RogerRossmeisl

JANUARY 2, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. January 17 (The usual deadline of January 15 is on a Sunday and January 16 is a federal holiday) Pay the final installment of 2022 estimated tax. Farmers and fishermen: Pay estimated tax for 2022.

Tax 180

Tax CPA business tax 180

TaxConnex

MAY 7, 2024

There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.

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Rhode Island Sales Tax South Carolina 264

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. April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

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

TaxConnex

FEBRUARY 8, 2024

Sales tax compliance depends on many factors. One of the most important – and the most incessantly changing – is the tax rates that America’s thousands of jurisdictions impose. Exemptions can also seem whimsical: New York charges different sales tax on a bagel that’s sold as-is or has been toasted and smeared with cream cheese.

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Sales South Dakota Tax Kentucky 263

TaxConnex

FEBRUARY 13, 2024

To help financial leaders better understand what their peers are doing when it comes to sales and use tax in 2024, TaxConnex® conducted its fourth annual sales tax survey in November of 2023. If you’re struggling with how to manage sales tax in 2024, consider outsourcing. Get in touch to learn more! Download our eBook:

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Sales Tax audit CPA 264

TaxConnex

MARCH 21, 2024

There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.

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South Carolina Sales Tax Alabama 264

RogerRossmeisl

NOVEMBER 6, 2023

By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or gift tax. The exclusion amount for 2023 is $17,000. The exclusion covers gifts you make to each recipient each year.

Tax 271

Tax tax return CPA 271

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%

Hospitality 191

Hospitality CPA Tax business tax 191

TaxConnex

APRIL 30, 2024

Q: Is this a “tax” or a “fee”? As with many taxes, this was created as one way to generate revenue. A: For fiscal year 2023-2024, 28 cents per package. A: States always think a tax-revenue avenue is a good idea. A: A retail delivery to a purchaser who is exempt from sales and use tax is likewise exempt.

Minnesota 264

Minnesota Retail Colorado Tax 264

TaxConnex

NOVEMBER 16, 2023

They may have infrastructure in place to support the sales tax requirements of their existing business, but the telecommunications service presents a different set of issues. Telecommunications services is one of the most highly taxed and regulated industries in the country.  in Q4 2023, there is a significant savings opportunity. 

Tax 264

Tax Sales 264

RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. File a 2023 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

income tax 228

income tax Tax payroll CPA 228

TaxConnex

JUNE 9, 2022

What’s new in May for state sales and use taxes. There’s always something changing in the world of tax, especially sales tax. Exempting groceries from sales tax as American families struggle with inflation and other economic woes is politically tempting. million in taxes a year on the sale of groceries.

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Sales Tax Colorado Massachusetts 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 IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

California 216

California Tax tax return CPA 216

TaxConnex

DECEMBER 28, 2023

The new year will no doubt be another active one in sales tax. Weaker state revenue The kind of year it’s going to be for state coffers could greatly influence such future sales tax trends as new levies, tougher nexus thresholds and intensifying audits. Overall, state tax revenues dropped 5.3%. If so, watch out for 2024.

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South Dakota Sales Tax Louisiana 264

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. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired.

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Tax CPA cpa firm business tax 214

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. You may owe capital gains tax and net investment income tax (NIIT). The post Selling Your Home for a Big Profit?

Tax 221

Tax income tax CPA Sales 221

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Both of these changes can directly impact your clients’ sales tax responsibilities.

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Sales Tax income tax tax planning 263

TaxConnex

MARCH 10, 2022

But what exactly is economic nexus – and, more importantly, have you kept up with its constant changes in the sales tax realm? Sales tax nexus is the connection your business has with a state or local taxing jurisdiction. It can be physical in the form of one of your offices actually being in a state or other tax jurisdiction.

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South Dakota Sales Tax Maryland 262

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.

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California Tax tax return CPA 211

RogerRossmeisl

SEPTEMBER 29, 2024

in 2023, up from 5.9% To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs and fuel cell vehicles is called the Clean Vehicle Tax Credit. According to Kelly Blue Book estimates, the EV share of the vehicle market in the U.S.

Tax 214

Tax CPA cpa firm 214

RogerRossmeisl

APRIL 24, 2023

If so, it’s important to determine whether you’re required to file a 2022 gift tax return. Filing requirements The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. The post Gift Tax Return Basics appeared first on Roger Rossmeisl, CPA.

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tax return Tax CPA 198

RogerRossmeisl

JULY 15, 2024

investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. net investment income tax.

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Tax income tax CPA 192

TaxConnex

JANUARY 9, 2024

We are excited to announce the completion of our fourth annual sales tax survey. This year’s results provided insights into how businesses are managing the complexities of sales tax and how they are being impacted by economic and regulatory structures.

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Sales Tax Education audit 264

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

TaxConnex

AUGUST 26, 2021

Many states survived the pandemic by the skin of their teeth due in part to the sales tax provided from e-commerce sales and the sales tax filed from companies that have reached nexus thresholds in their state. If these thresholds are met, the business has a sales tax obligation to register, collect and remit sales tax.

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E-commerce Sales Tax Missouri 246

RogerRossmeisl

NOVEMBER 6, 2023

But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. While these changes affect your account value, they have no tax consequences until you finally start taking withdrawals.

Tax 204

Tax CPA Account accountant 204

TaxConnex

JANUARY 7, 2025

Its a safe bet that few of them hit the target, which leads to returns, which leads to refunds from sellers, to which leads to the nagging question: Does sales tax get refunded along with the purchase price? The more accurate answer, particularly when something as complex as sales tax gets involved, is: Probably, but watch the details.

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Sales Rhode Island Tax tax return 147

RogerRossmeisl

NOVEMBER 1, 2023

The post IRS Opens Clean Vehicle Tax Credit Tool to Auto Dealers appeared first on Roger Rossmeisl, CPA. Though available to any business of any size, IRS Energy Credit Online may be especially helpful to any small business that currently sells clean vehicles.

Tax 220

Tax CPA Sales 220

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 207

CPA business tax Tax 207

TaxConnex

JULY 12, 2022

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. required statement?

Sales 246

Sales Tax Oklahoma Illinois 246

RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. This new withdrawal option allows certain employers that filed an ERTC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties. The IRS created the.

Tax 204

Tax CPA cpa firm business tax 204

RogerRossmeisl

NOVEMBER 6, 2023

If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. This is only the beginning of the unwelcome tax compliance tasks. For 2023, the SE tax consists of 12.4%

Tax 193

Tax income tax CPA Government 193

TaxConnex

AUGUST 19, 2021

In the fall of 2020, I published an article on how the sales tax picture is changing due to COVID-19. Now that we’re over a year into the pandemic, I wanted to provide an update on the sales tax landscape, what predictions have remained the same and what’s changed. sales tax economic nexus on remote sellers. Latest developments.

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Sales E-commerce Tax Missouri 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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accountant Account accounted CPA 198

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 so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. Are you getting ready to retire? You can withdraw more than.

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Tax CPA accountant accounted 206