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. Curiously the IRS has approved.

California 245

California income tax CPA Tax 245

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

Real Estate 210

Real Estate Tax income tax CPA 210

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%.

income tax 212

income tax CPA Tax cpa firm 212

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes. See June 15.

Tax 216

Tax income tax tax return CPA 216

RogerRossmeisl

NOVEMBER 27, 2020

If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes. Partnerships.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), if you deposited on time and in full all of the associated taxes.

Tax 220

Tax income tax CPA business tax 220

RogerRossmeisl

MAY 16, 2024

Tax rate considerations Let’s review some basics. The top individual federal income tax rate is currently 37%. On top of this, higher-income individuals may also owe the 3.8% net investment income tax on all or part of their.

Tax 194

Tax income tax CPA business tax 194

RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941), if you deposited on time and in full all of the associated taxes due.

Tax 203

Tax income tax CPA business tax 203

RogerRossmeisl

OCTOBER 6, 2021

Friday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due. Monday, November 1 Report income tax withholding and FICA.

Tax 202

Tax income tax tax return CPA 202

RogerRossmeisl

AUGUST 28, 2022

Pass-through business entities report tax items to their owners, who then. The post 3 Tax Breaks for Small Businesses appeared first on Roger Rossmeisl, CPA.

Tax 198

Tax income tax CPA business tax 198

RogerRossmeisl

MARCH 28, 2022

Unlike a regular or C corporation, an S corporation generally isn’t subject to income tax (California does charge a 1.5% entity-level tax). Instead, each shareholder is taxed on the corporation’s earnings, whether or not the earnings are distributed. Similarly, if an S corporation has a loss, the loss.

income tax 198

income tax CPA California Tax 198

RogerRossmeisl

SEPTEMBER 9, 2024

So are multi-member LLCs that are treated as partnerships for tax purposes. A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules.

income tax 170

income tax Government CPA Tax 170

RogerRossmeisl

DECEMBER 8, 2022

If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. For example, a business must file a final income tax return and some other related forms for the year it closes. The post Is Your Business Closing?

Tax 208

Tax income tax tax return CPA 208

RogerRossmeisl

AUGUST 6, 2023

net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too. The post A Tax-Smart Way to Develop and Sell Appreciated Land appeared first on Roger Rossmeisl, CPA. You may also owe the 3.8%

Real Estate 183

Real Estate Tax income tax CPA 183

RogerRossmeisl

AUGUST 5, 2024

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities. They may also need to report self-employment tax.

Tax 187

Tax income tax tax return CPA 187

RogerRossmeisl

MAY 5, 2022

There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future, because the pass-through income will be taxed on your personal return.

income tax 182

income tax Washington CPA Tax 182

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.

Tax 188

Tax income tax CPA Sales 188

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.

Tax 152

Tax income tax tax return CPA 152

RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

Tax 172

Tax income tax tax return CPA 172

RogerRossmeisl

AUGUST 21, 2022

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. The type of return to be filed depends on the type of business you have. Partnerships.

Tax 195

Tax income tax tax return CPA 195

RogerRossmeisl

NOVEMBER 6, 2023

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Social Security tax.

Tax 193

Tax income tax CPA Government 193

RogerRossmeisl

AUGUST 6, 2023

If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business from its employees’ wages. Taxes are considered the government’s property.

income tax 191

income tax CPA Tax accountant 191

RogerRossmeisl

APRIL 21, 2022

If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2022 by a whopping $19,520 (32% times $61,000). More options Other small business retirement plan options include: 401(k) plans, which can even be.

Tax 190

Tax income tax CPA accountant 190

RogerRossmeisl

SEPTEMBER 17, 2021

A business may be able to claim a federal income tax deduction for a theft loss. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses The tax code allows a deduction for losses sustained during the taxable year and not compensated by insurance or other means.

income tax 173

income tax CPA Tax cpa firm 173

RogerRossmeisl

FEBRUARY 13, 2024

Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. That translates into a 0% federal income tax rate on QSBC stock sale profits!

Tax 151

Tax income tax Legal CPA 151

RogerRossmeisl

APRIL 17, 2024

April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations, pay the first installment of 2024 estimated income taxes. Complete and retain Form 1120-W (worksheet) for your records.

Tax 143

Tax income tax tax return CPA 143

KROST

OCTOBER 21, 2021

In Late September 2021 Governor Newsome signed Assembly Bill (AB) 150 establishing the Main Street Small Business Tax Credit II. This bill provides financial relief to qualified small businesses for the economic disruptions in 2020 and 2021, resulting in unprecedented job losses. Melillo, CPA, Principal.

Maine 91

Maine California business tax Tax 91

RogerRossmeisl

NOVEMBER 17, 2020

The California Legislature passed, and the governor signed, Senate Bill 1447 (click here for FTB Bill Analysis) into law creating a new small business hiring credit (SBHC) for small businesses impacted by economic disturbances in 2020. The Small Business Hiring Credit is also referred to as the “Main Street Hiring Credit”.

California 132

California income tax Maine CPA 132

RogerRossmeisl

JULY 17, 2022

A buyer can directly purchase a seller’s ownership interest if the target business is operated as a C or S corporation, a partnership, or a limited liability company (LLC) that’s treated as a partnership for tax purposes. The post How Do Taxes Factor into an M&A Transaction? appeared first on Roger Rossmeisl, CPA.

Tax 158

Tax income tax CPA business tax 158

RogerRossmeisl

APRIL 28, 2024

If you’re in the 32% federal income tax bracket, making a maximum contribution could cut what you owe Uncle Sam for 2024 by a whopping $22,080 (32% × $69,000). Other possibilities There are more small business retirement plan options, The post Don’t Have a Tax-Favored Retirement Plan?

Tax 145

Tax income tax CPA accountant 145

CPA Practice

JANUARY 18, 2024

Then release them throughout tax season, including: a. Tax Filing Deadlines – Avoid An Extension c. Income Tax Brackets for 2024 – Do you need a new W4? Tax Deductions and Credits – Maximize Your Personal Return e. Self-Employed Business Deductions for the DIY-er f. Say Goodbye to Tax Stress!

CPA 111

CPA income tax quickbooks Tax 111

xendoo

APRIL 8, 2022

Many small business owners miss out on tax savings simply because they aren’t aware of what tax deductions are available. As professional accountants, we know all the small business tax deductions that can save you money, and we’re sharing them in this tax deductions checklist. . Business insurance .

business tax 97

business tax Tax Education tax preparation 97

SkagitCountyTaxServices

AUGUST 19, 2022

Though that said, there does seem to be some easing on both of these fronts – and not necessarily because of the “Inflation Reduction Act” (more on that and business tax deductions in a minute). It can be difficult to see your way through it all and keep your business afloat. Business Tax Deductions: Meals and mileage.

business tax 89

business tax Tax Real Estate CPA 89

RogerRossmeisl

JUNE 5, 2022

In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. It’s due to the way partnerships and partners are taxed. Unlike C corporations, partnerships aren’t subject to income tax. Why does this happen?

tax return 146

tax return Tax income tax CPA 146

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. What if you conduct your business as a partnership in.

Tax 131

Tax income tax CPA cpa firm 131

RogerRossmeisl

JUNE 1, 2021

Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that applies to the acquisition of many types of alternative energy property. If construction began in 2020, the.

Construction 134

Construction income tax CPA Tax 134

RogerRossmeisl

FEBRUARY 28, 2021

The current 21% corporate federal income tax rate makes buying the stock of a C. The post Tax Implications of Buying or Selling a Business appeared first on Roger Rossmeisl, CPA.

Tax 131

Tax income tax CPA business tax 131