Cherry Bekaert

FEBRUARY 7, 2024

Understanding business entities and tax structures can save you a tremendous amount of time, money and potential headaches down the road. An LLC is one of four main legal business structures, whereas an S corp is a tax classification. This means that the partnership does not pay income tax. That rate is the sum of 12.4%

Real Estate 103

Real Estate Tax income tax Legal 103

MyIRSRelief

AUGUST 1, 2023

However, with the increasing complexity of tax regulations, many of these companies find themselves struggling to maintain tax compliance. Contact us for professional tax help today! However, managing payroll taxes for these two distinct driver categories can be a daunting task for trucking companies.

payroll tax 130

payroll tax Tax payroll audit 130

MyIRSRelief

JANUARY 7, 2024

Tax audits can be a daunting experience for any taxpayer, and when it comes to the Employment Development Department (EDD) audits, the stakes can be particularly high. The EDD is responsible for administering unemployment and disability insurance, payroll tax collection, and job training/workforce services in California.

audit 130

audit payroll tax Tax auditor 130

ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Tax 52

Tax Account accountant accounted 52

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.

payroll tax 147

payroll tax New York audit payroll 147

Withum

MARCH 19, 2024

Whether you’re a small streamer making a few hundred dollars per month or taking home part of the multi-million dollar prize pool at The International, understanding that the income earned will be taxed is extremely important. Typical employers issue a W-2, showing a person’s total earnings and withholdings throughout the year.

Gaming 105

Gaming Tax Non-Profits income tax 105

CTP

SEPTEMBER 16, 2022

By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. However, thanks to Certified Tax Planners, even a small business owner can get the same huge savings the rich do. MUCH more than an accountant merely reporting your taxes! UNDERSTANDING INCOME LIMITS.

tax planning 98

tax planning Tax tax return Education 98

Withum

APRIL 12, 2024

The economy is in an enigmatic situation with stubborn inflation above the Fed’s targets, pretty much full employment, high interest rates with an inverted yield curve, stagnant home sales and many other real, perceived or anticipated problems. The stock market provides an easy-to-understand illustration of how data is used to make decisions.

Tax 64

Tax Sales 64

Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). It is important to ensure this works for everyone: taxpayers, tax agents, software developers, as well as HMRC.

Government 83

Government Tax income tax Account 83

MyIRSRelief

OCTOBER 16, 2023

When it comes to navigating the complex world of taxes, understanding deductions and credits is like having a secret treasure map to unlock potential savings. Tax deductions and credits are powerful tools that can help individuals and businesses reduce their tax liabilities, putting more money back in their pockets.

Tax 130

Tax income tax Education tax return 130

ThomsonReuters

DECEMBER 8, 2022

ANSWER: Here’s an explanatory list of common acronyms primarily used in our Cafeteria Plans, Consumer-Driven Health Care, ERISA Compliance, Self-Insured Health Plans, and Fringe Benefits manuals. DCTC – Dependent Care Tax Credit. EIN – Employer Identification Number. EPP – Employer Payment Plan.

income tax 105

income tax Tax Account accountant 105

Ronika Khanna CPA,CA

OCTOBER 13, 2023

As an employee, your employer takes on the responsibility to pay certain payroll deductions to the governmen t, which are deducted directly from the employees’ gross salary. The net salary, which is the amount on the employees’ paycheque, is the amount received after payroll and income taxes have been deducted.

tax return 52

tax return Tax payroll income tax 52

Withum

MARCH 1, 2023

Tax Comparison Schedule When your tax return is completed, you should review the tax comparison schedule your software provides for differences. Make sure you understand the reasons for any differences between the two years. You can also use that to calculate estimated tax payments.

tax return 59

tax return Tax income tax Real Estate 59

xendoo

SEPTEMBER 7, 2022

In this article, we’ll go into the specifics of 1099 tax forms, the pros and cons of independent contractors, and what it all means comes tax season. . What Is a 1099 Tax Form? For example, a regular employee does not use 1099 forms because their income tax is withheld during each payment period. . These include: .

bookkeeping 94

bookkeeping Tax income tax Legal 94

Going Concern

FEBRUARY 10, 2023

Chief Counsel attorneys work to publish guidance to promote taxpayer understanding of the tax laws. As we ’ve said before, if you want to dabble in public service or embrace chaos like never before or have a deep appreciation for irony , the IRS may be the right employer for you. The technical positions are based in D.C.,

Tax 103

Tax tax return Legal Technology 103

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? Examples of direct tax Understanding tax provision Understanding state apportionment Differences between direct and indirect taxes When a taxpayer must pay taxes directly to the government, meaning the taxes cannot be shifted to other entities or individuals, it is known as direct tax.

Tax 52

Tax income tax payroll tax payroll 52

Xero

APRIL 30, 2024

Ledger — annual tax basics to help prepare and submit annual tax returns for simple non-trading clients Cashbook — bookkeeping essentials for non GST registered clients. Introducing Xero’s small business plans We’re launching three new streamlined business plans for Australian customers, as well as enhancing the Ultimate plan.

bookkeeping 98

bookkeeping payroll accounting basics tax return 98

Menzies

FEBRUARY 19, 2024

Did you know under Extra Statutory Concession A19 (ESC A19) HMRC have the power to write off income tax and capital gains tax you owe in respect of historic periods where the underpayment is due to an HMRC error or administrative failure? How can someone underpay income tax?

Tax 52

Tax income tax chartered accountant accounting firms 52

CPA Practice

DECEMBER 18, 2023

The first half of the program is focused on leadership of self, a self-examination of personal leadership and steps where improvements can be made. These young professionals understand the importance of personal development and building relationships so they can seize the moment to brighten their future and the profession.

cpas 121

cpas CPA Iowa Oklahoma 121

MyIRSRelief

DECEMBER 17, 2021

With tax season now right around the corner, it’s more important than ever to get your accounts and payroll 941/940 tax returns in order, rather than potentially find yourself staring down the wrong end of a substantial penalty from the Internal Revenue Service. Get tax help today by calling us at 1-877-78-TAXES [1-877-788-2937].

Tax 100

Tax tax return payroll CPA 100

ThomsonReuters

DECEMBER 15, 2022

(Last week’s Checkpoint Question of the Week included acronyms primarily used in our ERISA Compliance, Self-Insured Health Plans, Cafeteria Plans, Consumer-Driven Health Care, and Fringe Benefits manuals, and in next week’s Question of the Week, we’ll cover acronyms used in our Health Care Reform manual.). BA – Business Associate.

Tax 98

Tax Account accountant accounted 98

ThomsonReuters

DECEMBER 22, 2022

ALE – Applicable Large Employer. PTC – Premium Tax Credit. For simple, easy-to-understand definitions of these terms, see EBIA’s Health Care Reform manual. Part 3 of 3) appeared first on Tax & Accounting Blog Posts by Thomson Reuters. ACA – Patient Protection and Affordable Care Act.

Tax 98

Tax Account accountant accounted 98

Xero

JUNE 7, 2022

It’s no secret that end of financial year (EOFY) comes with its challenges for many self-employed Australians. Whether you’re a sole trader, side-hustler or freelancer, understanding deductions to super and taxes – on top of running your own show – is enough to make anyone’s head spin. Don’t forget to tax plan .

bookkeeping 105

bookkeeping tax planning Tax accounting software 105

ThomsonReuters

OCTOBER 12, 2023

expats pay taxes? Paying taxes on money earned abroad Avoiding double taxation Helping clients who live abroad with their taxes U.S. income tax returns, just like individuals living in the United States. However, the tax obligations for expats can be different and more complex due to their international status.

Tax 75

Tax tax return income tax tax preparation 75

Ronika Khanna CPA,CA

NOVEMBER 17, 2023

Gig workers tend to be independent contractors who usually decide when they are going to work, often bring their own “tools” (such as a car or a computer) and are required to report their earnings to tax authorities. If you are a participant and earn income in any capacity that is not classified as employment income (i.e.

Tax 52

Tax E-commerce audit income tax 52

ThomsonReuters

SEPTEMBER 8, 2023

Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Which is better, a C corp or S corp or LLC?

income tax 75

income tax Tax Legal tax return 75

ThomsonReuters

MAY 19, 2022

QUESTION: We understand there is a small employer exception to COBRA for employers with fewer than 20 employees. ANSWER: A group health plan is not subject to COBRA for any year if all employers maintaining the plan together employed fewer than 20 employees on a typical business day during the preceding year.

payroll 98

payroll Tax Account accountant 98

CTP

SEPTEMBER 22, 2022

By now, everyone has figured out that America’s wealthy and elite are not always avoiding taxes through illegal means. However, thanks to Certified Tax Planners, even a small business owner can get the same huge savings the rich do. MUCH more than an accountant merely reporting your taxes! UNDERSTANDING INCOME LIMITS.

tax planning 52

tax planning Tax tax return Education 52

inDinero Tax Tips

SEPTEMBER 13, 2023

Understanding these new provisions is critical for maximizing potential tax benefits as a small business owner. Let’s dive in and understand how these expanded financial incentives can significantly benefit you. It provides tax incentives for small businesses that start a new retirement plan. The SECURE Act 2.0

business tax 80

business tax Tax Start-ups accounting and finance 80

ThomsonReuters

DECEMBER 10, 2020

ANSWER: Here’s an explanatory list of common acronyms primarily used in our Cafeteria Plans, Consumer-Driven Health Care, ERISA Compliance, Self-Insured Health Plans, and Fringe Benefits manuals. DCTC — Dependent Care Tax Credit. EIN — Employer Identification Number. EPP — Employer Payment Plan.

income tax 90

income tax Tax Account accountant 90

Withum

FEBRUARY 2, 2024

Navigating the complexities of day-to-day operations and meeting fiduciary obligations necessitates a comprehensive understanding of applicable laws and regulations, compelling the need for a well-crafted Plan Administration Manual. Information contradicting plan documents. Limited accessibility to involved parties.

Tax 52

Tax Account accountant accounted 52

inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

Tax 98

Tax income tax South Dakota tax return 98

TaxConnex

JULY 1, 2021

Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, for many states, it can comprise 25%-35% of a state’s revenue. But who exactly holds the responsibility for sales tax mistakes and non-compliance? Is that person you? The company? Corporate officers?

Sales 130

Sales Tax tax return audit 130

CPA Practice

OCTOBER 5, 2023

Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results.

Tax 111

Tax income tax tax planning accounting and finance 111

CPA Practice

SEPTEMBER 6, 2023

The question in the title of this article is one the Treasury Inspector General for Tax Administration (TIGTA) recently tried to answer for some members of Congress who asked the IRS watchdog to evaluate employees moving between large accounting firms and the IRS, often referred to as the “revolving door.”

accounting firms 119

accounting firms Account accountant accounted 119

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. So, to make sure we’re all on the same page, here are a few choice tax benefits that are often overlooked.

Tax 52

Tax tax preparation tax return cpas 52

Anders CPA

MARCH 21, 2023

Due to outdated Treasury regulations, which were put into place by the IRS long before Airbnb or Vrbo, there are several different ways that taxes can be determined. The tax treatment of the income and losses from your short-term rental activity is determined based on whether substantial services are provided.

Tax 52

Tax Real Estate tax return CPA 52