MyIRSRelief

NOVEMBER 3, 2023

Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled tax returns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable.

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CPA Practice

AUGUST 16, 2023

The federal agency launched Operation Hidden Treasure in 2021, for example, to root out taxpayers who fail to report income from cryptocurrency transactions on their federal tax returns. The IRS is looking for unreported assets,” said Lucas Rihely, a tax partner at H2R CPA.

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MyIRSRelief

MARCH 15, 2024

In the bustling city of Whittier, California, individuals and businesses alike face the daunting task of navigating the complex world of taxes. From unfiled tax returns to unpaid back taxes, and from employment 941 payroll issues to the intimidating process of IRS, FTB, EDD, and CDTFA audits, the challenges can seem insurmountable.

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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.

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MyIRSRelief

MAY 22, 2023

In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems. Contact us for tax help today. Tax audits can be time-consuming and require a significant amount of documentation.

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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. If approved, The IRS MATH Act would: 1.

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Nancy McClelland, LLC

APRIL 11, 2023

• An extension is a form filed with the IRS to request additional time to file your federal tax return. This extends the due date for submitting your individual return to October 15. • In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return.

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Bharmal&Associates

AUGUST 13, 2020

When the CARES Act was passed, it appears that lawmakers thought the PPP monies were tax-free and had not considered that the expenses paid with the loan proceeds would not be deductible. On its 2020 tax return, ABC reports no PPP income (remember, it was tax-free), but it may not deduct $100,000 of payroll expenses.

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CPA Practice

FEBRUARY 3, 2023

The IRS began accepting tax returns in late January, and if you were hoping for a bigger tax refund—or at least a smaller tax bill—in the new year, some tax law changes impacting the upcoming 2022 tax year filing season may dampen your spirits.

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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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CPA Practice

MAY 12, 2023

In a recent letter to Senators Marsha Blackburn (R-TN) and Catherine Cortez Masto (D-NV), the American Institute of CPAs (AICPA) expressed strong support for an issue identified by the Internal Revenue Service National Taxpayer Advocate (IRS NTA) in its Annual Report to Congress, or Purple Book.

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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.

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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.

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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. However, they should keep their K-1s with their tax records.

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xendoo

FEBRUARY 23, 2022

More complex returns will incur higher fees. Often you may offset the cost of these services with your tax refund if you are eligible for one. If you choose to use a local accounting firm that specializes in tax return preparation, you will pay significantly more. How Much Time Do You Spend Preparing Your Return?

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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.

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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.

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CPA Practice

MAY 30, 2024

Created specifically with accountants and CPAs in mind, the new capabilities help manage and automate document and client-centric workflows. Individual Income Tax Return — streamlines client document management for federal individual tax processes, from onboarding clients to compiling the documents for the return.

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CPA Practice

MAY 7, 2023

The tax savings opportunity is not available to sole proprietorships or single member LLCs who are disregarded entities. Most businesses that file a tax return separate from inclusion in an individual return are eligible. Considering the corresponding regulations that come in to play, what is the practical application?

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KROST

MAY 11, 2022

Income earned from the trust is not distributed to you. Requires filing of an income tax return. Requires filing of a gift tax return. Any appreciation in Trust B is subject to income or capital gains tax by the beneficiaries when the beneficiaries sell the appreciated assets.

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SkagitCountyTaxServices

JUNE 22, 2023

A new notes: Be prepared to present your complete tax returns; a few pages won’t give an adequate picture. These documents don’t need to match your tax returns precisely but they should be very close unless you have a compelling (and well-explained) accounting reason they don’t.

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MyIRSRelief

MARCH 15, 2023

One option for back tax help is to hire a tax professional. Tax professionals, such as certified public accountants (CPAs), EAs enrolled agents and tax attorneys, can help you navigate the complex tax laws and negotiate with the IRS on your behalf.

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CPA Practice

JULY 15, 2024

The American Institute of CPAs (AICPA) has submitted comments to the Internal Revenue Service (IRS) and Treasury on proposed regulations regarding reporting transactions with foreign trusts, receiving large foreign gifts, and dealing with loans and property from foreign trusts. ( REG-124850-08 ).

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CPA Practice

APRIL 21, 2023

The American Institute of CPAs (AICPA) has submitted suggestions for improvements to the Internal Revenue Service on the current section 645 final regulations election to treat a trust as part of an estate ( TD 9032 ). The AICPA recommends the following: Provide clarification of the “applicable date” of final determination.

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CPA Practice

JANUARY 31, 2023

The IRS began accepting tax returns in late January, and if you were hoping for a bigger tax refund—or at least a smaller tax bill—in the new year, some tax law changes impacting the upcoming 2022 tax year filing season may dampen your spirits.

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xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

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CPA Practice

FEBRUARY 15, 2024

The American Institute of CPAs has submitted a letter to the U.S. federal income tax return through the IRS Modernized e-File system. Department of the Treasury and Internal Revenue Service requesting the IRS allow foreign-owned U.S. disregarded entities to electronically file their Form 5472 with their U.S.

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Cherry Bekaert

JUNE 13, 2023

In this article, we’ll explore the advantages and disadvantages that the type of entity chosen for a real estate venture or property management company can have on the tax strategies available during your project’s life cycle. CPAs and attorneys regularly advise clients concerning the appropriate entity for their endeavor.

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CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. Rahill, CPA/PFS, JD, LL.M., There is no deadline for converting nondeductible IRA contributions to the Roth IRA.

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Shay CPA

MARCH 6, 2024

That’s because the credit could only be applied toward their income tax liability. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. Now, you can apply that research tax credit toward your payroll tax liability instead of your income tax liability. The bad news?

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Shay CPA

MAY 3, 2023

That’s because the credit could only be applied toward their income tax liability. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. Now, you can apply that research tax credit toward your payroll tax liability instead of your income tax liability. The bad news?

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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. However, they should keep their K-1s with their tax records.

Tax 52

Tax tax return Non-Profits income tax 52

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. However, they should keep their K-1s with their tax records.

Tax 52

Tax tax return Non-Profits income tax 52

xendoo

SEPTEMBER 28, 2021

In order to help, the team at Xendoo has created this guide to tax prep for small businesses. Our goal is to make sure that you have the tools you need to appropriately file your tax return this year. Due to the unprecedented challenges of 2020, the IRS extended the traditional income tax filing deadline to May 17, 2021.

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inDinero Tax Tips

JANUARY 1, 2025

Tax returns arent worth a founder’s time. As shares vest and increase in value, so do the income tax consequences of receiving them as compensation. By filing the 83(b) election, you can lock in the lower equity valuation for tax purposes, saving you and would-be investors considerably.

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CPA Practice

JULY 12, 2023

HSAs inherited by non-spouses become taxable to the beneficiary as ordinary income. If the estate is the beneficiary, the value of the HSA is included in the final tax return and the taxable amount may be reduced by any qualified medical expenses incurred by the decedent and paid within a year after the date of death.

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xendoo

DECEMBER 11, 2022

Corporations and LLCs that are taxed as corporations must use this form to report their income, tax deductions , and credits. Corporation Income Tax Return, is an IRS form that certain businesses use to file taxes. Net capital gain income. Tax deductions (These vary by company.

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