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

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.

income tax 238

income tax Government CPA Tax 238

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. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.

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CPA Practice

OCTOBER 8, 2024

Corporations or LLCs that are owned entirely by Indian Tribal governments and formed under the laws of the Tribes that own them wouldn’t be recognized as separate entities for federal tax purposes and wouldn’t be subject to federal income tax, according to regulations proposed by the Treasury Department and the IRS on Oct.

income tax 119

income tax Tax Washington Government 119

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

TaxConnex

OCTOBER 7, 2021

There’s always something changing in the world of tax, especially sales tax. There are currently five states with no state-level sales tax. Alaska has long heard rumblings of a statewide sales tax. First came the state’s Remote Seller Sales Tax Commission of municipalities banding together to tax sales.

West Virginia 246

West Virginia Sales Alaska Tax 246

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.

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income tax Tax Government 104

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.

Sales 189

Sales Tax South Carolina Hawaii 189

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.

income tax 246

income tax CPA Tax Government 246

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

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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income tax tax return Tax Massachusetts 115

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.

Sales 221

Sales Delaware Alaska Montana 221

CTP

JANUARY 17, 2025

One of the many roles we play as tax planners is as the taxpayers audit support system. We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. Knowing the Common Audit Triggers No matter a taxpayers income or industry, they can be randomly selected for an audit.

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audit Tax auditor tax return 96

Xero

OCTOBER 30, 2024

Cuts to official interest rates and income taxes have begun in some countries, with some hoping the changes would help boost consumer spending. The Australian and New Zealand governments also introduced income tax cuts. The post XSBI: Are interest rate or income tax cuts benefiting small businesses yet?

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income tax Tax Technology Sales 94

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.

Government 124

Government income tax tax return Florida 124

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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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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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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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.

West Virginia 130

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.

income tax 118

income tax Tax tax return Government 118

CPA Practice

NOVEMBER 6, 2024

For every dollar they paid in, they would get tax deductions of about $4.50. Now that longtime accountant, Herbert Lewis, is heading to federal prison for his role in promoting and selling illegal tax shelters. I think this thing is the best safe tax savings tool I have seen in a long time; probably ever. million in restitution.

CPA 52

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Going Concern

NOVEMBER 8, 2024

PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.

Florida 98

Florida Mississippi audit auditor 98

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

MARCH 17, 2025

Partnerships are pass-through entities, so they are not subject to corporate income tax. Instead, they pass the profits onto the owners who then pay personal income tax based on their tax bracketsa setup that can provide significant tax advantages to these owners. No gain means no tax!

Tax 52

Tax Real Estate income tax corporation tax 52

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.

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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

CTP

MARCH 17, 2025

New entrepreneurs may instinctively view them as too complicated, and even if tax professionals are familiar with the benefits, they may not feel well-versed enough to know when to recommend a partnership structure to their clients. This means they are not subject to corporate income tax. Exiting the partnership is just as easy.

Tax 52

Tax Real Estate income tax corporation tax 52

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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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

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 Maryland Tax income tax 124