CPA Practice

OCTOBER 11, 2024

Because of hurricanes Debby, Helene, and, most recently, Milton, all taxpayers in Florida now have until May 2025 to file individual and business tax returns and make tax payments, the IRS announced on Friday. 10—individuals and businesses in 51 counties will receive disaster tax relief. Lucie counties.

Florida 137

Florida Tax tax return payroll 137

RogerRossmeisl

FEBRUARY 18, 2024

Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA. You report income and expenses.

Tax 155

Tax CPA business tax 155

RogerRossmeisl

JULY 30, 2021

Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025. What can you Deduct?

tax return 241

tax return Transportation CPA Tax 241

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan.

California 125

California income tax Tax business tax 125

Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Below are the deadlines that all small businesses need to know for 2024. Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec).

business tax 52

business tax Tax income tax tax return 52

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. In all of these states, the relief period ends on May 1, 2025 (postponement period).

South Carolina 130

South Carolina North Carolina Tax Alabama 130

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. Here are some examples.

Tax 191

Tax income tax CPA business tax 191

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3%

California 190

California CPA Tax Start-ups 190

CPA Practice

OCTOBER 10, 2024

CPA Practice Advisor wants to highlight those in the accounting and tax communities who have begun or are in the process of mobilizing efforts to help those impacted by Hurricane Helene. Florida Institute of CPAs FICPA hosted a webinar on Oct. [Updated on Oct. 10; originally posted on Oct. The webpage can be found here.

North Carolina 116

North Carolina South Carolina Tennessee cpas 116

CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. With that, the expiration for filing new ERC claims for 2021 expires on April 15, 2025.

Tax 59

Tax business tax tax planning tax services 59

RogerRossmeisl

MARCH 25, 2021

The pass-through deduction To the extent your business generates qualified business income (QBI), you’re eligible to claim the pass-through or QBI deduction, subject to limitations. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. Your business expenses are.

Tax 206

Tax tax return CPA Start-ups 206

CPA Practice

SEPTEMBER 13, 2024

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business tax returns and make tax payments. 3, 2025 (postponement period).

Louisiana 104

Louisiana Tax tax return income tax 104

CPA Practice

OCTOBER 7, 2024

4—Federal officials have announced tax relief for people and businesses in the Yakama Nation affected by summer wildfires that began June 22. 3, 2025, to file various federal individual and business tax returns and make tax payments, according to a news release from the IRS. (TNS) Oct. 16, and Jan.

Washington 97

Washington Tax tax return payroll 97

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

SkagitCountyTaxServices

SEPTEMBER 19, 2024

Here’s how you know (as quoted directly from the BOI reporting FAQ page ): “A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.” The rules are different if you created a business this year (2024) or start one after the deadline.

Tax 70

Tax income tax CPA tax preparation 70

CPA Practice

OCTOBER 7, 2024

CPA Practice Advisor wants to highlight those in the accounting and tax communities who have begun or are in the process of mobilizing efforts to help those impacted by Hurricane Helene. Florida Institute of CPAs FICPA hosted a webinar on Oct. The webpage can be found here.

North Carolina 52

North Carolina South Carolina Tennessee Georgia 52

Ronika Khanna CPA,CA

JUNE 7, 2024

Year end Tax Slips Federal You must prepare a summary of the salaries paid for the year via a T4 slips for which the due date is February 28th of the year following the salary payment E.g. February 28, 2025 for the year ended December 31, 2024. Note if you file the T4 slips online, no summary is required.

Tax 84

Tax corporation tax tax return payroll 84

SkagitCountyTaxServices

FEBRUARY 8, 2024

Before I get to those things, let me make a quick plug for getting on my calendar because business tax deadlines are coming and last-minute action is NOT a good strategy for keeping your Mount Vernon business compliant and tax-light. Most businesses formed before 2024 have until Jan. more workers.

Legal 84

Legal Healthcare business tax Tax 84

CPA Practice

MARCH 8, 2023

This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C. Metro office in the Business Tax Services practice.

income tax 111

income tax Tax financial statements corporation tax 111

CPA Practice

FEBRUARY 7, 2024

Any business or accounting firm that filed using paper methods but should have filed electronically may receive fines, so it is essential to contact the IRS , their accountant, or their 1099 service provider. Users can also easily make corrections update values, save it, and Avalara will re-file the information forms with the IRS.

Technology 123

Technology accounts payable accounting firms income tax 123

KROST

JANUARY 25, 2021

Business owners should watch out for this or speak to their CPA or accountant for more information. The Tax Cuts and Jobs Act (TCJA) allowed a real property trade or business to elect out of the limitation on the deduction for business interest expense. New Markets Tax Credit. Jose Calles, CPA , Manager.

Real Estate 92

Real Estate CPA Tax public accounting 92

CPA Practice

SEPTEMBER 17, 2024

Since joining the firm in 2021, Brianna has excelled in accounting, auditing, compliance, financial statement preparation, tax return preparation, and special projects. Her specialization in nonprofit work and her CPA certification highlights her commitment to excellence. He holds both CPA and CVA certifications.

Construction 52

Construction Illinois audit Real Estate 52

Withum

MAY 4, 2022

A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. As a final note, the New York City PTET is on top of, but does not replace the New York City Unincorporated Business Tax (“UBT”) imposed on partnerships or General Corporation Tax (“GCT”) imposed on S corporations.

New York 112

New York income tax New Jersey Tax 112

Withum

SEPTEMBER 15, 2023

Businesses and accounting firms will monitor the progression of the bill closely, however, 2023 estimated tax payments should still include the capitalization of 174 R&E. Let’s Chat The post Do You Need Help With 174? appeared first on Withum.

tax return 69

tax return payroll tax income tax Tax 69

xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Instead, the owners report business income on their personal income tax returns.

tax return 52

tax return Real Estate bookkeeping Tax 52

xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Instead, the owners report business income on their personal income tax returns.

tax return 52

tax return Real Estate bookkeeping Tax 52

CPA Practice

JANUARY 24, 2024

Choosing Retirement Plans Opening a corporate retirement plan is a great option to lower business taxes. Qualified, profit-sharing plans allow employees to contribute a portion of their wages to individual accounts, while also allowing the employer to make a tax-deductible contribution. may have felt too late to make.

Tax 52

Tax Non-Profits business tax tax return 52

CPA Practice

JANUARY 25, 2023

Following are several key changes for small businesses included in SECURE Act 2.0. Beginning in 2025, the new law increases the limit from $7,500 to the greater of $10,000 or 150% of the regular catch-up limit for those aged 60-63 (indexed for inflation).

Tax 112

Tax Start-ups Account accounted 112

CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.

tax return 69

tax return income tax California payroll 69

CPA Practice

FEBRUARY 6, 2024

We expect this trend to continue in 2024 in the small number of jurisdictions that have considered the issue but have not yet acted, even though the TCJA’s SALT deduction limitation is currently scheduled to expire at the end of 2025.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

JANUARY 10, 2024

Delays in processing amended tax returns and taxpayer correspondence. Despite the IRS’s success in eliminating its backlog of paper-filed Forms 1040, backlogs in processing amended individual income tax returns (Forms 1040-X), amended business tax returns and correspondence continued.

tax return 64

tax return income tax Non-Profits online accounting 64

CPA Practice

JULY 24, 2024

The IRS said this week that individuals and businesses in 67 Texas counties affected by Hurricane Beryl now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. As a result, affected individuals and businesses will have until Feb. 16, 2024, and Jan.

Tax 52

Tax tax return Texas income tax 52

CPA Practice

JULY 25, 2024

View a comprehensive overview of their account information, including the status of their tax refund as it’s being processed. In addition, Business Tax Account is now available in Spanish—and improvements have been made so eligible business taxpayers can now see their balance due and make payments all in one place, according to the IRS.

online accounting 117

online accounting tax accountant Tax audit 117

CPA Practice

MARCH 15, 2024

Higher taxes deter entrepreneurship and innovation by reducing the financial rewards for taking risks and starting new ventures. This was a distribution of wealth preview of 2025—taxpayer beware. James Hamilton, UC San Diego NO: Corporate profits are either paid to the shareholders as dividends or are re-invested in the company.

business tax 111

business tax Tax corporation tax Non-Profits 111

CPA Practice

JULY 20, 2023

Several say no tax bill can get their support unless it allows more state and local tax deductions. Andrew Garbarino, co-chair of the bipartisan SALT Caucus, said enough Republicans are opposed to passing the GOP tax package to block it unless leadership adds that pinch of SALT. New York Rep.

Tax 98

Tax New Jersey Missouri New York 98

RogerRossmeisl

AUGUST 11, 2024

The reason has to do with a tax law that’s scheduled to expire in about 17 months and how politicians in Washington would like to handle it. How we got here The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made extensive changes to small business taxes.

Tax 196

Tax Washington business tax CPA 196

CPA Practice

MAY 23, 2023

Meanwhile, state Senate President Nick Scutari , D-Union, said he is also working on that proposal — and left open the possibility of paying for it by extending a corporate business tax surcharge that Gov. Phil Murphy and top Democrats have agreed to let expire at the end of the year.

New Jersey 116

New Jersey Tax business tax Start-ups 116