CPA Practice

NOVEMBER 6, 2024

He also prepared tax returns for clients with deductions he knew to be false. On his own income tax filings, according to court records, he also underreported his commission income from the scheme by $400,000. Nine other people—six CPAs, an appraiser and two attorneys—previously pleaded guilty in the case. _

CPA 52

CPA Tax income tax tax return 52

Bharmal&Associates

OCTOBER 23, 2020

First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty. Premier Orange County CPAs. Getting the S corporation salary right is important.

payroll tax 147

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CPA Practice

MAY 15, 2024

The awards also let professionals see the technologies and best workflow practices their peers are using, which can help them stay competitive in the constantly-evolving tax and accounting space. Thank you to the more than 5,500 readers who participated in voting this year. Now, on to the results!

Technology 119

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CPA Practice

JUNE 28, 2023

In a letter to members of the House of Representatives, the American Institute of CPAs (AICPA) has expressed its support of H.R. 3708, the Tax Deadline Simplification Act. Currently, small business owners and individuals are required to pay quarterly estimated tax payments April 15, June 15, September 15 and January 15.

Tax 111

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CPA Practice

FEBRUARY 8, 2023

The 61 recommendations in the compendium include proposals related to employee benefits, individual income tax, international tax and tax administration, among others. 41); refunds of any remaining minimum tax credits from the prior corporate alternative minimum tax (AMT) regime (pg.

Tax 105

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LSLCPAs

MAY 24, 2022

A discount on your 2022 California business income taxes? Is California really having a sale on business income taxes? How about a discount on your 2022 California business income taxes? appeared first on LSL CPAs. Q: Wait a minute! Can I really get a discount? A: No, not technically.

income tax 52

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CPA Practice

AUGUST 16, 2023

“The IRS is looking for unreported assets,” said Lucas Rihely, a tax partner at H2R CPA. Anonymous form of digital money transfers You may have noticed a new line on your individual federal income tax return in recent years. That’s really what the purpose of all this is.”

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CPA Practice

JANUARY 8, 2024

We continue to urge taxpayers who need help to reach out to a trusted tax professional, including those who work with recognized national organizations.” The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help. The IRS has more information available to help taxpayers select a tax professional.

Tax 111

Tax tax return Minnesota income tax 111

MyIRSRelief

FEBRUARY 1, 2023

Form 941, also known as the Employer’s Quarterly Federal Tax Return, is a form used by employers to report their federal tax liabilities, including federal income tax, social security tax, and Medicare tax withheld from employee paychecks. What’s the difference between CPAs, EAs, Attorneys?

Tax 147

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CPA Practice

OCTOBER 22, 2024

As residents across the southeast continue to pull their lives back together following the devastating destruction of Hurricanes Helene and Milton, the personal financial planning experts at the American Institute of CPAs are offering tips to help with financial well-being and planning for the future.

income tax 111

income tax tax return Real Estate Tax 111

MyIRSRelief

MAY 22, 2023

Tax professionals can help taxpayers determine the best course of action for their situation and guide them through the process of resolving their back taxes. 941 Payroll Tax Problems: The 941 payroll tax is a tax that employers must pay on behalf of their employees for Social Security, Medicare, and income taxes.

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CPA Practice

JANUARY 27, 2023

Increasing the age of when RMDs must begin benefits savers who don’t need the money for current living expenses, as it prolongs their investment timeframe, pushes out the income tax deferral on their account balances, and allows a longer window to consider and complete Roth IRA conversions. Rahill, CPA/PFS, JD, LL.M.,

Illinois 119

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CPA Practice

MARCH 5, 2024

Top 100 accounting firm HHM CPAs has expanded outside of Tennessee after merging in Pensacola, FL-based CPA firm Bizzell, Neff & Galloway on March 1. Founded in 1976 by Managing Partner Tom Bizzell, Bizzell, Neff & Galloway provides accounting, income tax, consulting, and financial services to individuals and business owners.

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Going Concern

MAY 5, 2022

Traditionally, the role of accounting professionals in estate planning has been tertiary at best, with clients consulting CPAs only on the tax implications of select decisions—or simply leaving them out of the process altogether. . How CPAs can take estate planning to the next level.

cpas 59

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CPA Practice

JANUARY 17, 2023

Each state determines its state income tax, and there may be an additional local tax for employees working or living in certain cities or counties. In addition, the unemployment insurance tax varies by state and is only paid by the employer. Other Licenses and Permits. More info at: CorpNet.com/partners.

South Dakota 111

South Dakota income tax Legal payroll tax 111

CPA Practice

OCTOBER 5, 2023

As in the strategy above, you may have a tax valley in your retirement years that allows you to sell some of those winners without paying taxes. Most people understand that we have different income tax brackets. Most people don’t know that we have different capital gains tax brackets.

Tax 111

Tax income tax tax planning accounting and finance 111

CPA Practice

JANUARY 22, 2024

The American Institute of CPAs (AICPA) submitted a letter to the U.S. Department of the Treasury and Internal Revenue Service (IRS) this week in response to initial guidance issued related to changes made to catch-up contributions enacted in the SECURE 2.0 Act of 2022. requires certain catch-up contributions to be made as Roth IRA deferrals.

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CPA Practice

FEBRUARY 14, 2025

As taxpayers navigate the challenges of tax season, the American Institute of CPAs (AICPA) is identifying areas individual filers to be aware of for this filing season.

Tax 101

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MyIRSRelief

AUGUST 1, 2022

Payroll Employment Taxes (often referred to as FICA) that all businesses must collect and or pay to the IRS for each employee include the following: Social Security tax. Medicare tax. Federal income tax. Federal Unemployment tax. Well, quite simply, many are led by enrolled agents, lawyers, CPAs.

payroll tax 130

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Bharmal&Associates

AUGUST 13, 2020

The non-deduction creates $100,000 of net taxable income that ABC, the S corporation, passes on to its sole shareholder, Bob. Let’s say Bob is in the 45 percent tax bracket when you consider both his federal and state income taxes. Bob pays taxes of $45,000 on this income. Premier Orange County CPAs.

payroll 130

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CPA Practice

FEBRUARY 6, 2025

The survey was created to gauge the impact of the $10,000 cap on SALT deductions imposed by the Tax Cuts and Jobs Act (TCJA) in 2017. The cap is due to expire this year.

Tax 104

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MyIRSRelief

JULY 17, 2023

Understanding Taxation Before delving into tax planning strategies, it’s crucial to comprehend the basics of taxation. This section will provide an overview of different types of taxes, including income tax, capital gains tax, and corporate tax, and explain how they impact individuals and businesses.

tax planning 130

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CPA Practice

JANUARY 29, 2024

Today marks the start of the long and grueling road ahead for CPAs and enrolled agents as the IRS has begun accepting 2023 federal income tax returns. So with that in mind, IRS Commissioner Danny Werfel had a message for all tax professionals as they embark on another filing season: Thank you.

Tax 96

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CPA Practice

MARCH 7, 2025

In the wake of recent reports of workforce reductions at the Internal Revenue Service (IRS), President and CEO, Mark Koziel, CPA, CGMA, of the American Institute of CPAs (AICPA) released the following statement.

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CPA Practice

MARCH 29, 2023

The interim rules provided by Treasury and the IRS also address determining CAMT adjustments for depreciation and the treatment of federal income tax credits, as well as providing a safe-harbor method for determining whether a corporation is an applicable corporation subject to CAMT.

Tax 64

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MyIRSRelief

NOVEMBER 3, 2023

941 Employment Payroll Problems Employers are required to file Form 941, the Employer’s Quarterly Federal Tax Return, to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks, and to pay the employer’s portion of social security or Medicare tax.

Tax 130

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CPA Practice

JUNE 12, 2023

Rahill is currently a wealth strategist at Wintrust Wealth Management in Chicago, where he works with individuals and business owners to develop income tax, estate planning, investment, and business succession strategies. He spent the first five years of his career in audit and tax with Ernst & Young LLP.

Illinois 105

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CPA Practice

DECEMBER 13, 2023

Yet, in this case, identifying them is worth the time and effort since they can make a big difference in tax filings for eligible homeowners and business property owners. In fact, this particular legislation may help many more of your clients than CPAs realized when it was first passed in August 2022.

Tax 105

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CPA Practice

JUNE 8, 2023

In return, your firm can have CPAs or enrolled agents acting as independent contractors from the service provider’s network to prepare or review tax returns. One of the most significant benefits of financial automation for CPAs is saving time. Financial automation can save you thousands of hours of avoidable work annually.

Technology 98

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Going Concern

APRIL 21, 2022

Pop quiz, CPAs: What do you tell a client who asks you about the tax benefits of direct indexing? If you’re reading this in the bathroom right now after searching “what is direct indexing tax benefits PLEASE HELP ME OH SEARCH ENGINE GODS and I promise never to Google myself again,” then this article is especially for you.).

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CPA Practice

JUNE 13, 2024

By designating a trust as “intentionally defective,” the grantor separates the income tax responsibility from the estate and gift tax implications. This allows the assets within the trust to grow tax-free because of the grantor’s payment of the income taxes, which further reduces the estate size indirectly.

Real Estate 124

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CPA Practice

FEBRUARY 3, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help.

Tax 119

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CPA Practice

APRIL 24, 2024

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error.

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inDinero Tax Tips

FEBRUARY 10, 2023

Partnerships and S Corporations are known as pass-through entities because they generally don’t pay income tax directly. Instead, the business income flows through to the partners or shareholders who then file and pay tax on any income. When Are K-1 Tax Forms Due? Who Needs to File Schedule K-1s?

Tax 87

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MyIRSRelief

MARCH 15, 2024

Employment 941 Payroll Problems: Employers are required to file Form 941 quarterly to report income taxes, social security tax, or Medicare tax withheld from employees’ paychecks. Mistakes or failures in filing this form can result in penalties and complicate the employer’s tax situation.

California 130

California Tax tax return payroll 130

Nancy McClelland, LLC

APRIL 11, 2023

In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return. Filing an extension grants you additional time to submit your complete and accurate return, but you still need to estimate whether you will owe any taxes and pay that estimated balance by the original due date.

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CPA Practice

FEBRUARY 6, 2025

The American Institute of CPAs requested that the IRS incorporate a checkbox and Federal Emergency Management Agency (FEMA) disaster number space into various tax returns.

Tax 85

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