ThomsonReuters

MAY 3, 2023

A tax services director in Washington D.C. says that the Treasury Department’s proposal to clarify the tax treatment of on-demand pay arrangements makes it “clear” that the IRS is concerned with the constructive receipt issue of this trending employee benefit.

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Withum

MAY 19, 2022

If you received a notice regarding deferred social security taxes that you partially paid back in December 2021, then you are not alone. The IRS has recently issued CP256V Notices to taxpayers that assert penalties and interest for failure to make proper federal tax repayments relating to Form 941. What Is the Fix?

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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.

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Withum

SEPTEMBER 22, 2022

The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. The IRS staked out its position in Notice 2020-32 and Rev. Contact Us. Let’s Chat.

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MyIRSRelief

AUGUST 10, 2020

Payroll tax resolution issues are amongst the most common reasons for the IRS pursuing Los Angeles or other cities, business taxpayers, or individuals whom they deem should be responsible taxpayers, which is why it’s important to ensure that you resolve any payroll 941/940 tax problems sooner, rather than later, should they arise.

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CPA Practice

OCTOBER 28, 2024

Conference activities centered around small business practices, advisory services, professional tax services, and accounting firm management will be held from October 28-30. Intuit is the maker of QuickBooks, several professional tax solutions, TurboTax, Credit Karma and Mailchimp, and has more than 100,000 customers worldwide.

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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. The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. .

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Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns). Contact Us.

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Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

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LyfeAccounting

OCTOBER 23, 2020

ways to reduce taxable income and pay lower taxes. If you choose to capitalize on these tips, you are going to save thousands of dollars or more on your taxes. In fact, as a CPA, I’ve helped businesses and individuals save on their taxes through tax planning. The employee’s contribution is made with pre-tax dollars.

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Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. Q7: When do I report the tax-exempt income relating to PPP loan forgiveness?

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TaxConnex

NOVEMBER 23, 2021

In fact - Cross-border eCommerce sales worldwide grew more than 20% in 2020 while U.S. Other reports show that eCommerce made up roughly $1 out of every $5 spent on retail in 2020, up from about $1 out of every $7 spent in 2019. But how does this impact your sales tax obligations? eCommerce grew by more than 40%.

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inDinero Tax Tips

JUNE 7, 2023

Recently, the agency revealed they’ll use some of those funds to hire thousands of agents to audit the filings of wealthy individuals and corporations to close “the tax gap.” Additionally, the funding will be used to modernize and improve the customer service experience of all tax filers who interact with the IRS.

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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. Contact Us.

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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.

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Going Concern

JULY 6, 2023

When PwC Australia CEO Tom Seymour stepped down in May after it was confirmed he’d received tainted emails containing confidential government tax intel leaked by former partner Peter Collins, it seems the firm hoped sacrificing him was enough to settle the matter and move on. ” Wayne Plummer – Corporate Tax at PwC.

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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. Background.

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inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

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Withum

MARCH 17, 2022

Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. Countless persons are looking for help and are shocked when they learn of their potential tax bills. For more information on this topic, please contact a member of Withum’s Federal Tax Services Team. Contact Us.

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CPA Practice

JUNE 3, 2024

Hancock Askew has experienced significant growth, increasing from $20 million in revenue, four offices, and about 140 team members in 2020 to $60 million in revenue, seven offices, and 300 professionals in 2024. These promotions are essential for expanding our leadership team and maintaining our commitment to excellent client service.

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Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Who can obtain relief (i.e.,

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LyfeAccounting

OCTOBER 12, 2020

As a result, businesses benefit from high-quality accounting, bookkeeping and tax services at a much lower cost. Tax Planning. Tax Audits. Ask the Virtual CPA in question to explain to you how they have helped other businesses increase revenue, lower expenses, save on taxes, or whatever your specific need is.

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CPA Practice

AUGUST 29, 2024

CohnReznick LLP, one of the largest advisory, assurance, and tax firms in the United States, is relocating its Dallas, Texas office operations to The Star in Frisco, Texas. The move provides greater amenities to the growing team of approximately 75 employees currently working from the firm’s office on Dallas Parkway in Dallas.

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Withum

JULY 25, 2022

NY COVID-19 Capital Costs Tax Credit Program. The capital costs tax credit program is a $250 million program that allows small businesses to receive a maximum credit of up to $25,000 for qualifying expenses. million in 2019 or 2020 and experienced a 25% drop in gross receipts when comparing the year ended December 31, 2020 to 2019.

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Cherry Bekaert

SEPTEMBER 22, 2023

The Tax Cuts and Jobs Act of 2017 (TCJA) gave way to the OZ program, which instantly became a hot topic across the real estate industry. The program intrigued investors with opportunities to defer tax on their capital gains until December 2026 and receive a stepped-up basis in their investment for at least 10 years.

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LyfeAccounting

MARCH 16, 2021

This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession. The New Tax Deduction Update for Business Meals. Business Meals Tax Deduction: Things to Keep in Mind. What are business meals?

Tax 52

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CPA Practice

SEPTEMBER 5, 2024

CohnReznick LLP, one of the largest advisory, assurance, and tax firms in the United States, is relocating its Dallas, Texas office operations to The Star in Frisco, Texas. The move provides greater amenities to the growing team of approximately 75 employees currently working from the firm’s office on Dallas Parkway in Dallas.

Texas 52

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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.

tax return 52

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Withum

NOVEMBER 17, 2022

In recent years there have been significant changes to the State and Local Tax Nexus rules. 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. State and Local Tax Workarounds.

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xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

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Going Concern

JULY 2, 2022

We also learned that PwCers who work in Capital Markets and Accounting Advisory Services, Financial Due Diligence, Valuations, and M&A Tax Services got an additional 10% salary boost. We examined the 2022, 2021 , 2020 , and 2019 PwC comp threads on Reddit, and the 2017 and 2016 comp threads on Going Concern.

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inDinero Tax Tips

NOVEMBER 7, 2023

If you know how to use net operating losses to your advantage, you can strategically time investments to save money on your taxes. Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. Not to worry. What is a Net Operating Loss?

accrual accounting 52

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LyfeAccounting

MARCH 11, 2021

We’re about to reveal the best and biggest tax breaks for homeowners. Homeownership offers some of the best tax deductions and tax credits that can save you thousands of dollars in taxes. 8 Tax Breaks for Homeowners You Need to Know. Property Taxes. But you’re not one of them…. Let’s jump right to it!

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LyfeAccounting

MARCH 31, 2021

But, you should also consider the possibility of paying taxes when you sell your cryptocurrency. We’ve done the research for you and this will be the only article you need to understand cryptocurrency taxes. How Do Cryptocurrency Taxes Work? This includes sales or exchanges for fiat, goods, services, or other cryptocurrencies.

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LyfeAccounting

MAY 5, 2021

Now there’s been a lot of talk from the President about raising the capital gain tax rate from 20% to 39.4%. And it’s suggested that the proposed rate would be one of the highest capital gains tax hikes we’ve seen in the last 100 years. Now, most people know about capital gains tax from the real estate they own.

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CPA Practice

FEBRUARY 23, 2024

21 for “pervasive” quality control violations found in its audits of special-purpose acquisition companies (SPACs) in 2020 and 2021. In 2020, there were 248 SPAC initial public offerings in the U.S., In 2020 and 2021, Withum audited 331 SPAC deals totaling $108.83 billion in value, Bloomberg Tax reported last September.

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