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?

Tax 126

Tax tax return income tax corporation tax 126

Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. The gross receipts would remain at $41,250 but COGS would utilize the 2020 inventory layer.

business tax 119

business tax Tax income tax tax return 119

MyIRSRelief

AUGUST 10, 2020

IRS form 941 is basically a quarterly tax return for an employer. To make life even tougher for business owners, every quarter this form must be filed so as to report FICA taxes such as Medicare and Social Security and income taxes which have been withheld from the pay of employees. What is form 940?

payroll tax 130

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Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

tax planning 52

tax planning Tax income tax tax return 52

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. Did the taxpayer rely on the safe harbor for business combinations in 2020 and in 2021?

Tax 126

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LyfeAccounting

OCTOBER 23, 2020

But for 2020, you can contribute up to $19,500 to your 401k. There are other income and contribution limitations and guidelines that apply to opening and funding an IRA account so make sure you familiarize yourself with those details. An HSA is a tax advantaged medical savings account. So just keep this in mind. Municipal Bonds.

Healthcare 52

Healthcare Tax tax planning Legal 52

Withum

MARCH 21, 2022

I think many tax professionals have been bogged down with the ERC and the calculation of taxable income in general, and as a result, the extra step to evaluate the potential impact on the 199A wage limitation might have been on the back burner. Aren’t federal income taxes grand? Business Tax Services.

Tax 128

Tax corporation tax income tax tax services 128

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are there any exemptions from reporting? source gross receipts or sales (net of returns and allowances).

Legal 115

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Geography, such as distressed zones, enterprise zones, or tax-increment finance districts.

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tax planning Tax Construction income tax 98

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

Tax 81

Tax income tax Real Estate Start-ups 81

Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Are there any exemptions from reporting? source gross receipts or sales (net of returns and allowances).

Legal 91

Legal Non-Profits income tax Government 91

PYMNTS

JANUARY 16, 2020

In other news, South Korean cryptocurrency exchange Bithumb is going to court to fight an almost $69 million tax bill from the National Tax Service (NTS), according to a report Thursday (Jan. The tax is called a retention tax, which is an income tax paid to the government by the income payer and not its recipient.

Tax 52

Tax income tax Government tax services 52

inDinero Tax Tips

NOVEMBER 15, 2021

Claiming deductions can save your company thousands of dollars in income taxes. If the thought of filing your taxes is enough to make you sweat, you’re not alone. . The IRS announced a plan to increase audits for small businesses by 50% for the 2020 tax year. Our CPAs Answer Your Top 5 Burning Tax Questions.

Tax 52

Tax income tax Legal Entertainment 52

Going Concern

FEBRUARY 16, 2024

Between January 2020 and June 2023, Jeffrey T. New this year, people can easily find step-by-step help to file their personal federal income tax return. Keith spent over $193,000 of the business’ money for his personal use, including credit card payments, dinners, groceries, cell phone bills and other expenditures.

Real Estate 105

Real Estate Iowa audit public accounting 105

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Economic nexus presents risk and opportunity for service providers. Income tax apportionment. State payroll withholding.

tax planning 52

tax planning Tax income tax New York 52

inDinero Tax Tips

JUNE 7, 2023

Additionally, the funding will be used to modernize and improve the customer service experience of all tax filers who interact with the IRS. The IRS will only increase audit frequency for individuals or legal entities reporting over $400,000 in income annually. Between 2010 and 2020, the IRS employed ~95,000 full-time workers.

Tax 52

Tax tax return audit income tax 52

xendoo

FEBRUARY 13, 2023

The corporation uses Form 1120 to report income and claim credits and deductions each year. A pass-through entity doesn’t file taxes as a separate entity. Instead, the income “passes through” to the owner of the business who pays personal income taxes on their share of the business.

Tax 59

Tax income tax Non-Profits Legal 59

CPA Practice

MARCH 13, 2023

Perfetto has worked with numerous large, publicly traded clients on complex accounting and audit matters such as acquisitions, impairment analysis, valuation, income tax provision, group audits, and management review controls. He also has significant experience working with mid-size and developing privately held businesses.

Real Estate 52

Real Estate forensic accounting Connecticut Hospitality 52

LyfeAccounting

MARCH 11, 2021

If you are married filing jointly and make $100,000 or more in adjusted gross income the deduction begins to phase out. After $109,000 in adjusted gross income, the deduction disappears entirely. Currently, the private mortgage deduction ended in 2020 but may get extended by congress again as it has in the past. Property Taxes.

Tax 52

Tax income tax Construction small business accounting 52

LyfeAccounting

MARCH 31, 2021

If you held your cryptocurrency for less than a year, profits are taxed as regular income and are known as short-term capital gains. If you held your cryptocurrency for more than a year, profits are taxed at long-term capital gains rates which are typically lower than income tax rates. Payment via Cryptocurrency.

Tax 52

Tax accounting and finance income tax Sales 52

LyfeAccounting

MAY 5, 2021

And like short-term capital gains, long-term capital gains have a different tax rate applied to them as well. It really just depends on your income and filing status. As of 2020, for example, if you are single and you make $40,000 or less, then you would pay 0% long-term capital gain tax. Collectibles. Real Estate.

Tax 52

Tax Real Estate Start-ups income tax 52

Withum

DECEMBER 4, 2024

Thus, property acquired and placed in service in the last days of 2024, rather than at the beginning of 2025, can result in a full expensing deduction for 2024. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. years) to a shorter depreciable tax life (e.g.,

Tax 105

Tax income tax Construction Non-Profits 105

Withum

FEBRUARY 6, 2025

The IRS takes the position that a qualified disaster must be declared by the President between January 1, 2020, and February 10, 2025, and the incident period of the disaster must have begun on or after December 28, 2019, and on or before December 12, 2024.

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California Tax tax return payroll 117