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2022 Year-End Tax Planning Checklist

Withum

2022 Tax Brackets and Rates. 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. Postpone income until 2023 and accelerate deductions into 2022. Tax-Advantaged Accounts.

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IRS Looks for Its Share of Cryptocurrency and NFT Growth

Withum

Most tax accountants would not be described as “hip” and many struggle to be considered “tech savvy”. This article was originally published by Lynn Mucenski Keck in Forbes on February 22, 2022. For more information on this topic, please contact a member of Withum’s Federal Tax Services Team. Let’s be honest.

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What's new in May for state sales and use taxes

TaxConnex

Voters will likely be asked this fall if they’re willing to increase the city’s 5% sales tax to 6% during the summer in exchange for exempting food from sales tax year-round. Exclusions include sales of the services in fulfillment of a lump-sum, fixed-fee contract, or a fixed-price sales contract executed on or before Feb.

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IRS Provides Limited Relief Surrounding IRC 174

Withum

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.

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IRS Starts Accepting Returns and Extends Hours at Tax Assistance Centers

CPA Practice

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. Taxpayers who are using the same tax software they used last year will not need to enter prior-year information to electronically sign their 2023 tax return.

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Will the IRS Deny Your Claim for the Employee Retention Tax Credit?

Withum

Did the taxpayer calculate gross receipts correctly, as such term is defined in §448(c) (or §6033 for tax-exempt entities)? Recall the taxpayer should use the same method of tax accounting — cash or accrual, that it used for tax purposes for the relevant tax year. Business Tax Services. Contact Us.

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4 Ways Small Business Owners Can Stay Tax Compliant

xendoo

While the salary is subject to self-employment taxes, the distributions are exempt, which allows S-Corps to avoid double taxation. . It is always best to speak to a small business tax accountant. Pay Quarterly Estimated Taxes . January 18, 2022 (the final installment for 2021). April 18, 2022. June 15, 2022.

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