TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. Colorado lawmakers have adopted SB21-282 , which extends the exception to destination sourcing requirements; the exception applies only to businesses with less than $100,000 in retail sales. As of Feb. Illinois lawmakers have passed S.B.

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Sales Tax Louisiana North Carolina 219

RogerRossmeisl

FEBRUARY 23, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

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Tax CPA business tax 219

RogerRossmeisl

AUGUST 5, 2021

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%.

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Start-ups tax return Tax CPA 246

MyIRSRelief

OCTOBER 4, 2024

Filing taxes can be a daunting task, whether you are an individual or a business owner. This article will guide you through the process of correcting errors on your tax return, provide instructions on filing amended returns , highlight common mistakes to avoid, and explain how our tax firm can professionally assist you.

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MyIRSRelief

DECEMBER 1, 2020

As ruthless as the IRS can be, they aren’t completely heartless and they themselves know that businesses can’t be expected to hand over unreasonable amounts of profit every time they file their tax returns. Below we’ll be listing 6 useful planning tips from tax experts that will help you to save on your business taxes.

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KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Tax , Tax Specialty Services.

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Maine California business tax Tax 91

Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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business tax Tax income tax tax return 119

inDinero Tax Tips

MARCH 31, 2021

Did you make extra money using your skills and experience on the side in 2020? Tax season is here. Did you remember to make estimated tax payments? Are you aware of all the tax deductions for your side hustle? What are estimated taxes for side hustlers? Withholding tax from your paycheck happens as you earn income.

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business tax Tax Legal financial accounting 98

TaxConnex

JUNE 17, 2021

Legalization of cannabis and how it would be taxed has been a discussion for many years. But as states continue to pass laws legalizing the sale of cannabis, the businesses trying to capitalize on the market are struggling with the complexities of taxation as it differs from other sales. Local sales tax rates apply as well.

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Legal Illinois Nevada Oregon 225

xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . What is a tax deduction?

business tax 97

business tax Tax Education tax preparation 97

RogerRossmeisl

JULY 11, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules for businesses that have considered revisiting the Employee Retention Tax Credit.

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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. It also contains numerous tax breaks for businesses. As background, ordinary and necessary food and beverage expenses that are incurred while operating your business are generally deductible.

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CPA Government Tax business tax 246

SkagitCountyTaxServices

AUGUST 19, 2022

After all of the junk in 2020 and 2021, “inflation” and “supply chain shortages” have been the recent flavor of our wild ride together. Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute).

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business tax Tax Real Estate CPA 93

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.

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California tax return CPA Tax 210

RogerRossmeisl

FEBRUARY 5, 2023

The Employee Retention Tax Credit (ERTC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. However, the IRS is warning employers to beware of third parties that may be advising them to claim the ERTC when they don’t qualify.

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payroll CPA Tax business tax 238

inDinero Tax Tips

MARCH 3, 2021

Whether you file your business’s taxes yourself or you have help, making sure your tax returns are right and on time is a lot easier when you. By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. Are you still working on your 2019 business taxes?

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business tax Tax income tax tax return 59

RogerRossmeisl

JANUARY 18, 2021

Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the credit The CARES Act, enacted in March of 2020, created the ERTC. appeared first on Roger Rossmeisl, CPA.

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Tax CPA payroll cpa firm 143

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

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tax services California Tax tax preparation 147

RogerRossmeisl

JANUARY 9, 2021

In response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, IRS Notice 2021-07 provides temporary relief for employers and employees using the automobile lease valuation rule to determine the value of an employee’s personal use of an employer provided automobile for purposes of income inclusion, employment tax, and reporting.

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CPA Tax cpa firm business tax 246

RogerRossmeisl

FEBRUARY 28, 2021

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. If you are considering such a transaction, it’s important to understand the tax implications of buying or selling a business. The current 21% corporate federal income tax rate makes buying the stock of a C.

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Tax income tax CPA business tax 143

Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. What Is the Fix?

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Tax tax return payroll tax tax services 124

RogerRossmeisl

DECEMBER 28, 2020

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets.

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Tax CPA cpa firm business tax 143

Withum

SEPTEMBER 22, 2022

The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. Businesses applied for PPP loans through participating lenders, and the lenders processed the applications with the SBA.

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Tax payroll audit tax services 125

Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim.

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Tax income tax tax return audit 126

RogerRossmeisl

NOVEMBER 7, 2020

The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and employees is 7.65% (6.2% For 2021, the Social Security tax rate is 6.2% In addition.

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payroll CPA Tax business tax 190

Withum

JUNE 24, 2022

When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC. The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. .

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Tax audit tax return tax services 126

LyfeAccounting

OCTOBER 21, 2020

?. In federal taxes you owe $78,435.72. Look, those were like your tax liabilities from last year. So I’d say, learn how to use small business tax deductions to lower your liability. Because you definitely don’t want to spend more in taxes for another year. Because like clockwork, taxes come due every year.

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business tax Tax tax return Education 52

Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. PPP EIDL ERC FFCRA SVOG R R F. Paycheck Protection Program (PPP).

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Tax tax return income tax corporation tax 126

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. In general, the IRS-approved per-diem maximum is the General Services Administration (GSA) per-diem rate paid by the federal government to its workers.

payroll tax 190

payroll tax CPA payroll Government 190

Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns). Contact Us.

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tax return corporation tax Tax tax services 128

SmallBusinessAccounting

DECEMBER 1, 2020

Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes.

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business tax Tax 66

RogerRossmeisl

JUNE 1, 2021

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. If construction began in 2020, the.

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Construction income tax CPA Tax 173

Going Concern

APRIL 5, 2024

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.

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tax preparation New Jersey tax return Tax 115

CPA Practice

JUNE 14, 2023

Are you a small business owner who uses a personal vehicle—say, a passenger car, SUV or pickup truck—for extensive business driving during the year? If so, you may be entitled to favorable depreciation-related tax deductions, subject to certain special rules and limits, if you keep accurate and detailed records.

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Tax income tax business tax 111

RogerRossmeisl

NOVEMBER 17, 2020

The California Legislature passed, and the governor signed, Senate Bill 1447 (click here for FTB Bill Analysis) into law creating a new small business hiring credit (SBHC) for small businesses impacted by economic disturbances in 2020. The Small Business Hiring Credit is also referred to as the “Main Street Hiring Credit”.

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California income tax Maine CPA 154

LSLCPAs

NOVEMBER 12, 2020

Part TWO: The CARES Act, Net Operating Losses, and Cash Flow So much has happened this year and so much has to be done before the year end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope […].

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tax planning Tax cpas business tax 52

CPA Practice

DECEMBER 19, 2023

million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic. While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice.

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