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What’s new in sales tax?

TaxConnex

The retailer hired an external CFO in 2021 who advised them that their large volume of online sales likely meant they had unpaid sales tax liabilities. The company ultimately paid $2 million in unpaid tax liabilities under various disclosures to 39 states, reports say. Rate hike on the bayou.

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Missouri Bill Reintroduces R&D Tax Credit and Changes to State and Local Tax Treatment and MO Works Program

Anders CPA

A Missouri bill, HB 2400, could affect businesses across the state with several provisions impacting the R&D tax credit, Missouri Works program, the State and Local Tax Parity Act and more. New Missouri R&D Tax Credit. Changes to the Missouri Works Program. State and Local Tax Opportunities.

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Attorney Flagged for Tax Evasion in New Case

CPA Practice

There’s a big difference between “tax avoidance” and “tax evasion.” Simply put, tax avoidance relies on legitimate strategies that may be used to reduce your income tax liability. For instance, you might take steps to increase certain personal deductions or postpone taxable investment income at the end of year.

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Tax Deductions for 529 Plans Outside of Your Resident State

Anders CPA

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.

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Last Week in Payroll: Localization of Work

ThomsonReuters

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA).

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Third Estimated Tax Payment Due Sept. 16, IRS Says

CPA Practice

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. To figure 2024’s estimated tax, the IRS recommends using income, deductions, and credits from 2023 as a starting point.

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The Collaborative Accountant

CPA Practice

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?