CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax 110

payroll tax West Virginia payroll cpas 110

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

Rhode Island Alaska New Hampshire Tax 111

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska New Hampshire Tax 105

CPA Practice

AUGUST 9, 2023

state that fully taxes military pensions. ( But proposed legislation would exempt military retirement income from California state income tax — at least for the next ten years. “We tax years beginning on or after January 1, 2024, and before January 1, 2034). That’s because California is the only U.S.

California 98

California Tax income tax Nevada 98

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

OCTOBER 4, 2024

State and eligibility expansion For the 2025 tax filing season, eligible taxpayers in 24 states will be able to use Direct File: 12 states that were part of the pilot last year, plus 12 new states where Direct File will be available in the upcoming filing season.

Alaska 126

Alaska South Dakota North Carolina tax return 126

TaxConnex

DECEMBER 3, 2024

Vista Horticultural, operating as Eden Brothers, claims damages stemming from the tax firm Johnson Price Sprinkle PA allegedly failing to provide critical guidance about sales tax filing obligations after the U.S. The firm then billed the taxpayer for research into their sales tax obligations but never provided guidance.

Sales 162

Sales Tax Montana Alaska 162

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Can you fill out your state tax return through Direct File?

tax preparation 105

tax preparation South Dakota tax return Arizona 105

CPA Practice

MARCH 10, 2023

In 2005, Brother A purchased a home in Paradise Valley, Arizona for $1,525,000. On his 2012 federal income tax return, Brother C deducted $66,354 of mortgage interest paid relating to the Paradise Valley property—half of the total mortgage interest paid in 2012 on the loan as reported by Wells Fargo.

Tax 98

Tax Arizona income tax Construction 98

MyIRSRelief

AUGUST 2, 2024

Employment Taxes Cannabis businesses are not exempt from employment tax obligations. They must withhold federal income tax, Social Security, and Medicare taxes from employees’ wages and pay the employer’s share of these taxes.

audit 130

audit Tax Nevada Colorado 130

ThomsonReuters

JULY 13, 2021

The IRS requires the payer of certain income payments to be reported on information returns (e.g., Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed.

payroll 98

payroll income tax Vermont Iowa 98

CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. This will help us gather important information about the future direction of the Direct File program.”

tax return 116

tax return Tax South Dakota tax preparation 116

ThomsonReuters

JULY 10, 2023

At the state level, it is not uncommon to have more than one sales tax rate. Items deemed necessities like groceries may have a lower tax rate (or even be exempt) in an effort to provide some low-income tax relief. As noted above, many states also have local sales taxes. Will Arizona use tax apply to this purchase?

Sales 97

Sales Tax Arizona Georgia 97

TaxConnex

OCTOBER 8, 2024

Here are first impressions from one-and-done searches for “sales tax” on the revenue site of each state. Arizona Department of Revenue: Initially turns up a number of local sales tax rate tables, statistics and background pages. Texas Comptroller: “Refunds” come up first, along with a primer for the state’s local governments.

Sales 113

Sales Tax Rhode Island West Virginia 113

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

ThomsonReuters

FEBRUARY 15, 2022

Arizona’s 2022 minimum wage rate increased to $12.80 Errors in paychecks can mean adjustments regarding tax deposits and filings that can be time-consuming and may also result in penalties. Federal tax brackets and the CPI. Each year, the IRS adjusts tax brackets for COLA to calculate federal tax liability.

payroll 98

payroll Alaska income tax Tax 98

CPA Practice

SEPTEMBER 23, 2024

Maryland and North Carolina will join several other states participating in the online initiative, following the success of pilot programs in Arizona and New York. During the 2024 tax season, Code for America partnered with two of those four states—Arizona and New York—to implement FileYourStateTaxes.

North Carolina 59

North Carolina Maryland Tax Technology 59

CPA Practice

OCTOBER 23, 2024

Email (Required) Number of Employees at Your Firm (Required) Number of Employees at Your Firm Sole Proprietor 2 To 4 5 To 9 10 To 19 20 To 49 50 Or More Full Name (Required) State / Province (Required) State / Province Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas (..)

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

AUGUST 26, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve? million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 11, 2024

Thanks to funding from the Inflation Reduction Act and as part of an ambitious modernization effort, this new public tool makes tax filing faster, easier and cheaper for eligible filers. Importantly, Direct File can be used to claim the child and earned income tax credits, providing valuable support to millions of working families.

Tax 52

Tax tax return income tax Arizona 52

CPA Practice

SEPTEMBER 20, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

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. Wage Base is the maximum amount of wages per employee on which an employer owes state unemployment tax.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

CPA Practice

JULY 19, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system? million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

PYMNTS

OCTOBER 28, 2019

Those are not the only new taxes facing remote sellers, and the Wayfair ruling may force businesses to reassess far more than just their digital sales. The Supreme Court decision also appears to enable states to require businesses to file income taxes for revenue shares generated there. Wayfair ruling’s impacts.

South Dakota 42

South Dakota Retail Arizona Texas 42

Cherry Bekaert

SEPTEMBER 22, 2024

The states with the largest number of those new jobs include Arizona, Georgia, Kansas and Tennessee 2. July 3, 2024: IR-2024-182 – IRS Warns of New Scam Targeting Clean Energy Tax Credits The IRS has identified instances where some tax return preparers misrepresent the rules for claiming clean energy credits under the IRA.

Manufacturing 64

Manufacturing tax return Tax Kansas 64

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

Going Concern

MAY 6, 2022

Mesa grandma, 25-year-old accountant share love of Phoenix Suns [ Arizona’s Family ] JoAnne Ralph and Ben Barchilon have a special bond, and it all started with their love of the Phoenix Suns. It’s just wonderful to have another grandson,” said Ralph. “It It upsets my granddaughter because she says ‘I’m not sharing you!’

auditor 52

auditor audit CPA Real Estate 52

CPA Practice

NOVEMBER 1, 2023

Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much. Incomes in Arizona, Idaho and Missouri increased by about 7%. The knocks to personal incomes affected state revenues.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

TaxConnex

NOVEMBER 12, 2024

Seven states made up 60% of out-of-state audits in the survey: Alabama, Arizona, California, Colorado, Georgia, New York and Texas. Auditors routinely request sales tax returns, federal income tax returns, G/L details, fixed asset schedules, sales journals and purchase journals. Review the paperwork.

audit 113

audit Sales Tax auditor 113

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. This includes 5.2

South Dakota 108

South Dakota income tax tax return Arizona 108

CPA Practice

NOVEMBER 4, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

Rhode Island 59

Rhode Island West Virginia South Dakota North Dakota 59

CPA Practice

OCTOBER 30, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What software or tools are you using to manage your engagements, or how does your team currently manage client engagements and reporting processes?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

ThomsonReuters

DECEMBER 14, 2020

On top of these final regulations, there are a lot of proposed regulations for business taxation and proposed and final regs on the individual income tax side, as well.”. Adding to the complexity and uncertainty, tax authorities have routinely issued sub-regulatory guidance such as FAQ documents, Oaks said. “On

business tax 94

business tax Montana Tax New Hampshire 94

CPA Practice

MARCH 26, 2024

By Laura Davison, Bloomberg News (TNS) The progressive rallying cry of “tax the rich” has morphed into a popular policy stance with voters in the key states that will decide the 2024 election, enjoying support even among those who prefer billionaire Donald Trump, according to the latest Bloomberg News/Morning Consult poll.

North Carolina 69

North Carolina Wisconsin Nevada Arizona 69

CPA Practice

AUGUST 13, 2024

And seniors are well-represented in swing states like Pennsylvania, Michigan, Wisconsin, Florida and Arizona. Members of Congress on both sides of the aisle have pushed to exempt Social Security payments from income tax, though no bipartisan proposal has emerged this Congress. Republican Reps.

North Carolina 98

North Carolina Tax payroll tax Wisconsin 98