RogerRossmeisl

FEBRUARY 16, 2021

The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again. The post Taking Required Minimum Distributions in 2021 appeared first on Roger Rossmeisl, CPA.

CPA 224

CPA Tax accountant accounted 224

RogerRossmeisl

JULY 20, 2021

The post IRS 2021 “Dirty Dozen” – Persuading Taxpayers into Unscrupulous Actions appeared first on Roger Rossmeisl, CPA.

CPA 231

CPA Tax cpa firm Sales 231

RogerRossmeisl

DECEMBER 31, 2020

The recent stimulus legislation, the Consolidated Appropriations Act of 2021, (CAA 2021) included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. This rule applies to expenses paid or incurred in calendar years 2021 and 2022.

CPA 213

CPA business tax Tax 213

RogerRossmeisl

OCTOBER 6, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. The post Key Q4 2021 Tax Deadlines for Businesses appeared first on Roger Rossmeisl, CPA. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Tax 202

Tax income tax tax return CPA 202

RogerRossmeisl

DECEMBER 17, 2021

The post Deducting Charitable Gifts in 2021 appeared first on Roger Rossmeisl, CPA. (This is Blog Post #1142).

CPA 195

CPA 195

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. For 2021, the Social Security tax rate is 6.2%

payroll 186

payroll CPA Tax business tax 186

RogerRossmeisl

FEBRUARY 23, 2022

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. The post Are You Ready for the 2021 Gift Tax Return Deadline?

tax return 196

tax return Tax CPA 196

RogerRossmeisl

DECEMBER 7, 2021

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. The post There May Still Be Time to Cut Your Small Business 2021 Taxes appeared first on Roger Rossmeisl, CPA. You still have time to execute a few strategies.

Tax 208

Tax CPA tax planning business tax 208

RogerRossmeisl

JANUARY 19, 2022

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. The post Help Safeguard your Personal Information by Filing your 2021 Tax Return Early appeared first on Roger Rossmeisl, CPA. Business returns are already being accepted.)

tax return 188

tax return Tax income tax CPA 188

CPA Practice

JANUARY 17, 2023

State CPA Society Ne ws is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. Massachusetts: The Massachusetts Society of CPAs (MASSCPAs) wants members to prioritize their health this tax season. Shapiro’s first budget proposal.

CPA 124

CPA Pennsylvania Tennessee Nevada 124

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 209

CPA Tax cpa firm business tax 209

CPA Practice

NOVEMBER 19, 2024

By Monte Swain, PhD, CMA, CPA, CGMA. Invest your time and effort into stacking the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) letters behind your name. When I learn that someone has “CPA” or “CMA” behind their name, I immediately know a lot about that individual.

cma 122

cma CPA accounting and finance management accounts 122

RogerRossmeisl

JULY 13, 2021

The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. The ARPA temporarily expanded and made CTCs refundable for 2021. Eligible parents will soon begin receiving payments from the federal government.

Tax 230

Tax CPA Government 230

CPA Practice

JUNE 6, 2023

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the 12th annual ‘Most Powerful Women in Accounting’ awards, which recognize leaders for their significant contributions to the profession. re increasingly becoming the face of public accounting and financial management.

CPA 134

CPA accountant Account accounted 134

RogerRossmeisl

JANUARY 6, 2021

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. It also contains numerous tax breaks for businesses.

CPA 233

CPA Government Tax business tax 233

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 245

California income tax CPA Tax 245

RogerRossmeisl

AUGUST 5, 2021

From June 2020 through June 2021, the U.S. The post How New Business Start-up Expenses are Handled on your Tax Return appeared first on Roger Rossmeisl, CPA. Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched.

Start-ups 242

Start-ups tax return Tax CPA 242

RogerRossmeisl

NOVEMBER 2, 2021

CAA 2021 Changes Within the Consolidated Appropriations Act of 2021 (signed into law on 12/27/20) was the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA 2020). The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA. This means.

Tax 218

Tax CPA cpa firm business tax 218

Going Concern

SEPTEMBER 24, 2024

The AICPA, NASBA, and state boards make the CPA exam harder than it needs to be because they make more money off exam fees when you fail. This is from 2023 [ PDF ]: NASBA 2023 revenue Keep in mind 2023 revenues were temporarily inflated as a result of candidates rushing to sit for the exam before CPA Evolution launched in 2024.

CPA 111

CPA accounting principles accountant accounted 111

RogerRossmeisl

JUNE 3, 2021

Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return was due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). Your 2021 return will be due in April of 2022.

Tax 220

Tax tax return CPA 220

Going Concern

OCTOBER 25, 2023

As you may already know the 2023 AICPA Trends report is out , here’s our earlier write-up on how many accounting degrees were completed for the 2021-22 period covered in the new report (saving you a click: it’s 65,035). Today we’re going to look at CPA exam candidate numbers. decrease in unique candidates, and a 3.6%

CPA 128

CPA accounting degree cpas Start-ups 128

CPA Practice

OCTOBER 5, 2023

The Illinois CPA Society (ICPAS), in partnership with the Center for Accounting Transformation (the Center) and a coalition of other stakeholders, is launching a new, national survey to gain fresh insight into what’s driving the decline in individuals pursuing the certified public accountant (CPA) credential. The survey will close Dec.

CPA 119

CPA Rhode Island cpas Montana 119

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). cents (up from 56 cents in 2021) Section 179 expensing: Limit: $1.08 million in 2021) Phaseout: $2.7 cents (up from 56 cents in 2021) Section 179 expensing: Limit: $1.08

Tax 208

Tax CPA business tax 208

RogerRossmeisl

AUGUST 2, 2021

For 2021, the amount that an eligible married couple can contribute to an IRA for a nonworking spouse is $6,000, which is the same limit that applies for the working spouse. appeared first on Roger Rossmeisl, CPA. In general, an IRA contribution is allowed only if a taxpayer earns compensation.

CPA 246

CPA Tax 246

RogerRossmeisl

APRIL 17, 2021

As posted to Mike Frankovich’s YouTube Channel on 4/15/2021 (Run time: 8 min, 47 sec) If you’re like me, you have trouble understanding why California continues to make it so difficult to engage is what is one of the most quintessential of California pastimes. classic car ownership.

California 223

California CPA cpa firm 223

RogerRossmeisl

JANUARY 11, 2022

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about your 2022 tax situation. appeared first on Roger Rossmeisl, CPA.

Tax 211

Tax tax return CPA 211

CPA Practice

MAY 30, 2023

The number of CPA candidates who took the Uniform CPA Examination in 2022 was about 7% lower than the previous year, the Financial Times reported on May 28. FT reported that was the lowest amount of CPA exam takers in at least 17 years. The number of CPA exam modules being sat by U.S.

CPA 116

CPA cpas accounting degree audit 116

RogerRossmeisl

OCTOBER 12, 2021

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. Are employees at your business traveling again after months of virtual meetings?

Transportation 217

Transportation CPA business tax Tax 217

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. For individuals, file a 2021 income tax return (Form 1040 or Form 1040-SR) or file for an automatic six-month extension (Form 4868) and paying any tax due. See June 15.

Tax 216

Tax income tax tax return CPA 216

RogerRossmeisl

FEBRUARY 21, 2022

In the fourth quarter of 2021, CEO resignations were up 16% over the prior year, according to executive outplacement firm Challenger, Gray & Christmas. The post Don’t Discount the Key Person Discount appeared first on Roger Rossmeisl, CPA.

CPA 215

CPA cpa firm 215

RogerRossmeisl

MARCH 14, 2021

If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax savings on your 2020 return. The post There is Still Time to Make a 2020 IRA Contributions appeared first on Roger Rossmeisl, CPA. Who is eligible? For 2020, if you’re a joint tax.

tax return 239

tax return CPA Tax 239

RogerRossmeisl

SEPTEMBER 27, 2021

According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% Be aware of the tax implications if you’re selling your home or you sold one in 2021. appeared first on Roger Rossmeisl, CPA. over July of 2020. You may owe capital gains tax and net investment income tax (NIIT).

Tax 214

Tax income tax CPA Sales 214

RogerRossmeisl

JANUARY 5, 2022

cents (up from 56 cents for 2021). On December 21, 2021, the national average price of a gallon of regular gas was $3.29, compared with $2.22 This includes gas, oil, The post 2022 Business Mileage Rate appeared first on Roger Rossmeisl, CPA. The increased tax deduction partly reflects the price of gasoline.

CPA 212

CPA Tax business tax 212

RogerRossmeisl

AUGUST 23, 2022

In 2021, the number of light vehicles sold globally was 78 million and the enterprise value of automakers, roughly $3.5 The post The Auto Industry is Likely to Decline in Enterprise Value appeared first on Roger Rossmeisl, CPA. According to IHS Markit, during the next five years unit auto sales will increase at a 4.7%

CPA 212

CPA Sales cpa firm 212