RogerRossmeisl

FEBRUARY 24, 2021

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension). Below are some Q&As about tax amounts for this year.

Tax 219

Tax tax return CPA 219

TaxConnex

JANUARY 21, 2021

If your online company looks to expand its interstate sales in 2021, know one thing: Your plan involves risks and new responsibilities. The key is learning how to manage both, as sales tax non-compliance or errors can bring stiff penalties. You’re not alone. Risks of hiring – especially now. The potential for growth is huge.

Sales 219

Sales Tax tax return audit 219

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 246

Tax tax return CPA 246

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.

Tax 246

Tax income tax tax return CPA 246

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. That’s because some tax figures are adjusted annually for inflation. However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2022.

Tax 246

Tax tax return CPA 246

RogerRossmeisl

DECEMBER 14, 2021

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end. Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction.

Tax 246

Tax tax return CPA tax planning 246

RogerRossmeisl

NOVEMBER 29, 2021

Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021.

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RogerRossmeisl

NOVEMBER 17, 2021

But for 2021 under a COVID-19 relief law, you’re allowed to claim a limited deduction on your tax return for cash contributions made to qualifying charitable organizations. This deduction increases to $600 for a married couple filing jointly in 2021.

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tax return CPA Tax 235

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

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CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov. District Judge Tilman E.

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Withum

APRIL 12, 2022

The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. However, the extension does not cover the payment of the tax due.

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xendoo

JANUARY 25, 2021

(for a calendar tax year). March 15 Submit Form 1120S Income Tax Return. Partnership Tax Filing. for a calendar tax year). March 15 Submit Form 1065 Income Tax Return. C Corporation Tax Filing. for a calendar tax year). April 15 Submit Form 1120 Income Tax Return.

Tax 98

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RogerRossmeisl

MARCH 14, 2021

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. 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.

tax return 246

tax return CPA Tax 246

RogerRossmeisl

FEBRUARY 21, 2022

But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? The requirements To prove a charitable donation for which you claim a tax deduction, you need to comply with IRS substantiation requirements. It depends.

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income tax tax return CPA Tax 243

RogerRossmeisl

SEPTEMBER 17, 2021

The exclusion amount for 2021 is $15,000. Therefore, a taxpayer with three children can transfer $45,000 to the children every year free of federal gift taxes. If the only gifts made during a year are excluded in this fashion, there’s no need to file a federal gift tax return.

Tax 238

Tax tax return CPA 238

Xero

JUNE 16, 2022

So, to help small businesses in need of a little respite, we’re excited to announce that Xero’s Emotional Tax Return competition is back for 2022! . By inviting you – small business owners (that’s advisors too) – to submit an Emotional Tax Return claim. These factors have all taken a toll on wellbeing.

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tax return Tax bookkeeping 105

PANALITIX

NOVEMBER 30, 2020

YOU WANT in 2021. Accounting businesses are thinking ahead to 2021… and Panalitix is fortunate to be working closely with many of them in North America, Europe, Australia and New Zealand. Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. LEARN MORE.

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accounted Account accountant North Carolina 130

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.

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tax return Tax tax preparation CPA 66

RogerRossmeisl

JANUARY 14, 2021

Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. For 2020 tax returns, the due date is February 1, 2021. Generally, payers must file Form 1099-NEC by January 31. There is no automatic 30-day extension to file Form 1099-NEC.

California 210

California tax return CPA Tax 210

LyfeAccounting

MARCH 19, 2021

Well in this post, we want to help eliminate all of the questions and confusion around: Where your tax refund is? Why are you may or may not be getting a tax refund in 2021? So if you haven’t received your tax refund in 2021 yet then we have about 5 steps that you can take to find out what’s going on.

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TaxConnex

JANUARY 30, 2024

States seem to believe that marketplace facilitators – most of which are much larger than most retailers – constitute a rich source of tax revenue. Take Iowa , where marketplace facilitators who generate $100,000 or more in sales must get an Iowa retail sales tax permit and file sales tax returns.

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Iowa Pennsylvania Illinois Sales 264

ThomsonReuters

DECEMBER 22, 2021

The IRS has released Form 2441 (Child and Dependent Care Expenses) and its accompanying instructions for the 2021 tax year. The 2021 form and instructions have been updated, primarily to reflect temporary changes under the American Rescue Plan Act of 2021 (ARPA) and the Consolidated Appropriations Act, 2021 (CAA).

tax return 105

tax return Tax Account accountant 105

CPA Practice

JANUARY 31, 2022

The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022, for most taxpayers. holidays impact tax deadlines for everyone in the same way federal holidays do. By law, Washington, D.C.,

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tax return Tax Washington 75

RogerRossmeisl

MAY 7, 2021

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. If you still aren’t ready to file your return, you should request a tax-filing extension. This will extend the filing deadline until October 15, 2021. You need to estimate and.

tax return 143

tax return CPA Tax 143

xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . Get prepared for tax season with these small business tax deductions that may apply to your business. .

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TaxConnex

DECEMBER 28, 2021

More than $1 in every $4 spent on retail purchases during the 2021 holiday season will come from online orders, by some estimates (with about two out of every five of those done via a smartphone, other industry observers add ). But digital revenue for November and December is still expected to hit $212.28 billion in U.S.

Sales 246

Sales Tax audit tax return 246

TaxConnex

JULY 15, 2021

The Illinois Department of Revenue has updated its FAQs for marketplace facilitators, marketplace sellers and remote sellers, revised its “Leveling the Playing Field Retailer Flowchart” and published the “What’s New in 2021 for Remote Retailers and Marketplace Facilitators PowerPoint Presentation.”. Louisiana lawmakers have recently passed H.B

Sales 219

Sales Tax Louisiana North Carolina 219

TaxConnex

FEBRUARY 27, 2024

More than 300,000 accountants quit their jobs between 2019 and 2021, data show.” You have two initial ways to address your need for sales tax expertise: Your outside tax accountant or bringing tax expertise in-house. With the former, you risk that a professional versed in the tax code of the U.S. in 2022, up 1.3%

Sales 264

Sales Tax accountant accounted 264

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”).

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income tax tax return Tax Account 96

Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns).

tax return 128

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Bharmal&Associates

JULY 30, 2020

A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can spread the income equally over tax years 2020, 2021, and 2022. You pay no taxes or penalties. Scenario 2.

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Withum

MARCH 2, 2022

With the kickoff of the 2021 tax season, many taxpayers are gathering their information and trying to determine how recent legislative changes may apply to them when filing their 1040. One of these changes was to the Child Tax Credit. What is the Child Tax Credit? The IRS will be sending you a Letter 6419 in the mail.

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Tax tax return online accounting Account 122

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.

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Tax Transportation tax return bookkeeping 95

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

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?

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tax return Tax CPA income tax 66

ThomsonReuters

JANUARY 21, 2022

First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due. March 15, 2022 : Partnership and S corporation returns for calendar year 2021. April 18, 2022 : 1st quarter 2022 estimated tax payment due.

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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.

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