Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. In exchange of the BAIT entity paid tax, owners receive a corresponding pro rata share of a BAIT credit.

New Jersey 52

New Jersey income tax Tax tax services 52

Anders CPA

OCTOBER 18, 2022

New legislation signed on October 5, 2022, exempts taxpayers’ first $1,000 of income from taxation and will reduce the top rate of individual income tax. This law will be applicable to tax years beginning on or after January 1, 2023. Changes to Missouri’s Income Tax Rate. Income Tax Rate Reductions in 2024.

income tax 52

income tax Missouri Tax CPA 52

Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services. Contact Us.

income tax 75

income tax New Jersey Tax Real Estate 75

Dent Moses

FEBRUARY 24, 2022

This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress. Taxpayers who will report an earned income credit on their 2021 individual tax returns.

Alabama 52

Alabama income tax Tax tax return 52

ThomsonReuters

OCTOBER 1, 2021

How the right user community can help tax professionals crowd-source ideas. _. Tax & Tech Talks: A Closer Look at Corporate Income Tax Solution for a Successful Filling Season. Subscribe to Tax & Tech Talks podcast on Spotify , Libsynpro , and Apple Podcast apps. _. The impact of e-filing.

income tax 52

income tax Tax corporation tax Technology 52

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.

Tax 195

Tax income tax tax return CPA 195

RogerRossmeisl

JULY 27, 2021

Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. Employers file a 2020 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

Tax 236

Tax income tax CPA business tax 236

ThomsonReuters

MARCH 17, 2021

The IRS has issued new Form 8915-E, which individual taxpayers must file with their income tax returns to report coronavirus-related distributions and other qualified 2020 disaster distributions received from retirement plans in 2020, as well as 2020 repayments of those distributions. Form 8915-E. Instructions.

Construction 93

Construction Maine income tax tax return 93

RogerRossmeisl

MAY 20, 2022

million households owned mutual funds in mid-2020. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. What are the basic tax rules? As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax.

Tax 171

Tax income tax CPA 171

ThomsonReuters

FEBRUARY 10, 2021

While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Additional 2020 Recovery Rebates. The guidance will apply to expenses paid or incurred after March 12, 2020.

Tax 98

Tax tax return payroll Education 98

CPA Practice

MAY 8, 2023

Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. Californians flee to low-tax states In terms of people looking for low-tax states, California lost more residents than any other state, according to the data.

New York 125

New York California North Carolina South Carolina 125

LyfeAccounting

JUNE 25, 2021

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income.

income tax 52

income tax South Dakota Tax Alaska 52

PYMNTS

MAY 28, 2020

The last halving was on May 11, 2020. The Ministry of Economy and Finance issued a simple statement that it would be “considering capital gains tax or other income tax on profits made by domestic and foreign investors in the transfer of virtual assets.”. terahashes per second after the hashrate fell after the halving.

income tax 56

income tax Tax Real Estate Government 56

Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

Tax 126

Tax income tax tax return audit 126

RogerRossmeisl

SEPTEMBER 27, 2021

over July of 2020. Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT). According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8%

Tax 207

Tax income tax CPA Sales 207

CPA Practice

FEBRUARY 15, 2023

Unlike the big W-4 form shakeup of 2020, there aren’t significant changes to the new form. Employers use Form W-4 to determine how much to withhold from an employee’s gross wages for federal income tax. Read on to learn about 2023 changes to the new W-4 form and what you need to know about 2020 and later versions of Form W-4.

income tax 130

income tax payroll Tax payroll tax 130

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”.

California 131

California income tax CPA Maine 131

inDinero Tax Tips

MARCH 3, 2021

We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties. Are you still working on your 2019 business taxes? Check out those dates in the 2019-2020 version of this calendar. Partnership Tax Deadlines.

business tax 59

business tax Tax income tax tax return 59

Cherry Bekaert

AUGUST 9, 2024

The carryforward period is extended to ten years for a credit against the personal income tax. Credit is also available for property taxes paid on natural gas used in a natural gas storage facility. The property taxes must be timely paid to qualify for the credit. The credit may also be available to lessees.

Manufacturing 64

Manufacturing West Virginia Mississippi Louisiana 64

Withum

OCTOBER 3, 2023

Remember that there are two separate filing deadlines for 2020 claims and for 2021 claims. The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. These are firm deadlines and no extensions or exceptions are permitted. They are governed by separate statutes.

income tax 122

income tax audit tax return Tax 122

ThomsonReuters

JANUARY 28, 2021

IRS Publication 502 (Medical and Dental Expenses (for 2020 Returns)). The IRS has released an updated version of Publication 502 for the 2020 tax year. Publication 502 describes the medical expenses that are deductible by taxpayers on their federal income tax returns. Available at [link].

income tax 52

income tax tax return Tax accounted 52

MyIRSRelief

OCTOBER 4, 2024

Individual Income Tax Return, to correct the error. Corporation Income Tax Return. Taxpayers can make mistakes figuring things like their earned income tax credit, child and dependent care credit, and recovery rebate credit. Gather Documentation: Collect all necessary documentation to support the correction.

tax return 130

tax return business tax Tax income tax 130

Withum

DECEMBER 22, 2023

If a taxpayer applies to the VDP for the 2020 tax year, it also should file a protective refund claim if it previously amended its 2020 income tax return to include the amount of the ERC in income. The IRS said it continues to examine the 2021 tax year, and additional mailings are planned.

income tax 123

income tax Tax audit tax preparation 123

CTP

MAY 6, 2024

In August 2020, the IRS officially provided a safe harbor allowing taxpayers to count their donation as a deduction. The state required a new levy amounting to 7% of the entity’s business income, and in exchange, the taxpayer received a state tax credit covering 87.5% of taxes due. That tax ranged from 5.675% to 10.875%.

Connecticut 104

Connecticut New Jersey income tax Pennsylvania 104

CPA Practice

NOVEMBER 14, 2023

The closing of IRS tax processing centers from March 20, 2020, through June 29, 2020, during the normal course of filing season, created significant inventory backlogs, TIGTA said. The report states: For example, in October 2020, the IRS had 10.3 The report states: For example, in October 2020, the IRS had 10.3

tax return 119

tax return income tax Tax Transportation 119

xendoo

DECEMBER 14, 2020

The best time to do it is at the end of your tax year, which for many small businesses is the same as the calendar year. Get organized, review the data, and make your plans for a profitable 2020. Ask your accountant for additional tax-saving ideas.) Weed out clutter. Keeping old files around will only slow you down.

Non-Profits 59

Non-Profits bookkeeping income tax Tax 59

CPA Practice

AUGUST 23, 2024

Specifically, they want to allow those drivers who pay toll by E-ZPass to deduct tolls from their state income tax. But the idea of allowing drivers to write off tolls on their state income taxes has faced a slippery legislative road, failing to gain traction in New Jersey in past years and in other states.

New Jersey 102

New Jersey West Virginia income tax Transportation 102

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties.

Government 124

Government income tax tax return Florida 124

CPA Practice

JANUARY 30, 2023

It will likely be closer to normal than it has been since 2019, the last tax filing season before COVID-19 caused widespread office closures, even at the IRS, which delayed the 2020 tax filing deadline by several months. These were also sometimes given as a credit on a taxpayer’s taxes, if they did not receive payment directly.

income tax 105

income tax Tax tax return Massachusetts 105

CPA Practice

JANUARY 26, 2024

According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc., which provided tax preparation and bookkeeping services. In December 2020, U.S. Between December 2020 and September 2021, she received $229,376.26

Florida 109

Florida tax preparation Tax tax return 109

RogerRossmeisl

JUNE 1, 2021

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. The credit is intended primarily for business users of alternative energy (other energy tax breaks apply if you use alternative energy in your home or produce energy for sale).

Construction 133

Construction income tax CPA Tax 133

TaxConnex

MAY 2, 2023

But Alaska – the only state with neither a sales nor an income tax – faces a deficit of as much as $800 million. Dunleavy has said for months that he’d support the first statewide sales tax if it’s approved by Juneau lawmakers as part of a plan to pay larger Permanent Funds dividends to residents.

Alaska 130

Alaska Sales Tax New Hampshire 130

Bharmal&Associates

JANUARY 13, 2021

As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Here are eight new tax breaks that can help you. take advantage of the lifetime learning credit in 2021 if you’re a higher income taxpayer.

Tax 147

Tax income tax cpas accounted 147

ThomsonReuters

DECEMBER 11, 2020

The IRS has added an optional computational bridge to its 2021 version of Publication 15-T (Federal Income Tax Withholding Method) that employers can use if they want to treat 2019 or earlier Forms W-4 as if they were 2020 or later Forms W-4 for the purposes of determining federal income tax withholding.

income tax 98

income tax Agriculture Tax Non-Profits 98

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.

Tax 130

Tax income tax CPA business tax 130

Shay CPA

OCTOBER 21, 2024

By certifying as a QETC, your business income tax rate is 0.04875 versus 0.0725, which is a considerable saving. At the earliest stages, most tech companies usually run into net operating losses, meaning their business income tax base calculation is likely 0. Say you have a team of eight in 2023.

New York 52

New York Technology income tax corporation tax 52

CPA Practice

FEBRUARY 10, 2023

Anyone who electronically files an amended individual income tax return can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Individual Income Tax Return , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.

tax return 119

tax return income tax tax preparation Manufacturing 119