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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Withum

OCTOBER 6, 2022

Under section 7508A, the IRS gives affected taxpayers until February 15, 2023, to file most tax returns with either an original or extended due date occurring on or after September 23, 2022. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Contact Us.

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Government income tax tax return Florida 124

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.

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audit income tax tax return Tax 121

Withum

JUNE 24, 2022

When that prohibition was lifted nine months later by the Consolidated Appropriations Act, 2021, claims for the ERC exploded. One unfortunate side effect of the ERC explosion has been the proliferation of tax credit companies offering dubious advice in exchange for outsize fees. See generally Notice 2021-20, Q&As #23-28.

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Tax audit tax return tax services 126

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.

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Tax income tax tax return audit 126

xendoo

JANUARY 12, 2022

These businesses can also file for a tax extension, and this extension must also be received by April 18. Once your extension is approved, your new tax deadline becomes October 17, 2022. It’s important to remember that your tax return must be at least postmarked by the due date. This date, of course, assumes you’re ready.

business tax 98

business tax Tax tax return tax preparation 98

Withum

MAY 16, 2022

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. In 2021, Julia’s bank agrees to reduce the second mortgage debt from $90,000 to $30,000, resulting in cancellation of debt income of $60,000. Business Tax Services.

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Real Estate Tax income tax tax return 131

Withum

JUNE 1, 2022

Company A sold widgets in 2021 for $150 per unit. In addition, Company A’s inventory was as follows: Year Quantity Purchase Price 2018 100 $7,000 ($70 per unit) 2019 200 $14,800 ($74 per unit) 2020 250 $20,000 ($80 per unit) 2021 275 $27,500 ($100 per unit) LIFO Example 1. Assume Company A sold 275 units in 2021. Contact Us.

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business tax Tax income tax tax return 119

Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. Business Tax Services.

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Tax Manufacturing tax return tax services 121

Withum

MARCH 29, 2022

You can rest assured knowing that you haven’t been committing tax fraud all these years by excluding your birthday and holiday gifts from your tax return. Business Tax Services. If you have questions regarding the taxability of your crowdfunding efforts, reach out to your Withum tax advisor. Contact Us.

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tax return Tax CPA tax services 122

LyfeAccounting

MARCH 16, 2021

Today, we have a major update for you – business meals are now 100% deductible as of the year 2021. This is going to help you minimize your tax liability by writing off 100% of your business meals, which in turn, is helping the restaurant industry bounce back from a devastating recession.

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Tax Entertainment tax return tax preparation 52

Withum

MARCH 21, 2022

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. For example, if the pass-through entity is considered to be a specified service trade or business, often referred to as an SSTB, no 199A deduction is allowed. Contact Us.

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inDinero Tax Tips

NOVEMBER 15, 2021

Each state has different tax laws , and it’s a good idea for businesses to get advice for tax preparation. These are businesses where the owners pay taxes on their individual tax returns, and they are increasingly becoming the new standard. Many of them may affect the 2021 tax year.

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Tax income tax Legal Entertainment 52

Withum

FEBRUARY 21, 2024

The new beneficial ownership reporting under the Corporate Transparency Act was signed into law on January 1, 2021 and took effect on January 1, 2024. There is no fee to file the report, but there are third-party service providers that offer for a fee reporting through a software filing solution.

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income tax tax return accounting and finance Tax 125

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. However, automatic changes in accounting methods can be filed on Form 3115 and are not due until the extended due date of the tax return.

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tax return audit Tax income tax 78

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. Become a trusted partner to help them strategize about what is possible in the future with our 2021 Insights for Tax Professionals report.

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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. appeared first on Withum.

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tax return payroll tax income tax Tax 69

Withum

NOVEMBER 17, 2022

Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. In 2021, individuals were able to make cash contribution up to 100% of their AGI; in 2022, the percentage is decreased to 60%.

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tax planning Tax Construction income tax 98

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. The 15% of the ERC that is retained is tax free, and no amended income tax return is required to be filed to disallow wages relating to the 15% retained.

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income tax tax return Tax tax services 64

Withum

NOVEMBER 17, 2022

The income tax deduction will be limited to $6,000,000, and $4,000,000 in charitable contributions can be carried forward for the next 5 years. In 2021, the deduction would have been the full $10,000,000. 2022 Year-End Tax Planning Resources. Let Withum’s Private Client Services Team help you today. Contact Us.

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tax planning tax return income tax Tax 52

Inform Accounting

NOVEMBER 28, 2022

HMRC suggest that end-users utilise the Check Employment Status for Tax service to help them decide if the off-payroll working rules apply. For detailed guidance see: April 2021 changes to off-payroll working for clients - GOV.UK (www.gov.uk). Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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payroll income tax tax return Tax 52

Withum

FEBRUARY 16, 2023

Not exactly the best example of a “flat tax” system, right? But before we worry about the 2023 tax changes, let’s look at some of the major changes impacting your 2022 Massachusetts income tax return. However, the Massachusetts deduction does not have a sunset date. More information can be found in TIR 23.1.

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Massachusetts income tax Tax tax return 75

Withum

APRIL 5, 2023

Without a 280C election, the amount of research credit reduced the amount of qualified research expenditures generating tax deductions when calculating taxable income. This requirement was burdensome and could cause headaches when filing state income tax returns. A Form 3115 will be required in future years.

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Tax income tax tax return Account 78

Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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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.

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Tax Manufacturing tax return Sales 72

CPA Practice

FEBRUARY 27, 2024

Faced with the challenges and high risks involved in sales tax compliance, there has been a sharp increase in startups seeking assistance in this space, and professional business advisory firms like Stage 1 Financial have built sales tax services teams and adopted technologies to help these clients.

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Technology Tax Sales tax return 52

CPA Practice

SEPTEMBER 17, 2024

Since joining the firm in 2021, Brianna has excelled in accounting, auditing, compliance, financial statement preparation, tax return preparation, and special projects. She is working towards her master’s in accounting. Sawyer, Senior Brianna Sawyer has been promoted to Senior.

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Construction Illinois audit Real Estate 52

xendoo

APRIL 3, 2023

You can always use a business tax service like Xendoo and a tax CPA can do it for you. CFO services? You are also allowed to carry forward tax credits. If you haven’t reached your general business credit limit this year, you can apply the unused credits from past years on this year’s return.

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Tax business tax tax preparation bookkeeping 52

xendoo

APRIL 3, 2023

You can always use a business tax service like Xendoo and a tax CPA can do it for you. You are also allowed to carry forward tax credits. If you haven’t reached your general business credit limit this year, you can apply the unused credits from past years on this year’s return.

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Tax business tax tax preparation income tax 52

LyfeAccounting

MAY 5, 2021

For those people, we edited the chart and made a slight adjustment, so you can see their tax rate would be closer to the 40% range. of the 154 million people who filed a tax return in 2018. They leave with the whole $10,000 and some of them are willing to hold stocks for decades to realize those gains while avoiding the tax.

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Tax Real Estate Start-ups income tax 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. To make this even better, you can deduct your contributions from your tax return.

Tax 52

Tax accounting and finance Start-ups tax return 52

Withum

NOVEMBER 17, 2022

Resident Clients: Resident partners/shareholders participating in a PTET (elective or mandatory) may not receive a credit for taxes paid to another state on their resident state income tax return. On August 4, 2021, the MTC voted to adopt a revision to its “Statement of Information” whereby a business could lose P.L.

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tax planning Tax income tax New York 52

Going Concern

NOVEMBER 10, 2023

Customers of the Falasz Tax and Accounting company say they’re upset because the company didn’t file their taxes on time in April and then missed the October extension date. Earnest and Randell were separately convicted of individual counts of preparing false tax returns.

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audit accounting and finance auditor accounting firms 122

Going Concern

JUNE 10, 2022

This latest statement follows a pair of statements issued in October 2021 and December 2021, both of which similarly highlighted auditor independence. The Chrisleys were found guilty of tax evasion, and Peter Tarantino was found guilty of filing two false corporate tax returns on behalf of the Chrisleys’ company.

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auditor accounting and finance audit CPA 59

Going Concern

FEBRUARY 16, 2024

Apparently the local news has had this amateur CPA on their radar since at least 2020: Krystal clear – customer says shady businesswoman an “expert at frauding people” [ FOX 2 Detroit ] Krystal friended Chrissy on Facebook and said her company “Card Virtual Tax Service” could get her a big refund and take a percentage.

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Real Estate Iowa audit public accounting 105

Withum

JULY 26, 2023

Instead, the Act would allow taxpayers to currently deduct research and experimental expenditures that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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Tax income tax Manufacturing accounting and finance 52

Withum

DECEMBER 4, 2024

This will permit the corporation to base its 2025 estimated income tax installment payments on the relatively small amount of income shown on its 2024 tax return, rather than having to pay estimated taxes based on 100% of its much larger 2025 taxable income. instead of deducting them immediately each year.

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