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? Is There Legislation Pending That Would Alter the ERC?

Tax 126

Tax income tax tax return audit 126

Menzies

SEPTEMBER 20, 2024

See our Autumn Budget 2024 Predictions and Wish List below. Capital Gains Tax It is widely expected that we will see an increase to capital gains tax rates, particularly on residential property. We may see the removal of the capital gains tax annual allowance and this being combined with the personal allowance for income tax.

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Withum

JULY 10, 2024

SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan. To the extent that any NOL is denied as a result of the suspension, carryforward periods are extended three years for losses incurred in tax years prior to Jan. 1, 2024, and prior to Jan.

California 125

California income tax Tax business tax 125

TaxConnex

JULY 12, 2022

The bill also extends the sunset date of the sales tax exemption for the purchase of high-technology data center equipment to Dec. Illinois requires retailers to notify customers of the suspension of the state 1% rate of sales and use tax on retail sales of groceries, effective July 1 through June 30, 2023.

Sales 246

Sales Tax Oklahoma Illinois 246

CPA Practice

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. Another option is the Direct File pilot program.

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Cherry Bekaert

MAY 28, 2024

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. House Bill No. Questions?

North Carolina 104

North Carolina Tax income tax tax return 104

Withum

AUGUST 21, 2024

Beneficial ownership information (BOI) reporting began on January 1, 2024. There are many court cases winding through the Federal court system and one District Court in March 2024 declared the BOI reporting statute unconstitutional, but only as to the plaintiffs in that particular lawsuit.

income tax 118

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Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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inDinero Tax Tips

OCTOBER 22, 2024

You can also elect to be taxed as an S-corp or C-corp. Talk to a business tax services specialist before making this decision, but in short, S-corps can be advantageous because their structure can minimize self-employment taxes while C-corps can attract investment by allowing you to sell stock.

Nevada 105

Nevada Tax income tax payroll tax 105

Withum

DECEMBER 4, 2024

Any asset with a class life of less than 15-years can still be depreciated using MACRS and take advantage of bonus depreciation (60% in 2024 and 40% in 2025). Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. The total section 179 deduction for 2024 is $1,220,000.

Tax 105

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Withum

JANUARY 31, 2024

Affected taxpayers qualifying for this tax relief include individuals and householders who reside or have a business in Providence County. The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments.

Rhode Island 72

Rhode Island income tax tax return Tax 72

Withum

SEPTEMBER 1, 2023

The tax relief postpones various tax filing and payment deadlines that occur from August 27, 2023, through February 15, 2024 – the postponement period. Affected individuals and businesses therefore will have until February 15, 2024 to file tax returns and to pay any taxes that were originally due during the postponement period.

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CPA Practice

JANUARY 18, 2024

[Your credentials] with [#] years of experience helping individuals and small businesses with tax filings and compliance. Saving [your niche] money one tax write-off at a time! Accepting new tax preparation clients for the 2024 filing season. What type of services do you offer? Say Goodbye to Tax Stress!

CPA 111

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Withum

FEBRUARY 21, 2024

The new beneficial ownership reporting under the Corporate Transparency Act was signed into law on January 1, 2021 and took effect on January 1, 2024. Beneficial ownership information (BOI) must be reported for the reporting entity’s beneficial owners and for entities formed or registered in 2024 or later – company applicants.

income tax 125

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CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. Companies can currently write off 100% of qualified equipment costs in the year it placed its service.

income tax 111

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Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Federal income tax or information return reporting more than $5 million in U.S.-source Treasury Department. 5 & FAQ J.1. 1 & FAQ F.4.

Legal 115

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CPA Practice

MAY 10, 2024

Erin Eberly has been named the partner-in-charge of KSM’s tax services. In this role, Eberly leads tax professionals across the firm to deliver tax compliance and consulting services with excellence. Together, with CEO and President Tim Cook, they comprise KSM’s executive committee, the firm’s leadership team.

Tennessee 64

Tennessee New York audit income tax 64

Withum

NOVEMBER 29, 2023

Beginning January 1, 2024, the Corporate Transparency Act requires certain businesses to submit an online report to the Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Federal income tax or information return reporting more than $5 million in U.S.-source Treasury Department. 5 & FAQ J.1. 1 & FAQ F.4.

Legal 91

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Withum

AUGUST 16, 2024

The IRS announced on August 15, 2024, the establishment of a second voluntary disclosure program (VDP) relating to erroneous ERC claims. See Announcement 2024-30. The IRS released the original VDP in December 2023, which expired on March 22, 2024. See Announcement 2024-3. The participant must sign a closing agreement.

income tax 64

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inDinero Tax Tips

MAY 13, 2024

State and Local Payroll Taxes In addition to the above, businesses are subject to state and local payroll taxes. These vary by location and include income tax, disability, and unemployment insurance. Federal Income Tax This is the largest tax employers withhold from employees and is used to fund the federal government.

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inDinero Tax Tips

MAY 13, 2024

State and Local Payroll Taxes In addition to the above, businesses are subject to state and local payroll taxes. These vary by location and include income tax, disability, and unemployment insurance. Federal Income Tax This is the largest tax employers withhold from employees and is used to fund the federal government.

payroll tax 52

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Withum

JANUARY 8, 2024

Based on the interim definition, governmental contract research facilities were required to capitalize their contract R&E expenditures, generate taxable income, and make required federal cash tax payments. This article was originally published by Lynn Mucenski Keck in Forbes on January 2, 2024.

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Withum

NOVEMBER 21, 2024

The IRS released new Form 15620 to simplify and standardize elections under section 83(b) on November 7, 2024. To make the election, employees need to complete and sign Form 15620 and mail it to the IRS office where they file their federal income tax returns. While this new form does not change any of the requirements from Rev.

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Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). If you hold long-term, appreciated capital assets, and are in the 0% rate bracket, consider selling enough long-term assets to maximize the 0% rate in 2024.

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Withum

MARCH 27, 2024

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 , including the reinstitution of immediate expensing for domestic research expenditures, in a staggering bipartisan vote of 357 to 70, it still remains unclear if the Senate can pass this crucial legislation.

Finance 59

Finance Manufacturing income tax Idaho 59

Withum

AUGUST 7, 2023

If a taxpayer purchases a new clean vehicle, the maximum federal income tax credit for personal clean vehicle energy purchases is $7,500 once provided the critical mineral and battery component requirements are met. Are There State Income Tax Incentives for the Purchase of a Clean Vehicle?

income tax 52

income tax New Jersey Manufacturing Sports 52

Withum

OCTOBER 12, 2022

AFSI is defined as the net income or loss of the taxpayer set forth on the taxpayer’s applicable financial statement for such taxable year, with up to 15 adjustments as provided in new Section 56A. The first tax year for which the new CAMT tax is due is the calendar year beginning January 1, 2023, for which returns will be due in 2024.

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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.

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Withum

AUGUST 7, 2023

What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? Assume the charging stations meet all the requirements to be deemed qualifying charging stations for the federal income tax credits. How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

Construction 52

Construction income tax Non-Profits Transportation 52

Withum

AUGUST 24, 2023

The applicable percentages are based on the year of construction and are as follows:   In the case of construction that begins before January 1, 2023, 10 percent;   In the case of construction that begins after December 31, 2022, and before January 1, 2024, 12.5 How Do I Claim a Federal Energy Project Income Tax Credit?

Tax 52

Tax Construction income tax Non-Profits 52

Anders CPA

AUGUST 22, 2023

This law provides an income tax credit for taxpayers who hire an intern or apprentice who is paid at or beyond the minimum wage. Anders State and Local Tax advisors keeps a close eye on evolving legislation around tax credits and incentives. Genesis Clay, tax intern, contributed to this article.

Missouri 52

Missouri Tax income tax CPA 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

Accounting Insight

APRIL 21, 2023

As a result, changes will be made to the Self Assessment tax return forms for the 2024-25 tax year, requiring separate identification of amounts related to crypto assets. Recently, there has been a growing emphasis on digitalisation and modernisation of tax services.

accountant 59

accountant Account accounted Technology 59

xendoo

JANUARY 26, 2023

The Internal Revenue Service (IRS) can send you a bill for penalties and additional fees. However, we understand that tax filing requirements and rules change each year. It’s hard to keep up without your own accountant or business tax services. When you run a business, it’s easy to fall behind on your books and taxes.

Tax 52

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. trillion in 2033.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Withum

JANUARY 13, 2025

This means that affected individuals will have until October 15, 2025, to file returns and pay any taxes that were originally due during this period. Individuals and businesses will automatically qualify for the relief if their addresses on the most recently filed tax returns are located in the disaster area.

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Going Concern

FEBRUARY 16, 2024

Apparently the local news has had this amateur CPA on their radar since at least 2020: Krystal clear – customer says shady businesswoman an “expert at frauding people” [ FOX 2 Detroit ] Krystal friended Chrissy on Facebook and said her company “Card Virtual Tax Service” could get her a big refund and take a percentage.

Real Estate 105

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