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.

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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.

audit 240

audit tax return CPA Tax 240

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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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.

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Start-ups Technology Education Maine 341

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 245

CPA Government Tax business tax 245

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.

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CPA Tax Account accounted 243

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.

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CPA Government Account accounted 240

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

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.

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Tax income tax tax return CPA 231

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.

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Oklahoma Texas Kansas Tennessee 244

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.

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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

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 Account accounted 246

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

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

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.

Tax 246

Tax CPA cpa firm business tax 246

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 224

CPA cpa firm 224

RogerRossmeisl

DECEMBER 28, 2020

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important to avoid wash sales if selling stock by year-end.

Sales 246

Sales CPA Tax 246

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

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.

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RogerRossmeisl

DECEMBER 28, 2020

The contribution limit for 2020 is $19,500. With a 401(k), an employee makes an election to have a certain amount of pay deferred and contributed by an employer on his or her behalf to the plan. Employees age 50 or older. The post Maximize Your 401(k) Plan to Save for Retirement appeared first on Roger Rossmeisl, CPA.

CPA 245

CPA Tax Account accounted 245

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.

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CPA Account accounted accountant 241

RogerRossmeisl

SEPTEMBER 27, 2021

over July of 2020. Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% The median home price was: $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South, and $508,300 in the West.

Tax 239

Tax income tax CPA Sales 239

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 235

audit CPA Account accounted 235

RogerRossmeisl

JANUARY 9, 2021

Due solely to the COVID-19 pandemic, if certain requirements are satisfied, employers and employees that are using the automobile lease valuation rule may instead use the vehicle cents-per-mile valuation rule to determine the value of an employee’s personal use of an employer-provided automobile beginning as of March 13, 2020.

CPA 236

CPA Tax cpa firm business tax 236

RogerRossmeisl

MAY 30, 2022

Government Accountability Office, the proportion of businesses adding cyber coverage increased from 26% in 2016 to 47% in 2020. These days, it’s common for businesses to purchase cyber insurance to help mitigate financial losses from network breaches. According to the U.S.

CPA 231

CPA Government Account accounted 231

RogerRossmeisl

NOVEMBER 7, 2020

IRS issued Notice 2020-71 which contains the special per-diem rates for taxpayers to use, after 9/30/2020, to substantiate ordinary and necessary business travel expenses.

payroll tax 190

payroll tax CPA payroll Government 190

TaxConnex

JANUARY 11, 2022

Year over year from 2019 to 2020, package deliveries jumped 147% in the spring, 130% in the summer and 101% over the fall and holidays. In the winter, e-commerce jumped 96% year-to-year from 2020 to 2021. Rules vary widely from state to state for the physical delivery of goods.

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Sales Rhode Island South Dakota North Dakota 246