Nancy McClelland, LLC

APRIL 8, 2025

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Well, you’ve come to the right place.

Illinois 52

Illinois business tax Tax income tax 52

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 246

Tax income tax CPA business tax 246

RogerRossmeisl

MARCH 25, 2021

Here are some tax rules and considerations involved in operating with that entity. 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. Your business expenses are.

Tax 246

Tax tax return CPA Start-ups 246

RogerRossmeisl

MARCH 14, 2021

Are you a business owner thinking about hiring? Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

Tax 143

Tax CPA business tax 143

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.

tax planning 216

tax planning Tax CPA business tax 216

RogerRossmeisl

FEBRUARY 18, 2024

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Be aware that this deduction is only available through 2025, unless Congress acts to extend it. Here are nine considerations: 1.

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Tax CPA business tax 231

RogerRossmeisl

JULY 30, 2021

As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay.

tax return 246

tax return Transportation CPA Tax 246

RogerRossmeisl

JULY 16, 2023

If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States.

tax return 242

tax return CPA Tax business tax 242

RogerRossmeisl

FEBRUARY 28, 2022

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit.

California 246

California CPA Tax Start-ups 246

RogerRossmeisl

JANUARY 14, 2024

Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Penalties are steep This is part of the federal government’s anti-money laundering and anti-tax evasion efforts and is an attempt to look beyond shell companies that are set up to hide money.

CPA 262

CPA Start-ups Government Tax 262

Shay CPA

FEBRUARY 10, 2025

However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. Prior to 2022, businesses could expense R&D costs under Section 174 immediately. This detail further delays the timing of deductions, which can significantly impact cash flow and tax liability for startups.

accrual accounting 52

accrual accounting Tax CPA payroll tax 52

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.

South Carolina 126

South Carolina North Carolina Georgia Florida 126

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

APRIL 17, 2024

The qualified business income (QBI) deduction is available to eligible businesses through 2025. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. After that, it’s scheduled to disappear. How is QBI defined?

CPA 203

CPA Tax cpa firm business tax 203

Going Concern

MARCH 13, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 52

Real Estate Tax accounted Account 52

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

income tax Tax corporation tax Non-Profits 127

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.

business tax 105

business tax Tax Legal Government 105

Going Concern

JANUARY 17, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? TAX CANDIDATES FTE Tax | Candidate ID #23772188 Certifications: CPA in process, EA Education: BBA Accounting and Finance Experience (years): 8+ years experience in tax accounting.

Real Estate 52

Real Estate accounted Account accountant 52

Nancy McClelland, LLC

JANUARY 12, 2025

It’s tax time, you’re digging through your records… and your preparer or tax software asks about tax payments you’ve already made. Initially, this was to confirm the amounts of stimulus payments and child tax credit payments. Um, was I supposed to track those? No worries — the IRS did.

Tax 52

Tax tax return accounted Account 52

Going Concern

JANUARY 30, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 52

Real Estate accounted Account accountant 52

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.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

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.

Tax 105

Tax business tax accounting and finance payroll 105

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.

Tax 124

Tax Finance tax services business tax 124

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

CPA Practice

JUNE 30, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Now that a debt default has been diverted, Republicans in the House of Representatives are turning toward taxes. GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats.

Tax 122

Tax income tax Washington Start-ups 122

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

CTP

JANUARY 16, 2024

By collecting data on who is actually in control of businesses, the government hopes to crack down on bad actors. Tax Identification Numbers. Companies formed in 2025 and onward will likely have only 30 days to get everything in order to file their BOI report. The IRS estimates that this process takes six to eight weeks.

business tax 100

business tax Tax Legal Government 100

CPA Practice

FEBRUARY 4, 2025

Key findings in the 2025 Avalara Tax Changes report point to nascent state-by-state efforts to alleviate the burden of tax compliance related to economic nexus laws.

Tax 109

Tax Sales audit business tax 109

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. Taxpayers now have until Feb.

Washington 97

Washington Tax tax return payroll 97

CPA Practice

NOVEMBER 19, 2024

The Main Street Alliance and Small Business Majority have launched the Small Business Tax Fairness Coalition (SBTF), a national initiative to advocate for a U.S. tax code that prioritizes the needs of America’s entrepreneurs. of recipients—primarily white-owned firms—leaving many small, minority-owned businesses behind.

Maine 52

Maine Tax corporation tax Healthcare 52

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

Menzies

OCTOBER 30, 2024

Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years. From April 2025 the National Living Wage will increase to £12.21 Up to £520 million for a new Life Sciences Innovative Manufacturing Fund to drive growth and build resilience for future health emergencies.

Manufacturing 59

Manufacturing corporation tax chartered accountant Technology 59

CPA Practice

MAY 23, 2023

New Jersey’s top two state lawmakers gave an indication Monday that tax cuts — one proposed for seniors, another already planned for large corporations — are likely to be a big focus, and possibly spark a big fight, in the final weeks of state budget negotiations. 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

Ronika Khanna CPA,CA

JUNE 7, 2024

Table of Contents When starting a business, it can be confusing and a little overwhelming to keep on top of the different types of tax filings that need to be submitted and ensuring that these tax deadlines are met. Does your small business qualify for the quick method of reporting GST-HST & QST ?

Tax 88

Tax corporation tax tax return payroll 88

Cherry Bekaert

JUNE 12, 2023

Tennessee Works Tax Act Tennessee recently enacted the Senate Bill 275/House Bill 323, the Tennessee Works Tax Act , as the single largest tax cut in state history. property, payroll, three times receipts with a denominator of five) that applied to tax years ending before December 31, 2023.

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Tennessee Tax Sales payroll 93

CPA Practice

JULY 20, 2023

By Laura Weiss, CQ-Roll Call (TNS) House Republicans opposed to limits on deductions for state and local taxes are making their first stand in a move that could test their newfound power in the GOP conference. Several say no tax bill can get their support unless it allows more state and local tax deductions. New York Rep.

Tax 98

Tax New Jersey New York Missouri 98

CPA Practice

JULY 25, 2024

One of the goals the agency has met is adding several new features in Individual Online Account that give taxpayers the ability to: Retrieve all their tax-related information from one source, including Wage & Income Account, Record of Account, and Return transcripts. Taxpayers can still choose to submit a paper version, the agency said.

online accounting 119

online accounting tax accountant Tax audit 119