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.

Tax 126

Tax income tax tax return audit 126

Going Concern

APRIL 5, 2024

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.

tax preparation 115

tax preparation New Jersey tax return Tax 115

Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. PPP EIDL ERC FFCRA SVOG R R F. Paycheck Protection Program (PPP).

Tax 126

Tax tax return income tax corporation tax 126

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

Tax audit tax return tax services 126

Withum

JUNE 1, 2022

In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. The gross receipts would remain at $41,250 but COGS would utilize the 2020 inventory layer. Contact Us.

business tax 119

business tax Tax income tax tax return 119

MyIRSRelief

AUGUST 10, 2020

If you’re a Los Angeles business taxpayer and are looking to file your return, chances are you will need to know what this form actually is. IRS form 941 is basically a quarterly tax return for an employer. Call us today for a free case evaluation at 1-87-788-2937. Speak to a professional.

payroll tax 130

payroll tax payroll Tax income tax 130

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. Contact Us.

Tax 128

Tax corporation tax income tax tax services 128

PYMNTS

MAY 6, 2020

The tax services firm has developed a new tool on its website for the unbanked or underbanked, where users can register for one-time payments of their anticipated stimulus checks from the federal government. TurboTax is among the platforms seeking to make it easier for U.S. Unibet On The Challenges Of Offering Instant Disbursements.

Gambling 88

Gambling Sports New Jersey Government 88

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. In 2020, only ~5% of individual income tax returns filed exceeded that threshold. The IRS will focus on tax returns with the most significant impact.

Tax 52

Tax tax return audit income tax 52

LyfeAccounting

MARCH 16, 2021

So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return. But as of right now, all of the business expenses you incur for restaurants this year are fully deductible when you file your tax return next year. So, there you go!

Tax 52

Tax Entertainment tax return tax preparation 52

Withum

NOVEMBER 17, 2022

Geography, such as distressed zones, enterprise zones, or tax-increment finance districts. Contact a member of Withum’s Tax Services Team to start planning as year-end approaches. Year-End Tax Planning for Businesses. The corporate tax rate is currently a flat 21% rate. Energy credits. Not-for-profits.

tax planning 98

tax planning Tax Construction income tax 98

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

CPA Practice

MARCH 6, 2024

Lettuce has launched its new solution for accounting and tax services for solopreneurs, with $6 million in seed funding led by Zeev Ventures to fuel growth and product development, and its Solopreneur Accelerator program. To participate, register by March 31 at [link].

tax return 52

tax return Healthcare Tax tax services 52

CPA Practice

DECEMBER 10, 2024

With eight years of public accounting experience, Austin prepares and reviews complex tax returns for high-net-worth individuals, families and their associated entities, including fiduciary, gift and business tax filings. Austin joined the firm in January 2023 and specializes in trust and estate taxation.

public accounting 52

public accounting Real Estate California Ohio 52

inDinero Tax Tips

NOVEMBER 15, 2021

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. Companies need to consider strategies to help them eliminate tax mistakes that can result in fines, interest, and other penalties. Learn More.

Tax 52

Tax income tax Legal Entertainment 52

LyfeAccounting

JANUARY 7, 2021

According to GovExec, Federal Contract spending was expected to exceed over $600 billion over 2020. If you have filed business tax returns in the past, you should already have one and can locate this number on your tax returns. But where is this money actually going? Who is profiting from government spending?

Government 59

Government tax return accounting and finance Start-ups 59

LyfeAccounting

MAY 5, 2021

And like short-term capital gains, long-term capital gains have a different tax rate applied to them as well. 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. Remember that short-term capital gains are taxed at ordinary income. Collectibles.

Tax 52

Tax Real Estate Start-ups income tax 52

Withum

NOVEMBER 17, 2022

Prior to making a pass-through entity election, there are several key issues that businesses need to consider: IRS Approval: The IRS indicated in Notice 2020-75 that it intends to allow PTETs. Federal Tax Benefit Implications : It is possible that the PTET benefit may be limited if some taxpayers are subject to the federal tax benefit rule.

tax planning 52

tax planning Tax income tax New York 52

Ryan Lazanis

APRIL 4, 2022

4) If you provide tax preparation services, they’re a great way to avoid a crazy tax season. A hectic tax filing season exists because many accounting firms don’t have enough money coming in throughout the year, so they have to jam as many tax returns as possible into a short tax season just to bring in additional revenues.

bookkeeping 98

bookkeeping bookkeeping services accounting firms Start-ups 98

Withum

DECEMBER 4, 2024

Careful consideration should be paid to whether a distribution of income from an estate or a complex trust to a beneficiary would result in less total tax paid on the same income taxed at the individual level versus the estate or trust level. The post Private Client Services: Individual Tax Planning appeared first on Withum.

tax planning 52

tax planning Tax income tax tax return 52

Withum

DECEMBER 4, 2024

This will permit the corporation to base its 2025 estimated income tax installment payments on the relatively small amount of income shown on its 2024 tax return, rather than having to pay estimated taxes based on 100% of its much larger 2025 taxable income.

Tax 105

Tax income tax Construction Non-Profits 105

Withum

FEBRUARY 6, 2025

Tax Filing and Payment Relief The IRS announced on January 10, 2025, that individuals and businesses in southern California that were affected by the wildfires will now have until October 15, 2025, to file various individual and business tax returns and to make tax payments.

California 117

California Tax tax return payroll 117

Withum

JANUARY 13, 2025

On December 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), a significant piece of legislation aimed at providing much-needed tax relief to individuals and businesses affected by federal disasters. Authors: Yeonhee Oh | yeonhee.oh@withum.com

Ohio 64

Ohio tax return Tax California 64