Accounting Today

MARCH 25, 2024

Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching for filing the necessary tax returns.

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Tax tax return income tax 124

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.

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Tax income tax CPA 183

TaxConnex

OCTOBER 7, 2021

Tennessee has become yet another state to beat expected tax revenues. million more than August 2020 and $267.9 The growth rate for all Tennessee taxes in August was 22.11 Sales tax revenues and state corporate tax receipts (franchise and excise taxes) both posted substantial growth. State revenue updates.

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West Virginia Sales Alaska Tax 246

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.

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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.

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TaxConnex

SEPTEMBER 29, 2020

city council was also recently set to vote on giving a quarter of online sales tax revenue to the city’s schools in 2021. (A The city expects to get about $2 million in 2020 and again in 2021 from online sales tax. Sales taxes were up 8.2 The Decatur, Ala., A portion of the funds must support child-related nonprofits.)

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Sales Tax Alabama Texas 246

TaxConnex

JUNE 21, 2022

Companies also wondered if they were collecting and remitting the correct sales tax – and if they were at risk for audit. 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.

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South Dakota E-commerce Alaska Missouri 246

SkagitCountyTaxServices

FEBRUARY 4, 2021

So, to that end, I’m here today with a large tax checklist that you can work from for your personal income taxes , understanding that every situation is a little different. A Checklist For Skagit County Business Owners’ For 2020 Personal Income Taxes “Don’t wait. So … here we go.

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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.

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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 132

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.

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New York California North Carolina South Carolina 123

ThomsonReuters

APRIL 1, 2021

In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. Tax Refunds and Credits. Here are highlights: Form 1040 Series. Form 5498 Series.

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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.

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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.

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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.

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Tax income tax tax return audit 126

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).

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Construction income tax CPA Tax 135

TaxConnex

APRIL 8, 2021

Two of those states that have a state-wide sales tax, Missouri and Florida, have yet to adopt economic nexus standards set by the 2018 South Dakota v. 153 –would allow the state and local governments to collect a tax on purchases made over the internet (and other remote sellers too), with a reduction in the income tax as an offset.

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South Dakota Sales Missouri Tax 162

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.

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Government income tax tax return Florida 124

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 131

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.

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New Jersey income tax Tax tax services 52

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

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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

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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.

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Alabama income tax Tax tax return 52

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.

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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.

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income tax Missouri Tax CPA 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.

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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

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Withum

JANUARY 13, 2022

Even though the discharge of indebtedness generally is a taxable event, the CARES Act specifically states that the amount of PPP loan forgiveness that would have been taxable is excluded from gross income. Q8: Will PPP loan forgiveness be taxable on my state income tax return? Q4: How is PPP loan forgiveness reported on books?

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Tax tax return income tax corporation tax 126

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.

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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

Bharmal&Associates

AUGUST 13, 2020

From what we know, lawmakers thought this meant that the PPP loan forgiveness was tax-free for you. But then in late April, the IRS issued Notice 2020-32 that prevents PPP loan recipients from deducting business expenses that were paid using the PPP monies that gave rise to forgiveness (defined payroll, rent, utilities, and interest).

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payroll income tax tax return Tax 130

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.

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ThomsonReuters

OCTOBER 28, 2021

ANSWER: The general rule is that a cafeteria plan will lose its tax-advantaged status if it fails to comply with the annual limit on health FSA salary reductions ($2,750 for plan years beginning in 2020 or 2021). a TPA); and. The error is timely corrected.

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income tax tax return Tax Account 97

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.

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Alaska Sales Tax New Hampshire 130

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%.

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Connecticut New Jersey income tax Pennsylvania 104

ThomsonReuters

FEBRUARY 28, 2022

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What taxes are reported on Form 941?

income tax 98

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CapataCPA

MARCH 18, 2021

Individual Tax Deadline Extended to May 17, 2021 The Internal Revenue Service (IRS) and Treasury Department announced today the 2020 tax year federal income tax filing due date for individuals has been automatically extended from April 15, 2021 to May 17, 2021.

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