DMCL

MARCH 11, 2022

Our 2021 Personal Tax Return Checklist is designed to help you make this process as easy and efficient as possible. It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported.

income tax 52

income tax tax return Tax 52

CPA Practice

JUNE 15, 2023

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. 105 taxpayers didn’t receive all of their eligible child tax credit, estimated at $139,000. This process uncovered 3.8

tax return 131

tax return Tax tax accountant Technology 131

CPA Practice

JULY 30, 2024

While the Treasury Inspector General for Tax Administration (TIGTA) report noted that more than 95 percent of the IRS’ workers were in full compliance with their personal taxes, 1,068 were disciplined for their noncompliance issues. In total, the IRS has more than 85,000 employees and more than 25,000 contractor workers.

income tax 116

income tax Tax tax return 116

Withum

MARCH 24, 2022

While I understand that movies require us to suspend our disbelief, as a self-confessed tax nerd, I just can’t ignore the flagrant disregard of tax rules. So, with the 2021 individual tax filing deadline coming up, it had me wondering, is America’s favorite comic book and movie hero a tax cheat?

Tax 128

Tax tax return income tax tax services 128

CPA Practice

FEBRUARY 21, 2023

The final regulations impact filers of: Partnership returns; Corporate income tax returns; Unrelated business income tax returns; Withholding tax returns; Certain information returns; Registration statements; Disclosure statements; Notifications; Actuarial reports; and Certain excise tax returns.

tax return 130

tax return income tax Tax 130

Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. PPP EIDL ERC FFCRA SVOG R R F.

Tax 126

Tax tax return income tax corporation tax 126

Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

income tax 52

income tax tax return E-commerce Tax 52

Nancy McClelland, LLC

MARCH 29, 2022

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. The IRS has a couple of “special tips” to ensure the tax return is accepted by the IRS for processing.

tax return 66

tax return Tax tax preparation CPA 66

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties.

Government 124

Government income tax tax return Florida 124

CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

tax preparation 132

tax preparation Tax tax return income tax 132

CPA Practice

SEPTEMBER 1, 2023

The IRS previously provided guidance on state payments made in 2022: IRS issues guidance on state tax payments to help taxpayers. The guidance is being issued as part of the IRS’s efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers.

income tax 118

income tax Tax tax return Government 118

ThomsonReuters

APRIL 1, 2021

IRS Notice 2021-21 (Mar. 29, 2021); IRS News Release IR-2021-67 (Mar. In response to the continuing COVID-19 emergency, the IRS has offered deadline relief for 2020 federal income tax returns that also extends the deadline for 2020 contributions to HSAs, IRAs, and certain other accounts. News Release.

income tax 52

income tax tax return Tax Education 52

ThomsonReuters

FEBRUARY 3, 2022

IRS Publication 502 (Medical and Dental Expenses (for 2021 Returns)); IRS Publication 503 (Child and Dependent Care Expenses (for 2021 Returns)). The IRS has released updated versions of Publications 502 and 503 for the 2021 tax year. 1 (“Only Code § 213 Medical Care Receives Favorable Tax Treatment”).

income tax 96

income tax tax return Tax Account 96

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

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. To prevent this, taxpayers can file a protective income tax refund claim.

Tax 126

Tax income tax tax return audit 126

CPA Practice

MAY 8, 2023

Reducing taxes is one way to cut costs, and sometimes moving from a high-tax state to a low-tax state can eliminate thousands of dollars in expenses year after year. Californians flee to low-tax states In terms of people looking for low-tax states, California lost more residents than any other state, according to the data.

New York 125

New York California North Carolina South Carolina 125

ThomsonReuters

FEBRUARY 28, 2022

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What taxes are reported on Form 941?

income tax 98

income tax tax return payroll Tax 98

Withum

OCTOBER 3, 2023

Remember that there are two separate filing deadlines for 2020 claims and for 2021 claims. The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. These are firm deadlines and no extensions or exceptions are permitted.

income tax 122

income tax audit tax return Tax 122

Withum

JULY 28, 2022

Most likely, the IRS will focus on eligibility, the ERC calculation, and whether the taxpayer amended its income tax returns to pay tax on the ERC. See Notice 2021-20 , Q&A #31. Claiming the ERC is no different than claiming a deduction on an income tax return – both are done under penalties of perjury.

audit 121

audit income tax tax return Tax 121

Withum

JANUARY 17, 2022

As a result, taxpayers who file a claim for a refund, particularly those who file paper returns, may find themselves having to wait an inordinately long time for an underfunded, understaffed and backlogged IRS to process their returns. million unprocessed individual income tax returns and 2.8 billion to $11.5

income tax 126

income tax tax return Tax 126

Going Concern

NOVEMBER 8, 2024

Law & Order Clark Hill Wins for Accounting Firm in Tax Dispute With Rock Band Member [ Clark Hill ] The Clark Hill trio convinced the court that the accounting firm was not liable for an employee’s business management and tax preparation services she provided on the side for a member of a rock band.

Florida 98

Florida Mississippi audit auditor 98

SkagitCountyTaxServices

MARCH 6, 2025

And unfortunately, its not mostly the fun stuff keeping you busy its things more on the housekeeping side of running your business, like meeting tax and other important government deadlines. Monday, March 17 : S corporation and partnership tax returns are due for calendar-year businesses. Whats in it for you?

tax return 66

tax return Tax CPA income tax 66

xendoo

NOVEMBER 1, 2021

In other words, if your home office doubles as a nursery or workout room, you’ll likely be unable to claim it as a deduction on your tax return. If you use the simplified option for claiming tax deductions, the IRS permits you to deduct $5 per square foot of office space. per mile as of 2021. Train or subway tickets.

Tax 95

Tax Transportation tax return bookkeeping 95

MyIRSRelief

MAY 19, 2023

In these situations, seeking professional tax help in New York can make a significant difference in resolving your tax problems and avoiding legal and financial consequences. Contact us for tax help today. Back Taxes Back taxes refer to unpaid taxes from previous years, which can accumulate interest and penalties over time.

New York 147

New York payroll tax payroll audit 147

CPA Practice

MARCH 14, 2023

The FBAR filing deadline follows the Federal income tax return filing deadlines. FBAR returns are filed separately from the taxpayer’s federal tax returns. 2021) the Ninth Circuit held that the IRS may impose only one penalty per form. The Fifth Circuit and Ninth Circuit were split on this issue.

income tax 125

income tax tax return Tax financial accounting 125

CPA Practice

NOVEMBER 14, 2023

Considering the circumstances surrounding the coronavirus pandemic, the IRS’s decision to destroy approximately 30 million unprocessed tax year 2019 paper-filed information returns was “reasonable,” the Treasury Inspector General for Tax Administration (TIGTA) concluded in a report released last week.

tax return 119

tax return income tax Tax Transportation 119

CPA Practice

JANUARY 24, 2023

The IRS sent out a reminder on the second day of the 2023 filing season that all digital asset-related income must be reported when taxpayers file their 2022 federal income tax returns. A question regarding digital assets must be answered by all taxpayers on their 2022 income tax returns.

tax return 119

tax return income tax Tax Account 119

ThomsonReuters

OCTOBER 28, 2021

ANSWER: The general rule is that a cafeteria plan will lose its tax-advantaged status if it fails to comply with the annual limit on health FSA salary reductions ($2,750 for plan years beginning in 2020 or 2021). appeared first on Tax & Accounting Blog Posts by Thomson Reuters. a TPA); and. The error is timely corrected.

income tax 97

income tax tax return Tax Account 97

Dent Moses

FEBRUARY 24, 2022

This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress. Taxpayers with qualifying children under the age of 18 as of 12/31/2021. AGI less than $438,000 during 2021.

Alabama 52

Alabama income tax Tax tax return 52

CPA Practice

DECEMBER 19, 2023

While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice. The IRS urges taxpayers who are unable to pay their full balance due to visit IRS.gov/payments to make arrangements to resolve their tax debts.

tax return 135

tax return Tax income tax Start-ups 135

CPA Practice

MAY 26, 2023

Also, they often don’t inform taxpayers that wage deductions claimed on the federal income tax return for the business must be reduced by the amount of the credit. Subsequent legislation extended the ERC into 2021 and enhanced it. How does the ERC work? The maximum credit was $5,000 per worker.

audit 138

audit general ledger income tax tax return 138

xendoo

JANUARY 12, 2022

You can use the information and the dates we provide to form a strategic plan for preparing and filing your taxes in 2022. What Is the Business Tax Filing Deadline for 2022? You may have already marked April 18, 2022, on your calendar to remind you to pay your personal income taxes.

business tax 98

business tax Tax tax return tax preparation 98

CPA Practice

DECEMBER 22, 2024

The Internal Revenue Service has announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns.

tax return 111

tax return Tax income tax 111

Going Concern

FEBRUARY 22, 2023

TL;DR Two guys and their accounting firm are accused of filing false tax returns and a touch of COVID relief fraud. Read: A federal grand jury returned an indictment on Feb. 1 charging two Utah County men and an accounting firm with claiming an excess of $11 million in tax credits through a COVID-related fraud scheme.

Utah 105

Utah accounting firms tax return Account 105

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

payroll 98

payroll income tax Vermont Iowa 98

CPA Practice

JANUARY 26, 2024

23, 2024, to two years in prison for a scheme to file false tax returns, and to two years in prison for an unrelated online romance scam. According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc.,

Florida 109

Florida tax preparation Tax tax return 109

Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Company A sold widgets in 2021 for $150 per unit. Assume Company A sold 275 units in 2021.

business tax 119

business tax Tax income tax tax return 119