Accounting Today

FEBRUARY 27, 2024

Auditors are including CAMs in more of their opinions but disclosing fewer CAMs per opinion, according to an Ideagen report.

auditor 119

auditor audit 119

TaxConnex

AUGUST 26, 2021

trillion in 2020. Cross-border e-commerce sales worldwide grew more than 20% in 2020. e-commerce grew more than 40% in 2020. Amazon’s net profit grew more than 80% in 2020. According to the National Retail Federation, non-store and online sales are expected to grow 18% to 23% this year over 2020.

E-commerce 246

E-commerce Sales Tax Missouri 246

RogerRossmeisl

AUGUST 3, 2021

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. of individual tax returns were audited in 2020. For example, in 2020, 2.2% Among the richest taxpayers, those with AGIs of $10 million and more, 7% of returns were audited in 2020.

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audit tax return CPA Tax 246

RogerRossmeisl

NOVEMBER 2, 2021

CAA 2021 Changes Within the Consolidated Appropriations Act of 2021 (signed into law on 12/27/20) was the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA 2020). TCDTRA 2020 extended the WOTC to cover qualified first-year wages paid to eligible new hires who begin work by 12/31/25. This means.

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RogerRossmeisl

JANUARY 18, 2021

January 15 Pay the final installment of 2020 estimated tax. Farmers and fishermen: Pay estimated tax for 2020. February 1 (The usual deadline of January 31 is a Sunday) File 2020 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

Tax 231

Tax CPA business tax 231

TaxConnex

SEPTEMBER 16, 2021

Year over year from 2019 to 2020, e-commerce increased 111% in the spring, 84% in the summer and 94% over the fall and holidays. In the winter, e-commerce jumped 91% year-to-year 2020 to 2021. Package deliveries year-over-year also skyrocketed, fueled no doubt the lockdowns of 2020. The takeaway, says Shippo?

E-commerce 246

E-commerce Sports Sales Tax 246

DuctTapeMarketing

DECEMBER 16, 2020

Ah, but then 2020 happened, and anything that might have crept up on anyone pretty much arrived untethered and proud. 2020 showed us just how fast everything could change and simultaneously how fast we can respond and then change and re-respond. During 2020 some people found that corporate jobs weren’t so stable or fun anymore.

Start-ups 341

Start-ups Technology Education Maine 341

RogerRossmeisl

FEBRUARY 16, 2021

The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again. The basics Once you attain age 72 (or age 70½ before 2020), you must begin taking RMDs from your traditional IRAs and certain retirement accounts, including 401(k) plans.

CPA 246

CPA Tax accounted Account 246

RogerRossmeisl

AUGUST 3, 2021

According to the Federal Trade Commission, veterans lost approximately $60 million to fraud in 2020. In fact, in 2020, military consumers lost more than the general public to fraud — a median $600 compared to $311 for nonmilitary consumers.

CPA 246

CPA Government accounted Account 246

RogerRossmeisl

FEBRUARY 5, 2021

Whew, you made it through 2020! The fraud perpetrators enjoyed a profitable year in 2020, and there are signs they may continue to feed off Americans as long as the pandemic is active. But don’t rest easy yet as there’s new fraud to watch out for in 2021. Here are several new scams.

CPA 246

CPA 246

RogerRossmeisl

JANUARY 6, 2021

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. However, for 2020 and earlier years, the deduction is limited to 50% of the allowable expenses. It also contains numerous tax breaks for businesses.

CPA 246

CPA Government Tax business tax 246

RogerRossmeisl

OCTOBER 6, 2021

Friday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due. Make contributions for 2020 to certain employer-sponsored retirement plans. Monday, November 1 Report income tax withholding and FICA.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

NOVEMBER 7, 2020

In IR 2020-226, the Internal Revenue Service, on 10/1/2020, encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction.

CPA 189

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TaxConnex

AUGUST 19, 2021

In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. As mentioned in 2020, the pandemic changed life as we know it: From family events to work, education, and business, life went virtual. retail e-commerce sales were a little over $150 billion in the first quarter of 2020.

Sales 246

Sales E-commerce Tax Missouri 246

RogerRossmeisl

FEBRUARY 23, 2021

And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2021 at $142,800 (up from $137,700 for 2020). million for 2020) Phaseout: $2.62 million (up from $1.04

Tax 221

Tax CPA business tax 221

RogerRossmeisl

AUGUST 11, 2024

Meteorologists warn that the 2024 hurricane season could break records, possibly surpassing 2020, the worst hurricane season on record. Even if hurricanes aren’t a threat where your business operates, other natural disasters — such as floods, wildfires and tornadoes — could impact your normal operations.

CPA 259

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RogerRossmeisl

JANUARY 14, 2021

In IRS Tax Tip 2020-80, the IRS explained new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. For 2020 tax returns, the due date is February 1, 2021.

California 214

California tax return CPA Tax 214

RogerRossmeisl

JUNE 24, 2024

One of the types of occupational fraud schemes that became more costly for employers since the beginning of the COVID-19 pandemic in 2020 is expense reimbursement fraud.

Expense Reimbursements 250

Expense Reimbursements CPA 250

TaxConnex

SEPTEMBER 17, 2020

Texas , even as a pandemic rages and wanes, is also enjoying a bump in sales tax revenue for fiscal 2020: $34.10 Total sales tax revenue for the three months ending in August 2020 was down 2.7 The effects of the economic slowdown and low oil prices also were evident in other sources of revenue in August 2020. billion, up 0.2.

Oklahoma 244

Oklahoma Texas Kansas Tennessee 244

RogerRossmeisl

FEBRUARY 24, 2021

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension).

Tax 221

Tax tax return CPA 221

SMBAccountant

JULY 14, 2020

did work for a customer and sent them an invoice on 6/25/2020. They did not receive payment for the invoice until 7/3/2020. Additionally, accrual accounting often requires manual journal entries to properly account for depreciation, payroll and vacation accrual, prepaid expenses, and several others. For example: Doe Co.

Government 246

Government accrual accounting quickbooks Account 246

TaxConnex

JUNE 21, 2022

States and jurisdictions, once slow to ramp up penalties for non-compliance, were becoming more serious by the spring of 2020. retail e-commerce sales hit some $160 billion in the first quarter of 2020. online sales in the last eight weeks of 2020 would hit $189 billion, nearly two years’ growth in one holiday-shopping season.

South Dakota 246

South Dakota E-commerce Alaska Missouri 246

TaxConnex

OCTOBER 7, 2021

million more than August 2020 and $267.9 over August 2020; income tax collections were up 13.9%. Credits may be claimed for taxes on sales from 2020 provided the marketplace seller can demonstrate use tax was remitted by the marketplace facilitator. This proposal is still in the early stages but stay tuned. billion, $255.8

West Virginia 246

West Virginia Sales Alaska Tax 246

TaxConnex

FEBRUARY 11, 2021

Expected s pending on Valentine’s Day gifts this year dropped to an average $164.76 , down about $32 from a record high in 2020 , according to the National Retail Foundation. And it might land right on your company’s bottom line after sales and use tax obligations.

Sales 246

Sales Tax Retail 246

RogerRossmeisl

JULY 27, 2021

Employers file a 2020 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

JULY 27, 2021

You generally must start taking withdrawals from your IRA, SEP, SIMPLE and other retirement plan accounts when you reach age 72 (70½ before January 1, 2020). Roth IRAs don’t require withdrawals until after the death of the owner. You can withdraw more than the minimum required amount.

Tax 246

Tax CPA accounted Account 246

RogerRossmeisl

DECEMBER 28, 2020

Under the 100% bonus depreciation tax break, the entire cost of eligible assets placed in service in 2020 can be written off this year. Even better, the §179 deduction isn’t the only avenue for immediate tax write-offs for qualified assets. The post Cash in on Depreciation Tax Savers appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

OCTOBER 8, 2020

or a seasoned automotive veteran looking to make a change to an Automotive CPA that understands your business. we need to talk.

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RogerRossmeisl

JANUARY 25, 2021

Background on the loans In March of 2020, the CARES Act became law. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. It authorized the SBA to make loans to qualified businesses under certain circumstances.

Tax 246

Tax CPA payroll cpa firm 246

RogerRossmeisl

MARCH 25, 2021

You can keep making traditional IRA contributions if you’re still working Before 2020, traditional IRA contributions weren’t allowed once you reached age 70½. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

CPA 246

CPA accounted Account accountant 246

RogerRossmeisl

OCTOBER 6, 2021

The Association of Certified Fraud Examiners’ (ACFE’s) Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse provides ample evidence that some fraud detection methods are better than others.

audit 246

audit CPA accounted Account 246

RogerRossmeisl

AUGUST 9, 2021

According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud lose a median $200,000 per fraud incident, compared with $125,000 per incident for all organizations.

Construction 245

Construction payroll tax payroll Legal 245

RogerRossmeisl

AUGUST 5, 2021

From June 2020 through June 2021, the U.S. Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.

Start-ups 246

Start-ups tax return Tax CPA 246

RogerRossmeisl

MAY 4, 2021

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file.

tax return 246

tax return Tax CPA 246