Withum

AUGUST 14, 2024

Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025. Quarterly payroll and excise tax returns normally due on October 31, 2024, and January 31, 2025. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

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Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan.

California 125

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Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us. Let’s Chat.

California 122

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Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

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Withum

JULY 28, 2022

Most likely, the IRS will focus on eligibility, the ERC calculation, and whether the taxpayer amended its income tax returns to pay tax on the ERC. Within these broad categories, however, there are many areas where businesses can trip up. For example, did the business apply the aggregation rules properly?

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xendoo

JANUARY 31, 2022

The IRS Schedule C is used by sole proprietors and single-owner LLCs to report your small business taxes and is part of your personal tax return. We understand that business taxes can seem confusing, if not overwhelming. In this instance, the couple will use two Schedule C forms when filing small business taxes.

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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!

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Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

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Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

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Withum

OCTOBER 19, 2022

The IRS is also concerned that these third parties “may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by the amount of the credit.”. For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. This allows each partner to weigh their unique individual income tax circumstances and come to their own conclusion.

Real Estate 131

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Withum

MARCH 24, 2022

Mr. Kocemba was not paid for any of those services, and he later married the shareholder’s daughter. On its corporate income tax return, the taxpayer claimed a business expense deduction for the cost of Mr. Kocemba’s tuition for the computer coding course. Business Tax Services. Contact Us.

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Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

New York 112

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PYMNTS

FEBRUARY 6, 2020

He added that its alignment with KPMG “allows Thomson Reuters to match its market-leading software with the market leader providing FBT consulting services.”. KPMG’s Employment Tax Advisory group offers employment tax services to help clients manage compliance risks and reduce costs.

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Withum

FEBRUARY 27, 2023

The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments. What Items Are Now Extended Until October 16, 2023?

California 119

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xendoo

JANUARY 30, 2023

Minimizing your company’s tax burden can help maximize profits. One way of doing this is through business tax credits. Leveraging the right tax credits can save your business thousands of dollars in taxes each year. How do you know which tax credits will save you the most money?

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Withum

JUNE 6, 2022

For example, if a shareholder with zero basis stock is selling such stock for $10 million, then she will pay no federal income tax if the business is a QTB and she otherwise qualifies for a QSBS exclusion. Business Tax Services. This article was originally published by Daniel Mayo in Forbes on June 1, 2022.

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inDinero Tax Tips

DECEMBER 22, 2023

Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning. At indinero, we’re committed to guiding you through these complexities and optimizing your financial strategy with our comprehensive business tax services.

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MyIRSRelief

OCTOBER 18, 2021

With this tax credit, you can claim as much as 35% of your overall child care expenses, up to a maximum of $1,050 for one dependent or $2,100 for two dependents. Earned income tax credit. The next example of IRS federal tax credits we’re looking at today is earned income tax credit. Business Tax Credits.

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CPA Practice

MARCH 8, 2023

Corporate Alternative Minimum Tax is Back Congress originally introduced the corporate AMT in 1986 to prevent large companies from using tax exemptions to avoid paying income taxes, despite high earnings. He is responsible for Bloomberg Tax & Accounting’s corporate tax products, including Fixed Assets.

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MyIRSRelief

DECEMBER 15, 2022

Our Los Angeles based tax firm, led by Mike Habib, EA, represents and helps business taxpayers get compliant with tax & accounting service, contact us today at 1-877-78-TAXES [1-877-788-2937]. What is income tax preparation service? What is business tax preparation service?

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Withum

JANUARY 31, 2024

The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments. Please note that, as of this time, Rhode Island has not provided an extension of time to file the state income tax returns.

Rhode Island 72

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Withum

SEPTEMBER 1, 2023

The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. 15, 2023, and Jan. 31, 2023, and Jan.

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inDinero Tax Tips

MAY 10, 2023

Tracking expenses and claiming all of the small business tax deductions you’re eligible for can add up to substantial savings, especially for start-ups that reinvest aggressively as they scale. When the time comes, contact us about our virtual bookkeeping services. What small business tax deductions are there?

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Withum

AUGUST 8, 2023

The software development company reported a financial statement loss of approximately $1 million, but due to the required R&E capitalization increased their federal taxable income by $2.2 million resulting in an additional $462,000 of federal income taxes. What will happen if the R&E capitalization requirements continue?

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ThomsonReuters

JANUARY 28, 2022

Stay top-of-mind with tax and accounting clients all year. Companies that only offer tax services have to start over each year building a brand through marketing and advertising. Business tax preparation. That includes: Preparing federal and state income taxes. Filing quarterly employment taxes.

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Withum

FEBRUARY 6, 2023

ISOs offer many tax benefits, making them an attractive option for employees who wish to partake in the future growth of their employer’s stock. Tax Benefits of ISOs One of the many benefits of ISOs is the deferral of income tax until they are exercised. net investment income tax).

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ThomsonReuters

JULY 6, 2023

research and development credits) Trade and customs tax services and guidance Transfer pricing evaluation , documentation, and modification of existing policies Tax valuation services What does a tax advisor do?

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Withum

APRIL 8, 2022

If individuals anticipate being in a lower tax bracket when they start to receive retirement distributions, they may be more inclined to invest in pre-tax investment vehicles. Many experts recommend diversification between pre and post-tax contributions. Business Tax Services. Contact Us. Contact Us.

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Withum

MARCH 21, 2022

This is especially true for businesses with small or no qualified business property who claimed a significant amount of their salary and wage expense for the ERC. Aren’t federal income taxes grand? Business Tax Services. Contact Us. Contact Us.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team. source gross receipts or sales (net of returns and allowances).

Legal 115

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Withum

JUNE 24, 2022

Did the taxpayer disallow the wage/health plan expenses that were used for the ERC on its appropriate federal income tax returns? Recall that such expenses must be disallowed on the tax return for the tax year in which they were paid, not the year in which the ERC was applied for or received. Business Tax Services.

Tax 126

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Withum

NOVEMBER 14, 2022

The taxpayer indirectly, through a partnership, sold QSBS and reinvested the proceeds into two different QSBs (likely to double up the future section 1202 exclusion) within 60 days but failed to file his/her tax return containing the section 1045 election by the extended due date. Contact Us. Let’s Chat.

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Withum

NOVEMBER 21, 2024

To make the election, employees need to complete and sign Form 15620 and mail it to the IRS office where they file their federal income tax returns. If you have questions about the new section 83(b) election form, please reach out to your Withum tax advisor.

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