RogerRossmeisl

NOVEMBER 25, 2023

As reported via IRS Fact Sheet 2022-37 in October 2022 Tip income is taxable and must be reported People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas to understand important details involving tips.

Tax 130

Tax CPA 130

RogerRossmeisl

NOVEMBER 25, 2023

As reported via IRS Tax Tip 2023-45 on 4/5/2023 All taxpayers that filed a 2022 tax year Forms 1040 and 1040-SR were required to check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. Examples of digital assets transactions include: A sale of digital assets.

Tax 130

Tax CPA Sales 130

RogerRossmeisl

NOVEMBER 25, 2023

As reported via IRS Tax Tip 2023-58 on 4/27/2023 When a taxpayer can’t pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an Offer in Compromise. This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed. The goal is a compromise that’s in the best interest of both the taxpayer and the agency.

Tax 130

Tax CPA business tax 130

RogerRossmeisl

NOVEMBER 25, 2023

As reported via IR-2022-119 on 8/4/2022 People should donate carefully after a disaster After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as federal agencies to dupe disaster victims trying to get disaster relief.

CPA 130

CPA 130

Speaker: Amanda Adams, Fractional CFO, CPA

Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Amanda Adams, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.

Account

RogerRossmeisl

NOVEMBER 25, 2023

As reported via Tax Tip 2022-122 on 8/10/2022 There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans. Business owners must take these steps when closing a business: File a final tax return and related forms.

Tax 130

Tax tax return CPA business tax 130

RogerRossmeisl

NOVEMBER 25, 2023

The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. That means that you can generally have about 5.4% more income next year without owing more to the federal government. Standard deduction Here are the inflation-adjusted standard deduction numbers for 2024 for those who don’t itemize: $14,600 if you’re single or use married filing separate stat

Tax 100

Tax income tax CPA Government 100

RogerRossmeisl

NOVEMBER 25, 2023

By regularly analyzing risk, business owners and executives can better understand and manage the likelihood and potential impact of fraud. In general, there are two types of business risk: inherent and residual. Inherent risk is what exists before management takes steps to mitigate the organization’s exposure. Residual risk is what remains after management has implemented internal controls to reduce and manage threats.

CPA 100

CPA 100