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

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? ” That’s without an expensive “tax refund loan” or other similar product.

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TaxConnex

OCTOBER 5, 2021

Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Federal, state, and local governments can all impose excise taxes. Calculating and Charging.

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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. Wide-ranging penalty The Trust Fund.

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income tax CPA Tax Government 245

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.

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income tax Tax tax return Connecticut 88

TaxConnex

FEBRUARY 9, 2021

If you sell into the handful of states that don’t have nexus or don’t have a general sales tax, you might think you’re home free when it comes to obligations to remit sales tax. Forty-five states and the District of Columbia have a statewide sales tax. No sales tax but…. Maybe, and maybe not.

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Sales Delaware Alaska Montana 221

RogerRossmeisl

SEPTEMBER 9, 2024

So are multi-member LLCs that are treated as partnerships for tax purposes. 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.

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MyIRSRelief

NOVEMBER 1, 2024

S Corporations: Tax Preparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.

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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.

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Government income tax tax return Florida 124

TaxConnex

APRIL 8, 2021

Of the 50 states, 45 (plus DC) charge a state-wide sales tax. Two of those states that have a state-wide sales tax, Missouri and Florida, have yet to adopt economic nexus standards set by the 2018 South Dakota v. 15 , which is reportedly projected to bring in about $1 billion a year in sales taxes and. Wayfair case. 554 and S.B.

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South Dakota Sales Missouri Tax 162

Wellers Accounting

JULY 5, 2024

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

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CPA Practice

APRIL 7, 2023

The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest. million in restitution.

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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. Where to find more information.

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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. Get a free case evaluation 1-877-78-TAXES [1-877-788-2937].

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inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

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TaxConnex

FEBRUARY 23, 2023

All hail sales tax! Taxing certain goods dates back as far as 4,000 years. Ancient Egypt taxed cooking oil, for instance. The tax was levied on a product people had to buy and were forbidden to reuse (coincidentally, the Pharaoh had a monopoly on production). Salestaxes are no exception.

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West Virginia Sales Rhode Island Tax 130

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.

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CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

South Dakota 124

South Dakota Tax Maryland income tax 124

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. Another cost-effective approach to adding sales and use tax advisory services: partnering with sales and use tax experts. Compare the state income tax return filings to the state sales tax filings.

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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. Franchise Tax Board Professional Help. FTB and back taxes representation help.

Tax 130

Tax income tax California tax return 130

CTP

DECEMBER 8, 2022

Taxpayers who are new to leveraging real estate for income may be unfamiliar with the tax loopholes available to them. As a tax professional, you may have to overcome your clients’ uncertainty in taking advantage of these loopholes. government to promote property ownership. Appreciation of inventory. Short-term rentals.

Real Estate 98

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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

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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. The last four years seem to be just the dawn of a new era of sales tax. Wayfair, Inc.

South Dakota 246

South Dakota E-commerce Alaska Missouri 246

TaxConnex

MAY 2, 2023

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130

Alaska Sales Tax New Hampshire 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. Q7: When do I report the tax-exempt income relating to PPP loan forgiveness?

Tax 126

Tax tax return income tax corporation tax 126

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.

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MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn.

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CPA Practice

FEBRUARY 1, 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? ” That’s without an expensive “tax refund loan” or other similar product.

Tax 111

Tax tax return income tax Massachusetts 111

MyIRSRelief

OCTOBER 28, 2022

In case you were not aware of what the FTB is, it is the California board that is responsible for collecting all of the personal income tax and business franchise taxes that are assessed every year for people and companies in California. The board uses several methods to collect owed taxes.

California 130

California audit Tax income tax 130

CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 2024 quarterly estimated income tax payments normally due on Jan.

South Carolina 130

South Carolina North Carolina Tax Alabama 130

TaxConnex

JUNE 18, 2024

(Nexus is an economic presence that triggers the obligation to collect and remit tax or at least communicate with appropriate states.) Some states are also now easing nexus thresholds even as they try to levy sales taxes on new products and ramp up “sales taxes” in other forms. Why isn’t there a national sales tax, anyway?

South Dakota 214

South Dakota North Dakota Alabama Sales 214

CPA Practice

APRIL 8, 2023

It’s almost March, and the 2023 tax filing season is well underway. If you haven’t filed your tax return yet and are wondering how long it may take to get your refund when you do file, you’re not the only one looking for the answer. Fortunately, most of the tax-related issues caused by the pandemic won’t affect taxpayers this season.

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income tax Tax tax return Massachusetts 115

CPA Practice

SEPTEMBER 1, 2023

The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. 15, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2024, to file returns and pay any taxes that were originally due during this period. 11, 2023.

Tax 119

Tax income tax tax return payroll 119

MyIRSRelief

AUGUST 1, 2022

According to the most up-to-date US Tax Code, all US-based business employers are required to file employment 941 / 940 Payroll Tax forms with the IRS every quarter and year-end at a prescribed date. These tax professionals can be your best friend when it comes to dealing directly with the IRS. Medicare tax.

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CPA Practice

NOVEMBER 26, 2024

26, 2024 Thanksgiving and Christmas are here, and that means the end of the year is coming up soon, and tax season will follow soon after. Although Americans dislike the IRS and bemoan taxes, many millions actually look forward to getting a tax refund, and start thinking of how they will spend it. Updated: Nov. Vacation time?

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Tax tax return income tax CPA 105

SkagitCountyTaxServices

NOVEMBER 8, 2023

While there have been some good developments from the IRS with regard to Skagit County businesses like yours (primarily the business accounts option), there are also the negative implications of a more concerted effort by the IRS to collect unpaid taxes.

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income tax tax return Tax audit 67

CPA Practice

MAY 10, 2023

New Jersey Governor Phil Murphy has signed a bill into law that makes it possible for New Jersey cannabis businesses to deduct some expenses on state tax returns by decoupling them from federal rules. This law aims to level the playing field for all cannabis businesses,” Singleton said in a statement shortly after the bill became law. “It

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