RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

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Tax income tax CPA business tax 246

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.

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Tax income tax tax return CPA 239

RogerRossmeisl

DECEMBER 3, 2023

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. In certain circumstances, The post There May Still Be Time to Reduce your Small Business 2023 Tax Bill appeared first on Roger Rossmeisl, CPA.

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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.

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Hospitality CPA Tax business tax 245

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. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 65.5

CPA 246

CPA business tax Tax 246

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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Account accountant accounted CPA 246

RogerRossmeisl

NOVEMBER 13, 2022

Are you wondering how high inflation will affect your federal income tax bill for 2023? For 2023, the standard deduction will increase to $13,850 for single taxpayers, $27,700 for married couples filing jointly and $20,800 for heads of household. Some highlights Standard deduction.

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Tax income tax CPA 234

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?

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tax return Tax CPA 198

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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CPA business tax Tax 232

RogerRossmeisl

NOVEMBER 13, 2022

The post 2023 Limits for Businesses that Have HSAs appeared first on Roger Rossmeisl, CPA. 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.

payroll tax 173

payroll tax payroll CPA Tax 173

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 246

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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. 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.

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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

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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.

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CPA Tax cpa firm 246

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 263

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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.

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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 264

Tax CPA Sales 264

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 257

CPA Tax cpa firm business tax 257

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.

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California Tax tax return CPA 246

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.

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California Tax tax return CPA 246

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.

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CPA Government Finance Tax 278

Withum

FEBRUARY 14, 2025

Withum is proud to share that Ryan Kelly , CPA has been recognized by the Florida Institute of CPAs with a prestigious Horizon award. He is a graduate of the FICPAs Leadership Academy Class of 2023-2023, a high-impact, selective program for the accounting industrys emerging leaders.

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cpas Florida CPA Manufacturing 111

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 264

Tax income tax CPA Sales 264

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.

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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.

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Tax income tax CPA 261

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.

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income tax Tax payroll CPA 264

Going Concern

NOVEMBER 8, 2024

In “Offshoring for CPA firms: The hows and whys,” JofA throws out some figures on outsourcing — both foreign and domestic — based on responses from its MAP survey and sticks to the official line about how the CPA talent shortage is forcing these poor firms to look elsewhere for talent.

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tax return CPA cpa firm Tax 110

CPA Practice

OCTOBER 17, 2024

The American Institute of Certified Public Accountants (AICPA) said in its “2023 Trends” report that the percentage of accounting graduates fell 7.8% Those salaries look all the more paltry when weighed against the cost of education necessary to become a CPA, and the rise in other living costs that weigh on recent graduates.

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Technology Account accountant accounted 124

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.

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Tax tax return CPA 279

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.

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CPA Tax 245

Going Concern

JANUARY 30, 2025

Yesterday NASBA released scores for Core CPA exam sections taken from October 1 – December 26, 2024, the last group of scores for sections taken last year. For the most recent Trends report data you can check out No One Will Be Surprised to Hear CPA Exam Candidate Numbers Are Down in Every Way the Numbers Can Be from October 2023.

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CPA 59

RogerRossmeisl

DECEMBER 26, 2021

GM promised 20 new EVs by 2023, yet they brought zero to the recent 2021 LA Auto Show. appeared first on Roger Rossmeisl, CPA. The disruption happening in the automotive industry is of an order of magnitude such that many OEMs simply will not survive. Who’s going to win when one company (or country).

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CPA cpa firm Technology 244

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.

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CPA audit Real Estate income tax 124

CPA Practice

NOVEMBER 11, 2024

Over a period of several years, JTC Fair Song CPA Firm, a public accounting firm located in Shenzhen, the People’s Republic of China, repeatedly failed to make required filings in accordance with PCAOB rules, the audit regulator said. 8 for repeated violations of U.S.

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audit cpa firm auditor public accounting 111

RogerRossmeisl

NOVEMBER 13, 2022

This will increase to $15,950 in 2023. Also, adoptive parents may be able to exclude from gross income up to $14,890 in 2022 ($15,950 in 2023) of qualified expenses paid by an employer under an adoption assistance program. Bring Home a Tax Break Too appeared first on Roger Rossmeisl, CPA. The post Adopting a Child?

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Tax CPA 238

RogerRossmeisl

SEPTEMBER 14, 2023

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

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