Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Contact Us.

Government 124

Government income tax tax return Florida 124

RogerRossmeisl

AUGUST 4, 2021

There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages.

income tax 245

income tax CPA Tax Government 245

RogerRossmeisl

SEPTEMBER 9, 2024

A major reason is that these entities offer federal income tax advantages, the most important of which is pass-through taxation. They also must follow some special and sometimes complicated federal income tax rules. These governing documents should address certain tax-related issues.

income tax 170

income tax Government CPA Tax 170

RogerRossmeisl

NOVEMBER 6, 2023

If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. This is only the beginning of the unwelcome tax compliance tasks. For 2023, the SE tax consists of 12.4%

Tax 193

Tax income tax CPA Government 193

Xero

AUGUST 11, 2022

Frankly, you already have enough to remember, thanks to Making Tax Digital (MTD) for VAT and Income Tax Self Assessment (ITSA). The government legislation with the goal of digitising the tax process has been underway for some time, and the next step is looming large on the horizon.

income tax 90

income tax Tax tax return tax accountant 90

Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). It is important to ensure this works for everyone: taxpayers, tax agents, software developers, as well as HMRC.

Government 83

Government Tax income tax accountant 83

Wellers Accounting

JULY 5, 2024

Chris Thompson speculates off the 2024 UK General Election result how the newly elected Labour government could raise taxes.

Government 105

Government Tax Non-Profits income tax 105

TaxConnex

SEPTEMBER 29, 2020

In Alabama , rising pandemic-related online shopping has been a “life saver” for the state’s municipal governments and a “financial vaccine for Alabama’s counties,” the state said. The state’s SSUT has taken in more than $309 million overall during the current fiscal year – almost double the tax generated during all of fiscal 2018-19.

Sales 246

Sales Tax Alabama Texas 246

CTP

DECEMBER 8, 2022

As a tax professional, you may have to overcome your clients’ uncertainty in taking advantage of these loopholes. government to promote property ownership. By enticing taxpayers with tax benefits, more people are able and willing to make this sizable and possibly intimidating financial investment.

Real Estate 98

Real Estate tax planning income tax Tax 98

SkagitCountyTaxServices

NOVEMBER 8, 2023

The IRS will be focused less on working-class taxpayers and increasingly toward high-income individuals and corporations. Specifically, that means high-income earners, partnership income tax returns, large corporations, and promoters “aggressively peddling abusive schemes.”

income tax 67

income tax tax return Tax audit 67

TaxConnex

OCTOBER 7, 2021

Sales tax revenues and state corporate tax receipts (franchise and excise taxes) both posted substantial growth. In Georgia , tax collections were up 12.7% The gross sales tax take finished 15.9% over August 2020; income tax collections were up 13.9%. in August year over year. State Updates.

West Virginia 246

West Virginia Sales Alaska Tax 246

CPA Practice

SEPTEMBER 1, 2023

The IRS has provided guidance on the federal tax status of refunds of state or local taxes and certain other payments made by state or local governments to individuals. The IRS previously provided guidance on state payments made in 2022: IRS issues guidance on state tax payments to help taxpayers.

income tax 118

income tax Tax tax return Government 118

CPA Practice

APRIL 7, 2023

In December 2022, Eunice Salley, a Chicago tax preparer, was sentenced to seven years in prison for filing false income tax returns on behalf of her tax preparation clients seeking more than $1 million in fraudulent refunds. Examples of civil injunctions obtained by the Tax Division over the last year include: On Jan.

tax preparation 132

tax preparation Tax tax return income tax 132

CPA Practice

OCTOBER 30, 2023

Source Income of Foreign Persons Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return Form 1120-C, U.S. Income Tax Return for Cooperative Associations Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation Form 1120-H, U.S.

tax return 132

tax return income tax Real Estate Tax 132

TaxConnex

APRIL 8, 2021

153 –would allow the state and local governments to collect a tax on purchases made over the internet (and other remote sellers too), with a reduction in the income tax as an offset. While some larger online retailers like Amazon already remit sales tax in Missouri, the measure could reportedly generate up to $161.9

South Dakota 162

South Dakota Sales Missouri Tax 162

Cherry Bekaert

APRIL 22, 2024

The credit may be used against income tax, and excess credit may be used against payroll withholding tax in certain situations. The South Carolina tax credit is claimed in the following year after job creation, and the tax credit may only be used against 50% of the company’s income tax liability.

South Carolina 105

South Carolina North Carolina Mississippi Georgia 105

TaxConnex

NOVEMBER 22, 2022

In our blog last week, we looked at how sales and use tax advisory services might be a good new field for CPAs and accounting firms. Accounting and CPA firms looking to expand their services into the sales and use tax niche, often have pent-up demand within their own client base. Review the sales tax payable account.

accounting firms 130

accounting firms Sales Tax tax return 130

TaxConnex

OCTOBER 5, 2021

Your business is responsible for collecting excise taxes and sending them to the proper authorities but, unlike sales tax, the cost of the excise tax is usually passed invisibly on to the consumer in the form of increased prices. Federal, state, and local governments can all impose excise taxes.

Sales 189

Sales Tax South Carolina Hawaii 189

TaxConnex

JUNE 21, 2022

The Supreme Court Wayfair decision four years ago gave tax jurisdictions the sudden power to require countless companies to collect and remit sales tax. Those governments jumped the on chance for such big revenue – and continue to do so. What a 48 months it’s been.

South Dakota 246

South Dakota E-commerce Alaska Missouri 246

MyIRSRelief

NOVEMBER 29, 2019

Every business that operates in the United States is responsible for reporting certain types of information to the government. One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis.

payroll 140

payroll payroll tax Tax income tax 140

CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

South Dakota 124

South Dakota Tax Maryland income tax 124

MyIRSRelief

NOVEMBER 1, 2024

Apply for an Employer Identification Number (EIN): This is required for tax purposes and can be obtained from the IRS. Create Bylaws: These are the rules that govern the corporation. What are the Tax Benefits of an S Corporation? However, they must pay themselves a reasonable salary, which is subject to payroll taxes.

tax preparation 130

tax preparation tax planning corporation tax Tax 130

Accounting Today

APRIL 17, 2024

Payments poured in at the government's mid-April deadline for income taxes.

income tax 89

income tax Tax Government 89

CPA Practice

JUNE 13, 2023

federal income tax, even if a foreign country also taxes you. However, you may be eligible for a unique tax break. A long as certain requirements are met, you can claim the foreign earned income exclusion on a substantial portion of your foreign income—maybe even all of it. If you’re a U.S. citizen or a U.S.

income tax 115

income tax Tax Government 115

Withum

JANUARY 13, 2022

The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. Q8: Will PPP loan forgiveness be taxable on my state income tax return?

Tax 126

Tax tax return income tax corporation tax 126

TaxConnex

FEBRUARY 23, 2023

England also taxed salt, as did France – one cause of the latter’s bloody revolution in the late 1700s. In more modern decades, Europe has largely elected to use a value-added tax ( VAT ). The American version Financing government has usually motivated creation of taxes in America. Salestaxes are no exception.

West Virginia 130

West Virginia Sales Rhode Island Tax 130

CPA Practice

JANUARY 18, 2024

A small group of tax-exempt organizations will have to wait a little longer to electronically file two tax forms to the IRS while the agency performs system upgrades. The IRS said on Thursday that tax-exempt groups won’t be able to e-file Form 990-T , Exempt Organization Business Income Tax Return , or Form 1120-POL , U.S.

Tax 106

Tax income tax tax return Government 106

inDinero Tax Tips

OCTOBER 22, 2024

LLC Taxes in Nevada Here are the primary reasons Nevada is an attractive place to start a business: While the average American pays 8.9% in state income tax, Nevada is one of a handful of states that doesn’t have personal income tax. That said, the state isn’t tax-free. What is the sales tax in Nevada?

Nevada 105

Nevada Tax income tax payroll tax 105

TaxConnex

JUNE 18, 2024

And sellers have had to keep up since: All 45 states with a statewide sales tax have economic nexus. So to online companies benefiting from the U.S. eCommerce boom fell the burden of keeping up with jurisdictions’ requirements of economic nexus. The initial price tag A recent report from the U.S. One recent U.S.

South Dakota 214

South Dakota North Dakota Alabama Sales 214

CPA Practice

APRIL 8, 2023

As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. The IRS and tax professionals strongly encourage electronic filing. 23, 2023 Feb. 30, 2023 Feb.

income tax 115

income tax Tax tax return Massachusetts 115

MyIRSRelief

NOVEMBER 28, 2022

Is quite simple, they are tasked with collecting all of the income taxes assessed by the state of California. The FTB or Franchise Tax Board was created to replace the office of the Franchise Tax Commissioner that was abolished in 1950. The amount of money that the law allows is 25% of your disposable income per week.

Tax 130

Tax income tax California tax return 130

CPA Practice

JANUARY 30, 2023

As a result of all of this, the deadline for filing federal income tax returns (generally Form 1040), will be Tuesday, April 18, 2023, and most states usually follow the same calendar for state income tax returns. April 17 is also Patriot’s Day, a state holiday in Maine and Massachusetts. tool on the IRS website.

income tax 105

income tax Tax tax return Massachusetts 105

CPA Practice

SEPTEMBER 25, 2023

The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. So, this is more time to file, not to pay.

Massachusetts 115

Massachusetts Maine Tax income tax 115

VetCPA

MARCH 16, 2022

As a small business owner, tax liability is the money you owe the government when your business generates income. With changing laws and gray areas regarding deductions, exemptions, and credits, it’s no wonder small business owners rank taxes at the top of the list of the most stress-inducing aspect of business ownership.

Tax 130

Tax income tax tax consultant business tax 130

TaxConnex

FEBRUARY 9, 2021

Sales of goods are subject to Delaware gross receipts tax as a wholesale sale ( where the goods are re-sold) or as a retail sal e (where the goods are consumed by the purchaser ). Delaware’s corporate income tax can apply to s ales of goods physically delivered in the state.

Sales 221

Sales Delaware Alaska Montana 221

CPA Practice

SEPTEMBER 1, 2023

The IRS noted, however, that because tax payments related to these 2022 returns were due on April 18, 2023, those payments are not eligible for this relief. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on Oct. 15, 2023, and Jan. 31, 2023, and Jan.

Tax 119

Tax income tax tax return payroll 119

CPA Practice

OCTOBER 4, 2023

Massachusetts introduced a state-level wealth tax last year, and the legislatures in California , Connecticut , Hawaii , Illinois , Maryland , New York , Oregon and Washington have all seen wealth tax bills introduced this year. Second, no matter how it’s positioned, a wealth tax is not based on objective facts.

Tax 105

Tax income tax Hawaii Oklahoma 105