TaxConnex

JULY 12, 2022

The current online resource used for sales tax filing (e-TIDES) will be retired this November and the state will move sales tax services to the online system currently used for most other tax types, myPATH. for how this will change sales tax filing and other taxpayer services? when the transition occurs.

Sales 246

Sales Tax Oklahoma Illinois 246

Cherry Bekaert

MAY 28, 2024

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. per $1,000 of its tax base.

North Carolina 104

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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.

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Withum

FEBRUARY 27, 2023

Affected individuals and businesses will have until October 16, 2023, to file returns and pay any taxes, including 2022 individual income tax returns due on April 18 and various 2022 business returns normally due on March 15 and April 18, 2023. The IRS also announced that the Oct. Who Is an Affected Taxpayer?

California 119

California tax return Nevada payroll 119

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.

New York 112

New York income tax New Jersey Tax 112

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. Contact Us.

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TaxConnex

MAY 2, 2023

As of last summer, 43 municipalities had joined the Commission, representing 85% of all Alaskans who live in a tax jurisdiction. Coffers running dry Alaska residents receive annual dividend payments from the state’s Permanent Fund; the 2022 payout for individual was $3,284, one of the largest in history.

Alaska 130

Alaska Sales Tax New Hampshire 130

Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services. Contact Us.

New Jersey 52

New Jersey income tax Tax tax services 52

Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. This allows each partner to weigh their unique individual income tax circumstances and come to their own conclusion.

Real Estate 131

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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

CPA Practice

JANUARY 29, 2024

These extra hours are in addition to the IRS opening or reopening 50 Taxpayer Assistance Centers that have occurred since Inflation Reduction Act funding became available in 2022. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

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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. Business Tax Services.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

Withum

SEPTEMBER 1, 2023

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. 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. 15, 2023, and Jan. 11, 2023.

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Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. This could be a surprise to many taxpayers and may only get worse through the 2022 taxable year.

business tax 119

business tax Tax income tax tax return 119

Withum

JANUARY 31, 2024

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. Please note that, as of this time, Rhode Island has not provided an extension of time to file the state income tax returns.

Rhode Island 72

Rhode Island income tax tax return Tax 72

Withum

NOVEMBER 17, 2022

For 2022, Donors may claim a tax deduction limit for contributions of cash of 60% (for non-cash gifts up to 30%) of one’s AGI. Donation amounts in excess of these limits may be carried over for up to five tax years. 2022 Year-End Tax Planning Resources. 2022 Year-End Tax Planning Resources.

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Withum

FEBRUARY 16, 2023

Most state income tax systems fall into two categories: progressive tax and flat tax. Massachusetts touts a “flat tax” system. Everyone pays the same percentage of their income. Not exactly the best example of a “flat tax” system, right? Good News or Bad News?

Massachusetts 75

Massachusetts income tax Tax tax return 75

Withum

MARCH 7, 2022

The Washington State Superior Court on March 1, 2022 overturned a new law enacted last year to tax capital assets. The capital gains tax took effect on January 1, 2022. This tax was set to apply to only individuals. State and Local Tax Services. Get in Touch. Contact Us.

Washington 75

Washington Tax income tax tax return 75

Withum

AUGUST 8, 2023

Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same. Does this seem extreme?

New York 96

New York income tax Manufacturing financial statements 96

Withum

SEPTEMBER 9, 2022

If your company has operations in New Jersey and other states but does not necessarily have complete or clear tax reporting in New Jersey (and you are dreading it), a new initiative may represent a significant opportunity. 15, 2022, to participate and provide all transfer pricing documentation by October 31, 2022. Contact Us.

New Jersey 75

New Jersey Tax income tax tax return 75

MyIRSRelief

JANUARY 3, 2022

As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. What exactly are TFRP – trust fund taxes? What we’re here to talk about today is IRS TFRP help, or trust fund recovery penalty help, as it is better known.

Tax 147

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CPA Practice

MARCH 8, 2023

In August 2022, the landmark Inflation Reduction Act (IRA) was signed into law. Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. By Ryan Sheehan.

income tax 111

income tax Tax financial statements corporation tax 111

Withum

MARCH 14, 2022

The new regulations significantly modify the rules for determining when a foreign tax credit is creditable, how income and deductions are sourced and allocated for FTC calculation purposes among other modifications. These changes are effective March 7, 2022. International Tax Services. Contact Us. Contact Us.

Tax 72

Tax income tax tax services 72

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Each state has different eligibility requirements and PTE election regimes.

Real Estate 109

Real Estate tax planning Construction Tax 109

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

APRIL 8, 2022

If individuals anticipate being in a lower tax bracket when they start to receive retirement distributions, they may be more inclined to invest in pre-tax investment vehicles. Many experts recommend diversification between pre and post-tax contributions. Business Tax Services. Contact Us. Contact Us.

income tax 75

income tax Start-ups Tax Maine 75

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

Tax cpas audit tax services 103

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

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

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Withum

DECEMBER 4, 2024

Bonus Depreciation For property placed in service during 2024, the bonus depreciation percentage has decreased from 100% (in 2022) to 60%. The depreciation percentage will continue to decrease 20% each year until bonus depreciation is no longer available for property placed in service in 2027. 3, 5, 7, 15, or 20 years).

Tax 59

Tax income tax Construction Non-Profits 59

xendoo

JANUARY 6, 2022

Because self-employed individuals do not have taxes withheld from their paychecks like W-2 employees, they pay quarterly estimated taxes in order to cover Social Security, Medicare, and income tax. To ensure that your estimated tax payments are made on time, mark your calendar with the upcoming deadlines: .

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Tax bookkeeping income tax bookkeeping services 59

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

Withum

OCTOBER 12, 2022

A new corporate alternative minimum tax (“CAMT”) was enacted as part of the Inflation Reduction Act passed on August 16, 2022. While at first glance US corporations may not consider CAMT if their financial income does not exceed $1 billion, CAMT may apply to unsuspecting foreign-owned US corporations. Contact Us. Contact Us.

financial statements 69

financial statements Tax income tax Manufacturing 69

Withum

APRIL 8, 2022

Under current law, employers with no more than 100 employees are generally allowed to claim an income tax credit for retirement plan startup costs equal to 50% of the costs paid or incurred in the first credit year and each of the immediately following two taxable years. Business Tax Services. Contact Us.

income tax 75

income tax Tax tax services business tax 75

Withum

APRIL 5, 2023

tax legislation ensuring businesses could continue to fully deduct their research and experimental (“R&E”) expenditures in the 2022 taxable year. However, the partisan Congressional divide will likely force businesses to reduce 2022 Section 174 R&E deductions to as little as 10% for domestic and 3.3%

Tax 78

Tax income tax tax return Account 78