RogerRossmeisl

NOVEMBER 7, 2020

If your small business is planning for payroll next year, be aware that the 2021 Social Security wage base is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. In addition.

payroll 190

payroll CPA Tax business tax 190

xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . When filing taxes, knowing the deadlines is an essential part of being organized and prepared.

business tax 98

business tax Tax tax preparation tax return 98

RogerRossmeisl

FEBRUARY 3, 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019.

CPA 143

CPA business tax Tax 143

RogerRossmeisl

JANUARY 9, 2021

In response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic, IRS Notice 2021-07 provides temporary relief for employers and employees using the automobile lease valuation rule to determine the value of an employee’s personal use of an employer provided automobile for purposes of income inclusion, employment tax, and reporting.

CPA 246

CPA Tax cpa firm business tax 246

Withum

JUNE 1, 2022

Company A sold widgets in 2021 for $150 per unit. 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. Assume Company A sold 275 units in 2021. Contact Us.

business tax 119

business tax Tax income tax tax return 119

RogerRossmeisl

JANUARY 11, 2021

The Treasury Department and Small Business Administration (SBA) have released Interim Final Rules (IFR) regarding the permission of “second draw loans” under the Paycheck Protection Program (PPP) recently authorized by the Consolidated Appropriations Act, 2021 (CAA 2021).

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payroll CPA cpa firm business tax 235

KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Tax , Tax Specialty Services.

Maine 91

Maine California business tax Tax 91

RogerRossmeisl

DECEMBER 27, 2021

January 17 (The usual deadline of January 15 is a Saturday) Pay the final installment of 2021 estimated tax. Farmers and fishermen: Pay estimated tax for 2021. January 31 File 2021 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

Tax 244

Tax CPA business tax 244

xendoo

JANUARY 12, 2022

You’ll thank yourself for filing business taxes according to the prescribed deadlines. Not only will this save you from sweating over a shoebox full of receipts, but making on-time tax payments will save you from any late fees or interest payments. What Is the Business Tax Filing Deadline for 2022?

business tax 98

business tax Tax tax return tax preparation 98

RogerRossmeisl

JANUARY 19, 2022

Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in 2021). Deductions Standard business mileage rate, per mile: 58.5 cents (up from 56 cents in 2021) Section 179 expensing: Limit: $1.08 million in 2021) Phaseout: $2.7

Tax 246

Tax CPA business tax 246

xendoo

MARCH 17, 2022

Halting operations to research every tax-saving opportunity is not realistic – let Xendoo do it for you! In this blog post, we will share popular small business tax deductions that you may be able to claim for the 2021 tax year! The mileage rate for 2021 is 56 cents per mile. Let’s get started.

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RogerRossmeisl

JANUARY 6, 2021

It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic.

CPA 246

CPA Government Tax business tax 246

RogerRossmeisl

NOVEMBER 28, 2021

Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. For calendar-year taxpayers, that is March 15, 2022.

Tax 242

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

business tax 97

business tax Tax Education tax preparation 97

RogerRossmeisl

JANUARY 5, 2022

The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 58.5 cents (up from 56 cents for 2021). The increased tax deduction partly reflects the price of gasoline. a year earlier, according to AAA Gas Prices.

CPA 246

CPA Tax business tax 246

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.

Tax 246

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RogerRossmeisl

OCTOBER 12, 2021

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers in the transportation industry can use a special transportation industry rate.)

Transportation 246

Transportation CPA business tax Tax 246

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3%

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California CPA Tax Start-ups 246

RogerRossmeisl

MARCH 31, 2021

Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. The original emergency declaration would have expired on March 1, 2021, but it was recently extended. It clarifies the duration of certain COVID-related deadline extensions that apply to health care benefits plans.

CPA 245

CPA business tax Tax 245

TaxConnex

JUNE 17, 2021

[While it's always best to check with individual states and jurisdictions where your company has significant sales of cannabis, the following is according to spring 2021 data from the cannabis information site Leafly.]. California: For adult use retail sales there is a statewide 15% excise tax as well as a statewide sales tax rate of 7.25%.

Legal 225

Legal Illinois Nevada Oregon 225

inDinero Tax Tips

MARCH 3, 2021

By outsourcing your business’s accounting and taxes with inDinero , you’re covered on both fronts. We’ll provide the information you need to create the appropriate 2021 business tax calendar to keep up with your tax filing responsibilities and avoid late penalties. Partnership Tax Deadlines.

business tax 59

business tax Tax income tax tax return 59

RogerRossmeisl

JANUARY 15, 2021

Under the Economic Aid Act (EAA) in the Consolidated Apportionment Act (CAA 2021), certain borrowers may request an increase under certain conditions: First Draw Paycheck Protection Program Loan Increases After Enactment of the Economic Aid Act, 1/13/2021 SBA Procedural Notice Control No.

CPA 221

CPA cpa firm business tax Tax 221

TaxConnex

JULY 15, 2021

The Illinois Department of Revenue has updated its FAQs for marketplace facilitators, marketplace sellers and remote sellers, revised its “Leveling the Playing Field Retailer Flowchart” and published the “What’s New in 2021 for Remote Retailers and Marketplace Facilitators PowerPoint Presentation.”. Louisiana lawmakers have recently passed H.B

Sales 219

Sales Tax Louisiana North Carolina 219

SkagitCountyTaxServices

AUGUST 19, 2022

After all of the junk in 2020 and 2021, “inflation” and “supply chain shortages” have been the recent flavor of our wild ride together. Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute).

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business tax Tax Real Estate CPA 92

inDinero Tax Tips

MARCH 31, 2021

The best way to avoid paying a fee for failing to make estimated tax payments is to calendar these payments. Say you can’t pay the full balance owed by April 15, 2021; you can apply for an installment agreement. Don’t Forget to Pay Your Small Business Taxes appeared first on inDinero. The post Side Hustlers!

business tax 98

business tax Tax Legal financial accounting 98

RogerRossmeisl

DECEMBER 12, 2020

As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021. Or perhaps you already have an HSA.

accountant 246

accountant accounted Account CPA 246

RogerRossmeisl

NOVEMBER 5, 2021

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

Hospitality 246

Hospitality CPA Tax business tax 246

RogerRossmeisl

MAY 16, 2022

Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021).

Entertainment 245

Entertainment CPA Tax Government 245

RogerRossmeisl

AUGUST 5, 2021

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%.

Start-ups 246

Start-ups tax return Tax CPA 246

RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. File a 2021 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

SEPTEMBER 17, 2021

Claim bonus depreciation or a §179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired and placed in service in calendar year 2021. Consider making acquisitions between now and December 31.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

FEBRUARY 20, 2023

from 2021, according to S&P Global Market Intelligence. If you’re considering buying or selling a business, it’s important to understand the tax implications. Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy.

Tax 245

Tax CPA business tax 245

RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given.

California 246

California income tax CPA Tax 246

RogerRossmeisl

FEBRUARY 5, 2023

While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021. Some third-party “ERTC mills” are promising that they can get businesses a refund without knowing anything about the employers’ situations.

payroll 238

payroll CPA Tax business tax 238

RogerRossmeisl

SEPTEMBER 27, 2021

If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate. The post Tax Depreciation Rules for Business Automobiles appeared first on Roger Rossmeisl, CPA.

Tax 234

Tax CPA cpa firm business tax 234

RogerRossmeisl

JUNE 15, 2021

The Internal Revenue Service recently reminded businesses (in News Release 2021-47) of their responsibility to report large cash transactions via the filing of Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.

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CPA Government Finance Tax 231