RogerRossmeisl

APRIL 25, 2023

Once you file your 2022 tax return, you may wonder what personal tax papers you can throw away and how long you should retain certain records. You may have to produce those records if the IRS audits your return or seeks to assess tax. It’s a good idea to keep the actual returns indefinitely.

tax return 143

tax return Tax audit CPA 143

Xero

JUNE 16, 2022

So, to help small businesses in need of a little respite, we’re excited to announce that Xero’s Emotional Tax Return competition is back for 2022! . By inviting you – small business owners (that’s advisors too) – to submit an Emotional Tax Return claim. The hidden costs of running a small business in 2022.

tax return 105

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TaxConnex

FEBRUARY 13, 2025

Sales tax debates One of the largest Native American nations is The Navajo Nation, which in recent years has undergone some changes in sales tax. The Navajo Nation has a sales tax of 6% for all retail sales within The Navajo Nation. Quarterly sales tax returns are due 45 days after the end of each calendar quarter.

Sales 213

Sales Tax Wisconsin Oklahoma 213

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. The online tool, (i.e., “How

income tax 122

income tax tax return Tax tax preparation 122

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

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). Below are some Q&As about tax limits for this year.

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 Account 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

AUGUST 28, 2022

The IRS has released a procedure (Rev Proc 2022-32) that provides a new, simplified method for obtaining an extension of time to make a “portability” election. A portability election allows a surviving spouse to apply a deceased spouse’s unused exclusion (DSUE) amount to their own transfers during life or at death.

tax return 243

tax return CPA Tax 243

RogerRossmeisl

MAY 15, 2023

If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets.

Tax 233

Tax tax return CPA Sales 233

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

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

Withum

APRIL 12, 2022

The tax due date for most individual tax returns this year is April 18. If you are unable to complete your return to file by April 18, you can file for an extension to submit your return by October 17. However, the extension does not cover the payment of the tax due.

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tax return Tax audit tax preparation 105

RogerRossmeisl

JULY 17, 2022

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. The changes were a result of the Tax Cuts and Jobs Act (TCJA), which could also affect your tax benefit from medical and charitable miles. Individuals also can deduct them in certain circumstances.

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.

accounted 242

accounted Account accountant tax return 242

ThomsonReuters

JANUARY 21, 2022

First off, the deadline to file individual tax returns is April 18. Other deadlines are: January 17, 2022 : 4th quarter 2021 estimated tax payment due. March 15, 2022 : Partnership and S corporation returns for calendar year 2021. April 18, 2022 : 1st quarter 2022 estimated tax payment due.

Tax 111

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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.

income tax 115

income tax audit tax return Real Estate 115

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

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

APRIL 30, 2024

RDFs are a relatively new concept: Colorado was first to roll one out, in July 2022. As with many taxes, this was created as one way to generate revenue. The exemption is retroactive to July 2022. A: States always think a tax-revenue avenue is a good idea. Q: How much is Colorado’s RDF?

Minnesota 264

Minnesota Retail Colorado Tax 264

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.

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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. This effectively exempts the USMNT from paying taxes to the State of Qatar. Contact Us.

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income tax Michigan Pennsylvania Sports 120

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

Withum

JUNE 8, 2022

The Infrastructure Investment and Jobs Act (IIJA), enacted into law on November 15, 2021, reinstated and modified two Superfund excise taxes, effective July 1, 2022. The first is the tax on chemicals under section 4661 and the second is the tax on imported substances under section 4671. Contact Us. Contact Us.

Tax 121

Tax Manufacturing tax return tax services 121

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

Xero

JUNE 30, 2022

We’ve recently made a number of enhancements to the features in Xero Tax. Company accounts tax. You’re now able to see backing computations, which are a detailed breakdown of figures that make up the company tax return (CT600) in Xero Tax. Personal tax.

general ledger 111

general ledger Non-Profits tax return Tax 111

TaxConnex

MARCH 12, 2024

Dependency and worry Automation figures strongly in how companies stay ahead of their sales tax obligations, according to results from the third annual Taxconnex survey of top finance professionals. Do you really need a third-party sales tax calculation solution that plugs into your invoicing system or shopping cart?

E-commerce 264

E-commerce Technology tax return Sales 264

TaxConnex

APRIL 14, 2022

In most states, the distinction is moot; however, some states apply different rates to these various tax types so it’s important to get this right. Similarly, some states will have different tax returns that you must file for these different tax types. Looking to understand more aspects of sales tax? Get in touch?

Sales 240

Sales Tax tax return Start-ups 240

Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns).

tax return 128

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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.

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tax preparation Tax tax return income tax 132

Withum

JULY 20, 2022

As far as the IRS is concerned, not all tax scams should be treated equally. Last month the Service announced which scams made the list comprising the IRS’s “Dirty Dozen” for tax season 2022, meriting extra scrutiny. Included on the list is a wide range of tax evasion tactics. Let’s Chat.

Tax 125

Tax Non-Profits tax return Government 125

TaxConnex

DECEMBER 28, 2021

Expanding sales tax obligations are a concern of many execs, according to TaxConnex’s recent market survey of 100 top finance professionals in a variety of industries. Finally, but perhaps most importantly, you have to remit sales tax that you’ve collected, making sure to maintain a paper trail that includes proof of mailing.

Sales 246

Sales Tax audit tax return 246

Withum

NOVEMBER 17, 2022

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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tax planning Tax Construction income tax 98

Bharmal&Associates

JULY 30, 2020

A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can spread the income equally over tax years 2020, 2021, and 2022. You pay no taxes or penalties. Scenario 2.

tax return 130

tax return Tax cpas Start-ups 130