TaxConnex

DECEMBER 21, 2021

Staying on top of the ever-evolving sales tax landscape takes constant time and attention. But how does that impact your sales tax compliance and is there a way to lighten the load on your finance teams who may already be feeling the pain of doing more with fewer and fewer resources? What’s ‘Great’ about it?

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AdviceForTaxpreparers

SEPTEMBER 8, 2020

Advice for Tax Preparers Making tax preparers lives easier one blog at a time HOME. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time. by Bill Meador, CPA, JD. My name is Bill Meador and I am writing a book to help tax staff succeed in a public accounting firm tax department.

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CTP

OCTOBER 28, 2024

In recent years, tax planners have increasingly been recruited to work alongside family offices. Many large CPA firms offer financial advisory services including family office services for high-net-worth families. Adding a knowledgeable tax planner to their team can greatly increase the value the firm provides its clients.

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TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return.

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TaxConnex

JANUARY 19, 2021

Picking the right provider to handle your business’s sales and use tax compliance is a big decision. Many businesses are already working with an outsourced sales tax provider but are not completely satisfied. If you feel you could do better with a new sales tax compliance provider, you’re not alone. Dissatisfaction the norm?

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RogerRossmeisl

JUNE 5, 2024

If you’re buying a business, you want the best results possible after taxes. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired. Asset purchase tax basics You must allocate the total purchase price to the specific assets acquired.

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Going Concern

JULY 13, 2022

We’ve now learned that the government is sending subpoenas to CPA firms that referred clients to Alliantgroup and is seeking client tax returns as part of the investigation. Clients are assured the firm believes the focus of the grand jury proceedings is strictly related to Alliantgroup, not the clients.

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CPA Practice

OCTOBER 17, 2024

“We have a talent shortage in accounting that affects business as a whole, and many of the pipeline initiatives the profession is putting in place will help the public sector as well,” said Susan Coffey, CPA, CGMA, the AICPA’s CEO of public accounting.

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RogerRossmeisl

JULY 17, 2024

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. A new political landscape in Washington could also mean other tax law changes.

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RogerRossmeisl

SEPTEMBER 29, 2024

To incentivize the purchase of EVs, there’s a federal tax credit of up to $7,500 for eligible vehicles. The tax break for EVs and fuel cell vehicles is called the Clean Vehicle Tax Credit. The post The $7,500 Federal Tax Credit for Buying an Electric Vehicle at a Glance appeared first on Roger Rossmeisl, CPA.

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RogerRossmeisl

AUGUST 11, 2024

What are the tax differences between hardware and software? The post Business Website Expenses: How They’re Handled for Tax Purposes appeared first on Roger Rossmeisl, CPA. In addition, businesses can turn to IRS guidance on software costs. Here are some answers to questions you may have. This favorable.

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CPA Practice

NOVEMBER 27, 2023

Top 200 accounting firm H&CO has acquired fellow Florida CPA firm Grennan Fender, which has offices in Orlando and Melbourne. The leadership teams of H&CO and Grennan Fender will work closely to ensure a smooth transition for clients, the firms noted in a news release. Terms of the deal were not disclosed.

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RogerRossmeisl

JANUARY 25, 2021

If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the PPP loan tax consequences. The post PPP Loan Tax Consequences appeared first on Roger Rossmeisl, CPA. Background on the loans In March of 2020, the CARES Act became law.

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RogerRossmeisl

APRIL 30, 2024

According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. A total of 85,000 time of sale tax reports were filed for new electric vehicles (EVs), and more than 90% of these reports included.

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RogerRossmeisl

DECEMBER 28, 2020

If so, you can cash in on depreciation tax savers such as §179 for business property. The election provides a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time.

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RogerRossmeisl

OCTOBER 29, 2023

But if you’re a business owner, tax issues can complicate matters even more. Transferring property tax-free In general, you can divide most assets, including cash and business ownership interests, between you and your soon-to-be ex-spouse without any federal income or gift tax consequences. For example, let’s say.

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CPA Practice

JANUARY 24, 2024

If employee retention isn’t already a priority focus for your CPA firm, you may want to make it one — and soon. But could you afford to lose more than one-quarter of the best players on your team, especially during tax season? The latest Salary Guide From Robert Half reports that the CPA is a credential in high demand.

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RogerRossmeisl

OCTOBER 8, 2020

or a seasoned automotive veteran looking to make a change to an Automotive CPA that understands your business. I’m Roger Rossmeisl, a senior partner with Kho & Patel CPAs with offices in Southern California. we need to talk.

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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

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. The post Tax Implications of Guaranteeing a Loan to Your Corporation appeared first on Roger Rossmeisl, CPA. A business bad debt.

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CPA Practice

APRIL 9, 2024

Let’s face it, the accounting profession has developed a bad reputation – toiling through long hours chained to a desk, crunching numbers, deciphering archaic tax codes and grinding out tedious tasks, all for lower starting pay and heavy licensing requirements. The client then prints, signs, scans, and returns the form to the accountant.

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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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CPA Practice

JUNE 7, 2024

This week at the ENGAGE conference in Las Vegas, topline results of the Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey were revealed during the AICPA Town Hall. What was discussed were the biggest issues facing accounting firms of differing sizes in 2024—and which of those challenges were the most common.

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RogerRossmeisl

JUNE 15, 2021

net investment income tax (NIIT) that’s imposed in addition to regular income tax. The amount subject to the tax is the lesser of your net investment income or the amount by which your MAGI exceeds the threshold ($250,000, $200,000, or $125,000) that applies to you. High-income taxpayers face a 3.8%

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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.

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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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CPA Practice

OCTOBER 2, 2023

However, it doesn’t mean CPA firms are finding it any easier to staff available positions — or hold on to the valued employees they already have in place. Our research provides some answers that can help CPA firms with hiring and retention. This is good news for employers overall. Robert Half’s research on U.S.

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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

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 9, 2022

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. The post Work Opportunity Tax Credit Provides Help to Employers appeared first on Roger Rossmeisl, CPA.

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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. The post Tax Depreciation Rules for Business Automobiles appeared first on Roger Rossmeisl, CPA. If you use the actual expense method to determine your allowable deductions for a passenger auto, you must make.

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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

SEPTEMBER 26, 2022

The IRS has compiled the annual Dirty Dozen list for more than 20 years as a way of alerting taxpayers and the tax professional community about scams and schemes. It is designed to raise awareness among a variety of audiences that may not always be aware of developments involving tax administration. #1-4 “Taxpayers.

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CPA Practice

JULY 30, 2024

Hiring contract talent is an effective solution to overcome staffing gaps, and one that many CPA firms are conditioned to using, especially during peak workload periods like tax season. A scalable talent model allows your CPA firm to access specialized skills when and for as long as you need them.

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RogerRossmeisl

DECEMBER 17, 2021

Some of this money is taxed by the federal government, and perhaps state governments. Hopefully, you’ll never need to know how payments for personal injuries are taxed. Under tax law, individuals are permitted to exclude from gross income damages that are received on account of a personal physical injury or a physical sickness.

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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. The post How Entrepreneurs Expenses are Claimed on Tax Returns appeared first on Roger Rossmeisl, CPA. You may have to train workers and pay for rent, utilities, marketing and more.

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