RogerRossmeisl

JANUARY 15, 2021

A 1/13/2021 U.S. Treasury Department Press Release reported that the SBA is re-opening the Paycheck Protection Program (PPP) loan portal: to small lenders on 1/15/2021, and to all lenders on 1/19/2021. Background On 12/27/2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law.

payroll 154

payroll CPA cpa firm business tax 154

RogerRossmeisl

OCTOBER 20, 2024

In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing business in the US to report information about the individuals who ultimately own or control them (the entity’s “beneficial owners”). While certain.

CPA 194

CPA cpa firm business tax Tax 194

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 130

CPA business tax Tax 130

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. Here’s a rundown of those that may be important to you and your business.

Tax 147

Tax CPA business tax 147

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. Melillo, CPA, Principal.

Maine 91

Maine California business tax Tax 91

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).

business tax 84

business tax Tax Real Estate CPA 84

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

SkagitCountyTaxServices

DECEMBER 8, 2021

But the calendar waits for no business, and time is getting short to plan your moves. Year-End Business Tax Strategy for Skagit County SMB Owners “We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill.

business tax 52

business tax Tax tax preparation payroll tax 52

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 202

CPA Tax cpa firm business tax 202

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. The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA.

Tax 211

Tax CPA cpa firm business tax 211

xendoo

SEPTEMBER 28, 2021

If you want to make sure that you and your small business are ready for the 2021 tax season, then it is essential to remain well organized throughout the year. Lastly, you need to know about all of the various tax deadlines that might apply to your business throughout the year. Excise Tax.

tax preparation 52

tax preparation Tax income tax bookkeeping 52

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 201

Tax CPA business tax 201

RogerRossmeisl

NOVEMBER 28, 2021

Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. The post Recent FTB Clarifications on Pass-Through Entity Tax (AB-150) appeared first on Roger Rossmeisl, CPA. For calendar-year taxpayers, that is March 15, 2022.

Tax 175

Tax CPA California cpa firm 175

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. See June 15.

Tax 208

Tax income tax tax return CPA 208

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).

payroll 161

payroll CPA cpa firm business tax 161

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 180

Tax CPA business tax 180

SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Your deductions depend on the circumstance of your small business.)

tax planning 52

tax planning business tax Tax tax return 52

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. Curiously the IRS has approved.

California 243

California income tax CPA Tax 243

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 238

Start-ups tax return Tax CPA 238

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. Businesses can generally deduct the actual expenses attributable to business use of vehicles.

CPA 204

CPA Tax business tax 204

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 post CAA Doubles Meal Deductions and Makes Favorable PPP Loan Changes appeared first on Roger Rossmeisl, CPA.

CPA 227

CPA Government Tax business tax 227

SkagitCountyTaxServices

AUGUST 26, 2021

One thing you can expect from me come rain or shine is to keep you in the loop on changes to all things tax-related. There are some important changes to small business tax deductions rolling out, and not all deductions apply to all Skagit County businesses. But first, let’s briefly talk 2021 Infrastructure bill.

business tax 66

business tax Tax Entertainment Real Estate 66

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. The post New Per Diem Business Travel Rates Became Effective on October 1 appeared first on Roger Rossmeisl, CPA.

Transportation 210

Transportation CPA business tax Tax 210

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%

California 190

California CPA Tax Start-ups 190

Ronika Khanna CPA,CA

JANUARY 3, 2022

Download our free small business tax deadline calendar for 2022. Note that the usual deadline for sales tax (GST/HST and QST) payments and income tax returns is April 30th. SALES TAX DEADLINES GST/HST returns for 2021 must be filed by June 15th, 2022 for those who are required to file annually. Learn more.

business tax 52

business tax Tax income tax tax return 52

RogerRossmeisl

JANUARY 12, 2021

In a Treasury Department Press Release dated 1/8/2021, the Treasury Department and Small Business Administration (SBA) have announced that the Paycheck Protection Program (PPP) will reopen the week of January 11. The post SBA Releases Top Line Overview of First and Second Draw PPP Loans appeared first on Roger Rossmeisl, CPA.

CPA 130

CPA cpa firm business tax Tax 130

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. The post Key Tax Issues in M&A Transactions appeared first on Roger Rossmeisl, CPA.

Tax 187

Tax CPA business tax 187

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. The post 2022 Q3 Tax Calendar for Businesses and Other Employers appeared first on Roger Rossmeisl, CPA.

Tax 213

Tax income tax CPA business tax 213

RogerRossmeisl

JANUARY 10, 2021

The Treasury Department and Small Business Administration (SBA) have released Interim Final Rules (IFR) regarding the recent extension and expansion of the Paycheck Protection Program (PPP) as authorized by the Consolidated Appropriations Act, 2021 (CAA 2021).

payroll 130

payroll CPA cpa firm business tax 130

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.

Tax 131

Tax CPA cpa firm business tax 131

Ronika Khanna CPA,CA

JANUARY 27, 2023

I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar. Sign up to download our free Canada unincorporated business tax deadline calendar for 2023 or Quebec unincorporated small business tax deadline calendar 2023.

business tax 52

business tax Tax income tax tax return 52

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 165

payroll CPA Tax business tax 165

RogerRossmeisl

FEBRUARY 18, 2024

The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. The post Update on IRS Efforts to Combat Questionable ERTC Claims appeared first on Roger Rossmeisl, CPA.

CPA 117

CPA Tax business tax 117

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). The post Fully Deduct Business Meals This Year appeared first on Roger Rossmeisl, CPA.

Entertainment 189

Entertainment CPA Tax Government 189

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. The post COVID-Related Deadline Extensions for Health Care Benefits appeared first on Roger Rossmeisl, CPA.

CPA 187

CPA business tax Tax 187

RogerRossmeisl

SEPTEMBER 30, 2021

Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14

CPA 130

CPA audit Sales Account 130

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. For 2022, the FICA tax rate for employers is 7.65% — 6.2%

Hospitality 200

Hospitality CPA Tax business tax 200