Withum

JANUARY 24, 2023

Changes Impacting Retirees RMD Changes Increases RMD age from 72 to 73 starting January 1, 2023, and to 75 starting January 1, 2033. Decreases RMD penalty from 50% to 25% starting in 2023. The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return.

Start-ups 26

Start-ups tax return Tax Education 26

Withum

SEPTEMBER 1, 2023

On August 30, 2023, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in parts of Florida that were affected by Hurricane Idalia. Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan. 31, 2023, and Jan. 27, 2023, and before Sept.

Tax 98

Tax tax return Florida payroll 98

xendoo

JANUARY 31, 2022

The update set a new minimum requirement for filing a Form 1099-K by third party payment apps: business owners who collect payments of $600 or more will now receive Form 1099-K from the payment apps they use, in order to disclose their mobile app earnings to the IRS. . They are available when you need them, all year long. .

bookkeeping 105

bookkeeping Tax tax return business tax 105

Withum

JUNE 29, 2023

Withum is proud to announce its 2023 New Partner Class. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. Stephanie Fitzgerald is an expert in SOC audits and Systems and Process Assurance Services.

E-commerce 105

E-commerce audit Real Estate Healthcare 105

CPA Practice

NOVEMBER 22, 2023

KBKG , a provider of tax services for CPAs and businesses, has identified three changes that the IRS has implemented; each one could have strong impacts on businesses. 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.

Tax 110

Tax cpas tax services audit 110

inDinero Tax Tips

DECEMBER 22, 2023

Introduction As 2023 draws to a close, it’s pivotal for small businesses to scrutinize their financial status and strategize effectively for tax reduction and a robust financial future. Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning.

tax planning 52

tax planning business tax Tax financial statements 52

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

Withum

DECEMBER 7, 2023

On November 28, 2023, the Tax Court ruled that the exception from self-employment tax for limited partners does not apply to limited partners who actively participate in the partnership’s business operations. It concluded that their level of participation was inconsistent with an exception from self-employment tax.

Tax 121

Tax Delaware tax services audit 121

xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

business tax 52

business tax Tax tax return income tax 52

Withum

JANUARY 16, 2024

Extension of 100 Percent Bonus Depreciation: Bonus depreciation was reduced to 80% for qualified property placed into service after December 31, 2022, and to 60% for qualified property placed into service after December 31, 2023. For the 2023 taxable year, a 179 expense of $1.16

Tax 118

Tax Tennessee New Jersey Massachusetts 118

Withum

MARCH 7, 2024

Is the IRS Still Processing ERC Claims, and What’s the Status of the Processing Moratorium It Announced on September 14, 2023? The IRS announced it would not process ERC claims filed after September 14, 2023, but at that time it was still working through a sizeable backlog of claims that were filed before that date.

Tax 126

Tax income tax tax return audit 126

Withum

JULY 31, 2024

There are steps that businesses can take today, but let’s first review why the IRS is slow-paying these claims. Last year, when the IRS announced a moratorium on the processing of ERC claims filed after September 14, 2023, its backlog was about 600,000 claims. The IRS has an estimated 1,400,000 ERC claims in its backlog.

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audit Tax Maine tax services 125

Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. 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.

Rhode Island 72

Rhode Island income tax tax return Tax 72

Going Concern

APRIL 5, 2024

He’s looking at 55 counts of aiding and assisting in the preparation of false tax returns, five counts of mail fraud, one count of aggravated identity theft and two counts of tax evasion. LEON’S TAX SERVICE on Google street view. He was arrested last July at which time U.S. Attorney Philip R.

tax preparation 115

tax preparation New Jersey tax return Tax 115

Withum

FEBRUARY 28, 2023

At least for now, unfortunately, AI cannot replace human tax analysis, but who knows how long humans can continue to outpace computers. This article was originally published by Daniel Mayo in Forbes on February 18, 2023. Let’s Chat The post Can I Replace My Tax Advisor With ChatGPT? appeared first on Withum.

Tax 122

Tax tax services business tax 122

CPA Practice

OCTOBER 2, 2023

With an economy still trying to gain more certain footing, businesses facing new market conditions, and a constantly evolving IRS, the business and tax advisors at KBKG have identified three of the most significant changes the IRS has implemented, each of which can have strong impacts on businesses. This impacts the Sec.

Tax 106

Tax cpas audit tax services 106

Withum

JULY 25, 2022

The program is aimed at small, independently owned and operated businesses operating in New York with 100 or fewer employees and gross receipts that are less than $2.5 Business Tax Services. For more information on this topic, please contact a member of Withum’s Business Tax Services team.

New York 78

New York tax services payroll business tax 78

CPA Practice

OCTOBER 3, 2023

With an economy still trying to gain more certain footing, businesses facing new market conditions, and a constantly evolving IRS, the business and tax advisors at KBKG have identified three of the most significant changes the IRS has implemented, each of which can have strong impacts on businesses. This impacts the Sec.

Tax 103

Tax cpas audit tax services 103

Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback.

New York 112

New York income tax New Jersey Tax 112

CPA Practice

MARCH 8, 2023

Companies can currently write off 100% of qualified equipment costs in the year it placed its service. This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C.

income tax 111

income tax Tax financial statements corporation tax 111

Withum

JUNE 12, 2024

The bonus depreciation rate decreased to 80% in 2023 and will continue to decrease by 20% each year until it is zero for property placed in service after December 31, 2026. Tax Provisions to Sunset After 2025 QBI Deduction Beginning in 2026, the 20% 199A QBIT deduction will no longer be available.

income tax 127

income tax Tax corporation tax Non-Profits 127

Withum

SEPTEMBER 2, 2022

This legislation does not apply to New York City Unincorporated Business Tax or General Corporation Tax. However, it is possible New York City still asserts broad economic nexus provisions to either of these tax types. New York City Pass-Through Entity Tax. Contact Us. Let’s Chat.

New York 83

New York Tax tax return corporation tax 83

Withum

JANUARY 8, 2024

The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures.

tax return 78

tax return audit Tax income tax 78

Withum

SEPTEMBER 6, 2022

Assume a similar fact pattern as above, but the energy efficient commercial building property is not installed until 2023. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. The 179D deduction would be $376,000 and the remaining $124,000 would be capitalized.

Construction 80

Construction tax services business tax Tax 80

Withum

NOVEMBER 29, 2023

Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023). Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Legal 115

Legal Non-Profits income tax Government 115

Withum

APRIL 8, 2022

The current House Bill would increase the required minimum distribution age to 73 starting on January 1, 2023, and further increase the age to 74 beginning on January 1, 2030, and 75 starting on January 1, 2033. The increased catch-up amounts would be effective for taxable years beginning after December 31, 2023. Business Tax Services.

income tax 75

income tax Start-ups Tax Maine 75

Withum

FEBRUARY 1, 2023

The IRS recently released Notice 2023-2 providing their initial guidance regarding the application of the excise tax on the repurchase of corporate stock. The notice provides interim guidance which taxpayers may rely on when applying the excise tax until final regulations are issued.

Tax 75

Tax tax return CPA Legal 75

Cherry Bekaert

MAY 3, 2024

The planning is a highly complex process but can be achieved with the proper planning and international tax structuring, as well as the right tax professionals. Contact Us Related Global Business Tax Services Thought Leadership Podcast: Inbound U.S.

Tax 104

Tax income tax Non-Profits corporation tax 104

Withum

JANUARY 21, 2022

For example, let’s say on December 31, 2022 an employer offers a two-week option to its employees to cash out up to 40 hours of accrued and unused PTO, payable in January 2023. Business Tax Services. The post Unintended Tax Consequences of PTO Buyback Programs appeared first on Withum. Contact Us. Contact Us.

Tax 81

Tax Construction tax services business tax 81

Withum

AUGUST 8, 2023

This article was originally published by Lynn Mucenski-Keck in Forbes on July 21, 2023. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. remains a global innovation leader.

New York 96

New York income tax Manufacturing financial statements 96

Summit CPA

OCTOBER 10, 2024

IRS criminal investigations during the 2023 tax filing year identified potentially $37.1 billion in tax fraud and the conviction rate was 88.4%. While these statistics might make business owners like you sweat a bit, the IRS knows that not everyone is out to commit fraud and that mistakes can happen to anyone.

auditor 93

auditor audit tax return Tax 93

Withum

SEPTEMBER 15, 2023

The IRS issued Revenue Procedure 2023-8, allowing taxpayers to obtain automatic consent to change the accounting method for specified research or experimental expenditures to comply with IRC Section 174 by attaching the required information in a tax return statement. Let’s Chat The post Do You Need Help With 174?

tax return 69

tax return payroll tax income tax Tax 69

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax business tax tax preparation bookkeeping 52

xendoo

APRIL 3, 2023

For example, if your tax bill is $15,000 but you have $5,000 in tax credits, you’ll only owe $10,000. But, there are over 30 business tax credits. Which should you claim to get the most tax savings? You might be unaware that you qualify for multiple credits that will lower your total tax burden significantly.

Tax 52

Tax business tax tax preparation income tax 52

Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023). Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

Legal 91

Legal Non-Profits income tax Government 91

Withum

AUGUST 16, 2024

The IRS released the original VDP in December 2023, which expired on March 22, 2024. More than 2,600 taxpayers applied to the first VDP, which allowed participants to retain 20% of the claimed ERC amount tax-free, and not to pay interest or penalties. See Announcement 2024-30. See Announcement 2024-3.

income tax 64

income tax tax return Tax tax services 64

xendoo

APRIL 27, 2023

While you may pass off your tax return filing to a professional, it’s helpful to understand what’s going on with your business taxes. If you’re a small business owner trying to understand Form 1065 and its requirements, this guide will clear things up for you. As with any business tax form, there are exemptions.

Non-Profits 52

Non-Profits tax return cpas bookkeeping 52