CPA Practice

OCTOBER 2, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. IRS Direct Pay.

South Carolina 124

South Carolina Georgia Tax income tax 124

CTP

FEBRUARY 29, 2024

Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. So, as an accountant of a gambling client, you need to have detailed knowledge about gambling winnings and losses, as well as all the rules and regulations related to tax on gambling income.

Gambling 105

Gambling Tax accounted Account 105

Anders CPA

AUGUST 16, 2022

Most residents choose to opt for an in-state plan, but it’s important to consider whether the state offers an income tax deduction for contributing. If the resident state does not offer an income tax deduction, it’s important to instead focus on fees, expenses, and investment objectives.

Missouri 91

Missouri Illinois Tax income tax 91

CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. IRS Direct Pay.

South Carolina 111

South Carolina Georgia income tax Vermont 111

CPA Practice

JANUARY 27, 2023

RMD Age Increased Individuals saving for retirement via individual retirement accounts (IRAs) and most employer-sponsored retirement accounts must begin taking required minimum distributions (RMDs) when they hit a certain age. reduces this tax to 25% in 2023. This age limit increases to age 73 in 2023 and age 75 in 2033.

Illinois 119

Illinois Non-Profits CPA cpas 119

Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

income tax 52

income tax tax return E-commerce Tax 52

CPA Practice

FEBRUARY 3, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 119

Tax Illinois tax return cpas 119

Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments.

Illinois 52

Illinois Tax tax preparation bookkeeping 52

CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Here are a dozen deduction tips, provided by the Illinois CPA Society. Professional Fees : Need an accountant or bookkeeper?

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

Tax 105

Tax income tax Hawaii Oklahoma 105

Nancy McClelland, LLC

APRIL 11, 2023

In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return. Filing an extension grants you additional time to submit your complete and accurate return, but you still need to estimate whether you will owe any taxes and pay that estimated balance by the original due date.

tax return 98

tax return Tax CPA Illinois 98

TaxConnex

DECEMBER 29, 2022

But others clung to hiking sale taxes: Kentucky considered gradually replacing its individual income tax with a broader sales tax. South Dakota rejected a proposal to cut the state sales tax. Illinois and Wisconsin would follow suit by the end of the year. Some sales tax bills passed; others didn’t.

Sales 130

Sales Tax Maryland Louisiana 130

Nancy McClelland, LLC

JULY 9, 2022

Illinois’ 1% sales tax on groceries will be suspended for the state’s fiscal year, from June 1, 2022 through June 30, 2023. This sales tax reprieve is predicted to net approximately $400 million in consumer savings.

Illinois 40

Illinois Sales Tax income tax 40

CPA Practice

AUGUST 26, 2024

For too long, accountants and their clients have been operating out of alignment. Collaborative Accounting is the path, and this eBook will start you on your journey. Do you want more time for the deeper advisory work that matters to you and to your clients but aren’t sure how to get there?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

OCTOBER 23, 2024

See how top accounting firms have reduced Days Sales Outstanding (DSO) and saved time by modernizing their payment workflow. Discover time-tested tips for accelerating your Accounts Receivable (A/R) cycle and getting paid faster. Learn exactly where and how to automate your client touchpoints to improve relationships quickly.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Going Concern

FEBRUARY 23, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. million in related income that she and her husband had earned from 2012 through 2014.

CPA 105

CPA Illinois auditor Iowa 105

CPA Practice

OCTOBER 22, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Consent Policy (Required) By downloading this content, you agree to our Terms and Conditions. million – $4,999,999 $5 million – $10,000,000 Over $10 million Consent Policy (Required) By downloading this content, you agree to our Terms and Conditions.

payroll 52

payroll Rhode Island West Virginia South Dakota 52

ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

CPA Practice

AUGUST 28, 2024

Since their inception, Roth IRAs have allowed taxpayers to establish accounts either through direct contributions or by converting a traditional IRA into a Roth IRA, a process referred to as a Roth conversion. This rule applies to all Roth IRAs, including inherited accounts and conversions from traditional IRAs. SECURE Act 2.0

Tax 115

Tax Illinois CPA income tax 115

ThomsonReuters

APRIL 14, 2022

The IRS media relations representative explained on April 8, 2022 that the federal government does not currently accept virtual currencies for the payment of any federal taxes. This includes federal income tax, Federal Unemployment Tax Act (FUTA) tax, Social Security tax, Medicare tax, and Additional Medicare tax (i.e.,

New York 119

New York Tax Illinois payroll 119

Going Concern

FEBRUARY 16, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. public accounting firms, however, turnover has continued to increase.

Real Estate 105

Real Estate Iowa audit public accounting 105

CPA Practice

NOVEMBER 29, 2023

A qualified charitable distribution (QCD) could also be considered if you need to take required minimum distributions (RMDs) from your retirement accounts. While there’s no tax deduction for the donation, the gifted amount can be used to satisfy all or part of your annual RMD without increasing your taxable income.

Tax 108

Tax tax return CPA accounting and finance 108

Nancy McClelland, LLC

FEBRUARY 6, 2022

Last year we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. Let the tax return preparing begin!

accounted 52

accounted Account accountant tax return 52

CPA Practice

MARCH 14, 2023

This article was provided by the Illinois CPA Society. Tax season may be in full swing, but there’s still time to make a smart money move that often goes overlooked by taxpayers eager to file their tax returns and pocket their refunds: saving for retirement. Here’s what to know.

Tax 52

Tax Illinois CPA income tax 52

CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59

Anders CPA

JANUARY 7, 2025

In 2025, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, the minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2025, the Social Security tax wage base for employees will increase to $176,100.

payroll tax 52

payroll tax payroll Missouri Tax 52

Going Concern

OCTOBER 9, 2023

A key focus of this survey is to understand why a growing number of accounting students and young professionals in accounting and finance careers don’t finish the CPA exam or elect to never take it at all. Who says accounting doesn’t pay??

accounted 69

accounted Account accountant Iowa 69

CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. The catch-up amount for people age 50 and older in 2023 is currently $7,500.

Illinois 96

Illinois Start-ups Tax CPA 96

CPA Practice

JANUARY 31, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 64

Tax Illinois tax return cpas 64

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

payroll tax 52

payroll tax payroll Missouri Tax 52

Nancy McClelland, LLC

JANUARY 16, 2024

Photo by Thomas Lefebvre “What is an IRS Account Transcript and Why Do I Need One?” ” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. account, the ID.me

tax return 52

tax return Tax accounted Account 52

CPA Practice

SEPTEMBER 20, 2024

IRIS works with thousands of CPA firms in North America, including 52 of the top 100 CPA firms in the US, and provides innovative solutions to serve accountancy customers in the North American market, making IRIS the go-to partner for CPAs. Sign in or subscribe to get access to this free resource, and all of our whitepapers.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

SEPTEMBER 3, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. If you have employees working in states that have state withholding tax, then the business will need to be registered with that state’s Department of Revenue “To Do Business.”

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

CPA Practice

JULY 19, 2024

IRIS works with thousands of CPA firms in North America, including 52 of the top 100 CPA fi rms in the US, and provides innovative solutions to serve accountancy customers in the North American market, making IRIS the go-to partner for CPAs. IRIS has over 100,000 UK and international customers, with 80% having a tenure of five or more years.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so.

Delaware 58

Delaware Wyoming Nevada Oregon 58