CPA Practice

MARCH 1, 2023

Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person. That includes federal income tax returns, that the decedent would have been required to file for the year of his or her death. 31, 2022, you can file a joint 2022 return.

income tax 122

income tax tax return Tax tax preparation 122

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

OCTOBER 29, 2023

over July of 2022 after a couple years of much higher increases. Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT).

Tax 264

Tax income tax CPA Sales 264

CPA Practice

SEPTEMBER 14, 2023

Tax Rates, which indicates inflation adjusted amounts in the tax code will increase 5.4% increase in 2023, it is nearly double the 2022 increase of 3%. See projected tax bracket tables below.] Bloomberg Tax’s annual Projected U.S. While this is a slight decrease from the 7.1%

income tax 119

income tax Tax accounting and finance tax planning 119

RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. File a 2022 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. See the exception below, under “August 10.”)

Tax 246

Tax income tax CPA business tax 246

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).

Tax 245

Tax income tax CPA Account 245

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.

income tax 115

income tax audit tax return Real Estate 115

RogerRossmeisl

JUNE 5, 2022

You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will have to be paid. State income taxes may also be owed.

income tax 221

income tax CPA Tax 221

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. High-income taxpayers may pay an additional 3.8% net investment income tax.

Tax 246

Tax income tax CPA Sales 246

RogerRossmeisl

NOVEMBER 5, 2021

If you employ a household worker, you aren’t required to withhold federal income taxes from pay. However, you may be required to withhold Social Security and Medicare (FICA) taxes and to pay federal unemployment (FUTA) tax. 2021 and 2022 thresholds In 2021, you must withhold and pay FICA taxes if your household.

Tax 244

Tax income tax CPA 244

Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

income tax 98

income tax Arizona Tax payroll tax 98

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. As part of the continuing investigation, Internal Revenue Service-Criminal Investigations agents executed an undercover operation at Crawford’s business in April 2022.

tax preparation 97

tax preparation Georgia tax return Tax 97

RogerRossmeisl

NOVEMBER 13, 2022

If you employ a household worker, you aren’t required to withhold federal income taxes from pay. However, you may be required to withhold Social Security and Medicare (FICA) taxes and to pay federal unemployment (FUTA) tax. 2022 and 2023 thresholds In 2022, you must withhold and pay FICA taxes if your.

Tax 213

Tax income tax CPA 213

RogerRossmeisl

JULY 17, 2022

Although merger and acquisition activity has been down in 2022, there are still companies being bought and sold. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. The post How Do Taxes Factor into an M&A Transaction?

Tax 229

Tax income tax CPA business tax 229

Dent Moses

JULY 19, 2022

Governor Ivey recently signed Senate Bill 261 into law, which increases the tax credit for contributions made to Scholarship Granting Organizations (“SGO”). Effective in 2022, an Alabama taxpayer may claim up to 100% of the individual’s Alabama tax liability for contributions made to an SGO, not to exceed $100,000 per year.

Alabama 98

Alabama income tax Tax tax return 98

Withum

DECEMBER 19, 2022

However, players do not dream of having to pay taxes on the foreign-sourced income they earn while playing abroad. On Saturday, December 3, 2022, the USA was knocked out of the World Cup by the Netherlands in the Round of 16. Per the IRS , the United States has tax treaties with several countries. Contact Us.

income tax 120

income tax Michigan Pennsylvania Sports 120

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

TaxConnex

DECEMBER 29, 2022

Heading into the new year, state sales tax revenues were up coast to coast, often by double-digit percentages. online retail sales in the 2021 holiday season had jumped 11% over 2020 and you had the foundation set for a banner 2022 for eCommerce – and online sales tax. South Dakota rejected a proposal to cut the state sales tax.

Sales 130

Sales Tax Maryland Louisiana 130

TaxConnex

FEBRUARY 15, 2022

Three-quarters of respondents reported that online sales as a percentage of revenue have increased in the last two years – yet three out of five also said they’re “not completely satisfied with the way they are managing sales tax.”. With the cascading changes in sales tax continuing into 2022, compliance is clearly not getting any easier.

Sales 264

Sales Tax income tax tax return 264

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

Anders CPA

AUGUST 2, 2022

Crypto Tax Planning for 2022. Senate, digital assets such as cryptocurrency would have been treated the same as stock and securities in applying the wash sale rule for federal income tax purposes. Anders is keeping an eye on evolving reporting requirements and tax treatment of cryptocurrencies. CONTACT ANDERS.

tax planning 111

tax planning Sales Tax income tax 111

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. Taxable Income Over. 2022 Long-Term Capital Gains Tax Bracket. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Tax-Advantaged Accounts. Capital Gain Planning.

tax planning 98

tax planning Tax Construction income tax 98

CPA Practice

APRIL 24, 2023

The IRS also notes that taxpayers who are owed a refund won’t be penalized or fined for filing late, but people shouldn’t overlook filing a tax return when they are due a refund… unless you really want to basically donate that money (your money) to the IRS. 16 to prepare and file 2022 tax returns electronically.

income tax 97

income tax tax return Tax online accounting 97

CPA Practice

SEPTEMBER 1, 2023

The IRS previously provided guidance on state payments made in 2022: IRS issues guidance on state tax payments to help taxpayers. The guidance is being issued as part of the IRS’s efforts to provide additional certainty to states and their residents regarding the federal income tax consequences of state payments made to taxpayers.

income tax 118

income tax Tax tax return Government 118

Reckon

JUNE 13, 2022

EOFY 2022 is coming up fast which means tax time is looming…. If you’re a business owner, the ATO requires entities of all sizes to file their tax documentation before 30 June 2022. Try our EOFY 3-month free trial offer of Reckon One which is only available until 1 July 2022. Key tax dates. July 2022.

Tax 98

Tax tax return Start-ups income tax 98

Xero

JUNE 13, 2022

Suddenly, it’s mid-2022. While here may not be the best place to ponder the ebb and flow of time, it is worth bearing in mind when assessing the April 2024 starting date for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). How did that happen? .

income tax 97

income tax Tax bookkeeping accounting software 97

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties.

Government 124

Government income tax tax return Florida 124

xendoo

JANUARY 12, 2022

To help you with this process, we’ve put together this complete guide for filing business taxes in 2022. You can use the information and the dates we provide to form a strategic plan for preparing and filing your taxes in 2022. What Is the Business Tax Filing Deadline for 2022?

business tax 98

business tax Tax tax return tax preparation 98

Xero

JULY 20, 2022

Today, we kicked off Xerocon London 2022 and it was clear from the excitement and buzz at the event that our accountants and bookkeepers, app partners and exhibitors were as happy as we were to come together again as a community. Here’s a quick breakdown of some of the highlights from day one of Xerocon London 2022. .

bookkeeping 97

bookkeeping payroll income tax accounting software 97

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

ThomsonReuters

FEBRUARY 16, 2023

IRS Publication 502 (Medical and Dental Expenses (for 2022 Returns)); IRS Publication 503 (Child and Dependent Care Expenses (for 2022 Returns)) Publication 502 Publication 503 The IRS has released updated versions of Publications 502 and 503 for the 2022 tax year. employer-sponsored medical plans).

income tax 98

income tax tax return Tax Account 98

CPA Practice

APRIL 7, 2023

In December 2022, Eunice Salley, a Chicago tax preparer, was sentenced to seven years in prison for filing false income tax returns on behalf of her tax preparation clients seeking more than $1 million in fraudulent refunds. In March 2022, Fred Pickett, Jr., from operating as tax return preparers.

tax preparation 132

tax preparation Tax tax return income tax 132

TaxConnex

APRIL 12, 2022

The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though. Kentucky is considering gradually eliminating its individual income tax in favor of a broader sales tax. South Dakota has rejected a proposal to cut the state sales tax by a half a percent.

South Dakota 246

South Dakota Sales Tax North Carolina 246

Reckon

AUGUST 8, 2022

Whether you’re already investing in currencies like Bitcoin or Ethereum, or perhaps considering dipping a toe in the pool, you need to understand the tax implications in Australia. Let’s jump into our crypto tax guide in Australia for 2022. This means it has nothing to do with income tax or taxable income.

Tax 98

Tax Non-Profits Government income tax 98

CPA Practice

SEPTEMBER 25, 2023

15, 2024, deadline will now apply to: Individuals who had a valid extension to file their 2022 return due to run out on Oct. The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. So, this is more time to file, not to pay.

Massachusetts 115

Massachusetts Maine Tax income tax 115

CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

income tax 118

income tax Tax Sports Nevada 118

CPA Practice

SEPTEMBER 12, 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 95

Real Estate Tax Education Hospitality 95