RogerRossmeisl

JULY 16, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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Tax income tax CPA business tax 246

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.

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CPA business tax Tax 246

RogerRossmeisl

SEPTEMBER 26, 2022

1-4 – POTENTIALLY ABUSIVE ARRANGEMENTS (Source: IR-2022-113, June 1, 2022) The potentially abusive arrangements in this series focus on four transactions that are wrongfully promoted and will likely attract additional agency compliance efforts in the future. “Taxpayers.

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Tax CPA Legal Sales 243

RogerRossmeisl

NOVEMBER 13, 2022

This is up from the 2022 amounts of $12,950 for single taxpayers, $25,900 for married couples filing jointly and $19,400 for heads of. The post How Inflation Will Affect Your 2022 and 2023 Tax Bills appeared first on Roger Rossmeisl, CPA.

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Tax income tax CPA 235

RogerRossmeisl

DECEMBER 29, 2024

While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. Inflation can have a significant impact on federal tax breaks. The IRS recently announced next years inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction.

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Tax income tax CPA 261

TaxConnex

JANUARY 25, 2022

We are excited about what 2022 will bring as we continue to expand our client base and service offerings to best meet the needs of businesses struggling with managing sales tax on their own.”. As we continue into 2022 we are poised for even more growth and have several open positions!

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South Dakota Sales Tax 246

TaxConnex

NOVEMBER 21, 2024

over 2022 to a record $964.4 million in 2022. over 2022 while in-store sales were up just 2.2%. million consumers shopped during last Cyber Week, surpassing 2022’s record number. Cyber Week drove $38 billion in online U.S. spending, up 7.8% year over year, and U.S. retail sales during the 2023 holiday season grew 3.8%

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TaxConnex

JANUARY 7, 2025

The most wonderful time of the year In 2022, the cost of retail returns in the U.S. The simple answer is yes. The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details. hit $817 billion, a quarter of that from online retailing. The average retail return rate is 26.4%

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Sales Rhode Island Tax tax return 147

RogerRossmeisl

APRIL 24, 2023

If so, it’s important to determine whether you’re required to file a 2022 gift tax return. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. And in some cases, even if it’s not required to file one, you may want to do so anyway.

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tax return Tax CPA 246

CPA Practice

NOVEMBER 11, 2024

Second, the firm failed to timely file its annual reports on PCAOB Form 2 for 2021, 2022, and 2023, in violation of PCAOB Rule 2201, Time for Filing of Annual Report. In 2022, the PCAOB finally gained access to inspect and investigate firms headquartered in mainland China and Hong Kong.

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audit auditor cpa firm public accounting 111

TaxConnex

FEBRUARY 13, 2025

million in gross revenue for the Nation between 2015 and about 2022. The Navajo Nation has also seen a detailed study of the junk food tax it enacted 11 years ago; a 2% tax was levied on foods and beverages with minimal-to-no nutritional value and the 6% tax was removed on water, fruits, and vegetables.

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Sales Tax Wisconsin Oklahoma 213

RogerRossmeisl

JANUARY 2, 2023

January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax. Farmers and fishermen: Pay estimated tax for 2022. January 31 File 2022 Forms.

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Tax CPA business tax 242

RogerRossmeisl

FEBRUARY 26, 2023

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax savings on your 2022 return.

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tax return CPA Tax 241

RogerRossmeisl

AUGUST 28, 2022

The IRS has released a procedure (Rev Proc 2022-32) that provides a new, simplified method for obtaining an extension of time to make a “portability” election. A portability election allows a surviving spouse to apply a deceased spouse’s unused exclusion (DSUE) amount to their own transfers during life or at death.

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tax return CPA Tax 243

RogerRossmeisl

NOVEMBER 9, 2022

One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t itemize because of the high 2022 standard deduction amounts ($25,900 for joint filers, $12,950 for singles and married couples filing separately and $19,400 for heads of household).

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tax planning Tax CPA Start-ups 246

RogerRossmeisl

JANUARY 2, 2023

If you sold stock shares at a loss at the end of 2022 to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule.

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Sales CPA Tax 246

RogerRossmeisl

MARCH 28, 2022

As posted to the Peak Prosperity YouTube Channel on 3/23/2022 (Run Time: 52 min, 22 sec) Paraphrased from Creator-Provided Description California is facing a rash of exceptionally dangerous and poor legislation that is truly beyond belief. If California passes these laws, other states could well be next.

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California CPA 246

RogerRossmeisl

FEBRUARY 20, 2023

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). Due to inflation, many amounts have been raised more than in past years.

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Tax tax return CPA 245

RogerRossmeisl

JULY 16, 2022

The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. For the second half of 2022 (July 1–December 31), the standard mileage rate for business travel will be 62.5. The post IRS Issues Mid-Year Business Mileage Rate Increase appeared first on Roger Rossmeisl, CPA.

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CPA Tax business tax 245

RogerRossmeisl

APRIL 21, 2022

For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for 2022. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2022 by a whopping $19,520 (32% times $61,000).

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Tax income tax CPA accounted 245

RogerRossmeisl

MAY 16, 2023

As appearing in IRS Tax Tip 2022-97 Many people take up gig work on a part-time or full-time basis, often through a digital platform like an app or website. The reporting requirement for issuance of Form 1099-K changed for payments received in 2022 to totals exceeding $600, regardless of the total number of transactions.

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Tax tax return CPA 241

RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For individuals, file a 2022 income tax return (Form 1040 or Form 1040-SR) or file for an automatic six-month extension (Form 4868) and pay any tax due.

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Tax income tax tax return CPA 239

RogerRossmeisl

NOVEMBER 13, 2022

In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. Also, adoptive parents may be able to exclude from gross income up to $14,890 in 2022 ($15,950 in 2023) of qualified expenses paid by an employer under an adoption assistance program.

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Tax CPA 238

RogerRossmeisl

SEPTEMBER 29, 2024

Electric vehicles (EVs) have become increasingly popular. According to Kelly Blue Book estimates, the EV share of the vehicle market in the U.S. in 2023, up from 5.9% To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles.

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RogerRossmeisl

DECEMBER 15, 2022

As posted to IRS.gov as Tax Tip 2022-117 on 8/2/2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors.

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CPA Legal Tax cpa firm 236

RogerRossmeisl

SEPTEMBER 29, 2024

The changes apply to qualified alternative fuel vehicle refueling property placed in service after 12/31/2022, and before 01/01/2033. The Inflation Reduction Act amended the credit for qualified alternative fuel vehicle refueling property.

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CPA Tax cpa firm business tax 262

RogerRossmeisl

NOVEMBER 13, 2022

In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. 401(k) plans The 2023 contribution limit for employees who participate in 401(k) plans will increase to $22,500 (up from $20,500 in 2022).

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CPA business tax Tax 233

TaxConnex

NOVEMBER 4, 2021

TaxConnex is pleased to announce the completion of their second annual sales tax survey finding that the increasing sales tax complexities, growing nexus, fear of sales tax audits and limited resources to do what is necessary to remain compliant are among the top worries of financial professionals heading into 2022.

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Sales Tax audit Finance 246

RogerRossmeisl

NOVEMBER 13, 2022

2022 and 2023 thresholds In 2022, you must withhold and pay FICA taxes if your. In that case, ask the worker to fill out a Form W-4. However, you may be required to withhold Social Security and Medicare (FICA) taxes and to pay federal unemployment (FUTA) tax.

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Tax income tax CPA 217

RogerRossmeisl

OCTOBER 29, 2023

over July of 2022 after a couple years of much higher increases. Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9%

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Tax income tax CPA Sales 264