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.

CPA 238

CPA business tax Tax 238

RogerRossmeisl

DECEMBER 27, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. The post 2022 Q1 Tax Calendar: Key Deadlines for Businesses appeared first on Roger Rossmeisl, CPA. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Tax 217

Tax CPA business tax 217

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.

Tax 215

Tax CPA Legal Sales 215

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!

South Dakota 246

South Dakota Sales Tax 246

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.

Tax 189

Tax income tax CPA 189

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.

tax return 228

tax return Tax CPA 228

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.

Tax 210

Tax CPA business tax 210

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.

Sales 234

Sales CPA Tax 234

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.

California 234

California CPA 234

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).

tax planning 231

tax planning Tax CPA Start-ups 231

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.

Tax 226

Tax tax return CPA 226

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.

tax return 215

tax return CPA Tax 215

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.

tax return 206

tax return CPA Tax 206

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.

CPA 222

CPA Tax business tax 222

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 Account 221

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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Tax CPA cpa firm 244

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.

Sales 246

Sales Tax audit Finance 246

CPA Practice

AUGUST 21, 2024

By Jozsef Papp The Atlanta Journal-Constitution (TNS) A woman charged in an August 2022 Midtown shooting spree that resulted in the death of two men and the injuring of another is not competent to stand trial at this time, a judge has ruled.

Georgia 98

Georgia Hospitality public accounting accounting firms 98

TaxConnex

APRIL 30, 2024

RDFs are a relatively new concept: Colorado was first to roll one out, in July 2022. The exemption is retroactive to July 2022. A: Most states refer to it as a fee, a distinction that allows lawmakers to avoid the voting process. As with many taxes, this was created as one way to generate revenue. Q: How much is Colorado’s RDF?

Minnesota 264

Minnesota Retail Colorado Tax 264

TaxConnex

FEBRUARY 22, 2024

from the same period in 2022. from 2022 to 2023 and is now offered by nearly two-thirds of U.S. Projections indicate that value will increase to $8.03 trillion in 2027. retail e-commerce sales for 2023 through the third quarter were $833 billion, up 7.6% retail e-commerce sales is expected to top $2 trillion by 2027.

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E-commerce West Virginia Kansas Virginia 264

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.

CPA 235

CPA Tax cpa firm business tax 235

TaxConnex

MAY 6, 2021

1, 2022, exempting broadcast and news media entities’ digital advertisement services and prohibiting the pass-through of the tax via a separate charge. 1, 2022, and certain prepaid wireless 911 fees beginning April 1, 2022. Lawmakers in Annapolis have passed S.B.

Sales 246

Sales North Carolina Tax Maryland 246

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.

Tax 206

Tax tax return CPA 206

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%

Tax 249

Tax income tax CPA Sales 249

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 200

RogerRossmeisl

JUNE 3, 2021

Your 2021 return will be due in April of 2022. If you couldn’t file by that date, you could have requested an extra five months to file your 2020 tax return by October 15, 2021. Some unemployment compensation from last year is tax free Many people lost their jobs last.

Tax 241

Tax tax return CPA 241

RogerRossmeisl

DECEMBER 10, 2022

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments.

Tax 243

Tax income tax CPA Sales 243

RogerRossmeisl

APRIL 25, 2023

According to FinCEN, banks reported 680,000 check fraud incidents in 2022, almost double those reported in 2021. Jokes aside, electronic transfers have indeed replaced paper checks for many consumer and business payments. Yet paper checks are still used at many businesses and check fraud has been increasing.

CPA 241

CPA 241

TaxConnex

DECEMBER 16, 2021

As states look to continue to benefit from economic nexus collections, new regulations are sure to come about, and audits are likely to increase in 2022. If you’re looking to make a change and start 2022 off on the right foot, get in touch with TaxConnex! Benefits of Outsourcing.

Sales 241

Sales Tax audit Start-ups 241

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 198