RogerRossmeisl

DECEMBER 27, 2024

This legal back-and-forth began with a Texas federal district court’s injunction on December 3, The post BOI Reporting Requirements Paused Again as of 12/27/2024 appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

AUGUST 27, 2021

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

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RogerRossmeisl

JULY 27, 2021

Tax law “establishes higher substantiation requirements” for these and certain other expenses, The post Business Meal and Vehicle Expense Recordkeeping DOs and DON’Ts appeared first on Roger Rossmeisl, CPA.

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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.

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RogerRossmeisl

AUGUST 4, 2021

The post Who in your Business Can Be Hit with the “Trust Fund Recovery Penalty”? appeared first on Roger Rossmeisl, CPA. Accordingly, the amounts IRS seeks when the penalty is applied are usually substantial, and IRS is aggressive in enforcing the penalty. Wide-ranging penalty The Trust Fund.

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RogerRossmeisl

AUGUST 15, 2021

The post California AB-150 Provides SALT Cap Work-Around appeared first on Roger Rossmeisl, CPA. The benefits yielded could be substantial for pass-through entity owners for which work-around makes sense. Curiously the IRS has approved.

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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.

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RogerRossmeisl

AUGUST 5, 2021

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. The post How New Business Start-up Expenses are Handled on your Tax Return appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

DECEMBER 28, 2020

But to benefit for this tax year, you need to buy and place qualifying assets in service by December 31. The post Cash in on Depreciation Tax Savers appeared first on Roger Rossmeisl, CPA.

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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.

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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.

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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.

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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.

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RogerRossmeisl

JANUARY 25, 2021

The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA. Taxpayers could apply to have the loans forgiven to the extent their proceeds were used to maintain payroll during the COVID-19 pandemic and to cover certain other expenses.

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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

APRIL 24, 2023

Dealing with losses If you expect that the business will incur losses in. The post Choosing an Entity for Your Business? appeared first on Roger Rossmeisl, CPA. How About an S Corporation?

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RogerRossmeisl

NOVEMBER 2, 2021

The post Taking Advantage of the WOTC (Work Opportunity Tax Credit) appeared first on Roger Rossmeisl, CPA. TCDTRA 2020 extended the WOTC to cover qualified first-year wages paid to eligible new hires who begin work by 12/31/25. This means.

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RogerRossmeisl

JUNE 26, 2022

While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who. The post IRS Releases Updated Cost Segregation Audit Techniques Guide appeared first on Roger Rossmeisl, CPA.

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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.

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RogerRossmeisl

NOVEMBER 17, 2021

The difference in rates can be mitigated by the qualified business income (QBI) deduction that’s available to eligible pass-through entity owners that are individuals, estates and trusts. The post Factors To Consider When Choosing a Business Entity appeared first on Roger Rossmeisl, CPA.

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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.

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RogerRossmeisl

NOVEMBER 5, 2020

Instead, they’re carried forward, indefinitely, to tax years in which. The post Understanding the Passive Activity Rules appeared first on Roger Rossmeisl, CPA. Any losses that you can’t use aren’t lost.

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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.

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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.

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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. 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.

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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.

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RogerRossmeisl

JANUARY 9, 2021

The post Temporary Relief for Employers Using Automobile Lease Valuation Rule appeared first on Roger Rossmeisl, CPA. For 2021, employers and employees may revert to the automobile lease valuation rule or continue using the vehicle cents-per-mile valuation rule provided certain requirements are met. GRANT OF RELIEF.

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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.

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RogerRossmeisl

NOVEMBER 9, 2022

The post Work Opportunity Tax Credit Provides Help to Employers appeared first on Roger Rossmeisl, CPA. To satisfy a requirement to pre-screen a job applicant, a pre-screening notice must be completed by the job applicant and the employer on or before the.

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VetCPA

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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DentalAccounting

APRIL 1, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act or Act), which includes cash payments to taxpayers, expanded unemployment insurance, increased funding for healthcare providers, small business loans, and tax relief to businesses. The Act is the third bill from Congress in response to the COVID-19 pandemic.

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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.

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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.

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RogerRossmeisl

AUGUST 3, 2021

The deduction has two components: 20% of QBI from a domestic business operated as. The post 10 Facts About the Pass-Through Deduction for Qualified Business Income appeared first on Roger Rossmeisl, CPA.

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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.

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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.

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RogerRossmeisl

JANUARY 5, 2022

The post Defer Tax with a Like-Kind Exchange appeared first on Roger Rossmeisl, CPA. However, neither the relinquished property nor the replacement property can be real property.

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