Withum

MAY 16, 2022

Assume that Julia acquires a building in 2018 that she uses in a trade or business. In 2021, the building is subject to a first mortgage of $110,000 and a second mortgage of $90,000. The FMV of the building in 2021 is $150,000. Business Tax Services. Let’s look at an example. Contact Us. Contact Us.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

APRIL 11, 2022

3807 , Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, which would add an additional $42 billion to the Restaurant Revitalization Fund (RRF) and fund $18 billion to a newly created Hard Hit Industries Award Program (HHIAP). Business Tax Services. On Thursday the House passed H.R. Contact Us.

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tax services business tax Tax 126

Withum

JULY 28, 2022

For the ERC, businesses need to add up the number of employees that worked 30 hours/week or 130 hours/month during each calendar month in 2019, and then take an average of the 12 monthly figures. See Notice 2021-20 , Q&A #31. See Notice 2021-20 , Q&As 70 &71. Business Tax Services. Contact Us.

audit 121

audit income tax tax return Tax 121

Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

Tax 126

Tax tax return income tax corporation tax 126

Withum

SEPTEMBER 22, 2022

Businesses applied for PPP loans through participating lenders, and the lenders processed the applications with the SBA. There were two PPP loan programs: (i) First Draw PPP Loans that were issued beginning in April 2020, and (ii) Second Draw PPP Loans that were issued beginning in January 2021. Taxation of PPP Loans. Contact Us.

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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. The statute of limitations for 2021 income tax returns will not expire until next year.

Tax 126

Tax income tax tax return audit 126

LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. Yes, this big news for everyone because the old rule was that you could only deduct 50% of your business meals from your taxable income. Now, these expenses must be paid or incurred during 2021 or 2022.

Tax 52

Tax Entertainment tax return tax preparation 52

Withum

MARCH 29, 2022

However, The American Rescue Plan Act of 2021 clarifies that Form 1099-K is not required if the contributor to the crowdfunding campaign does not receive goods or services for their contributions. Business Tax Services. Author: Jeremias Ramos , CPA | jramos@withum.com. Contact Us. Contact Us.

tax return 122

tax return Tax CPA tax services 122

inDinero Tax Tips

NOVEMBER 15, 2021

Understanding Deductible Business Expenses. After subtracting deductions, you’ll only need to pay taxes for your net revenue. The current business tax rate is 21% at the federal level, plus state corporate taxes that range anywhere from 0-11.5%. Many of them may affect the 2021 tax year.

Tax 52

Tax income tax Legal Entertainment 52

Withum

MARCH 21, 2022

Several requirements must be met in order to take the 199A deduction, including the requirement that the related activities give rise to an active trade or business. If a single taxpayer’s 2021 taxable income exceeds $214,900, or $429,800 for a married filing joint taxpayer, additional definitions and limitations are evaluated.

Tax 128

Tax corporation tax income tax tax services 128

Withum

OCTOBER 6, 2022

The February 15, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17, 2023, and to the quarterly payroll and excise tax returns, normally due on October 31, 2022, and January 31, 2023. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Government 124

Government income tax tax return Florida 124

Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead,

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

FEBRUARY 1, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Passes Tax Relief Act With a Decisive Bipartisan Vote appeared first on Withum. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

Tax 124

Tax Finance tax services business tax 124

Withum

APRIL 14, 2022

The average amount of student loan debt per borrower in 2021 was $38,792, while the total amount of outstanding student loans was estimated to be $1.58 If the ability for employer matching on qualified student loan payments is enacted, it would be effective for contributions made for tax years beginning after December 31, 2022.

Education 129

Education tax services Transportation Tax 129

Withum

JULY 25, 2022

The program is aimed at small, independently owned and operated businesses operating in New York with 100 or fewer employees and gross receipts that are less than $2.5 Business Tax Services. For more information on this topic, please contact a member of Withum’s Business Tax Services team.

New York 78

New York tax services payroll business tax 78

Withum

JUNE 27, 2022

Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax and audit preparation. Outsourced Accounting Systems and Services (OASyS). They also share their tips and tricks to ensure timely completion every month.

financial statements 123

financial statements bookkeeping accounting and finance audit 123

inDinero Tax Tips

NOVEMBER 7, 2023

Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. InDinero’s business tax services can save you time and money, as our team of professionals will ensure you’re making the most of every tax year.

accrual accounting 105

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ThomsonReuters

JANUARY 28, 2022

Stay top-of-mind with tax and accounting clients all year. Companies that only offer tax services have to start over each year building a brand through marketing and advertising. Business tax preparation. That includes: Preparing federal and state income taxes.

Tax 102

Tax tax preparation bookkeeping bookkeeping services 102

Withum

MAY 23, 2022

The ERC is a fully refundable tax credit for employers impacted by the COVID-19 pandemic. Eligible employers can receive a maximum benefit of $26,000 per employee for wages paid to employees in 2020 (up to $5,000) and 2021 (up to $21,000). Business Tax Services. Contact Us. Contact Us.

Government 78

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Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

New York 112

New York income tax New Jersey Tax 112

Withum

DECEMBER 4, 2024

The ERC amount is a maximum of up to $5,000 per employee for the 2020 taxable year and up to $7,000 per employee per quarter in the first three calendar quarters of 2021. The statute of limitations to file 2020 ERC claims expired this past April, but claims for the 2021 ERC can be filed until April 15, 2025.

Tax 105

Tax income tax Construction Non-Profits 105

Withum

AUGUST 16, 2024

The second VDP allows participants to retain 15% of the claimed ERC amount tax-free, but it is limited to 2021 ERC claims. If you have questions regarding your eligibility for the second VDP, please out to your Withum tax advisor. Like the first VDP, the second VDP is intended to settle erroneous yet non-willful claims.

income tax 64

income tax tax return Tax tax services 64

Withum

JUNE 12, 2024

This process was utilized most recently in 2021 to enact additional COVID-19 relief via the American Rescue Plan. To ensure that the anticipated deficit did not extend outside the 10-year budget window, the Tax Cuts and Jobs Act included many sunsetting provisions.

income tax 127

income tax Tax corporation tax Non-Profits 127

Withum

JANUARY 8, 2024

Until the proposed regulations are published, taxpayers can rely on the excluded product right exception for R&E expenditures paid or incurred in the taxable years beginning after December 31, 2021. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

tax return 78

tax return audit Tax income tax 78

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

CPA Practice

OCTOBER 30, 2024

“While the upcoming tax year brings uncertainty for businesses and individuals alike, Aprio’s tax advisors are poised to act should any major tax laws change that could impact clients,” said John Rose , Director of National Tax Services at Aprio.

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xendoo

JANUARY 6, 2022

While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. They will get to know your business, and determine if S-Corp Election is right for you. . Pay Quarterly Estimated Taxes .

Tax 59

Tax bookkeeping income tax bookkeeping services 59

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax business tax tax preparation bookkeeping 52

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax business tax tax preparation income tax 52

inDinero Tax Tips

NOVEMBER 7, 2023

Net Operating Loss Limitations Record Keeping and Documentation Conclusion Navigating tax advantages like net operating losses can be a headache. InDinero’s business tax services can save you time and money, as our team of professionals will ensure you’re making the most of every tax year.

accrual accounting 52

accrual accounting Tax accounting and finance tax services 52

Withum

APRIL 11, 2022

The New Jersey Secure Choice Savings Program Act’s expected implementation date was March 28, 2021; however, the program was allowed a one-year extension to March 28, 2022, due to COVID-19. Business Tax Services. To learn more about the House Act, continue reading here. percent of the fund’s total balance.

New Jersey 64

New Jersey payroll tax services business tax 64

Withum

OCTOBER 11, 2023

Disposition, Retirement, or Abandonment of §174 Property IRC §174 was modified for taxable years beginning after 2021, to disallow a deduction with respect to §174 R&E expenditures on account of disposition, retirement or abandonment but instead requires the taxpayer to continue capitalizing and amortizing those expenditures.

income tax 80

income tax Tax accounting standards accounting and finance 80

Withum

AUGUST 11, 2022

With the second deposit date for the excise tax coming due on August 14, as well as an avoidance of penalties if a reasonable estimate has been paid timely, the importance of assessing the Superfund Excise Tax should be a top priority. The post Superfund Excise Tax Is Catching Many Companies by Surprise appeared first on Withum.

Tax 72

Tax Manufacturing tax return Sales 72

Withum

APRIL 5, 2023

However, for taxable years starting after December 31, 2021, the TCJA language modifications of Section 280C will most likely make the 280C election unnecessary, and potentially result in a negative impact on cash flow if an election is made. Tax Research & Experimental Capitalization Requirement appeared first on Withum.

Tax 78

Tax income tax tax return accounted 78

Steve Feinberg

FEBRUARY 28, 2022

Detailed record keeping is crucial to legally claiming these tax write-offs, and small businesses need a reliable bookkeeping service to take the guesswork out of your deductions. The Standard mileage rate requires you to multiply the miles driven for business during the year by a standard mileage rate, which in 2021, was $0.56

Tax 52

Tax bookkeeping Education bookkeeping services 52

LyfeAccounting

APRIL 27, 2021

Because you are the Employer and the Employee in your business, you get to reap the tax benefits of both sides. As of 2021, you can contribute up to $58,000 in a Solo 401K account. And if you want to know how you can save more on your business taxes or want to invest your money wisely, LYFE Accounting can help you with that.

Tax 52

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CPA Practice

SEPTEMBER 17, 2024

Her dedication to providing high-quality service in audit and tax work, and her ability to manage complex projects have been invaluable to both our team and our clients. LGA Welcomes Matt Foley, CPA, MST, as Tax Partner LGA recently welcomed Matt Foley, CPA, MST, as a Tax Partner.

Construction 52

Construction Illinois audit Real Estate 52