Withum

SEPTEMBER 6, 2022

The deduction for the 2022 taxable year was $1.88 In 2022, the company’s §179D deduction is limited to $376,000 (200,000 x $1.88). For more information on this topic, please contact a member of Withum’s Business Tax Services Team. per square foot. The company has not previously claimed the §179D deduction.

Construction 80

Construction tax services business tax Tax 80

Xero

JULY 7, 2022

We were honored to be on the ground at NABA’s Annual Convention last month as a sponsor of their 2022 scholarship program, which has provided over $375,000 in scholarships to their students. . This summer, I am working at Deloitte as a Business Tax Services Intern in their Chicago office.

Iowa 82

Iowa accounting and finance Illinois bookkeeping 82

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. Does the federal relief also extend the time to pay federal income tax? State Income Tax Filings. Contact Us. Let’s Chat.

Government 124

Government income tax tax return Florida 124

Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. The October 16, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17 and April 18, 2023.

California 119

California tax return Nevada payroll 119

Withum

OCTOBER 19, 2022

On October 19, 2022, the IRS issued a press release ( IR-2022-183 ) warning taxpayers to be wary of third parties who advise them to claim an employee retention credit (ERC) when they do not qualify. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

income tax 132

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Withum

MARCH 15, 2022

The IRS hopes to get the backlog of unprocessed returns below 1 million by the end of 2022 and develop new automated voice and chatbots to answer taxpayer questions. Business Tax Services. Contact Us. Contact a member of Withum’s Forensics, Investigations, and White-Collar Criminal Defense Team with any concerns.

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us. Let’s Chat.

California 122

California Tax tax return payroll tax 122

Withum

MARCH 29, 2022

Prior to 2022, this threshold was met if, during a calendar year, the total of all payments distributed to a person exceeded $20,000 resulting from more than 200 transactions or donations. For 2022 and beyond this threshold is dramatically reduced to $600 in gross payments, regardless of the number of transactions or donations.

tax return 122

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Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Business Tax Services. Contact Us.

Tax 124

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Withum

MARCH 16, 2022

On March 11, 2022, the U.S. General License 17: Transactions related to Action 1 are allowed through 12:01 am EST on March 25, 2022, that were ordinarily incident and necessary and pursuant to written contracts entered into prior to March 11, 2022. Business Tax Services. The following transactions by U.S.

Sports 121

Sports Government Finance tax services 121

xendoo

JANUARY 31, 2022

The update set a new minimum requirement for filing a Form 1099-K by third party payment apps: business owners who collect payments of $600 or more will now receive Form 1099-K from the payment apps they use, in order to disclose their mobile app earnings to the IRS. . They are available when you need them, all year long. .

bookkeeping 105

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Withum

SEPTEMBER 1, 2023

Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period. For example, the new deadlines apply to the following: Individuals who had a valid extension to file their 2022 return due to run out on Oct.

Tax 98

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inDinero Tax Tips

DECEMBER 22, 2023

Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning. At indinero, we’re committed to guiding you through these complexities and optimizing your financial strategy with our comprehensive business tax services.

tax planning 52

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CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG.

Tax 110

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Withum

APRIL 14, 2022

If the ability for employer matching on qualified student loan payments is enacted, it would be effective for contributions made for tax years beginning after December 31, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on April 7, 2022. Business Tax Services. Contact Us.

Education 129

Education tax services Transportation Tax 129

Withum

MAY 16, 2022

In our example, Julia would have to include the $10,000 of cancellation of debt income in her 2021 tax return and adjust her basis in her real property by $50,000 as of January 1, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on May 11, 2022. Business Tax Services. Contact Us.

Real Estate 131

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

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Withum

APRIL 11, 2022

3807 , Relief for Restaurants and other Hard Hit Small Businesses Act of 2022, which would add an additional $42 billion to the Restaurant Revitalization Fund (RRF) and fund $18 billion to a newly created Hard Hit Industries Award Program (HHIAP). Business Tax Services. On Thursday the House passed H.R. Contact Us.

tax services 126

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Withum

JUNE 6, 2022

On May 27, 2022, the IRS released its sixth pronouncement regarding the types of businesses that can qualify for the qualified small business stock (QSBS) exclusion. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. Contact Us.

Tax 126

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xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

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Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? In fact, these are the very steps that I followed to help take my heavily bookkeeping-focused accounting business from scratch to sale in only 5 years. In order to deliver your client’s ideal result, what services do you need to provide?

bookkeeping 98

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Withum

JANUARY 16, 2024

Extension of 100 Percent Bonus Depreciation: Bonus depreciation was reduced to 80% for qualified property placed into service after December 31, 2022, and to 60% for qualified property placed into service after December 31, 2023.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

FEBRUARY 1, 2024

Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Let’s Chat The post House Passes Tax Relief Act With a Decisive Bipartisan Vote appeared first on Withum. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

Tax 124

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Withum

SEPTEMBER 2, 2022

New York City’s tax code was amended on August 31, 2022, to harmonize a number of the City’s provisions with New York State. The enacted legislation aligns New York City with New York State’s economic nexus provisions, now applying a factor-based standard, for tax years beginning on or after January 1, 2022. Contact Us.

New York 83

New York Tax tax return corporation tax 83

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. Contact Us.

New York 112

New York income tax New Jersey Tax 112

CPA Practice

OCTOBER 2, 2023

Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. With uncertainty around, and unwillingness to increase taxable income, many who qualify for the R&D Credit were hesitant to claim for the 2022 tax year or waited, in the hope of a repeal.

Tax 106

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Withum

SEPTEMBER 22, 2022

19, 2022)) addressing the proper treatment of improperly forgiven PPP loans. The IRS ruled that the PPP loan forgiveness amount is not tax-free, even if the SBA and lender granted the borrower full loan forgiveness, if the taxpayer did not satisfy the factual requirements for loan forgiveness. Contact Us. Let’s Chat.

Tax 125

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Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments.

Rhode Island 72

Rhode Island income tax tax return Tax 72

CPA Practice

OCTOBER 3, 2023

Those still looking to file an ERC claim can continue to do so under the strict guidance of the IRS and through a certified tax professional, like KBKG. With uncertainty around, and unwillingness to increase taxable income, many who qualify for the R&D Credit were hesitant to claim for the 2022 tax year or waited, in the hope of a repeal.

Tax 103

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Withum

JULY 25, 2022

The program is aimed at small, independently owned and operated businesses operating in New York with 100 or fewer employees and gross receipts that are less than $2.5 Business Tax Services. For more information on this topic, please contact a member of Withum’s Business Tax Services team.

New York 78

New York tax services payroll business tax 78

CPA Practice

MARCH 8, 2023

In August 2022, the landmark Inflation Reduction Act (IRA) was signed into law. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets. Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C. Metro office in the Business Tax Services practice.

income tax 111

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Withum

FEBRUARY 9, 2022

While the form of these two transactions is different, they both achieve an economically-similar result vis-à-vis the selling shareholders (and the tax issues discussed in this article apply to both forms of the transaction). This article was originally published by Daniel Mayo in Forbes on January 29, 2022. Business Tax Services.

Sales 78

Sales Tax business tax tax services 78

Withum

JANUARY 8, 2024

Method of Accounting Many have been waiting for clarification surrounding the IRS administrative procedures that should be followed in order to adjust 2022 federal taxable income to follow the IRS interim guidance provided in Notice 2023-63 and, more recently, Notice 2024-12.

tax return 78

tax return audit Tax income tax 78

Withum

NOVEMBER 14, 2022

The IRS recently released a private letter ruling (PLR 202244004 (August 9, 2022)) that grants additional time to a taxpayer that failed to timely elect to defer the gain from a rollover of qualified small business stock (QSBS). This article was originally published by Daniel Mayo in Forbes on November 5, 2022. Contact Us.

tax return 113

tax return Entertainment Tax Sales 113

Withum

JUNE 12, 2024

The bonus depreciation rate decreased to 80% in 2023 and will continue to decrease by 20% each year until it is zero for property placed in service after December 31, 2026. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

income tax 127

income tax Tax corporation tax Non-Profits 127

Withum

MARCH 21, 2022

Aren’t federal income taxes grand? This article was originally published by Lynn Mucenski Keck in Forbes on March 14, 2022. Business Tax Services. For more information on this topic, please contact a member of Withum’s Federal Tax Services Team. Contact Us. Contact Us.

Tax 128

Tax corporation tax income tax tax services 128

Withum

APRIL 29, 2022

We also have said that we can’t imagine the IRS would assert interest and penalties if the tax were not paid in advance of receipt of the credit, citing the inherent unfairness of taxation before the receipt of income. Business Tax Services. Now the IRS has provided guidance, sort of. Contact Us. Contact Us.

Tax 80

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