SkagitCountyTaxServices

JANUARY 6, 2021

Yes, it’s “just a date” on a Gregorian calendar, but … 2021 holds great promise for our Mount Vernon business clients. billion to reopen and strengthen PPP for first and second time borrowers and reauthorizes the program through March 31, 2021. And by “great”, I mean financially secure.

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SkagitCountyTaxServices

SEPTEMBER 29, 2021

Under the newest rules, if your business took at least a 20% hit for a quarter in 2021 compared to the same quarter in 2019, you are eligible. You can only get seven grand per employee per quarter max in 2021 but still, who couldn’t use this kind of cash? appeared first on Padgett & Padgett, PLLC CPA's. 360-424-1040.

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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.

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CPA Practice

MAY 11, 2023

From July 2020 to September 2021, the group allegedly faked documents for four shell companies, asserting that each were businesses with between 19 to 49 employees with a monthly payroll between $150,000 to $430,000. They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege.

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CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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cpas CPA Education accounting and finance 52

SkagitCountyTaxServices

DECEMBER 8, 2021

The end of the year is also a great time to make sure you’re getting the biggest tax bang out of your company’s retirement plan, anything from a SEP IRA to a Solo 401(k) to the combination of a 401(k) with a defined-benefit pension plan. 31, get ready to pay half that deferred amount by the last day of 2021. What a deal.

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CPA Practice

JUNE 10, 2024

In 2021, the latest year for which the Internal Revenue Service provides data, the top 0.1% of all federal income taxes(1), up from 8.1% This remains true, and profoundly relevant as policy makers consider what to do about a 2017 tax law that increased complexity while lowering revenue. accounted for 14.3% Cuts aren’t cures.

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Going Concern

APRIL 11, 2022

Tax season bingo card. — Lindsey Starrett, CPA, CCIFP (@LindseyStarrett) April 10, 2022. — Andrea Carr CPA (@andreacpa0) April 10, 2022. — Elizabeth Dugan, CPA, PSA (@LizDuganCPA) April 11, 2022. If you’re dropping your documents off to your CPA today… #TaxTwitter pic.twitter.com/r20EzByXa7.

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Anders CPA

DECEMBER 27, 2022

Key Takeaways: Research & Development tax credits will remain the same outside of extensions added through the Inflation Reduction Act of 2022 (IRA). This change does not affect the calculation of the current year tax credit. How to Qualify for the R&D Tax Credit. Anders tax advisors are here to help.

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CPA Practice

AUGUST 31, 2023

By Al-Nesha Jones, CPA, MBA Generation X—aka the Sandwich Generation, Latchkey Kids, Baby Busters, and even the Forgotten Generation—will soon be approaching retirement age. Small business owners typically struggle with saving for retirement because they juggle operating expenses, payroll, taxes, and financing growth opportunities.

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SkagitCountyTaxServices

MARCH 17, 2023

After December 31, 2021, you have to amortize your research and development expenditures over five years. Hiring family members can save on taxes if you follow IRS income tax thresholds. You can also match employee contributions on a Roth on an after-tax basis, among other changes.

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SkagitCountyTaxServices

SEPTEMBER 2, 2020

Just in time for the weekend, the IRS issued Friday-evening guidance about the overly-hyped (at first) payroll tax “holiday” There was initial hope that this might be a great shot-in-the-arm for Skagit County businesses and employees, but given how the thing is structured, and the limitations of executive action (i.e.

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SkagitCountyTaxServices

SEPTEMBER 22, 2021

Businesses and their owners the country over have been enjoying some great small business tax credits from the federal government in the last 18 months. But, as 2021 is winding down, it’s important to know that some of them are on their way out.

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CPA Practice

FEBRUARY 15, 2023

To combat this, the IRS released a new, optional computational bridge for 2021. Other employers are a little too familiar with the new IRS W-4 form and the old version. It can be difficult juggling both 2019 and earlier Forms W-4 with 2020 and later forms. The IRS launched this form in 2020, removing withholding allowances.

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LyfeAccounting

JULY 12, 2021

But when you are self-employed, you are responsible for 100% of the self-employment taxes – the entire 15.3%. Note that every dollar earned is subject to Medicare taxes, but for 2021, the Social Security portion of the tax maxes out at $142,800 of earnings. How To Save On Taxes.

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CPA Practice

MARCH 7, 2023

These credits were available for self-employed individuals for 2020 and 2021 during the pandemic; they are not available for 2022 tax returns.

tax return 98

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xendoo

APRIL 8, 2022

For the 2021 tax year, the standard mileage rate deduction is.56 If you have family members that work in your small business, there are some additional tax considerations. Family members who legally work for your business and are under 18, may be exempt from paying FICA, also referred to as federal payroll tax.

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RogerRossmeisl

NOVEMBER 29, 2021

It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The post Infrastructure Law Sunsets Employee Retention Tax Credit Early appeared first on Roger Rossmeisl, CPA. The American Institute of Certified.

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KROST

NOVEMBER 8, 2021

3684) was passed by the House on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention tax credit (with the exception of the recovery startup business credit) is no longer in effect for the fourth quarter of 2021. Melillo, CPA, Principal. About the Author.

payroll tax 52

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Anders CPA

AUGUST 23, 2022

Included in the new act is an extension of the Affordable Care Act provisions that were provided in the American Rescue Plan Act of 2021, which helped individuals in buying health coverage on the marketplace, which has now been extended through 2025. AFFORDABLE CARE ACT. GREEN ENERGY. CONTACT ANDERS.

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KROST

NOVEMBER 8, 2021

3684) was passed by the Senate on November 5, 2021 and is expected to be signed into law by President Biden. As part of the Bill, the employee retention credit (with the exception of the recovery startup business credit) is terminated retroactively beginning October 1, 2021. Melillo, CPA, Principal. About the Author.

payroll tax 52

payroll tax tax return payroll CPA 52

SkagitCountyTaxServices

DECEMBER 10, 2020

2021 is hurtling at us, isn’t it? Employers can ALSO deduct the amount and not pay federal payroll taxes on the payments. Here are some more “quick and dirty” ideas to help you before year-end… Look ahead to 2021 — project what your income might be, then make withholding and tax moves accordingly.

payroll tax 67

payroll tax tax preparation CPA Tax 67

RogerRossmeisl

JANUARY 31, 2021

The Consolidated Appropriations Act, 2021 (CAA 2021), signed into law by President Trump on 12/27/20, includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) which extends and expands upon the Employee Retention Credit (ERC) provided by the CARES Act. Well, that’s a mouthful!

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SkagitCountyTaxServices

DECEMBER 1, 2021

The Infrastructure Act and Your Skagit County Business “Americans: Time to gather up those receipts, get out those tax forms, sharpen up that pencil, and stab yourself in the aorta.” – Dave Barry. On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law. You’re not alone in asking this.

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Going Concern

JANUARY 19, 2023

Serial tax fraudster sentenced to more than 19 years in federal prison Michael Dexter Little was sentenced to 19 years and 6 months in prison and ordered to forfeit at least $12.3 From 2019 to 2021, Little filed a series of false tax returns claiming massive, bogus fuel tax credits. He must also pay $10.8

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CPA Practice

MARCH 2, 2023

This law suggests that argument is not one that should be made,” said Robinson, who served as a senior policy adviser in the Social Security Administration from 2018 to 2021. “But is it legitimate to scare seniors into thinking that their benefits would not go out? From September to November of that year, the Treasury redeemed $27.9

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Going Concern

AUGUST 23, 2024

Audit Founder of Trump Media’s Ex-Auditor Faces CPA License Loss [ Bloomberg Tax ] The founder of an audit firm that was branded as a “massive fraud” by the SEC risks losing his certified public accounting license, a punishment that would prevent his firm, BF Borgers CPA PC, from performing external audits or certain complex tax returns.

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