RogerRossmeisl

NOVEMBER 2, 2021

If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual. TCDTRA 2020 extended the WOTC to cover qualified first-year wages paid to eligible new hires who begin work by 12/31/25.

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RogerRossmeisl

JULY 27, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.

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RogerRossmeisl

JANUARY 25, 2021

If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. Background on the loans In March of 2020, the CARES Act became law. The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA.

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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.

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RogerRossmeisl

DECEMBER 28, 2020

If so, you can cash in on depreciation tax savers such as §179 for business property. The election provides a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time.

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TaxConnex

AUGUST 19, 2021

In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed. in 2020 — reportedly the biggest year-over-year jump for U.S.

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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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RogerRossmeisl

JULY 27, 2021

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. You generally must start taking withdrawals from your IRA, SEP, SIMPLE and other retirement plan accounts when you reach age 72 (70½ before January 1, 2020). The post Retiring Soon?

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RogerRossmeisl

MAY 4, 2021

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. The post Importance of Meeting Tax Return and Payment Deadlines appeared first on Roger Rossmeisl, CPA. Here are the basic rules.

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TaxConnex

JANUARY 11, 2022

It’s one of the most important aspects of an online business – and one of the wackiest when trying to determine whether sales tax applies or not. Year over year from 2019 to 2020, package deliveries jumped 147% in the spring, 130% in the summer and 101% over the fall and holidays. Shipping does not incur sales tax in Missouri.

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TaxConnex

SEPTEMBER 14, 2021

There’s always something changing in the world of tax, especially sales tax. Dire forecasts of states’ plunging sales tax revenue in the age of COVID continue to be proven wrong. billion for next year – with online sales taxes making up a substantial portion of the take. Texas sales tax revenue totaled $3.39

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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.

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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. million for 2020) Phaseout: $2.62 million for 2020) Phaseout: $2.62 million (up from $1.04

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TaxConnex

FEBRUARY 8, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax revenues and their local portions are reported up from Auburn, N.Y., Many other states are finding more late-2021 sales tax revenue to funnel toward local governments. billion in sales taxes for December, $101.9

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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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RogerRossmeisl

FEBRUARY 24, 2021

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension). Below are some Q&As about tax amounts for this year.

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TaxConnex

NOVEMBER 3, 2020

There’s always something changing or new going on in the world of tax, especially sales tax. In Alabama , tax licenses – including for sales tax, sellers use tax and the simplified sellers use tax – must be renewed annually as of Nov. New York City tax revenues in March and April fell $1.15

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TaxConnex

JANUARY 27, 2022

The explosion of the e-commerce market alone would’ve made handling sales tax obligations in-house tough. Due to all of the above, it’s hard to fill any position at this point, but a job with specific skills, especially with experience managing sales and use tax, can be downright impossible. Nearly 8% growth was expected in 2021.

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RogerRossmeisl

AUGUST 5, 2021

From June 2020 through June 2021, the U.S. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. The post How New Business Start-up Expenses are Handled on your Tax Return appeared first on Roger Rossmeisl, CPA.

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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.,

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TaxConnex

FEBRUARY 27, 2024

Your sales tax obligations depend on knowledge and that knowledge often resides in a professional tax specialist (usually an accountant) who helps your company meet its sales tax obligations. This is a complicated time for sales tax obligations – and a terrible time to try to hire an accountant. from 2020 and down 15.9%

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TaxConnex

MAY 10, 2022

There’s always something changing in the world of tax, especially sales tax. Florida sales tax exemptions on hurricane-preparedness items may soon encompass purchases of pet food, thanks to the lobbying of a local Girl Scout troop. TaxConnex provides services to become your outsourced sales tax department.

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TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. 29) this year did fall short of 2020’s total; observers said this might have been because shoppers, fearing supply chain problems, began hitting the buy button earlier in the holiday shopping season. How does this impact sales tax obligations?

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TaxConnex

JULY 15, 2021

There’s always something changing in the world of tax, especially sales tax. 1, 2022, though, all retailers must apply the destination sourcing rules when calculating, collecting and remitting state sales tax. Marketplace sellers that properly remitted tax can file a claim for credit. As of Feb.

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RogerRossmeisl

OCTOBER 28, 2020

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Here are some strategies to consider.

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TaxConnex

JUNE 8, 2021

There’s always something changing in the world of tax, especially sales tax. They were the last two states with a sales tax to set up such requirements.). The bill requires the collection and remittance of sales and compensating use tax by most marketplace facilitators beginning July 1. And 2021 continues to prove that.

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TaxConnex

SEPTEMBER 22, 2020

Taxes are an integral part of the telecom world. Taxes, fees and government surcharges on telecommunications services increased from 19.1% In talking with countless telecommunications service providers about their various tax and regulatory requirements, there are some recurring themes I hear that can be troubling.

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CPA Practice

NOVEMBER 18, 2024

For the first time since 2020, interest rates for tax overpayments and underpayments will be lower than the previous quarter, starting in January. 7% for underpayments (taxes owed but not fully paid). The last time the IRS decreased interest rates was for the third quarter of 2020, during the height of the COVID-19 pandemic.

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TaxConnex

NOVEMBER 11, 2021

There’s always something changing in the world of tax, especially sales tax. Cyber Week (Thanksgiving through Cyber Monday) is expected to reach $36 billion in online spending, a 5% jump over 2020. In Colorado , Denver is considering lowering its sales and use tax rate. in November and December, a 10% jump over last year.

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CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.

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CPA Practice

MARCH 26, 2024

By Alvin Buyinza, masslive.com (TNS) Nearly 940,000 Americans have unclaimed tax returns from 2020 and face a May 17 deadline if they want to get it back, the IRS announced on Monday. The average median refund was $932 for 2020, according to the IRS. If they don’t, their returns become the property of the U.S.

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AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department. by Bill Meador, CPA, JD.

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TaxConnex

DECEMBER 3, 2020

Alpharetta, GA - TaxConnex, Inc today released the results of a new survey finding that the increasing sales tax complexities, growing nexus, limited resources and additional audits are among the top worries of financial professionals in 2021. 71% of companies are not fully satisfied with their current approach to sales tax.

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TaxConnex

NOVEMBER 17, 2020

So while you’re busy with closing out your year, hopefully on a higher note, don’t forget about your sales tax obligations or you could wind up with a big lump of coal. online sales this November and December 2020 will hit $189 billion. Without it, y ou could be held liable for the sales tax you didn’t collect.

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TaxConnex

SEPTEMBER 16, 2021

Among the findings: The average e-commerce order was $78.09, including taxes and shipping. Year over year from 2019 to 2020, e-commerce increased 111% in the spring, 84% in the summer and 94% over the fall and holidays. In the winter, e-commerce jumped 91% year-to-year 2020 to 2021. Sales Tax Obligations Comes Into Play.

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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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TaxConnex

SEPTEMBER 17, 2020

States are still reeling in sales tax deficits brought on by the economic downturn during the pandemic, but the addition of economic nexus has appeared to have somewhat alleviated the deficits. States are starting to see an increase in online sales tax collections as more and more people remain online for work and shopping.

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