inDinero Tax Tips

MARCH 17, 2023

The 2023 version of the form can be downloaded here. We’ll break down what it is, how it’s changing in 2023, and everything else you need to know. What’s new in 2023 When is it due? Form 941 reports social security, income, and Medicare tax withholding to the IRS. What’s new in 2023 for the 941 form?

payroll tax 52

payroll tax payroll Agriculture Tax 52

Going Concern

FEBRUARY 6, 2023

Someone is going to launch an AI that does better work than 99% of tax/accounting firms and Intuit is going to buy it for a trillion. Accounting is the most rules-based profession. LOL how about GFY pic.twitter.com/LIbLR7ICvt — Going Concern (@going_concern) February 3, 2023 That’s all I’ve got for today.

auditor 19

auditor Account accountant accounted 19

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

NOVEMBER 17, 2022

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. million in 2023). The annual exclusion increases to $17,000 in 2023.

tax planning 98

tax planning Tax Construction income tax 98

CPA Practice

AUGUST 15, 2023

Date: Tuesday, September 12, 2023 Time: 3 PM EDT / 2 PM CDT / 12 PM PDT / 7 PM GMT Sponsor: Drake Software Duration: 1 Hour Receive 1 hour of free CPE credit for participating in this live webinar. Already registered for this webinar? Click here to log in. Gail is a member of the AICPA’s PFS Credential Committee.

Tax 52

Tax North Carolina Indiana CPA 52

Going Concern

NOVEMBER 16, 2023

The post Top Remote Accounting Freelancers of the Week: November 16, 2023 appeared first on Going Concern. Liz is a go-to person if you need a guest writer or a webinar/podcast contributor to talk shop. Don’t hesitate to reach out to liz@accountingfly.com.

Account 64

Account accountant accounted CPA 64

CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.

Tax 115

Tax Illinois CPA income tax 115

CPA Practice

JULY 27, 2023

“As our tax work becomes more commoditized, and with the development of technology, the personalized level of service and value that we bring as professionals is starting to be diminished in the eyes of the public.” Interest by tax accountants in learning more about advisory is strong. It’s all about the value.”

CPA 97

CPA Tax tax planning tax return 97

Shay CPA

JANUARY 17, 2024

ASAP: Check state deadlines While a lot of states follow the IRS’s lead and require tax filings by mid-April, not all do. Usually, there’s not a ton of deviation from the IRS’s date — Iowa requires corporate income taxes by April 30, for example. A big change went into effect for your contractors for the 2023 tax year.

Delaware 52

Delaware Tax income tax Iowa 52

Cherry Bekaert

MAY 27, 2024

The new law applies to income tax years beginning after December 31, 2023. The act provides tax incentives for developers who take on the challenge of restoring and repurposing these buildings, breathing new life into communities and stimulating economic growth.

South Carolina 52

South Carolina Real Estate Tax Delaware 52

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

income tax Tax accounting standards accounting and finance 80

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. 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.

business tax 52

business tax Tax income tax payroll tax 52

CPA Practice

JULY 27, 2023

Five alumni of Auburn University who teamed together to create the software development company SmartWiz have been awarded $150,000 in developmental funds by Google to advance and distribute their tax accounting software. recipients of the 2023 Google for Startups Black Founders Fund and Latino Founders Fund awards.

Tax 94

Tax tax preparation Alabama Technology 94

CPA Practice

APRIL 6, 2023

In addition to the efforts outlined in the plan, the Inflation Reduction Act is already making a difference for taxpayers and tax professionals during the 2023 filing season. Taxpayers and tax professionals can see the difference as we have dramatically improved our phone service thanks to more staff.

audit 113

audit Tax Education tax accountant 113

Shay CPA

OCTOBER 21, 2024

New York State hasn’t announced that ratio for 2024, but for the 2023 calendar year, it was 4.0% , down from 4.1% By certifying as a QETC, your business income tax rate is 0.04875 versus 0.0725, which is a considerable saving. Say you have a team of eight in 2023. in 2022.

New York 52

New York Technology income tax corporation tax 52

Withum

DECEMBER 4, 2024

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. Cost segregation is recognized as an engineering-based tax study accepted by the IRS. 3, 5, 7, 15, or 20 years).

Tax 59

Tax income tax Construction Non-Profits 59

Shay CPA

OCTOBER 18, 2023

The maximum credit limit that can be applied against payroll taxes has been increased from $250,000 to a whopping $500,000 for tax years starting after December 31, 2022. The Basics The R&D Tax Credit, or IRC 41, offers taxpayers a credit against income tax for qualified research expenses (QREs).

payroll tax 52

payroll tax Tax income tax tax return 52

Withum

MAY 19, 2023

On May 8, 2023, Governor Phil Murphy signed into law A3946 , which effectively decoupled New Jersey from Federal Internal Revenue Code (“IRC”) section 280E. The bill, which has been making its way through the New Jersey legislature since May 12, 2022, states, “For cannabis licensees, New Jersey gross income under subsections b.

New Jersey 64

New Jersey Tax Legal Washington 64

Shay CPA

MARCH 6, 2024

As you wrapped up the 2023 books for your startup, you probably did some high-level financial review and analysis. That’s because the credit could only be applied toward their income tax liability. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. But again, don’t worry.

payroll tax 52

payroll tax payroll Tax tax return 52

CPA Practice

NOVEMBER 29, 2023

Current Conference Agenda, as of November 27, 2023: Day 1: Monday, December 11, 2023: 8:00 a.m. Day 2: Tuesday, December 12, 2023: 8:30 a.m. Will we see more grows receipts taxes? Digital Advertising taxes? In addition, what re the tax accounting considerations of the insured? Registration 8:25 a.m.

New York 52

New York Tax Connecticut New Jersey 52

xendoo

JANUARY 30, 2023

This guide goes over business tax credits that could save you money on taxes. You’ll also learn how to maximize their impact with the help of an experienced CPA or tax accountant. Small Business Tax Credits vs. Deductions Small business tax credits and deductions are valuable tools for reducing your tax bill.

business tax 52

business tax Tax tax return income tax 52

Withum

DECEMBER 23, 2023

Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024. Under the new requirement, companies that assist in federal research are now having to pay federal income tax on any federal research grants received.

Pharmaceutical 52

Pharmaceutical accounting and finance Tax Government 52

inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

tax preparation 52

tax preparation income tax Tax tax accountant 52

inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

tax preparation 52

tax preparation income tax Tax tax accountant 52

inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

tax preparation 52

tax preparation income tax Tax tax accountant 52

xendoo

JANUARY 26, 2023

Table of contents Tax Filing Deadlines for 2023 What Happens if a Business Doesn’t File Taxes? Types of Penalties How Long Can You Go Without Filing Business Taxes? What Happens if a Business Doesn’t File Taxes for Three Years? A tax accountant can also advise you on deadlines and changes.

Tax 52

Tax tax return Non-Profits Legal 52

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

Tax 59

Tax income tax Non-Profits Legal 59

ThomsonReuters

JANUARY 18, 2024

Types of accountants and niche practice areas There are, of course, various types of accountant jobs and areas of specialty. While the number of college accounting graduates has been on the decline , projections for the 2023–24 academic year proved more favorable, according to the AICPA’s 2023 Trends report.

Account 59

Account accountant accounted tax preparation 59

xendoo

APRIL 8, 2022

A tax deduction and tax credit can both save you money on taxes, but they are different terms. . Tax deductions can lower the amount of taxable income. For example, tax brackets–a range of annual income–are used for income tax. This will end in 2023.

business tax 97

business tax Tax Education tax preparation 97

Anders CPA

MAY 25, 2023

provisions have already come into effect in 2023, but it will continue to have a huge impact on the US retirement system due to new regulations. Emergency Savings Accounts   Plan sponsors have been granted permission to add an emergency savings account to their retirement plan, which must be designated as an after-tax account.

Education 52

Education audit Tax income tax 52

CPA Practice

AUGUST 19, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.

Tax 52

Tax CPA Illinois income tax 52

Withum

MAY 10, 2024

Assuming the shareholder has a long-term holding period in the stock, the gain will be subject to a maximum tax rate of 20%, plus the 3.8% net investment income tax (NIIT), regardless of whether the shareholder is active in the business. The 2023 lifetime gifting exclusion is $12.92 million per person.

Construction 52

Construction Non-Profits Tax Sales 52

ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. in 2023, $15.00 The Vermont Department of Taxes has updated its guidance for remote workers.

payroll 98

payroll Vermont Tax Connecticut 98

Going Concern

JANUARY 26, 2024

pic.twitter.com/tJCOc7GgIA — Blake Oliver (@BlakeTOliver) January 25, 2024 Practice State of the Profession [ The CPA Journal ] The ninth annual 2023 NYSSCPA-Rosenberg Survey identifies trends from the national 25th Annual Practice Management Survey and provides profitability and growth data of participating New York CPA firms.

Account 119

Account accountant accounted audit 119

Going Concern

JULY 14, 2023

Recruiting Career Services: Back At It [ Pace University ] Career Services wrapped up the Spring 2023 semester with the first-person job and internship fair since the start of the COVID-19 pandemic. For those working in a hybrid manner, one or two days of remote work per week is the most common arrangement. Best of all?

North Carolina 98

North Carolina accounting firms accounting and finance audit 98

Shay CPA

NOVEMBER 13, 2024

That Act capped the deduction of state and local taxes (SALT) at $10,000. With its expiration, that cap goes away, meaning you can take an unlimited deduction on property taxes and income taxes (or sales taxes, if you live in a state that doesn’t have income tax). Income tax rate changes.

Tax 52

Tax corporation tax income tax CPA 52

CPA Practice

SEPTEMBER 18, 2023

The new positions, which will be open in more than 250 locations, will help ramp up the IRS compliance efforts against high-income earners, partnerships, large corporations, and promoters, the IRS said in a press release. ©2023 Bloomberg News. Visit at bloomberg.com. Distributed by Tribune Content Agency LLC.

Tax 110

Tax audit tax accountant Account 110