RogerRossmeisl

OCTOBER 29, 2023

But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it. If you’re getting a divorce, you know the process is generally filled with stress. For example, let’s say.

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RogerRossmeisl

AUGUST 11, 2024

But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to IRS guidance on software costs. What are the tax differences between hardware and software?

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RogerRossmeisl

OCTOBER 29, 2023

Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax implications. A business bad debt If you’re compelled to make good on the obligation, the payment of principal or interest in discharge of the obligation generally results in a bad debt deduction.

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RogerRossmeisl

JANUARY 5, 2022

One way to defer a tax bill on the gain is with a §1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

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RogerRossmeisl

NOVEMBER 2, 2021

If your small business hires a “targeted group” member, you are afforded the ability to claim the lucrative federal Work Opportunity Tax Credit (WOTC) for a portion of wages paid to such an individual. The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

NOVEMBER 20, 2023

The post IRS Outlines Withdrawal Process for Employee Retention Tax Credit (ERTC) Claims appeared first on Roger Rossmeisl, CPA. This new withdrawal option allows certain employers that filed an ERTC claim but have not yet received a refund to withdraw their submission and avoid future repayment, interest and penalties.

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RogerRossmeisl

NOVEMBER 9, 2022

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment.

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RogerRossmeisl

NOVEMBER 6, 2023

If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Stocks vs. assets From a tax standpoint, a transaction can basically be structured in two ways: 1. Stock (or ownership interest) sale. Reasons: The corporation.

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RogerRossmeisl

NOVEMBER 28, 2021

Recent pass-through entity (PTE) tax (AB-150) clarifications from the Franchise Tax Board (FTB) underscore that detailed planning is critical when considering this credit. Logistics of PTE Tax Payments / K-1 Recipient Credits Prior to. For calendar-year taxpayers, that is March 15, 2022.

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RogerRossmeisl

MARCH 18, 2024

We are finding that, all too often, taxpayers that make Employee Retention Tax Credit (ERTC) claims by engaging a so-called “ERTC Mill” are never told of their responsibility to amend their applicable prior year federal income tax return(s), and are shocked to learn that they owe additional taxes, penalties and interest.

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RogerRossmeisl

AUGUST 27, 2021

Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aware of the possible tax consequences. This may be either a business or a nonbusiness bad debt deduction. If it’s a business bad debt, it’s deductible against ordinary income. A business bad debt can be.

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RogerRossmeisl

JANUARY 4, 2023

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. Consider computing in advance what the tax on this recapture would be and to see what planning steps might be taken to minimize it.

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RogerRossmeisl

AUGUST 5, 2021

You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill. How to treat expenses for tax purposes If you’re starting or planning to launch a new business, keep these three rules in mind: Start-up costs include those incurred or paid while creating an active.

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RogerRossmeisl

FEBRUARY 5, 2023

On 2/3/2023, the IRS issued Notice 2023-16 guidance that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle tax credits.

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RogerRossmeisl

JANUARY 26, 2022

Whatever the reason, if you’ve recently started a new business, or you’re contemplating starting one, be aware of the tax implications. As you know, before you even open the doors in a start-up business, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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RogerRossmeisl

SEPTEMBER 27, 2021

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. If, instead, you use the standard mileage rate (56 cents per business mile driven for 2021), a depreciation allowance is built into the rate.

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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.

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RogerRossmeisl

APRIL 24, 2024

As reported in IR-2024-46 Using Inflation Reduction Act funding and as part of ongoing efforts to improve tax compliance in high-income categories, the Internal Revenue Service announced on 2/21/24 plans to begin dozens of audits on business aircraft involving personal use.

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CPA Practice

JUNE 24, 2024

I asked ChatGPT what forms it recommended for a CPA firm. Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creating and utilizing various forms and templates can significantly streamline practice management tasks.

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RogerRossmeisl

SEPTEMBER 29, 2024

As reported via IR-2024-240 on 9/18/2024 The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit (the tax credit related to the installation of EV chargers).

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CPA Practice

OCTOBER 25, 2024

s vision for the future and its longstanding reputation as a premier accounting, tax, and advisory firm make them an ideal partner.” “We a licensed CPA firm, will provide attest services and be led by Vince Curttright, currently partner in charge of the firm’s assurance practice. In addition, Cohen & Co.

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RogerRossmeisl

JUNE 5, 2024

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another.

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RogerRossmeisl

OCTOBER 30, 2023

The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. Here are the numbers that small business owners need to know. 179 deductions For qualifying assets placed in service in tax years beginning in 2023, the maximum §179 deduction is $1.16 million.

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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.

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RogerRossmeisl

JULY 11, 2021

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules for businesses that have considered revisiting the Employee Retention Tax Credit.

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RogerRossmeisl

MARCH 28, 2022

You may have wondered why, in a given year, you may be taxed on more S corporation income than was distributed to you from the S corporation in which you are a shareholder. The answers lies in the way S corporations and their shareholders are taxed. entity-level tax). Similarly, if an S corporation has a loss, the loss.

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RogerRossmeisl

AUGUST 4, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

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RogerRossmeisl

JULY 27, 2021

In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case. Facts of the case In the case, the taxpayer ran a notary and paralegal business.

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RogerRossmeisl

AUGUST 11, 2024

As appearing in IR-2024-198 Businesses urged to proactively resolve erroneous claims to avoid penalties, interest, audits As the Internal Revenue Service intensifies work on the Employee Retention Tax Credit (ERTC), the agency today shared five new warning signs being seen on incorrect claims by businesses.

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RogerRossmeisl

SEPTEMBER 4, 2023

Businesses that receive more than $10,000 in cash must report transactions to the U.S. Although many cash transactions are legitimate, information reported on Forms 8300 can help combat those who evade taxes, profit from the drug trade, engage in terrorist financing or conduct other criminal activities. government.

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RogerRossmeisl

DECEMBER 9, 2020

Is intended to reduce the tax rate on QBI to a rate that’s closer to the corporate tax rate. The post QBI Deduction Basics and Year-End Tax Tip appeared first on Roger Rossmeisl, CPA. Is taken “below the line.” In other words, it reduces your taxable income but not your adjusted gross income.

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RogerRossmeisl

NOVEMBER 17, 2021

There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision. The corporate federal income tax is currently imposed at a flat 21% rate, while the current individual federal income tax rates begin at 10% and go up to 37%.

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RogerRossmeisl

AUGUST 15, 2021

On 7/16/2021, Governor Newsom signed into law AB-150, which provides a means by which certain pass-through entities (Qualified Entities) can make an election to pay California income tax (at the entity-level) on behalf of their owners, for which their consent must be given.

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RogerRossmeisl

OCTOBER 17, 2020

Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax rules for deducting software, whether you’re buying, leasing or developing.

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RogerRossmeisl

AUGUST 3, 2021

Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or §199A deduction. The deduction is intended to reduce the tax rate on QBI to a rate that’s closer to the corporate tax rate. The deduction has two components: 20% of QBI from a domestic business operated as.

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RogerRossmeisl

JUNE 16, 2021

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. No maximum tax limit applies to the Medicare tax.

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RogerRossmeisl

SEPTEMBER 18, 2023

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return.

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