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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Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. The October 16, 2023, deadline applies to the quarterly estimated tax payments, normally due on January 17 and April 18, 2023.

California 119

California tax return Nevada payroll 119

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

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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CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Where’s My Refund?” tool on IRS.gov.

tax return 116

tax return Tax income tax tax preparation 116

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

North Carolina Tax income tax tax return 104

Withum

FEBRUARY 2, 2023

R&D Capitalization makes its crash landing onto 2022 tax returns! R&D Capitalization rules taking effect in 2022 could turn an expected tax loss and/or credit into an unexpected tax bill. Learn More Could You Benefit from a R&D Tax Credit Analysis? appeared first on Withum.

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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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Withum

SEPTEMBER 1, 2023

Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period. 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.

Tax 98

Tax tax return Florida payroll 98

Withum

MAY 19, 2022

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed taxpayers to defer the employer’s share of Social Security taxes and certain self-employment taxes, which for most employers were reported on Form 941 ( Employer’s Quarterly Federal Tax Return ). Business Tax Services. Contact Us.

Tax 124

Tax tax return payroll tax tax services 124

Withum

MARCH 29, 2022

You can rest assured knowing that you haven’t been committing tax fraud all these years by excluding your birthday and holiday gifts from your tax return. For 2022 and beyond this threshold is dramatically reduced to $600 in gross payments, regardless of the number of transactions or donations. Business Tax Services.

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xendoo

JANUARY 31, 2022

In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. The good news is that this does not mean that business owners now owe additional taxes.

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bookkeeping Tax tax return business tax 105

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. Start Planning. Contact Us. Let’s Chat.

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tax planning tax return income tax Tax 52

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

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

MAY 16, 2022

In our example, Julia would have to include the $10,000 of cancellation of debt income in her 2021 tax return and adjust her basis in her real property by $50,000 as of January 1, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on May 11, 2022. Business Tax Services. Contact Us.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

JUNE 1, 2022

This could be a surprise to many taxpayers and may only get worse through the 2022 taxable year. billion in taxes for the industry in 2022. Under the various safe harbor proposals, the amendment of a prior return would not be necessary. This article was originally published by Lynn Mucenski Keck in Forbes on May 24, 2022.

business tax 119

business tax Tax income tax tax return 119

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

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

SEPTEMBER 2, 2022

New York City’s tax code was amended on August 31, 2022, to harmonize a number of the City’s provisions with New York State. The enacted legislation aligns New York City with New York State’s economic nexus provisions, now applying a factor-based standard, for tax years beginning on or after January 1, 2022. Let’s Talk.

New York 83

New York Tax tax return corporation tax 83

Ryan Lazanis

APRIL 4, 2022

Do you want to know how to start a bookkeeping business or accounting firm in 2022? 4) If you provide tax preparation services, they’re a great way to avoid a crazy tax season. With a productized service offering, you can smooth out your workload throughout the year to eliminate this from happening.

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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

xendoo

NOVEMBER 9, 2021

With the year coming to an end, tax return season is just right around the corner. For small businesses, that means being prepared to find all of the small business tax deductions you can to minimize your payout to the IRS. . Get prepared for tax season with these small business tax deductions that may apply to your business. .

business tax 98

business tax Tax tax preparation tax return 98

Withum

JUNE 24, 2022

The IRS is expected to begin auditing ERC claims in the coming months and it has 3 years from the filing date of the relevant Form 941 tax return to assert deficiencies, and 5 years in the case of ERC claims for the third and fourth calendar quarters of 2021 ( see §3134(l) ). Business Tax Services. Contact Us. Contact Us.

Tax 126

Tax audit tax return tax services 126

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. or 39-year lives.

Real Estate 109

Real Estate tax planning Construction Tax 109

Withum

FEBRUARY 16, 2023

Not exactly the best example of a “flat tax” system, right? But before we worry about the 2023 tax changes, let’s look at some of the major changes impacting your 2022 Massachusetts income tax return. Starting 1/1/2022, Massachusetts conformed to this IRC Section, limiting the ability to deduct business losses.

Massachusetts 75

Massachusetts income tax Tax tax return 75

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

MARCH 21, 2022

I think many tax professionals have been bogged down with the ERC and the calculation of taxable income in general, and as a result, the extra step to evaluate the potential impact on the 199A wage limitation might have been on the back burner. Aren’t federal income taxes grand? Business Tax Services. Contact Us.

Tax 128

Tax corporation tax income tax tax services 128

CPA Practice

NOVEMBER 13, 2023

In August 2022, the American Institute of CPAs (AICPA) released proposed revisions to the Statements on Standards for Tax Services (SSTSs) for public comment. The AICPA’s Tax Executive Committee (TEC) reviewed and adopted the updates to the SSTSs on May 18, 2023; the updated standards will be effective on January 1, 2024.

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Tax tax services tax return cpas 59

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%

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Tax income tax tax return Account 78

inDinero Tax Tips

JUNE 7, 2023

In 2020, only ~5% of individual income tax returns filed exceeded that threshold. Treasury Secretary Janet Yellen, September 15, 2022 What Is the Tax Gap? The IRS will focus on tax returns with the most significant impact. Going forward, they’ll focus on tax returns likely to have the biggest impact.

Tax 52

Tax tax return audit income tax 52

Withum

MAY 2, 2022

The Biden Administration FY 2023 Budget and Treasury Green Book, released on March 28, 2022, includes various proposals to modernize the United States’ current compliance and reporting structure surrounding digital assets. The proposal would be effective for returns required to be filed after December 31, 2022. Contact Us.

Tax 64

Tax tax return tax planning tax services 64

Withum

AUGUST 11, 2022

The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential liability. Even though the Superfund Excise Tax has been implemented in the past, it last expired over 25 years ago.

Tax 72

Tax Manufacturing tax return Sales 72

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.

Tax 59

Tax income tax Construction Non-Profits 59

xendoo

JANUARY 16, 2023

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. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

business tax 52

business tax Tax income tax payroll tax 52

xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. March 15th is the deadline for calendar year partnerships in 2022 and 2023. To recap, all U.S.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52

xendoo

APRIL 27, 2023

With all the responsibilities that come with running a business, it can be difficult to stay on top of the latest tax requirements, regulations, and deadlines. Form 1065 is a complex tax form with many requirements. March 15th is the deadline for calendar year partnerships in 2022 and 2023. To recap, all U.S.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52