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). I didn’t qualify to itemize deductions on my last tax return.

Tax 245

Tax tax return CPA 245

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 corporations pay the first installment of 2023 estimated income taxes.

Tax 239

Tax income tax tax return CPA 239

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

DECEMBER 10, 2022

Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive a charitable donation write-off, you must itemize deductions on your tax return. Instead, sell the shares and claim the resulting capital loss on your tax return.

tax return 245

tax return CPA Tax accounted 245

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. For 2022, if you’re a married joint. The post There Still May be Time to Make an IRA Contribution for Last Year appeared first on Roger Rossmeisl, CPA.

tax return 241

tax return CPA Tax 241

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 241

Tax tax return CPA 241

RogerRossmeisl

MAY 15, 2023

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. The post Tax News for Investors and Users of Cryptocurrency appeared first on Roger Rossmeisl, CPA. And you may soon notice a new form reporting requirements for digital assets. Transactions are reported.

Tax 233

Tax tax return CPA Sales 233

RogerRossmeisl

JULY 17, 2022

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Fortunately, if you’re eligible to deduct driving costs, the IRS just increased the standard amounts for the second half of 2022 due to the high price of gas. appeared first on Roger Rossmeisl, CPA.

tax return 246

tax return CPA Tax 246

RogerRossmeisl

DECEMBER 14, 2021

Certain tax deductions are claimed for the year of payment, such as the mortgage interest deduction. So, if you make your January 2022 payment in December, you can deduct the interest portion on your 2021 tax return (assuming you itemize). Accelerate deductions/defer income.

Tax 246

Tax tax return CPA tax planning 246

RogerRossmeisl

NOVEMBER 29, 2021

An account for health expenses A pre-tax contribution of $2,750 to a health FSA is permitted in 2021. This amount is increasing to $2,850 for 2022. You save taxes in these accounts because you use pre-tax dollars to pay for medical expenses that might not be deductible. Additionally, the amounts that.

accounted 242

accounted Account accountant tax return 242

CPA Practice

FEBRUARY 24, 2023

Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. million tax returns—29% more than in 2022, nearly four million more. As of Feb.

tax return 130

tax return Tax income tax 130

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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tax preparation Georgia tax return Tax 97

CPA Practice

OCTOBER 29, 2024

The IRS noted that these groups aren’t subject to the corporate income tax, but instead income is “passed through” onto the income tax returns of the individual or corporate owners and taxed at their income tax rates. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

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income tax audit tax return Real Estate 115

Going Concern

NOVEMBER 8, 2024

This would be a big blow for firms such as PwC which, in 2022, received more than $79 million in fees from Macquarie Group alone. They don’t even have time to sit for their CPA exam because they’re working so many hours.” It made recruiting a lot easier,” Rojas says. Lovesac to settle accounting violation suit brought by SEC for $1.5

Florida 98

Florida Mississippi audit auditor 98

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.,

tax return 75

tax return Tax Washington 75

CPA Practice

JANUARY 24, 2023

The IRS sent out a reminder on the second day of the 2023 filing season that all digital asset-related income must be reported when taxpayers file their 2022 federal income tax returns. A question regarding digital assets must be answered by all taxpayers on their 2022 income tax returns.

tax return 119

tax return income tax Tax Account 119

CPA Practice

FEBRUARY 20, 2023

Dalton, Staten Island Advance, NY (TNS) The IRS has been processing refunds faster this tax season than last year, but the average refund Americans are receiving is slightly lower, the federal agency recently announced. million tax returns—29% more than in 2022, nearly four million more. As of Feb.

tax return 98

tax return Tax income tax 98

CPA Practice

OCTOBER 17, 2023

In a Direct File report the IRS submitted to Congress on May 16, as required by the Inflation Reduction Act, 72% of American taxpayers surveyed said they were “very interested” in or “somewhat interested” in using a government tool to electronically file their tax returns.

tax return 116

tax return Tax South Dakota tax preparation 116

CPA Practice

JUNE 7, 2024

This week at the ENGAGE conference in Las Vegas, topline results of the Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey were revealed during the AICPA Town Hall. The two largest CPA firm categories (11 to 20 professionals and 21 or more professionals) listed retaining qualified staff as their No.

cpa firm 104

cpa firm CPA tax return accounting firms 104

CPA Practice

FEBRUARY 3, 2023

The IRS began accepting tax returns in late January, and if you were hoping for a bigger tax refund—or at least a smaller tax bill—in the new year, some tax law changes impacting the upcoming 2022 tax year filing season may dampen your spirits. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 119

Tax Illinois tax return cpas 119

RogerRossmeisl

FEBRUARY 20, 2023

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. The reason is you can potentially protect yourself from tax identity theft.

Tax 130

Tax tax return income tax CPA 130

RogerRossmeisl

NOVEMBER 25, 2023

As reported via Tax Tip 2022-122 on 8/10/2022 There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. Business owners must take these steps when closing a business: File a final tax return and related forms.

Tax 130

Tax tax return CPA business tax 130

TaxConnex

NOVEMBER 29, 2022

more than one in four (26.7%) top finance professionals reported seeing an increase in state sales tax audits in the past two years. Almost half (48.5%) of respondents expect sales tax audits to become more frequent in 2022-23, and nearly one in five (18.5%) cited an audit as one of their chief worries for this year.

audit 262

audit auditor general ledger Non-Profits 262

CPA Practice

APRIL 9, 2024

receiving Bachelor’s and Master’s degrees in accounting has dropped 17% over the past six years to roughly 66,000 in 2022 compared to 80,000 in 2016, according to the AICPA 2023 Trends Report. The results are profound: more than 99% of the top CPA firm leaders in the US said they can’t adequately fill their staffing needs domestically.

cpa firm 122

cpa firm CPA Technology Legal 122

TaxConnex

FEBRUARY 27, 2024

in 2022, up 1.3% 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. There were about 1.65 million accountants and auditors in the U.S.

Sales 264

Sales Tax accounted Account 264

CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

tax preparation 132

tax preparation Tax tax return income tax 132

CPA Practice

SEPTEMBER 11, 2023

million tax legal battle is going into its seventh year, because the IRS is appealing the 2022 ruling that Mayo Clinic “operated exclusively for educational purposes.” A bench trial was held in the spring of 2022, which concluded with Tostrud again ruling in Mayo Clinic’s favor. By Jeff Kiger, Post-Bulletin, Rochester, Minn.

Real Estate 115

Real Estate Tax Education Hospitality 115

CPA Practice

JANUARY 12, 2023

The 2023 tax-filing season will open on Jan. 23—the day in which the IRS will begin accepting and processing 2022 tax year returns, the agency said on Thursday. The IRS is urging taxpayers to have all the information they need before they file a tax return.

tax return 133

tax return income tax Tax Washington 133

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

tax return 131

tax return Tax tax accountant Technology 131

CPA Practice

MAY 24, 2023

For the 2023 filing season, the IRS is using 236 identity theft filters compared to the 168 filters it used during the 2022 tax season. Tax returns identified by these filters are held during processing until the IRS can verify the taxpayer’s identity. million tax returns with refunds totaling approximately $6.3

tax return 111

tax return Tax Start-ups 111

Withum

MARCH 15, 2023

This marks the third time in six months the IRS has issued a written warning to taxpayers – the first two were issued in October and November of 2022, and we wrote about the October notice here. Also on March 7, 2023, the IRS’s Office of Professional Responsibility (OPR) issued a warning to tax professionals regarding the ERC.

tax return 130

tax return income tax audit Tax 130

Going Concern

FEBRUARY 23, 2024

Sadly, I had to argue with them over their own language in black and white on how… — Eric Pierre, CPA (@yourfavecpa) February 22, 2024 Deloitte’s Adam Powick wrestles with the complaints of former staff and directors about the pressure to perform in a gruelling corporate culture. in last 12 months.

CPA 105

CPA Illinois auditor Iowa 105

CPA Practice

FEBRUARY 11, 2023

After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate , the Internal Revenue Service has provided clarifying the federal tax status involving special payments made by 21 states in 2022. Alaska is in this group as well, but please see below for more nuanced information.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

CPA Practice

DECEMBER 13, 2023

By Mike D’Avolio, CPA, JD. The Inflation Reduction Act of 2022 was signed into law on Aug. 16, 2022, providing numerous tax deductions and tax credits for individuals, families and businesses. New tax incentives were added, and existing tax incentives got extended and enhanced.

CPA 122

CPA tax return Tax Maine 122

CPA Practice

JANUARY 31, 2022

The deadline for most Americans to file their federal tax returns in 2022 is April 18, instead of the usual April 15 date. Most states that have their own income tax reporting. This is because of a holiday recognized in the nation's capital.

income tax 76

income tax Tax tax return 76

MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. Call us today at 1-877-788-2937.

tax services 147

tax services California Tax tax preparation 147

Going Concern

OCTOBER 20, 2023

Local CPA weighs in on accountant shortage [ WMDT ] The Salisbury, MD news spoke to a UHY partner about the issue. CPA at UHY Group Mark Welsh tells 47ABC that recruiting slowing down has meant firms are turning to AI, Bots, and international workers to help fill demand, raising prices as much as ten percent for end-users. Welsh said.

CPA 111

CPA quickbooks Real Estate auditor 111