RogerRossmeisl

FEBRUARY 20, 2023

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023 at $160,200 (up from $147,000 for 2022). million (up from $1.08

Tax 183

Tax CPA business tax 183

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.

Account 198

Account accounted accountant CPA 198

RogerRossmeisl

JANUARY 2, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. If you don’t pay your estimated tax by January 17, you must file your 2022 return and pay all tax due by March 1, 2023, to avoid an estimated tax penalty. If you have questions about filing requirements, contact us.

Tax 180

Tax CPA business tax 180

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). For 2023, the FICA tax rate for employers is 7.65% — 6.2% The post In 2023, the Social Security Wage Base is Increasing appeared first on Roger Rossmeisl, CPA.

Hospitality 191

Hospitality CPA Tax business tax 191

RogerRossmeisl

APRIL 24, 2023

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2023. For corporations pay the first installment of 2023 estimated income taxes. For individuals, The post 2023 Q2 Tax Calendar: Key Deadlines for Businesses and Employers appeared first on Roger Rossmeisl, CPA.

Tax 172

Tax income tax tax return CPA 172

RogerRossmeisl

FEBRUARY 25, 2024

If so, it’s important to determine if you’re required to file a 2023 gift tax return. The annual gift tax exclusion has increased in 2024 to $18,000 but was $17,000 for 2023. The post Get Ready for the 2023 Gift Tax Return Deadline appeared first on Roger Rossmeisl, CPA. Who must file?

tax return 140

tax return Tax CPA 140

CPA Practice

NOVEMBER 19, 2024

By Monte Swain, PhD, CMA, CPA, CGMA. Invest your time and effort into stacking the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) letters behind your name. When I learn that someone has “CPA” or “CMA” behind their name, I immediately know a lot about that individual.

cma 122

cma CPA accounting and finance management accounting 122

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.

Tax 206

Tax CPA cpa firm business tax 206

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 post California Storm Victims Qualify for Extended Tax Filing Deadlines appeared first on Roger Rossmeisl, CPA.

California 216

California Tax tax return CPA 216

RogerRossmeisl

OCTOBER 30, 2023

And due to high inflation, the adjustments for 2023 were big. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 The post Update on Depreciating Business Assets appeared first on Roger Rossmeisl, CPA. But if your business puts in service more than $2.89

Real Estate 223

Real Estate CPA Tax cpa firm 223

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. Previously, the deadline had been postponed to May 15, 2023 for these areas.

California 211

California Tax tax return CPA 211

RogerRossmeisl

NOVEMBER 6, 2023

The exclusion amount for 2023 is $17,000. The post Plan Now for Year-End Gifts with the Gift Tax Annual Exclusion appeared first on Roger Rossmeisl, CPA. The exclusion covers gifts you make to each recipient each year. If annual gifts exceed $17,000, the exclusion covers the first $17,000 per.

Tax 271

Tax tax return CPA 271

Withum

SEPTEMBER 16, 2024

Here are key insights and reminders to help you navigate the complexities of employee benefit plan compliance for the 2023 filing year. Available for distributions made after December 31, 2023 Terminal illness-related distribution Allows for penalty-free withdrawals from retirement plans for individuals diagnosed with terminal illness.

CPA 124

CPA audit Real Estate income tax 124

RogerRossmeisl

JANUARY 8, 2023

The credit generally applies to vehicles having >4 wheels that are placed in service from 1/1/2023 – 12/31/2032. The post Unpacking the Clean Vehicle Credits under IRA ’22 appeared first on Roger Rossmeisl, CPA. Who Qualifies You may qualify for.

CPA 202

CPA Tax cpa firm 202

RogerRossmeisl

NOVEMBER 1, 2023

The post IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers appeared first on Roger Rossmeisl, CPA. The IRS’s new Energy Credits Online tool will allow dealers and sellers of clean vehicles to complete the entire process.

Tax 220

Tax CPA Sales 220

RogerRossmeisl

JUNE 5, 2024

After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. The post Tax Tips When Buying the Assets of a Business appeared first on Roger Rossmeisl, CPA. If you’re buying a business, you want the best results possible after taxes.

Tax 214

Tax CPA cpa firm business tax 214

RogerRossmeisl

SEPTEMBER 29, 2024

in 2023, up from 5.9% The post The $7,500 Federal Tax Credit for Buying an Electric Vehicle at a Glance appeared first on Roger Rossmeisl, CPA. Electric vehicles (EVs) have become increasingly popular. According to Kelly Blue Book estimates, the EV share of the vehicle market in the U.S. It must have a battery capacity of at.

Tax 214

Tax CPA cpa firm 214

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. The new requirement for.

CPA 234

CPA Government Finance Tax 234

CPA Practice

APRIL 22, 2024

The Illinois CPA Society (ICPAS)—one of the largest state societies serving the certified public accountant (CPA) community—has announced the honorees of its annual Outstanding Leadership Awards program, which celebrates distinguished leaders within the CPA profession through a variety of prestigious awards. Wolfe, Ltd.

Illinois 116

Illinois CPA Indiana audit 116

CPA Practice

MAY 16, 2024

Unveiling the findings of its previously announced research into the decreasing supply of new certified public accountants (CPAs), the Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is pleased to release its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.”

CPA 119

CPA cpas accounting degree Illinois 119

Going Concern

SEPTEMBER 26, 2024

This afternoon NASBA held a webinar on how to choose a CPA exam discipline and in case you couldn’t or refused to attend, I’ll have more on that later. Allow me to explain… These are CPA Evolution pass rates for the first and second quarters of 2024. 82.36% is ridiculous. I mean, probably not. Again, expected.

CPA 111

CPA Tax cost accounting accountant 111

Going Concern

SEPTEMBER 24, 2024

The AICPA, NASBA, and state boards make the CPA exam harder than it needs to be because they make more money off exam fees when you fail. This is from 2023 [ PDF ]: NASBA 2023 revenue Keep in mind 2023 revenues were temporarily inflated as a result of candidates rushing to sit for the exam before CPA Evolution launched in 2024.

CPA 111

CPA accounting principles accountant accounted 111

RogerRossmeisl

JULY 17, 2024

File a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension. The post 2024 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers appeared first on Roger Rossmeisl, CPA. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies.

income tax 228

income tax Tax payroll CPA 228

RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. Employers that submitted an ERTC claim that’s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they’re ineligible. The IRS created the.

Tax 204

Tax CPA cpa firm business tax 204

RogerRossmeisl

OCTOBER 29, 2023

According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% Be aware of the tax implications if you’re selling your home or you sold one in 2023. Here are the Tax Rules appeared first on Roger Rossmeisl, CPA. The post Selling Your Home for a Big Profit?

Tax 221

Tax income tax CPA Sales 221

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.

CPA 191

CPA Tax cpa firm business tax 191

Going Concern

MAY 30, 2024

The official score release thread on r/CPA is a good read if you have an afternoon to waste. by u/Galbert123 in CPA See what I mean? Usually that change doesn’t work in favor of anxious CPA exam candidates but as we just saw, every now and then the universe smiles down upon them.

CPA 110

CPA 110

RogerRossmeisl

JANUARY 1, 2024

ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously. The post IRS Launches New Webpage with FAQs on ERTC Voluntary Disclosure Program appeared first on Roger Rossmeisl, CPA.

CPA 200

CPA Tax cpa firm business tax 200

RogerRossmeisl

APRIL 25, 2023

For example, the 2023 standard deduction for a single taxpayer is $13,850 while it’s $20,800 for a head of household taxpayer. The post Some Taxpayers Qualify for More Favorable “Head of Household”Tax Filing Status appeared first on Roger Rossmeisl, CPA.

Tax 216

Tax tax return CPA 216

RogerRossmeisl

JULY 15, 2024

investors owned mutual funds in 2023. The post The Tax Consequences of Selling Mutual Funds appeared first on Roger Rossmeisl, CPA. Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S.

Tax 192

Tax income tax CPA 192

RogerRossmeisl

DECEMBER 10, 2022

579) will be coming up in 2023. appeared first on Roger Rossmeisl, CPA. The 30-year anniversary of Daubert v. Merrell Dow Pharmaceuticals Inc. This decision officially made federal judges the “gatekeepers” of expert evidence against “junk science.” Is it generally accepted in the relevant scientific or technical community?

Pharmaceutical 211

Pharmaceutical CPA 211

RogerRossmeisl

JULY 16, 2023

million for 2023 (effectively $25.84 The post Benefits of a Living Trust for Your Estate appeared first on Roger Rossmeisl, CPA. You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million if you’re married).

Legal 210

Legal CPA Tax 210

RogerRossmeisl

APRIL 2, 2023

As appearing in IRS Newswire IR-2023-64 The Internal Revenue Service just issued a proposed regulation related to certain requirements that must be met for critical minerals and battery components for the new clean vehicle credit. New clean vehicles placed in service on or after April.

CPA 190

CPA Tax 190

RogerRossmeisl

SEPTEMBER 14, 2023

The post IRS Orders Immediate Stop to New Employee Retention Tax Credit Processing appeared first on Roger Rossmeisl, CPA.

Tax 208

Tax Washington CPA business tax 208

RogerRossmeisl

JUNE 19, 2023

If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. The post 4 Tax Challenges You May Encounter If You’re Retiring Soon appeared first on Roger Rossmeisl, CPA. Roth IRAs don’t require withdrawals until after the death of the owner. You can withdraw more than.

Tax 206

Tax CPA accountant accounted 206

RogerRossmeisl

FEBRUARY 18, 2024

For 2024, a participant who earned $150,000 or more in 2023 is a highly compensated employee. appeared first on Roger Rossmeisl, CPA. Employers with 401(k), 403(b) and 457(b) plans can opt to offer PLESAs to non-highly compensated employees. Here are some more.

Account 167

Account accounted accountant CPA 167