RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). Within specified dollar limits, an above-the-line tax deduction is allowed for an individual’s contributions to an HSA. Inflation adjustments for.

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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

AUGUST 11, 2024

In addition, businesses can turn to IRS guidance on software costs. What are the tax differences between hardware and software? Specifically, for 2024, once these assets are operating, you can deduct 60% of the cost in the first year they’re placed in service. Here are some answers to questions you may have. This favorable.

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RogerRossmeisl

JANUARY 1, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. January 16 (The usual deadline of January 15 is a federal holiday) Pay the final installment of 2023 estimated tax. Farmers and fishermen: Pay estimated tax for 2023.

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RogerRossmeisl

OCTOBER 13, 2024

Work on the claims for small businesses and others is ongoing as the agency continues to navigate a large volume of claims from the complex pandemic-era credit. The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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CPA Practice

NOVEMBER 25, 2024

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We Eastern Partners/Shareholders December 3, 2024 3 p.m. –

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ThomsonReuters

JANUARY 22, 2024

This legislation is designed to provide crucial support to American job creators, small businesses, and working families. With a focus on alleviating the burden of rising prices and interest rates, this tax relief package is a vital step towards fostering a healthier economy and creating greater opportunities for all.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. For the 2023 taxable year, a 179 expense of $1.16

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RogerRossmeisl

SEPTEMBER 29, 2024

As reported via IR-2024-240 on 9/18/2024 The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit (the tax credit related to the installation of EV chargers).

CPA 252

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CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

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RogerRossmeisl

APRIL 28, 2024

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. Other possibilities There are more small business retirement plan options, The post Don’t Have a Tax-Favored Retirement Plan?

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RogerRossmeisl

SEPTEMBER 9, 2024

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. Do you expect to be in a higher tax bracket next year? Here are some other ideas that may help you save tax dollars if you.

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ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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CPA Practice

NOVEMBER 20, 2023

(TNS) The new business tax account from the IRS , unveiled in late October, is expected to expand next year with a slate of new features that should make tax time a little smoother for entrepreneurs. The IRS previously indicated that small business owners should be able to respond to dozens of online notices by 2024.

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RogerRossmeisl

JANUARY 14, 2024

Starting in 2024 newly formed, corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the U.S.

CPA 252

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RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use.

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RogerRossmeisl

JANUARY 21, 2024

As reported via IR-2024-16 on 1/19/2024 The Internal Revenue Service and the Department of the Treasury today issued Notice 2024-20 to provide guidance on eligible census tracts for the qualified alternative fuel vehicle refueling property credit (the tax credit applicable to the installation of EV chargers) and to announce the intent to propose regulations (..)

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CPA Practice

DECEMBER 19, 2023

million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic. While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice.

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Canopy Accounting

DECEMBER 20, 2023

Tax season is approaching, so make sure you stay informed about crucial business tax updates to stay ahead of the upcoming 2024 tax season chaos!

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RogerRossmeisl

AUGUST 11, 2024

As appearing in IR-2024-203 Agency accelerates work on complex credit as more payments move into processing. The findings of the IRS review, announced in June, confirmed concerns raised by tax professionals and others that there was an extremely high rate of improper ERTC claims in the current inventory of.

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Withum

AUGUST 14, 2024

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby.

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Accounting Today

OCTOBER 17, 2024

With the November election mere weeks away, there is still time for tax pros to ponder the strategies available to meet the proposals of each candidate.

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RogerRossmeisl

OCTOBER 27, 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax.

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RogerRossmeisl

JANUARY 1, 2024

The IRS just put up a new webpage and released FAQs having to do with the recently announced Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. ERTC Voluntary Disclosure Program On December 21, 2023, the IRS announced a new Voluntary Disclosure Program for businesses who claimed the ERC erroneously.

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CTP

JANUARY 16, 2024

In the rush to finish last year strong, small business owners may now find themselves caught off guard by the legal requirements awaiting them in 2024. This is where you can provide additional value to your tax clients, just by familiarizing them with the new beneficial ownership information requirement.

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CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

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CTP

JANUARY 16, 2024

As 2024 kicks off, so do new legal requirements for small businesses. The Corporate Transparency Act took effect on January 1st, which means that many businesses will need to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Network (FinCEN). Tax Identification Numbers.

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inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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RogerRossmeisl

AUGUST 11, 2024

As appearing in IR-2024-198 Businesses urged to proactively resolve erroneous claims to avoid penalties, interest, audits As the Internal Revenue Service intensifies work on the Employee Retention Tax Credit (ERTC), the agency today shared five new warning signs being seen on incorrect claims by businesses.

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RogerRossmeisl

NOVEMBER 12, 2023

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2024, the FICA tax rate for employers will be 7.65% — 6.2%

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RogerRossmeisl

NOVEMBER 25, 2023

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners. You then pay the individual federal income tax rates on that income. Here are the 2024 inflation adjusted bracket thresholds.

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Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. Should I File a Protective Income Tax Refund Claim?

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CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 22, 2024, in Alabama; Sept. 22, 2024, in Alabama; Sept.

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Dent Moses

OCTOBER 10, 2024

Dent Moses is committed to keeping you informed of the latest tax-saving strategies. We are sharing our AG-YE_YR Tax Planning Guide-2024_DM. We look forward to working with you to review the details of your tax situation. The post 2024 Business Tax Planning Guide appeared first on Dent Moses, LLP.

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RogerRossmeisl

MAY 17, 2024

Commencing in 2024, individuals who possess short-term rentals (such as rentals facilitated by platforms like Airbnb) will be required to fill out the newly introduced Form BOE-571-STR, known as the Short Term Rental Property Statement, in order to disclose their business personal property.

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Withum

FEBRUARY 1, 2024

7024, Tax Relief for American Families and Workers Act of 2024 , by a wide bipartisan vote of 357 to 70 yesterday evening. The refundable child tax credit would continue to increase by $100 per year through Dec. The refundable child tax credit would continue to increase by $100 per year through Dec. Taiwan tax provisions.

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CPA Practice

JULY 8, 2024

TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. 1, 2024, to file various federal individual and business tax returns and make payments.

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