RogerRossmeisl

JUNE 26, 2024

The next quarterly estimated tax payment deadline is September 16 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 tax without triggering the penalty for underpayment of estimated tax.

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Tax CPA business tax 214

RogerRossmeisl

SEPTEMBER 29, 2024

To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs and fuel cell vehicles is called the Clean Vehicle Tax Credit. The post The $7,500 Federal Tax Credit for Buying an Electric Vehicle at a Glance appeared first on Roger Rossmeisl, CPA.

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TaxConnex

AUGUST 15, 2024

General tax laws are strange. Maybe sales tax laws make more sense? In Florida, you can get a tax break for displaying a cow on your property. You can get a big tax break in New Mexico if you just live to 100. Louisiana lets small private aircrafts soar tax-free, and Connecticut extends that to bigger planes.

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Sales South Dakota Tax South Carolina 215

RogerRossmeisl

SEPTEMBER 9, 2024

Believe it or not, there are ways to collect tax-free income and gains. Here are some of the best opportunities to put money in your pocket without current federal income tax implications: Roth IRAs offer tax-free income accumulation and withdrawals. A large amount of profit from a home sale is tax-free.

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Tax income tax CPA Sales 148

TaxConnex

MAY 7, 2024

There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.

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Rhode Island Sales Tax South Carolina 203

RogerRossmeisl

AUGUST 11, 2024

You may wonder: How is the interest you earn on EE bonds taxed? The post How Are Series EE Savings Bonds Taxed? Or maybe you bought them electronically and don’t think about them often. And if they reach final maturity, what steps do you need to take to ensure there’s no loss. appeared first on Roger Rossmeisl, CPA.

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TaxConnex

SEPTEMBER 17, 2024

Getting the right sales tax on your invoice is a pivotal step in managing your sales and use tax obligation. Sales and use tax is a tax imposed on the use or consumption of a product or service and meant to be paid by the end consumer. Do you have a sales tax obligation?

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Sales Tax Technology tax return 205

TaxConnex

AUGUST 20, 2024

At first glance, the sales and use tax requirements for a contractor seem quite simple. As such, all purchases by a contractor are usually subject to sales and use tax. Since contractors are considered service providers, charges by them for real property improvement services are typically exempt from sales and use tax.

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Sales Tax Construction Education 217

TaxConnex

AUGUST 1, 2024

If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. New Jersey , in a move seemingly counter to a nationwide trend, has repealed its annual sales tax holiday for certain school supplies and sport or recreational equipment.

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RogerRossmeisl

AUGUST 11, 2024

If so, you may ask: Is the income taxed and if it is, how? Taxable benefits are also subject to federal income tax withholding. However, depending on the employer’s disability plan, in some cases they aren’t subject to Social Security tax.) It depends on the type of disability benefit and your overall income.

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Tax income tax CPA 214

RogerRossmeisl

SEPTEMBER 29, 2024

Your status matters If you work from a home office, you probably want to know: Can I get a tax deduction for the related expenses? Conversely, employees can’t deduct home office expenses under current federal tax law. The post Is Your Home Office a Tax Haven? It depends on whether you’re employed or in business for yourself.

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Tax CPA 202

RogerRossmeisl

SEPTEMBER 9, 2024

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. When a married couple files a joint tax return, each spouse is liable for the full amount of tax on the couple’s combined income.

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Tax tax return audit CPA 212

RogerRossmeisl

AUGUST 5, 2024

Recently, the IRS issued a warning to individual and business taxpayers to beware of false claims about various federal tax breaks that appear on social media platforms. The common denominator of such claims is that they involve legitimate tax provisions for which most taxpayers don’t qualify. According to the.

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Tax CPA 217

Accounting Today

SEPTEMBER 26, 2024

2024 has so far not produced significant tax legislation impacting year-end tax planning, but it continues to be impacted by legislation from prior years,

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tax planning Tax 115

RogerRossmeisl

JULY 15, 2024

But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8%

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Tax income tax CPA 218

CPA Practice

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries. increase in 2023.

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Accounting Today

OCTOBER 4, 2024

Between sunsetting provisions, wealth tax proposals and much more, Nov. 5 will have serious consequences in tax.

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Tax Finance 113

Accounting Today

OCTOBER 1, 2024

This election season could have a more significant effect on tax policy than most. How can CPAs guide their clients through this potential volatility in tax policy?

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tax planning Tax cpas 105

CPA Practice

SEPTEMBER 19, 2024

The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. By Isaac Bock.

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Tax tax preparation tax return Education 132

Accounting Today

SEPTEMBER 17, 2024

Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

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tax planning Tax 114

Accounting Today

OCTOBER 3, 2024

Let me pay that; W-2-timer; the early bird gets a cell; and other highlights of recent tax cases.

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Tax tax preparation 116

Accounting Today

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting projects that inflation-adjusted amounts in the Tax Code will increase 2.8% in 2025 — roughly half the increase in 2024 and down from 7.1% in 2023.

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CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 2024 quarterly estimated income tax payments normally due on Jan. 26 in Tennessee.

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South Carolina North Carolina Tax Alabama 124

CPA Practice

AUGUST 29, 2024

Items of income and loss from an S corporation are passed through to shareholders and reported on their personal tax returns. However, as shown in a new case, Maggard, TC Memo 2024-77, 8/7/24 , an S corp shareholder may be liable for tax on income they never even receive. Adding tax injury to insult, the deficiency is upheld.

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Tax tax return California Manufacturing 118

Insightful Accountant

OCTOBER 3, 2024

The IRS reports a 30% increase in tax extensions over the past five years, with 19 million taxpayers filing for automatic extensions this year. This trend is reshaping our profession (and driving us all nuts).

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Tax 105

CPA Practice

SEPTEMBER 26, 2024

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. Conversely, tax evasion is illegal. These penalties are added to the back taxes already due. This is perfectly legal.

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Tax Missouri income tax tax return 105

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 104

CPA Practice

SEPTEMBER 10, 2024

The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. Pay now, save later.

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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 98

Accounting Today

SEPTEMBER 19, 2024

Journey's end; just shocking; house cleaning; and other highlights of recent tax cases.

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Tax tax preparation 120

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.

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Legal Tax income tax 122

Patriot Software

SEPTEMBER 10, 2024

But then, it hits you … Oh no, my taxes are due soon. Thankfully, there’s tax relief in disaster situations. Tax relief isn’t the only type of government assistance […] Read More When disaster strikes, you have a lot on your mind.

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