.4% See projected tax bracket tables below.] Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries.

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CPA Practice

SEPTEMBER 18, 2023

Whether the market is up or down, it’s always a good time to keep your taxes in mind and, more specifically, how you can put yourself in an advantageous position by keeping more of your own money in your pockets. When it comes to tax optimization, there are two common strategies: Roth conversions and tax-loss harvesting.

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Accounting Today

SEPTEMBER 6, 2023

Corporate tax departments are going through major transformation in response to the challenging legal and regulatory environment, according to a new survey from Deloitte.

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Accounting Today

AUGUST 30, 2023

Whitman Transition Advisors, an advisory organization for accounting firms, made a strategic investment of an undisclosed amount in Tax Titans, a veteran-owned company that operates an online marketplace connecting small businesses and qualified tax professionals.

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CPA Practice

SEPTEMBER 1, 2023

The IRS has provided guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022: IRS issues guidance on state tax payments to help taxpayers.

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CPA Practice

AUGUST 23, 2023

When it comes to a corporation’s relationship with its accounting firm, the firm itself is less important than the partner who leads its engagement team in lowering its tax rate, according to a new study from Iowa’s Tippie College of Business. Wilde’s team analyzed more than 94,000 tax returns of U.S. The study found….

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ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? What is use tax? Sales tax vs. use tax Summary Calculating, collecting, and reporting sales tax and use tax can get complicated as a business grows, and it can be easy to confuse these two types of indirect taxes. What is sales tax?

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CPA Practice

AUGUST 29, 2023

If you’re planning to take a trip out of the country, make sure that your tax obligations have been paid up. For this purpose, a “seriously delinquent tax debt” is one in which a (1) a notice of federal tax lien has been filed and all administrative remedies under Section 6320 have lapsed or been exhausted or (2) a levy has been issued.

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CPA Practice

SEPTEMBER 4, 2023

The Internal Revenue Code imposes a little-known tax for accumulating too much in the way of earnings in a company’s coffers. However, you can avoid this so-called “accumulated earnings tax” if you keep a close watch on your cash flow during the year, The accumulated earnings tax must be paid in addition to the regular corporate income tax.

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inDinero Tax Tips

AUGUST 22, 2023

Is business rent tax deductible? Yes, business rent is tax deductible under qualifying circumstances. As part of our ultimate guide to business expenses and tax deductions , this article will run through different types of rental tax deductions, who qualifies, what to avoid, and ultimately how to claim the deduction.

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Accounting Today

SEPTEMBER 20, 2023

Fraudsters are ever-inventive, and accountants and tax pros need to make sure their clients keep vigilant.

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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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CPA Practice

SEPTEMBER 19, 2023

Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax. The stock owned by the charity is sold tax free.

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ThomsonReuters

AUGUST 24, 2023

Jump to: What is tax depreciation? How to calculate tax depreciation What are the tax depreciation methods? But depreciation can quickly become complex and cumbersome as tax professionals navigate which asset s can be depreciated for tax purposes, how to calculate tax depreciation, and any state-level nuances that may arise.

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CPA Practice

SEPTEMBER 11, 2023

To qualify for transportation deductions, you must be traveling away from your tax home to a business location. For this purpose, your tax home is generally your principal place of business, not the place where you live, eat and sleep. Your professional tax advisor can provide guidance.

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CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.

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Accounting Today

AUGUST 29, 2023

Accounting firms are less important than the partner leading the team in terms of the impact on the business's effective tax rate and the probability it will face an audit.

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CPA Practice

SEPTEMBER 11, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

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CPA Practice

SEPTEMBER 12, 2023

If you travel away from your tax home on business in your vehicle, you can deduct your gas and related expenses. In that case, you may qualify for a special tax law exception if this temporary assignment lasts less than one year. It all has to do with the way the IRS defines your “tax home” and “temporary assignments” for tax purposes.

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CPA Practice

SEPTEMBER 8, 2023

There could be a big tax in your future—literally. We’re referring to the so-called “built-in gains” (BIG) tax. The BIG tax often catches business owners by surprise. Fortunately, however, you may be able to avoid adverse tax consequences with some astute planning. What can you do to avoid a big BIG tax?

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CPA Practice

SEPTEMBER 12, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

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Accounting Today

SEPTEMBER 21, 2023

Charity for none; Dr. Backdate; frivolous correspondence; and other highlights of recent tax cases.

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CPA Practice

SEPTEMBER 1, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. 15, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2024, to file returns and pay any taxes that were originally due during this period. 15, 2023.

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CPA Practice

AUGUST 11, 2023

IVIX , the first AI-powered platform designed to help governments address pervasive financial crimes and tax evasion at scale, has closed a $12.5M Every year, at least $20 trillion in global business activity goes unreported to tax authorities. IVIX is currently used by major government agencies around the world, including the U.S.

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