RogerRossmeisl

DECEMBER 15, 2024

The post The Amount You and Your Employees Can Save for Retirement is Going Up Slightly in 2025 appeared first on Roger Rossmeisl, CPA. The catch-up contribution limit for employees age 50 or over who participate in 401(k) plans and the other plans mentioned above will remain $7,500 (the same as in 2024).

CPA 263

CPA Government business tax Tax 263

RogerRossmeisl

FEBRUARY 23, 2025

The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA. To satisfy a requirement of the WOTC, a pre-screening notice must be completed by the job applicant and the employer on or before the day a job.

Tax 213

Tax CPA cpa firm business tax 213

CPA Practice

NOVEMBER 25, 2024

If you’re a business owner or a tax professional who represents one, the IRS wants to hear from you. 22 that it’s conducting virtual focus groups starting in December to gather feedback on the business tax account (BTA) online self-service tool. “We The agency said in an email on Nov.

tax accountant 111

tax accountant business tax accounting online Tax 111

RogerRossmeisl

FEBRUARY 16, 2025

The corporations profits are taxed at the corporate level and then any dividends distributed to shareholders are taxed again at the individual level. The post Operating as a C Corporation: Weigh the Benefits and Drawbacks appeared first on Roger Rossmeisl, CPA. This can result in a.

Non-Profits 257

Non-Profits corporation tax CPA Tax 257

RogerRossmeisl

OCTOBER 27, 2024

One is for Old Age, Survivors and Disability Insurance, which is commonly known as the Social Security tax, and the other is for Hospital Insurance, which is commonly known as the Medicare tax. The post In 2025, the Social Security Wage Base is Going Up appeared first on Roger Rossmeisl, CPA.

Hospitality 263

Hospitality payroll CPA Tax 263

RogerRossmeisl

DECEMBER 15, 2024

appeared first on Roger Rossmeisl, CPA. For 2024, you can make an elective deferral contribution of up to $23,000 of your. The post How Can You Build a Golden Nest Egg If You’re Self-Employed?

CPA 241

CPA Tax accounted Account 241

RogerRossmeisl

FEBRUARY 16, 2025

Intangibles include debt instruments, prepaid expenses, non-functional currencies, financial derivatives (including, but not limited to, options, forward or futures contracts, and foreign currency contracts), leases, licenses, memberships, patents, copyrights, franchises, trademarks, trade names, goodwill, annuity contracts, insurance contracts, endowment (..)

Tax 232

Tax CPA business tax 232

RogerRossmeisl

JANUARY 12, 2023

On January 10, 2023, IRS news release IR-2023-03 announced that California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The post California Storm Victims Qualify for Extended Tax Filing Deadlines appeared first on Roger Rossmeisl, CPA.

California 246

California Tax tax return CPA 246

RogerRossmeisl

OCTOBER 13, 2024

appeared first on Roger Rossmeisl, CPA. We develop these “norms” from audits of a statistically valid random sample of returns, as part of the National Research Program. The post Why Am I Being Audited and How Does the IRS Conduct Them?

audit 264

audit tax return CPA Tax 264

RogerRossmeisl

FEBRUARY 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday. Previously, the deadline had been postponed to May 15, 2023 for these areas.

California 246

California Tax tax return CPA 246

RogerRossmeisl

FEBRUARY 23, 2025

Operating businesses typically dont own capital assets, The post How Section 1231 Gains and Losses Affect Business Asset Sales appeared first on Roger Rossmeisl, CPA.

Sales 191

Sales Real Estate income tax CPA 191

RogerRossmeisl

JULY 14, 2021

A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. In turn, the deduction reduces your federal income tax bill, your self-employment tax bill (if applicable), and your state income tax bill (if applicable). However, in order for your.

Tax 246

Tax income tax payroll tax payroll 246

RogerRossmeisl

MARCH 23, 2025

The post Do You Have an Excess Business Loss? appeared first on Roger Rossmeisl, CPA. However, you can deduct passive losses that have been disallowed in previous years (called suspended PALs) when you sell the activity or property.

income tax 130

income tax CPA Tax business tax 130

RogerRossmeisl

SEPTEMBER 25, 2022

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. For example, you could pull income into 2022 to be taxed at lower rates, and defer deductible expenses until 2023, when they can be claimed to offset higher-taxed income.

tax planning 211

tax planning Tax business tax CPA 211

RogerRossmeisl

JUNE 5, 2024

The post Tax Tips When Buying the Assets of a Business appeared first on Roger Rossmeisl, CPA. For depreciable and amortizable assets (such as furniture, fixtures, equipment, buildings, software and intangibles such as customer lists and goodwill), the.

Tax 263

Tax CPA cpa firm business tax 263

RogerRossmeisl

APRIL 24, 2024

The post IRS Begins Audits of Corporate Jet Usage appeared first on Roger Rossmeisl, CPA. The number of audits related to aircraft usage could increase in the future following initial.

audit 264

audit CPA Tax cpa firm 264

RogerRossmeisl

JULY 22, 2024

The post IRS Reminds Car Dealers to be Aware of Phishing Scams appeared first on Roger Rossmeisl, CPA. Scammers are relentless in their attempts to obtain sensitive financial and personal information, and impersonating the IRS remains a favorite tactic. The IRS urges car dealerships to be extra.

CPA 264

CPA cpa firm business tax Tax 264

RogerRossmeisl

SEPTEMBER 29, 2024

The post Treasury, IRS Issue Additional Guidance on the Alternative Fuel Vehicle Refueling Property Credit appeared first on Roger Rossmeisl, CPA. The credit is limited to $1,000 per item of non-depreciable property Property Not Subject to Depreciation The credit amount for depreciable property.

CPA 262

CPA Tax cpa firm business tax 262

RogerRossmeisl

AUGUST 11, 2024

The post Business Website Expenses: How They’re Handled for Tax Purposes appeared first on Roger Rossmeisl, CPA. Specifically, for 2024, once these assets are operating, you can deduct 60% of the cost in the first year they’re placed in service. This favorable.

Tax 255

Tax CPA cpa firm business tax 255

RogerRossmeisl

JULY 17, 2024

The post Consider Borrowing From your Corporation but Structure the Deal Carefully appeared first on Roger Rossmeisl, CPA. Fortunately, the AFRs are lower than the rates charged by commercial lenders. It can be advantageous to borrow.

CPA 255

CPA Tax cpa firm business tax 255

RogerRossmeisl

SEPTEMBER 4, 2023

The post Cash Payments Over $10,000 Must Be Reported Online Beginning 1/1/2024 appeared first on Roger Rossmeisl, CPA. The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete and accurate. The new requirement for.

CPA 278

CPA Government Finance Tax 278

RogerRossmeisl

AUGUST 11, 2024

Businesses with these indicators should talk to a trusted tax professional and consider using special ERTC Withdrawal Program that. The post IRS Shares Additional Warning Signs of Incorrect Claims for ERTC appeared first on Roger Rossmeisl, CPA.

CPA 249

CPA audit Tax cpa firm 249

RogerRossmeisl

JUNE 5, 2024

The tax can be spread over four years. The post Should You Convert Your Business from a C to an S Corporation? appeared first on Roger Rossmeisl, CPA. This cost must be weighed against the potential.

CPA 249

CPA Tax cpa firm business tax 249

CPA Practice

AUGUST 22, 2024

The IRS said earlier this week that it’s continuing to expand features within its online self-service tool for businesses, launched last October as part of the agency’s service improvement initiative funded under the Inflation Reduction Act. To set up a new business tax account or for more information, visit Business Tax Account.

tax accountant 109

tax accountant business tax Tax Account 109

RogerRossmeisl

SEPTEMBER 18, 2023

The post Receive More than $10,000 in Cash at your Business? Here’s What You Must Do appeared first on Roger Rossmeisl, CPA. Transactions can also be considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of.

tax return 264

tax return CPA Tax cpa firm 264

RogerRossmeisl

OCTOBER 29, 2023

If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt. The post Tax Implications of Guaranteeing a Loan to Your Corporation appeared first on Roger Rossmeisl, CPA.

Tax 264

Tax CPA cpa firm business tax 264

RogerRossmeisl

SEPTEMBER 18, 2023

Basic distribution rules If a retirement plan participant withdraws money from an employer plan before reaching age 59½, a 10% additional tax or penalty generally applies unless an exception exists. This is on top of the ordinary tax that may be. appeared first on Roger Rossmeisl, CPA.

CPA 264

CPA Tax Government accounted 264

RogerRossmeisl

OCTOBER 30, 2023

The post Update on Depreciating Business Assets appeared first on Roger Rossmeisl, CPA. . §179 deductions can also be claimed for real estate qualified improvement property (QIP), up to the maximum allowance.

Real Estate 264

Real Estate CPA Tax cpa firm 264

RogerRossmeisl

JANUARY 14, 2024

Unfortunately, this will impose burdensome reporting requirements on most businesses, and the willful failure. The post New Beneficial Ownership Reporting Requirements Effective 1/1/24 appeared first on Roger Rossmeisl, CPA.

CPA 262

CPA Start-ups Government Tax 262

RogerRossmeisl

OCTOBER 29, 2023

When an asset falls under this tax-free transfer rule, the spouse who receives the asset takes over its existing tax basis (for tax gain or loss purposes) and its existing holding period (for short-term or long-term holding period purposes). For example, let’s say.

Tax 261

Tax CPA cpa firm business tax 261

RogerRossmeisl

JANUARY 1, 2024

The post IRS Launches New Webpage with FAQs on ERTC Voluntary Disclosure Program appeared first on Roger Rossmeisl, CPA. FAQs: The FAQs provide detailed information on eligibility, the program process, calculating and.

CPA 261

CPA Tax cpa firm business tax 261

RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. Employers that submitted an ERTC claim that’s still being processed can withdraw their claim and avoid the possibility of getting a refund for which they’re ineligible. The IRS created the.

Tax 262

Tax CPA cpa firm business tax 262

RogerRossmeisl

JANUARY 1, 2024

The post IRS Continues Dissuading Questionable ERTC Claims appeared first on Roger Rossmeisl, CPA. The IRS mailing is the latest in an expanded compliance effort that includes a special withdrawal program for those with pending claims who.

CPA 258

CPA Tax cpa firm business tax 258

RogerRossmeisl

JANUARY 14, 2024

The post FinCEN Alerts BOI Reporting Companies to Fraud Attempts appeared first on Roger Rossmeisl, CPA. Be advised that e-mails or letters such as this are fraudulent, according to the alert. FinCEN cautions individuals that it does not send unsolicited.

CPA 258

CPA cpa firm business tax Tax 258

RogerRossmeisl

FEBRUARY 5, 2023

As a result of this notice, the IRS updated the related frequently asked questions for these credits which can be found on IRS Fact Sheet 2023-4 here: IRS Fact Sheet 2023-04 (This is Blog Post #1340) The post IRS Issues Guidance and FAQ Updates Related to the Clean Vehicle Tax Credits appeared first on Roger Rossmeisl, CPA.

Tax 246

Tax CPA cpa firm business tax 246

RogerRossmeisl

JANUARY 21, 2024

Business vs Non-Business Property Property Not Subject to Depreciation The credit amount for property not subject to depreciation is 30% of the cost of the qualified property placed in service during the.

CPA 258

CPA Tax cpa firm business tax 258

RogerRossmeisl

NOVEMBER 6, 2023

The now-permanent 21% corporate federal income tax rate under the Tax Cuts and Jobs Act (TCJA) makes buying the stock of a C corporation somewhat more attractive. The post It’s Important to Understand How Taxes Factor Into M&A Transactions appeared first on Roger Rossmeisl, CPA. Reasons: The corporation.

Tax 256

Tax income tax CPA Sales 256