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

TaxConnex

OCTOBER 8, 2024

But not all search engines – or state tax websites – are created equal. What it’s like typing “sales tax” into that little rectangle with the magnifying glass on each state’s website? Here are first impressions from one-and-done searches for “sales tax” on the revenue site of each state. Connecticut Dept.

Sales 147

Sales Tax Rhode Island West Virginia 147

SkagitCountyTaxServices

FEBRUARY 4, 2021

So, last week I ran through the (rather incredible) selection of NEW and/or extended tax credits available for Skagit County business owners. But this is the great thing about working with business owners in tax strategy … we can get so creative and make a MASSIVE impact for your bottom line. Want to get a jump on things?

income tax 54

income tax Tax Real Estate tax return 54

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. Tax Return Preparers. Here are highlights: Form 1040 Series.

income tax 52

income tax tax return Tax Education 52

Patriot Software

JANUARY 13, 2020

Like past years, the IRS released changes to the income tax withholding tables for 2020. In addition to new wage brackets, there are significant changes to how employers will handle tax withholding. These changes are in response to the Tax Cuts and Jobs Act of 2017.

income tax 100

income tax Tax payroll 100

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? Is There Legislation Pending That Would Alter the ERC?

Tax 126

Tax income tax tax return audit 126

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

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). The post Will you Owe Tax on Profits from Selling Your Personal Residence? appeared first on Roger Rossmeisl, CPA.

Tax 207

Tax income tax CPA Sales 207

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

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.

income tax 75

income tax New Jersey Tax Real Estate 75

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. Tennessee, Texas, and Florida are among the most commonly moved-to states, and it just so happens that these states don’t tax income.

New York 125

New York California North Carolina South Carolina 125

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130

Alaska Sales Tax New Hampshire 130

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 a dependent care credit on their 2021 individual tax returns.

Alabama 52

Alabama income tax Tax tax return 52

CPA Practice

OCTOBER 22, 2024

22 released updated tax brackets and standard deductions for 2025. While the actual percentages of the tax brackets will remain the same until next year because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. The IRS on Oct.

Tax 124

Tax tax return Transportation income tax 124

ThomsonReuters

OCTOBER 1, 2021

As the effects of the pandemic continue to reverberate through the economy, resource-constrained corporate tax departments are unceasingly adapting to change — including new regulatory requirements, new ways of working, extended tax deadlines, Covid tax relief provisions and, now, the demands of a busy tax-filing season.

income tax 52

income tax Tax corporation tax Technology 52

MyIRSRelief

MAY 19, 2023

With this bustling economy comes a complex tax system, which can be overwhelming and confusing for many taxpayers. Whether you are a small business owner, self-employed, or an individual taxpayer, you may face tax issues such as tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today.

New York 147

New York payroll tax payroll audit 147

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

TaxConnex

OCTOBER 7, 2021

There’s always something changing in the world of tax, especially sales tax. There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. First came the state’s Remote Seller Sales Tax Commission of municipalities banding together to tax sales.

West Virginia 183

West Virginia Sales Alaska Tax 183

Cherry Bekaert

AUGUST 9, 2024

Fortunately, many states offer various tax credits and incentives to help companies achieve business goals and thus stimulate economic growth within their states by offering tax subsidies. For most taxpayers, the credit is refundable for businesses that have less than $500,000 in annual property taxes.

Manufacturing 64

Manufacturing West Virginia Mississippi Louisiana 64

CPA Practice

JANUARY 26, 2024

23, 2024, to two years in prison for a scheme to file false tax returns, and to two years in prison for an unrelated online romance scam. According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc., In December 2020, U.S.

Florida 109

Florida tax preparation Tax tax return 109

TaxConnex

SEPTEMBER 29, 2020

The state’s SSUT has taken in more than $309 million overall during the current fiscal year – almost double the tax generated during all of fiscal 2018-19. 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 Sales taxes were up 8.2 The Decatur, Ala.,

Sales 233

Sales Tax Alabama Texas 233

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

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? Partnership Tax Deadlines.

business tax 59

business tax Tax income tax tax return 59

CPA Practice

JANUARY 30, 2023

Let’s talk about tax refunds… and when taxpayers might get theirs in 2023. This has been the top question we get for more than 10 years: “ When will I get my tax refund? ” Will the 2023 tax filing season be normal? 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

OCTOBER 3, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Since receiving funding from the Inflation Reduction Act, the IRS has ramped up tax enforcement for millionaires, but data show the agency has yet to crack down on a separate set of wealthy non-filers. In the letter, Wyden refers to these non-filers as “wealthy tax cheats.”

Tax 114

Tax tax return income tax Washington 114

CPA Practice

AUGUST 9, 2023

Military retirees residing in California potentially pay more taxes on their military retirement pay than they would in other states. state that fully taxes military pensions. ( But proposed legislation would exempt military retirement income from California state income tax — at least for the next ten years.

California 98

California Tax income tax Nevada 98

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. The stimulus bill contains a hodgepodge of eight new or extended tax breaks intended to help Form 1040 taxpayers. Here are eight new tax breaks that can help you. Premier Orange County CPAs.

Tax 147

Tax income tax cpas Account 147

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.

tax services 147

tax services California Tax tax preparation 147

Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.”

Montana 52

Montana Tax income tax tax return 52

Cherry Bekaert

AUGUST 20, 2024

The new California legislation restricts the use of net operating losses (NOLs) and limits the application of tax credits to $5 million, offsetting California state taxes against corporation and personal income taxes per taxpayer or combined reporting group for tax years 2024, 2025 and 2026.

California 59

California Tax income tax business tax 59

CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.

Tax 111

Tax Real Estate income tax Legal 111

TaxConnex

APRIL 8, 2021

Of the 50 states, 45 (plus DC) charge a state-wide sales tax. 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. 15 , which is reportedly projected to bring in about $1 billion a year in sales taxes and. Wayfair case. 554 and S.B.

South Dakota 131

South Dakota Sales Missouri Tax 131

PYMNTS

MAY 28, 2020

The last halving was on May 11, 2020. South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. South Korea attempted to impose taxation on cryptocurrency early in 2020. Decenter reported that the country’s legislation would be brought before Parliament in September 2020.

income tax 56

income tax Tax Real Estate Government 56

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

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. The Internal Revenue Service says that nearly 1.5 The IRS estimates almost $1.5

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

TaxConnex

DECEMBER 29, 2022

New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation: It’s been a year of new trends in sales tax. Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. Add that U.S. Too much or too little?

Sales 130

Sales Tax Maryland Louisiana 130

ThomsonReuters

FEBRUARY 10, 2021

The Consolidated Appropriations Act, 2021 (CAA; PL 116-260), contained numerous tax provisions. 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. Advance payments.

Tax 98

Tax tax return payroll Education 98