ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

CPA Practice

AUGUST 4, 2023

However, the Mega Millions winner will have to pay considerable federal taxes. The IRS takes federal tax “off the top.” But the winner then pays additional federal income taxes based on the tax rate tied to their federal tax bracket, which will be high due to the multi-billion-dollar payout. for a while.

South Dakota 98

South Dakota New Hampshire Wyoming income tax 98

CPA Practice

APRIL 22, 2024

But bringing that amount home will require good deal more income, according to a recent analysis. The analysis accounts for average federal income taxes and withholdings for Social Security and Medicare, as well as state and local taxes. You can see every state’s data here. _ ©2024 Advance Local Media LLC. Visit al.com.

South Dakota 116

South Dakota Alabama New Hampshire Wyoming 116

Withum

MARCH 29, 2023

On December 2nd, 2022, long-time Met’s pitcher Jacob deGrom signed a 5-year contract worth $185 million with the Texas Rangers. The ace of the Mets pitching staff, who had been a lifelong Met, had decided to head to Texas for what he called a “winning culture” and likely tax savings. 1 million of taxes.

Texas 122

Texas income tax New York Sports 122

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

Tax 128

Tax Kansas income tax Montana 128

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

Rhode Island Alaska Tax New Hampshire 111

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska Tax New Hampshire 105

CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

income tax 118

income tax Tax Sports Nevada 118

TaxConnex

SEPTEMBER 29, 2020

Idaho’s state tax revenues for August came in much higher than expected — $37 million higher, the second straight month of big overages — putting the state on track to end the current fiscal year with a giant surplus if current trends hold, even as it has cut budgets due to the economic impacts of COVID-19. Sales taxes were up 8.2

Sales 230

Sales Tax Alabama Texas 230

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. million in Texas, 2.8

South Dakota 108

South Dakota income tax tax return Arizona 108

Withum

FEBRUARY 14, 2024

In addition, California has some of the highest taxes in the country and if goods will be shipped to customers outside of California, locating the warehouse there can result in higher income taxes than other states. It also has a variety of locally imposed tax that can increase costs depending on where the warehouse is located.

E-commerce 59

E-commerce Real Estate Nevada income tax 59

CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax 110

payroll tax West Virginia payroll cpas 110

CPA Practice

JANUARY 8, 2024

We continue to urge taxpayers who need help to reach out to a trusted tax professional, including those who work with recognized national organizations.” The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help. The IRS has more information available to help taxpayers select a tax professional.

Tax 111

Tax tax return income tax Minnesota 111

CPA Practice

JANUARY 13, 2023

A professional tax return preparer in Texas recently pleaded guilty to “engaging in a multi-year conspiracy to prepare and file false tax returns on behalf of clients and obtaining a fraudulent loan under the Paycheck Protection Program” (“PPP”). The proceeding was held before U.S. Magistrate Judge Jeffrey C.

Texas 52

Texas tax preparation Tax tax return 52

Withum

MARCH 7, 2024

We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim. Is the IRS Still Issuing ERC Checks?

Tax 126

Tax income tax tax return audit 126

TaxConnex

JANUARY 4, 2024

As of this fall, Ohio’s sales tax exemptions added diapers, creams and wipes, child-restraint devices or booster seats, cribs and strollers and Texas stopped collecting sales tax on baby products like diapers and wipes, as well as menstrual products. National sales tax H.R.25 Texas state sales tax revenue totaled $3.57

Sales 231

Sales Tax Colorado Alaska 231

CPA Practice

FEBRUARY 9, 2024

Sports betting is illegal in Alabama, Alaska, California, Georgia, Hawaii, Idaho, Minnesota, Missouri, Oklahoma, South Carolina, Texas, and Utah. Gambling winnings tax If you are one of the millions to place a bet this year, you need to know that the IRS considers sports betting to be gambling. Usually, the payer (e.g.,

Gambling 122

Gambling Sports Tax South Carolina 122

CPA Practice

APRIL 11, 2024

The government alleged that Portorreal prepared tax returns claiming fabricated business income and expenses, as well as various false tax deductions and false non-deductible expenses for her customers to receive the earned income tax credit and the child tax credit.

tax return 116

tax return Tax tax preparation Florida 116

PYMNTS

DECEMBER 13, 2020

11) it was moving to Austin, Texas from Redwood City, California. And just weeks earlier, Hewlett Packard Enterprise announced it was moving its headquarters to Houston, Texas from Silicon Valley. percent on income in excess of $1 million. Texas has no income tax. Database giant Oracle Inc.

Technology 106

Technology Texas income tax California 106

CPA Practice

AUGUST 9, 2023

state that fully taxes military pensions. ( But proposed legislation would exempt military retirement income from California state income tax — at least for the next ten years. “We tax years beginning on or after January 1, 2024, and before January 1, 2034). That’s because California is the only U.S.

California 98

California Tax income tax Nevada 98

TaxConnex

SEPTEMBER 22, 2022

Indiana had monthly collections from sales tax jump 6.5%. Earlier in the summer, New Jersey’s sales and use tax took in $1.332 billion, an increase of $113.9 Texas total sales tax revenue for the three months ending in August was up 14.7% In Texas , in Coppell v. million (9.4%) above July of last year.

Sales 130

Sales Tax Indiana Colorado 130

CPA Practice

APRIL 7, 2023

In December 2022, Eunice Salley, a Chicago tax preparer, was sentenced to seven years in prison for filing false income tax returns on behalf of her tax preparation clients seeking more than $1 million in fraudulent refunds. They were ordered to pay approximately $5.2 million in restitution.

tax preparation 132

tax preparation Tax tax return income tax 132

TaxConnex

APRIL 7, 2022

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t).

Sales 195

Sales Tax Texas income tax 195

TaxConnex

JULY 25, 2023

In California, sales tax doesn’t apply to telecommunications services, but there are numerous cities and counties that apply a municipal utility tax of 2.5 Missouri has local license taxes in most cities. Texas applies a Right of Way fee (ROW) in 100’s of local jurisdictions. to 7 percent.

Tax 178

Tax Florida Missouri Maryland 178

ThomsonReuters

FEBRUARY 6, 2024

The differences between direct tax and indirect tax are important to understand. Direct tax is paid directly by the taxpayer to the government and cannot be shifted, like federal income tax. In contrast, indirect tax, such as business property taxes, can be passed on or shifted to others.

Tax 52

Tax income tax Oregon Ohio 52

TaxConnex

JULY 12, 2022

The online portal for the Department of Revenue is currently used for individual income tax and business registrations and the state will provide further instructions?for for how this will change sales tax filing and other taxpayer services?when Texas sales tax revenue for the three months ending May 2022 was up 15.7%

Sales 177

Sales Tax Oklahoma Illinois 177

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 98

Tax income tax South Dakota tax return 98

Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

CPA Practice

MARCH 21, 2023

Seven of the top 10 cities are in Texas, a state known for low taxes. Across the 10 Texas cities SmartAsset analyzed, a $100,000 salary was worth an average of about $78,000 after taxes and adjusting for cost of living. The fastest growing cities are in the south and the west, according to the U.S. ©2023 Bloomberg L.P.

Tennessee 116

Tennessee Texas Florida Tax 116

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. Each state has its own requirements for withholding taxes for out-of-state employees.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

TaxConnex

FEBRUARY 2, 2021

In California, sales tax doesn’t apply to telecommunications services but there are numerous cities and counties that apply a municipal utility tax. Missouri has local license taxes in most cities. Texas applies a Right of Way fee (ROW) to many communications services in almost 1,000 local jurisdictions.

Tax 133

Tax Missouri Maryland Pennsylvania 133

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. The more accessible version, though, connects you to any of eight online tax-preparation services , which will help you prepare your return for free.

tax preparation 105

tax preparation tax return South Dakota Arizona 105

CPA Practice

JUNE 22, 2023

Court filings on Tuesday revealed that Hunter Biden agreed to plead guilty to two charges of misdemeanor tax evasion related to allegations he avoided more than $100,000 in federal income tax in both 2017 and 2018. He has agreed to pay back taxes, according to a statement from his attorney. ©2023 CQ-Roll Call Inc.,

Delaware 98

Delaware tax return income tax Massachusetts 98

CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

tax return 116

tax return Tax South Dakota tax preparation 116

ThomsonReuters

NOVEMBER 2, 2021

The level of intricacy in corporate tax return filing requirements, coupled with frequent changes in tax laws, makes the job of accurately filing corporate taxes time-consuming and complicated. Read on for a guide to preparing and filing corporate income tax returns. Does every corporation file income tax returns?

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tax return corporation tax income tax Tax 59