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

Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. Therefore, state income taxes are generally an allowable cost.

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income tax Tax tax return Connecticut 88

TaxConnex

SEPTEMBER 10, 2024

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. The federal income tax has just seven brackets to cover the whole span of what somebody can make.

Rhode Island 264

Rhode Island Sales Alaska New Hampshire 264

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

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 245

Tax income tax CPA Government 245

CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. As a result, the UA’s return claimed a fraudulent federal income tax refund of $12,359. McEwen are prosecuting the case for the government.

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tax preparation Georgia tax return Tax 97

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 246

income tax CPA Tax Government 246

CPA Practice

FEBRUARY 28, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. When will I get my tax refund? ” The IRS and tax professionals strongly encourage electronic filing.

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income tax tax return Tax Massachusetts 115

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.

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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 accounted 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

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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

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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.”

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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.

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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

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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

CPA Practice

MARCH 29, 2025

A component of the Tax Reduction Act, the EITC was signed into law by President Gerald Ford on March 29, 1975, and has become one of the federal government's largest anti-poverty programs.

income tax 52

income tax Tax Government 52

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

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

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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

Accounting Today

APRIL 17, 2024

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

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income tax Tax Government 89

Reckon

FEBRUARY 20, 2025

However, the new reporting scheme has left some NFPs uncertain of their status or tax obligations. Announced in 2021, the Australian government imposed the new self-reporting requirements to ensure that only eligible NFPs can access income tax exemption. Is charity part of the purpose of the organisation?

Non-Profits 52

Non-Profits income tax Tax Government 52

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

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

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

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

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 Sales Alabama 214

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

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

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

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 Maryland Tax income tax 124

CTP

JANUARY 17, 2025

This refundable tax credit was designed to help businesses whose employees were impacted by the COVID-19 pandemic, but within just a few years, the government had detected over $2.8 The taxpayers Schedule C reports over $250,000 in gross receipts or under $30,000 in net income. billion of potentially fraudulent ERC claims.

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