RogerRossmeisl

DECEMBER 27, 2024

This legal back-and-forth began with a Texas federal district court’s injunction on December 3, The post BOI Reporting Requirements Paused Again as of 12/27/2024 appeared first on Roger Rossmeisl, CPA.

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CPA Practice

SEPTEMBER 13, 2024

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. The Tennessee Society of CPAs (TSCPA) is pleased to award $280,000 in scholarships through the TSCPA Educational & Memorial Foundation to 128 Tennessee accounting students.

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RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post The IRS Has Just Announced 2024 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. Inflation adjustments for.

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RogerRossmeisl

APRIL 17, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. For corporations, pay the first installment of 2024 estimated income taxes. The post 2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers appeared first on Roger Rossmeisl, CPA.

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CPA Practice

JUNE 4, 2024

The American Institute of Certified Public Accountants and CPA Practice Advisor have announced the recipients of the ‘Most Powerful Women in Accounting’ awards, now in their 13th year, which recognize leaders for their significant contributions to the profession. Lara Abrash, CPA Julie Boland, CPA Samantha Bowling Jeannine K.

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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

JULY 22, 2024

(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. The IRS urges car dealerships to be extra.

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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).

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RogerRossmeisl

SEPTEMBER 29, 2024

One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard deduction amounts ($29,200 for joint filers, $14,600 for singles and married couples filing separately, and $21,900 for heads of household).

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CPA Practice

OCTOBER 16, 2024

The New Jersey Society of Certified Public Accountants ‘ has announced that 40 individuals are the recipients of its 2024 Ovation Awards in seven categories: Lifetime Leader; Diversity, Equity & Inclusion; Exceptional Educators; Emerging Leaders; Impact; Innovation; and Women to Watch. Centeno, CPA, MBA — Director, Smolin, Lupin & Co.,

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CPA Practice

JULY 16, 2024

The American Institute of CPAs and the National Association of State Boards of Accountancy have expanded international testing availability of the U.S. CPA Exam to the Republic of the Philippines. Passing the Uniform CPA Examination is a prerequisite to becoming a licensed Certified Public Accountant (CPA) in the United States.

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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

APRIL 30, 2024

As posted to the Munro Live YouTube Channel on 4/24/2024 (Run Time 18 min, 42 sec) Sandy Munro and Armin von Czarnowski demonstrate how steer-by-wire works and examine the components that make it possible in the Cybertruck. The post How Tesla Cybertruck’s Steer-by-Wire System Works appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

DECEMBER 15, 2024

In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in 2024).

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RogerRossmeisl

APRIL 30, 2024

According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. The post Treasury Has Issued Auto Dealers >$580 Million in Advance EV Tax Rebates This Year appeared first on Roger Rossmeisl, CPA.

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Going Concern

FEBRUARY 10, 2025

The CPA Exam remains broken. Q4 2024 Pass Rates: Core: FAR – 36.80% AUD – 43.50% REG – 60.40% Discipline (Candidates Choose 1): BAR – 33.70% TCP – 72.20% ISC – 56.40% A few thoughts: The consensus on the new exam was FAR would see higher pass rates as difficult material moved to BAR.

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CPA Practice

AUGUST 14, 2024

Xero CEO Sukhinder Singh Cassidy addresses Xerocon 2024. Credit: CPA Practice Advisor Earlier this year, Cassidy shared the company’s three year strategy with investors, which is based upon four pillars. Xero chief product and technology officer Diya Jolly speaks to attendees at Xerocon 2024. Credit: CPA Practice Advisor.

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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.

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CPA Practice

DECEMBER 5, 2024

Following the November presidential election, CPA business leaders have a much more positive outlook about the U.S. The quarterly survey includes 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership positions, such as CFO or controller, in their companies. 6 to 26, 2024.

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RogerRossmeisl

OCTOBER 13, 2024

According to the Association of Certified Fraud Examiners’ (ACFE’s) Occupational Fraud 2024: A Report to the Nations, owner/executive fraud makes up only 19% of all cases but has a median loss of $459,000 per incident. The post Why Your Business Needs to Protect Against Executive Fraud appeared first on Roger Rossmeisl, CPA.

CPA 236

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RogerRossmeisl

JUNE 5, 2024

In its Occupational Fraud 2024: A Report to the Nations, the Association of Certified Fraud Examiners (ACFE) reveals that when organizations uncover fraud, 67% choose to terminate the individuals involved. The post What to Do if your Business is Defrauded appeared first on Roger Rossmeisl, CPA. How do victims react?

CPA 227

CPA 227

RogerRossmeisl

DECEMBER 3, 2023

Time deductions and income If your business operates on a cash basis, you can significantly affect your amount of taxable income by accelerating your deductions into 2023 and deferring income into 2024 (assuming you expect to be taxed at the same or a lower rate next year).

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RogerRossmeisl

JANUARY 21, 2024

The post Treasury and IRS Issue Guidance on the Qualified Alternative Fuel Vehicle Refueling Property Credit appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

OCTOBER 27, 2024

The exclusion amount is adjusted for inflation annually, and in 2024 is $18,000. The post Maximize Your Year-End Giving with Gifts that Offer Tax Benefits appeared first on Roger Rossmeisl, CPA. It covers gifts that an individual.

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Going Concern

JANUARY 1, 2025

At the start of last year we ran a little survey asking readers what they thought would be the biggest issues impacting the profession in 2024. What will be the biggest issue affecting the profession in 2024? The 2024 predictions survey also asked if there are any issues that aren’t being talked about and should be.

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RogerRossmeisl

DECEMBER 29, 2024

Lets take a look at what you can deduct in 2024. appeared first on Roger Rossmeisl, CPA. Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Food and beverage costs. The post When Can You Deduct Business Meals and Entertainment?

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RogerRossmeisl

JUNE 25, 2024

The post IRS Resumes Processing of Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

AUGUST 11, 2024

Meteorologists warn that the 2024 hurricane season could break records, possibly surpassing 2020, the worst hurricane season on record. The post A Business Valuator is a Must-Have When Filing a Business Interruption Claim appeared first on Roger Rossmeisl, CPA.

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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. For Q1 2024, FAR has the lowest pass rate of the core exam sections at 41.92%. CPA Examination. CPA Examination as planned.

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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.

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RogerRossmeisl

OCTOBER 13, 2024

The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA. The IRS understands the vital importance of Employee Retention Tax Credits payments for struggling small businesses, and we are continuing to make important progress on one of the most complex tax.

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RogerRossmeisl

AUGUST 11, 2024

Specifically, for 2024, once these assets are operating, you can deduct 60% of the cost in the first year they’re placed in service. The post Business Website Expenses: How They’re Handled for Tax Purposes appeared first on Roger Rossmeisl, CPA. The costs fall under the standard rules for depreciable equipment. This favorable.

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Accounting Today

JUNE 4, 2024

The leading CPA financial planners with over $1 billion in assets under management, from Accounting Today's annual ranking.

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RogerRossmeisl

JULY 15, 2024

The Social Security tax wage ceiling for 2024 is $168,600 (up. appeared first on Roger Rossmeisl, CPA. Unless you understand how the Social Security tax works and closely examine your pay statements, you may be blissfully unaware of the size of the tax. It’s potentially a lot! The post Social Security Tax Update: How High Can it Go?

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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 post IRS Resumes Processing of ERTC Claims appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

JANUARY 1, 2024

The program runs through March 22, 2024. The post IRS Launches New Webpage with FAQs on ERTC Voluntary Disclosure Program appeared first on Roger Rossmeisl, CPA. The program is part of the IRS’ continuing efforts to combat questionable ERTC claims.

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