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IRS Provides Tax Relief to Rhode Island Storm Victims

CPA Practice

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan.

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Florida Fisherman Pleads Guilty to Evading $400K in Taxes

CPA Practice

According to court documents and statements made in court, Christopher Garraty, of New Port Richey, and formerly of Newport and East Greenwich, Rhode Island, worked as a commercial fisherman and deckhand for fishing companies operating out of New Bedford, Massachusetts.

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The Most Complex States for Personal Property Tax Compliance

CPA Practice

This blog post sheds light on what makes personal property tax compliance in certain states particularly tricky. The personal property tax forms and procedures conundrum Filing property tax returns is the first hurdle your company must overcome if you do business in any of the 37 states that tax tangible personal property.

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IRS Says State Issued Stimulus Payments are Not Taxable

CPA Practice

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. Other payments Other payments that may have been made by states are generally includable in income for federal income tax purposes.

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An Employer’s Guide to Multi-State Payroll Tax Withholding for Remote Workers

Anders CPA

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

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Are Your Clients Compliant with Tangible Personal Property Taxes?

CPA Practice

There are a few other differences you should know : Real estate property does not necessitate filing a tax return; an assessor estimates the value of your property and sends you a notice detailing the valuation and taxable amounts. When it’s time to pay, you’ll receive a real property tax bill in the mail.

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March 1 Tax Deadline Nears for Many Farmers, Fisherman

CPA Practice

Businesses with income from farming or fishing that have not paid all of their 2023 tax year estimated taxes by Jan. 16 must file their tax returns and pay their entire tax due on or before March 1. Only those taxpayers that have paid their estimated tax payments by Jan.