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.

Tax 179

Tax income tax tax return CPA 179

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.

CPA 113

CPA Pennsylvania Tennessee cpas 113

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

CPA Start-ups Government Tax 252

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

CPA Tax cpa firm business tax 252

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.

CPA 240

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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.

Account 135

Account accountant accounted CPA 135

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.

audit 264

audit CPA Tax cpa firm 264

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.

CPA 262

CPA cpa firm business tax Tax 262

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.

Tax 237

Tax tax return CPA Government 237

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).

tax planning 260

tax planning Tax CPA 260

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.

Tax 257

Tax CPA cpa firm business tax 257

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.

CPA 51

CPA Manufacturing cpa firm 51

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.

CPA 248

CPA Tax cpa firm business tax 248

RogerRossmeisl

JUNE 25, 2024

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

Tax 243

Tax CPA business tax 243

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.

CPA 243

CPA cpa firm 243

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.

CPA 119

CPA cpas management accounting management accounts 119

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).

Tax 260

Tax CPA tax planning business tax 260

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 260

CPA 260

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.

Tax 260

Tax tax return CPA Finance 260

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.

Tax 231

Tax CPA cpa firm business tax 231

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 263

CPA 263

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.,

New Jersey 114

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RogerRossmeisl

FEBRUARY 18, 2024

It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. For 2024, a participant who earned $150,000 or more in 2023 is a highly compensated employee.

Account 199

Account accountant accounted CPA 199

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.

CPA 122

CPA cpas Education public accounting 122

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?

Tax 249

Tax CPA 249

CPA Practice

JULY 31, 2024

Olga Yasinnik Promoted to Partner at AAFCPAs Boston, MA (July 1, 2024) — AAFCPAs, a preeminent 350+ employee CPA and consulting firm, recently announced the promotion of Olga Yasinnik, CPA, MBA to Partner, effective July 1, 2024! She succeeds Jeffrey Neuman, CPA, JD , who has led the firm since 2000.

Ohio 116

Ohio audit cpas CPA 116

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.

CPA 219

CPA audit Tax cpa firm 219

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.

audit 241

audit CPA Tax business tax 241

RogerRossmeisl

JULY 17, 2024

Some business owners may be considering donating corporate stock to charities in 2024. Depending on the amount of your private stock donation, The post Valuing Donations of Private Business Stock appeared first on Roger Rossmeisl, CPA. But valuations of private business interests are typically more complicated.

CPA 233

CPA Tax 233

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.

Technology 122

Technology Tennessee CPA payroll 122

RogerRossmeisl

SEPTEMBER 9, 2024

1406, 2024), the Court held that corporate-owned life insurance (COLI) designed to fund the redemption of a deceased shareholder’s stock under a buy-sell agreement should be considered a corporate asset when calculating the value of the decedent’s shares for purposes of the federal estate tax. In Connelly v. IRS (144 S.

CPA 235

CPA Tax 235

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.

California 231

California CPA Tax business tax 231

RogerRossmeisl

FEBRUARY 18, 2024

The IRS announced it opened the 2024 income tax return filing season on January 29. The filing deadline to submit 2023 returns or file an extension is Monday, April 15, 2024, for most taxpayers. If you’re requesting an extension, you’ll have until October 15, 2024, to file. 1) What are this year’s deadlines? Keep in mind.

Tax 195

Tax Massachusetts income tax tax return 195

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). The post In 2025, the Social Security Wage Base is Going Up appeared first on Roger Rossmeisl, CPA.

Hospitality 257

Hospitality payroll CPA Tax 257

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.

Tax 264

Tax CPA cpa firm business tax 264

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.

CPA 111

CPA accounting principles Account accountant 111

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.

CPA 112

CPA Tax cost accounting Account 112