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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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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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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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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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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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

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

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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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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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

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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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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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

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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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

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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California Tax tax return CPA 246

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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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

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 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

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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CPA Practice

DECEMBER 20, 2023

Top 200 accounting firm Honkamp recently added one of the 20 largest CPA firms in the St. The Dubuque, IA-based firm merged with Schowalter & Jabouri on Dec. The new location will be the first office in Missouri for Honkamp, and the merger increases the firm’s headcount to about 300 employees. Louis office.

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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. The post Possible Tax Consequences of Guaranteeing a Loan to your Corporation appeared first on Roger Rossmeisl, CPA. A business bad debt can be.

Tax 246

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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

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

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 26, 2023

As reported in IR-2023-33 on 2/24/2023 Disaster-area taxpayers in most of California now have until October 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced last Friday. Previously, the deadline had been postponed to May 15, 2023 for these areas.

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California Tax tax return CPA 246

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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CPA Practice

FEBRUARY 27, 2025

With the current staffing shortage in the accounting profession, more and more firms are turning to technology to maintain productivity and service quality.

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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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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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Tax income tax tax return CPA 193

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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CPA Practice

JULY 19, 2023

Top 20 accounting firm Wipfli is combining with Southfield, MI-based CPA firm Clayton & McKervey, effective Sept. Clayton & McKervey is the 259th biggest accounting firm in the U.S. by revenue , reporting nearly $16.4 million during its most recent fiscal year, according to INSIDE Public Accounting.

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RogerRossmeisl

FEBRUARY 23, 2025

With todays hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face significant barriers to employment. The post Understanding the Work Opportunity Tax Credit appeared first on Roger Rossmeisl, CPA.

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