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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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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CPA Practice

OCTOBER 17, 2023

According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

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CTP

JANUARY 17, 2025

We will especially want to have this conversation if our clients tax return features one of the IRS red flags of the season. Below are key talking points we will want to review with clients to reassure them that we are prepared to walk them through an audit and to remind them of why working with a tax planner pays off in the end.

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CPA Practice

OCTOBER 30, 2023

The tax forms to which this e-signature flexibility applies include: Form 11-C, Occupational Tax and Registration Return for Wagering Form 637, Application for Registration (For Certain Excise Tax Activities) Form 706, U.S. Source Income of Foreign Persons Form 1066, U.S.

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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.

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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.

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Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

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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.

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Withum

JANUARY 13, 2022

From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in government assistance to keep the economy running and businesses afloat. Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns.

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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

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

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SkagitCountyTaxServices

MARCH 6, 2025

And unfortunately, its not mostly the fun stuff keeping you busy its things more on the housekeeping side of running your business, like meeting tax and other important government deadlines. Monday, March 17 : S corporation and partnership tax returns are due for calendar-year businesses. Whats in it for you?

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CPA Practice

JANUARY 30, 2023

Most individual taxpayers won’t have such issues for this tax season. For clarification, the weeks leading up to the April 18, 2023 , deadline is when Americans file tax returns for income they received during the 2022 calendar year, or they can file an automatic extension, which gives them an additional six months to file.

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Accounting Insight

JANUARY 16, 2025

Do you feel ready to do your Self Assessment tax return with a smile this year? Late filing The deadline for filing your Self Assessment tax return online is midnight 31 January 2025. If you are over 3 months late submitting your tax return, you will have to pay more.

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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.

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Going Concern

MARCH 24, 2023

love and taxes forever my heart- “Suitable for singles without dependents” LOL The game’s itch.io Iris here~ Tax Heaven 3000 is a visual novel dating game that actually prepares your 2022 federal income tax return! Join me and we’ll search for deductions while searching for love! Be careful!

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CPA Practice

SEPTEMBER 25, 2023

15, 2024, to file their tax returns and make tax payments because of Hurricane Lee’s impact. The IRS is offering tax relief to any area designated by the Federal Emergency Management Agency (FEMA) , and all 16 counties in Maine and all 14 counties in Massachusetts qualify. So, this is more time to file, not to pay.

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MyIRSRelief

OCTOBER 3, 2022

Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.

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CPA Practice

NOVEMBER 26, 2024

First, keep in mind that the IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which sometimes varies based on weekends or state holidays). 1 week after that): * IRS may start accepting returns on Jan. 27, 2025. *Jan.

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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.

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CPA Practice

NOVEMBER 6, 2024

“I think this thing is the best safe tax savings tool I have seen in a long time; probably ever. He also prepared tax returns for clients with deductions he knew to be false. On his own income tax filings, according to court records, he also underreported his commission income from the scheme by $400,000.

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CPA Practice

FEBRUARY 26, 2025

The tax data was stolen and leaked to the media by Charles Littlejohn, a former government contractor who was convicted and sentenced last year to five years in prison.

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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. Quarterly estimated income tax payments normally due on Sept. 15, 2023, and Jan.

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CPA Practice

FEBRUARY 1, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. The deadline to file returns in 2024 is April 15 (this sometimes varies based on weekends or state holidays). This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund.

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CPA Practice

FEBRUARY 28, 2023

16 to file various federal individual and business tax returns and make tax payments, the IRS said on Feb. 16 various tax filing and payment deadlines, including those for most calendar-year 2022 individual and business returns. It also applies to the quarterly payroll and excise tax returns normally due on Jan.

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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.

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CPA Practice

MARCH 14, 2023

The FBAR filing deadline follows the Federal income tax return filing deadlines. FBAR returns are filed separately from the taxpayer’s federal tax returns. The value of the Specified Asset is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the year.

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CPA Practice

FEBRUARY 24, 2023

It’s almost March, and the 2023 tax filing season is well under way. 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. The IRS Started Accepting Returns on Jan. Updated: Feb. 24, 2023: 4:41 pm ET.

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LyfeAccounting

NOVEMBER 17, 2020

Like, literally, I paid my payroll taxes one-day late by accident, the IRS sent me a penalty for over $1,000. In addition, I didn’t know the requirements of income taxes, especially for self-employed individuals. In this post, I’m going to fully explain the difference between payroll taxes and income taxes.

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CPA Practice

DECEMBER 26, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. Updated: Dec. 26, 2023 , 9:31 pm ET.

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CPA Practice

JULY 8, 2024

(TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. 1, 2024, to file various federal individual and business tax returns and make payments. These taxpayers now have until Nov.

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CPA Practice

NOVEMBER 22, 2023

December is here, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline being April 15 (which can vary based on weekends or state holidays). tool on the IRS website to check the status of your refund.

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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?

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CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. The Department of Justice filed a civil complaint in Eastern Washington District U.S.

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CPA Practice

AUGUST 2, 2024

Nic Querolo Bloomberg News (TNS) Undocumented immigrants paid almost $100 billion of taxes, underscoring the importance of border policies on the country’s tax collections, according to a new report. government. One of the most common arguments for curtailing immigration is the cost borne by the U.S.

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Xero

SEPTEMBER 26, 2022

Before we dive into the intricacies of tax for the self-employed, it’s important to understand what actually constitutes being self-employed. . The government describes the self-employed as those who run their own business and take responsibility for its success or failure. . If you do earn above the threshold, you must pay income tax.

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