MyIRSRelief

MAY 22, 2023

Chicago, Illinois is home to numerous businesses and individuals who may face tax-related challenges such as tax audits, back taxes, and payroll tax problems. In this article, we will explore the benefits of professional tax help for Chicago taxpayers facing tax audits, back taxes, and 941 payroll tax problems.

payroll tax 147

payroll tax payroll audit Tax 147

CPA Practice

FEBRUARY 3, 2023

The IRS began accepting tax returns in late January, and if you were hoping for a bigger tax refund—or at least a smaller tax bill—in the new year, some tax law changes impacting the upcoming 2022 tax year filing season may dampen your spirits. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 119

Tax Illinois tax return cpas 119

TaxConnex

DECEMBER 23, 2021

12% of respondents say they’re likely to have to outsource management of sales tax audits next year. The Sales Tax Institute reports that Maine, Illinois, California, Massachusetts, Wisconsin and Washington have been the most aggressive states in sending notices and audit requests. Get to work on this first and fast.

audit 244

audit Sales Tax auditor 244

CPA Practice

FEBRUARY 11, 2023

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. Other payments Other payments that may have been made by states are generally includable in income for federal income tax purposes.

Rhode Island 131

Rhode Island South Carolina income tax Idaho 131

Nancy McClelland, LLC

JANUARY 12, 2025

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Let the tax return preparation (or extension payment calculation) begin!

Tax 52

Tax tax return Account accountant 52

CPA Practice

JANUARY 11, 2024

Tax season officially starts Jan. 29, 2024, when the IRS begins accepting and processing tax returns for the 2023 tax year. With the IRS anticipating receiving nearly 129 million individual tax returns by the April 15, 2024, deadline this season, getting an early start on prepping yours may be best.

Illinois 52

Illinois CPA Tax tax return 52

TaxConnex

SEPTEMBER 7, 2023

Illinois greenlights exemptions for churches, licensed not-for-profit day care centers, arts and cultural not-for-profits, schools and seniors’ organizations, to name a few, but not for American Legions; chambers of commerce; Elks, Lions and Rotary clubs; VFWs; or unions/trade associations. How important are these certificates?

Sales 147

Sales Tax Non-Profits North Carolina 147

CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

OCTOBER 2, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. They have until Oct. 31, 2023, to file. They have until Nov.

South Carolina 124

South Carolina Tax Georgia income tax 124

Nancy McClelland, LLC

APRIL 11, 2023

• An extension is a form filed with the IRS to request additional time to file your federal tax return. This extends the due date for submitting your individual return to October 15. • In some states, filing an extension with the IRS will automatically extend the time to complete a state income tax return.

tax return 98

tax return Tax CPA Illinois 98

Nancy McClelland, LLC

APRIL 9, 2023

Reminder: Due to a new law , Illinois S-Corp and Partnership owners should generally pay quarterly IL state ( not federal) taxes through the business. The post below is about how to pay IL taxes personally ; click here for how to make IL business tax payments. and ask you what kind of tax payment you wish to make.

Illinois 52

Illinois Tax tax preparation bookkeeping 52

CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 24, 2024, to file various individual and business tax returns. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. They have until Oct. 31, 2023, to file. They have until Nov.

South Carolina 111

South Carolina Georgia income tax Vermont 111

MyIRSRelief

AUGUST 2, 2024

They must withhold federal income tax, Social Security, and Medicare taxes from employees’ wages and pay the employer’s share of these taxes. Additionally, businesses must file employment tax returns and make timely deposits. Ensure that your tax returns accurately reflect these limitations.

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audit Tax Nevada Colorado 130

CPA Practice

AUGUST 21, 2023

They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold. Look for more states to follow suit. _

income tax 98

income tax Tax tax return Oregon 98

CPA Practice

APRIL 9, 2024

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

payroll tax 110

payroll tax West Virginia payroll cpas 110

Snyder

JUNE 9, 2022

State income taxes. Business income taxes. Local income taxes. Assessment tax return and short tax return. Income tax deadlines. Income tax extension: when is the last day to file income tax? Federal income tax brackets 2021 vs IRS income tax brackets 2022.

income tax 52

income tax tax return E-commerce Tax 52

CPA Practice

SEPTEMBER 17, 2024

A true team player with 17 years of experience in software development, he often assists colleagues with projects outside his regular job duties, such as helping the Drake Education team create CPE classes and web content. Bob holds a bachelor’s degree in marketing from Northern Illinois University.

Tax 105

Tax North Carolina Indiana Illinois 105

CPA Practice

NOVEMBER 1, 2024

Gail is the author of over 30 books (including Mint.com For Dummies , The Idiot’s Guide to Introductory Accounting , and Surviving Financial Downsizing: A Practical Guide to Living Well on Less Income ), and she maintains a small tax practice. Gail is a graduate of Indiana University where she earned a bachelor’s degree in journalism.

Indiana 52

Indiana Tax CPA Illinois 52

Anders CPA

JANUARY 23, 2023

in Accountancy from Southern Illinois University Edwardsville. in Workforce Development and Training from Southern Illinois University, Carbondale before achieving her Master’ in Healthcare Administration from Lindenwood University. in Accounting from Quincy University in Illinois. Merella received her B.S.

Missouri 19

Missouri Real Estate Illinois public accounting 19

CPA Practice

JUNE 12, 2024

Gail is the author of over 30 books (including Mint.com For Dummies , The Idiot’s Guide to Introductory Accounting , and Surviving Financial Downsizing: A Practical Guide to Living Well on Less Income ), and she maintains a small tax practice. Gail is a graduate of Indiana University where she earned a bachelor’s degree in journalism.

Technology 93

Technology Indiana Tax Idaho 93

CPA Practice

NOVEMBER 29, 2023

Get Your Gifts Ready: If you’re feeling generous with your wealth and would like to pass some of it on to a loved one or other beneficiary, you can gift up to $17,000 (or $34,000 for married couples filing a joint tax return) without triggering a gift tax or reducing your lifetime gift and estate tax exemption.

Tax 108

Tax tax return CPA accounting and finance 108

TaxConnex

AUGUST 4, 2022

Most states with economic nexus laws also employ marketplace facilitator laws (it is best to consult with a sales tax expert or CPA to find the most updated laws). Recently Hawaii, Texas, Wisconsin, Illinois, Michigan, Iowa, Louisiana and North Carolina added laws. returns for direct sales and indirect sales.?.

Wisconsin 130

Wisconsin North Carolina Michigan Hawaii 130

CPA Practice

AUGUST 19, 2024

Gail is the author of over 30 books (including Mint.com For Dummies , The Idiot’s Guide to Introductory Accounting , and Surviving Financial Downsizing: A Practical Guide to Living Well on Less Income ), and she maintains a small tax practice. Gail is a graduate of Indiana University where she earned a bachelor’s degree in journalism.

Technology 97

Technology Tax Indiana Idaho 97

CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Here are a dozen deduction tips, provided by the Illinois CPA Society. You can deduct up to 50 percent of your self-employment tax from your income taxes.

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

Nancy McClelland, LLC

JULY 22, 2022

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. This was created for retailers to report sales of qualifying items sold during the sales tax holiday. My inbox on June 27th.

Illinois 52

Illinois Sales Tax tax return 52

Going Concern

FEBRUARY 23, 2024

Top Remote Accounting Candidates: February 22, 2024 Law & Order Co-Owner of Media Brokerage Firm Sentenced for Filing False Tax Returns [ Department of Justice ] According to court documents and statements made in court, Susan K. Illinois, where four of the last ten governors have gone to prison.

CPA 105

CPA Illinois auditor Iowa 105

CPA Practice

JANUARY 31, 2023

The IRS began accepting tax returns in late January, and if you were hoping for a bigger tax refund—or at least a smaller tax bill—in the new year, some tax law changes impacting the upcoming 2022 tax year filing season may dampen your spirits. Find an Illinois CPA at www.icpas.org/findacpa.

Tax 64

Tax Illinois tax return cpas 64

TaxConnex

JUNE 6, 2023

Local sales taxes can also apply, especially in home-rule states like Colorado, Illinois and Alabama. California also has a ton of local taxes, and Louisiana has a sales tax system infamously complex. But it isn’t so different from Canada , where provinces apply widely varying combinations of their three sales taxes.

Sales 130

Sales Tax South Dakota Alaska 130

CPA Practice

OCTOBER 12, 2023

Also exempt from the tax: Gross receipts from the retail sale of any firearm, firearm precursor part, or ammunition by any licensed firearms dealer, firearms manufacturer, or ammunition vendor in any quarterly period in which their total gross receipts from the retail sales of firearms, firearm precursor parts, or ammunition is less than $5,000.

California 124

California Sales Tax Pennsylvania 124

Going Concern

OCTOBER 7, 2022

Minority Accounting Students Sought for Internship Preparation Program [ Illinois CPA Society ]. Illinois-based racial and ethnic minority college students who are interested in pursuing careers in accounting and finance are encouraged to apply. ‘As A Few More Things. Attorney Nick Brown.

Illinois 98

Illinois CPA audit financial statements 98

ThomsonReuters

FEBRUARY 1, 2021

The FUTA tax rate is currently 6.0% FUTA tax credit reduction when they file their Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return), resulting in a net FUTA tax rate of 0.6%.FUTA on the first $7,000 in wages per employee each year. However, employers generally receive a 5.4%

Hawaii 89

Hawaii Nevada California New Jersey 89

MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Contact us for professional tax help today! Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit.

audit 130

audit North Carolina Oklahoma Ohio 130

Nancy McClelland, LLC

APRIL 9, 2024

We still want folks to make quarterly payments (see my related IRS & Illinois posts for how to do it online), but for the first quarter, at least, we’re asking everyone to use “safe-harbor” calculations. However, times have changed. Why Use 1Q Safe-Harbor Calculations Instead of Annualizing?

Illinois 52

Illinois Tax tax preparation tax return 52

Nancy McClelland, LLC

JANUARY 16, 2024

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Print the file to PDF and save it somewhere safe, along with the rest of your tax season documents.

tax return 52

tax return Tax Account accountant 52

Nancy McClelland, LLC

FEBRUARY 6, 2022

If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. To get a list of the estimated tax payments you’ve made to the state of Illinois, go to [link] and enter your SSN, Name, and the year (in this case 2021). Let the tax return preparing begin!

Account 52

Account accountant accounted tax return 52

CPA Practice

OCTOBER 18, 2023

Of the 45 states (plus the District of Columbia) that have a general sales tax, 10 stand out as being especially tricky for sales tax compliance: Arizona, California, Colorado, Florida, Illinois, Louisiana, Missouri, New York, Tennessee, and Texas. To illustrate the knottiness, here are some examples.

Sales 59

Sales South Dakota Tax Missouri 59

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52