RogerRossmeisl

FEBRUARY 26, 2021

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends.

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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.

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CTP

APRIL 15, 2021

There have been so many tax changes this year! We’ll try to highlight a handful of changes that we think will be most relevant to you as a tax professional. The post 2020 Tax Update for the Tax Planner – Part 1 appeared first on certifiedtaxcoach. As you might expect, it is difficult to cover them all.

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CTP

APRIL 17, 2021

There have been so many tax changes this year! The post 2020 Tax Update for the Tax Planner – Part 2 appeared first on certifiedtaxcoach. 2020 Tax Update for the Tax Planner – Part 2 was first posted on April 17, 2021 at 9:00 am. As you might expect, it is difficult to cover them all.

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TaxConnex

AUGUST 22, 2024

There’s always something changing in the world of tax, especially sales tax. Two states have changed their sourcing rules for the application of sales tax obligations. Two states are reportedly considering using higher sales tax to fund cuts in property taxes. Two-thirds of the tax would help reduce property tax.

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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

AUGUST 26, 2021

trillion in 2020. Cross-border e-commerce sales worldwide grew more than 20% in 2020. e-commerce grew more than 40% in 2020. Amazon’s net profit grew more than 80% in 2020. According to the National Retail Federation, non-store and online sales are expected to grow 18% to 23% this year over 2020.

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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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CPA Practice

AUGUST 21, 2024

The tax law allows real investors to write off a portion of their losses from rental activities, or even the full amount, if they meet certain requirements. 2024-13, 7/11/24 , it’s difficult to convince the Tax Court you’ve put in the necessary time—especially if you have another full-time job. But the Tax Court wasn’t buying it.

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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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MyIRSRelief

OCTOBER 4, 2024

Filing taxes can be a daunting task, whether you are an individual or a business owner. This article will guide you through the process of correcting errors on your tax return, provide instructions on filing amended returns , highlight common mistakes to avoid, and explain how our tax firm can professionally assist you.

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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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RogerRossmeisl

OCTOBER 6, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

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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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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.

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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

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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Cherry Bekaert

APRIL 21, 2023

The Internal Revenue Service (IRS) recently released Notice 2023-21 clarifying how the postponed tax return filing deadlines in 2020 and 2021 affect amended return filings. In April 2020, the IRS issued Notice 2020-23 , which postponed certain 2019 federal tax return filing and payment deadlines until July 15, 2020.

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tax return Tax 63

CPA Practice

AUGUST 8, 2024

The Tax Blotter is a round-up of recent tax legislation and rulings. Under recent tax legislation, individuals who inherit IRAs must take annual required minimum distributions (RMDs) over ten years. Beginning in 2020, new rules apply to those who inherit an IRA. Take exception to the rules. Hurry up or wait.

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TaxConnex

FEBRUARY 11, 2021

And it might land right on your company’s bottom line after sales and use tax obligations. Expected s pending on Valentine’s Day gifts this year dropped to an average $164.76 , down about $32 from a record high in 2020 , according to the National Retail Foundation. Sales tax compliance can seem overwhelming, but it doesn’t have to be

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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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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.

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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.

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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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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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Withum

FEBRUARY 20, 2024

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. Let’s Chat The post 2024 Tax Pocket Guide appeared first on Withum. We can help.

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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

JANUARY 18, 2021

Here are some of the key Q1 2021 tax deadlines affecting businesses and other employers. In addition to the Q1 2021 tax deadlines, contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 15 Pay the final installment of 2020 estimated tax.

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LSLCPAs

NOVEMBER 18, 2020

Part THREE: PPP Loans, Required Minimum Distributions, and 401(k)s SO much has happened this year and SO much has to be done before the year-end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope you will too. […].

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LSLCPAs

NOVEMBER 12, 2020

Part TWO: The CARES Act, Net Operating Losses, and Cash Flow So much has happened this year and so much has to be done before the year end to help our clients make the correct decisions on their tax liabilities that we are starting our planning now, and we hope […].

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tax planning Tax cpas business tax 52

RogerRossmeisl

APRIL 25, 2023

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely.

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TaxConnex

AUGUST 3, 2021

There’s always something changing in the world of tax, especially sales tax. States themselves don’t seem to know yet, according to a recent survey co-sponsored by the Tax Policy Center. Online sales dipped in May, yet sales tax revenues seem to remain robust thanks in part to online sales. Minnesota Gov.

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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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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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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.

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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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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.

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