RogerRossmeisl

NOVEMBER 13, 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2023, the FICA tax rate for employers is 7.65% — 6.2%

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RogerRossmeisl

FEBRUARY 5, 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. In 2022, the business cents-per-mile rate for the second half of the year (July 1 – December 31) was 62.5

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RogerRossmeisl

JUNE 5, 2022

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post Inflation Enhances the 2023 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

NOVEMBER 13, 2022

In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. 401(k) plans The 2023 contribution limit for employees who participate in 401(k) plans will increase to $22,500 (up from $20,500 in 2022).

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Canopy Accounting

JANUARY 20, 2023

There are many interesting changes in business taxation for the 2023 season! Since tax planning for businesses is an important part of our practice, there are several things we need to be aware of.

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RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday.

California 246

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RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

California 246

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RogerRossmeisl

NOVEMBER 13, 2022

Earnings on the funds in an HSA aren’t taxed, so the money can accumulate tax-free year after year. Distributions from HSAs to cover qualified medical expenses aren’t taxed. Employers don’t have to pay payroll taxes on HSA contributions made by employees through.

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CPA Practice

AUGUST 22, 2024

The IRS said earlier this week that it’s continuing to expand features within its online self-service tool for businesses, launched last October as part of the agency’s service improvement initiative funded under the Inflation Reduction Act. A Schedule K-1 on file (for partners, from 2012-2023; for shareholders, from 2006-2023).

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RogerRossmeisl

SEPTEMBER 25, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. If you expect to be in a higher tax bracket next year, opposite strategies may produce better results. Here are some other ideas that may help you save tax dollars if.

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CPA Practice

NOVEMBER 6, 2023

Idaho Society of CPAs hosts 2023 tax updates for CPAs The Idaho Society of Certified Public Accountants (ISCPA ) is offering tax updates to CPAs for both personal and business clients. Best Individual Tax Update 2023 , which takes place December 14 from 8:00 AM – 3:45 PM. The program takes place Dec.

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RogerRossmeisl

FEBRUARY 5, 2023

On 2/3/2023, the IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle tax credits.

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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. . When filing taxes, knowing the deadlines is an essential part of being organized and prepared.

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CPA Practice

NOVEMBER 20, 2023

TNS) The new business tax account from the IRS , unveiled in late October, is expected to expand next year with a slate of new features that should make tax time a little smoother for entrepreneurs. Just a lot of busy work is going to go away with automation.” (c) By Melissa Angell, Inc.

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Snyder

OCTOBER 30, 2022

So it’s no wonder that the business tax season is a hot time for small business owners, just as it is for accountants , especially when you need to deal with all this manual data entry and reconcile the accounts without any discrepancies. But is there a way to escape tax filing season disturbance? General Tax Calendar.

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RogerRossmeisl

OCTOBER 30, 2023

And due to high inflation, the adjustments for 2023 were big. Here are the numbers that small business owners need to know. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 But if your business puts in service more than $2.89

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CPA Practice

OCTOBER 16, 2023

However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline. For 2023, however, many taxpayers who had received an extension to file, also later faced various forms of natural disasters for which the IRS has granted additional time to file. 31, 2023, to file. 15, 2023, to file.

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Going Concern

NOVEMBER 7, 2024

90% plan to increase fees for individual tax returns, 87% plan to increase fees for business tax returns, 85% plan to increase fees for bookkeeping and accounting, and 76% plan to increase fees for CFO and controller services. Or at least half-in. 57% of accounting firms plan to increase fees across all services in 2025.

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RogerRossmeisl

NOVEMBER 20, 2023

As reported via IR-2023-193 on 10/19/2023 Special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service announced the details of a special withdrawal process to help those who filed (..)

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RogerRossmeisl

JANUARY 1, 2024

As reported via IR-2023-230 on 12/6/2023 As part of continuing efforts to combat dubious Employee Retention Tax Credit (ERTC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERTC claims.

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CPA Practice

APRIL 19, 2023

According to Caseware’s 2023 State of Accounting Firms Trend Report , more than 90% of accountants and 95% of auditors find hiring skilled talent challenging. As a leader in your firm, you likely have ambitious goals to impact your clients’ bottom lines and grow your firm. Fortunately, it is possible to grow your team and meet your goals.

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CPA Practice

OCTOBER 2, 2023

However, taxes expected to be owed were required to be owed by the original April 18, 2023, deadline. For 2023, however, many taxpayers who had received an extension to file, also later faced various forms of natural disasters for which the IRS has granted additional time to file. 31, 2023, to file. 15, 2023, to file.

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RogerRossmeisl

JUNE 5, 2024

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes.

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RogerRossmeisl

JULY 17, 2024

They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. File a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

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xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

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Ronika Khanna CPA,CA

JANUARY 27, 2023

Somehow we are almost one month into 2023 (!) and it is time for business owners (and individuals) to start thinking about one of their favourite subjects i.e. taxes. I have compiled a list of the deadlines that all of you should know and also updated my annual business tax deadline calendar.

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RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return.

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RogerRossmeisl

AUGUST 6, 2023

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). And the U.S.

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RogerRossmeisl

SEPTEMBER 14, 2023

As appearing in IRS IR-2023-169 To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Tax Credit (ERTC) processing amid surge of questionable claims Concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system Moratorium on processing of new claims (..)

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RogerRossmeisl

JANUARY 1, 2024

The IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously.

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RogerRossmeisl

APRIL 17, 2024

April 15 If you’re a calendar-year corporation, file a 2023 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 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records.

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). As of 2023, it’s scheduled to reduce every year. Check with us.

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Patriot Software

FEBRUARY 8, 2023

It’s that time of year again when tax filing deadlines bear down on small businesses across the country. Read on to learn all about the deadlines for taxes in 2023. Business tax deadlines Tax day (aka the day individual income tax returns are due) is generally on April […] Read More

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RogerRossmeisl

NOVEMBER 6, 2023

This is only the beginning of the unwelcome tax compliance tasks. The self-employment (SE) tax problem The SE tax is how the government collects Social Security and Medicare taxes from self-employed individuals. For 2023, the SE tax consists of 12.4% Social Security tax.

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RogerRossmeisl

AUGUST 23, 2022

Specifically, once these assets are operating, you can deduct 100% of the cost in the first year they’re placed in service (before 2023). The post How to Treat Business Website Costs for Tax Purposes appeared first on Roger Rossmeisl, CPA. The costs fall under the standard rules for depreciable equipment. Note: The bonus.

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RogerRossmeisl

AUGUST 4, 2023

Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Importantly, the Sec.

Real Estate 245

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RogerRossmeisl

FEBRUARY 20, 2023

But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering buying or selling a business, it’s important to understand the tax implications. Two approaches Under current tax law, a transaction can basically be structured in two ways: 1.

Tax 245

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