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

RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. If a calendar-year S corporation.

income tax 254

income tax Tax payroll CPA 254

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.

income tax 115

income tax tax return Tax Massachusetts 115

RogerRossmeisl

SEPTEMBER 29, 2024

Identify and describe guaranteed payments to partners For income tax purposes, a guaranteed payment is one made by a partnership that’s: 1) to the partner acting in the capacity of a partner, 2) in exchange for services performed for the partnership or for the use of capital by the partnership, and 3) not dependent on partnership income.

Tax 259

Tax income tax CPA business tax 259

Accounting Today

FEBRUARY 7, 2024

Taxpayers will benefit from a reduced top marginal rate in 13 states, but in two states the rate has increased.

income tax 133

income tax Tax 133

Bharmal&Associates

AUGUST 28, 2020

Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. Single-Member LLC Tax Basics. You don’t need to file a separate federal income tax return for the single-member LLC. Three key points.

income tax 242

income tax tax return Legal Tax 242

Accounting Today

APRIL 5, 2024

A new study analyzing 110 years of state-level tax policies shows a migration of wealthy Americans to low-tax jurisdictions.

income tax 124

income tax Tax 124

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

Real Estate 240

Real Estate Tax income tax CPA 240

TaxConnex

JULY 18, 2024

These certificates validate the tax-exempt status of certain sales and are vital during an audit. Bad Debt Most states allow a deduction for bad debts written off for Federal income tax purposes. Miscellaneous Adjustments Any adjustments taken on your tax return should have supporting documentation.

audit 264

audit Sales Tax tax return 264

RogerRossmeisl

OCTOBER 29, 2023

However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you.

Tax 260

Tax income tax CPA 260

RogerRossmeisl

APRIL 21, 2022

April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. Corporations pay the first installment of 2022 estimated income taxes.

Tax 239

Tax income tax tax return CPA 239

RogerRossmeisl

JULY 27, 2021

Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due. Tuesday, August 10 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941), if you deposited all associated taxes that were due in full and on time.

Tax 246

Tax income tax CPA business tax 246

RogerRossmeisl

OCTOBER 29, 2023

Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). The median home price was $467,500 in the Northeast, $304,600 in the Midwest, $366,200 in the South and $610,500 in the West.

Tax 249

Tax income tax CPA Sales 249

RogerRossmeisl

JULY 14, 2021

A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. In turn, the deduction reduces your federal income tax bill, your self-employment tax bill (if applicable), and your state income tax bill (if applicable). However, in order for your.

Tax 246

Tax income tax payroll tax payroll 246

RogerRossmeisl

JULY 15, 2024

As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. However, most taxpayers will pay a tax rate of only 15% and some may even qualify for. The post The Tax Consequences of Selling Mutual Funds appeared first on Roger Rossmeisl, CPA.

Tax 221

Tax income tax CPA 221

RogerRossmeisl

OCTOBER 20, 2024

You may think you can deduct that loss on your personal federal income tax return with no questions asked. The IRS often claims that money-losing sidelines are hobbies rather than businesses — and the federal income tax rules for hobbies aren’t in your favor. Not so fast!

income tax 250

income tax tax return CPA Tax 250

RogerRossmeisl

MAY 16, 2024

Tax rate considerations Let’s review some basics. The top individual federal income tax rate is currently 37%. On top of this, higher-income individuals may also owe the 3.8% net investment income tax on all or part of their.

Tax 223

Tax income tax CPA business tax 223

RogerRossmeisl

JULY 16, 2022

August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), if you deposited on time and in full all of the associated taxes.

Tax 241

Tax income tax CPA business tax 241

RogerRossmeisl

AUGUST 11, 2024

If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. Taxable benefits are also subject to federal income tax withholding.

Tax 217

Tax income tax CPA 217

RogerRossmeisl

NOVEMBER 17, 2021

There are many factors to consider and proposed federal tax law changes being considered by Congress may affect your decision. The corporate federal income tax is currently imposed at a flat 21% rate, while the current individual federal income tax rates begin at 10% and go up to 37%.

income tax 237

income tax CPA Tax cpa firm 237

RogerRossmeisl

APRIL 17, 2024

Some people mistakenly believe that Social Security benefits are always free from federal income tax. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. Unfortunately, that’s often not the case.

Tax 195

Tax income tax tax return CPA 195

RogerRossmeisl

AUGUST 6, 2023

July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. August 10 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941), if you deposited on time and in full all of the associated taxes due.

Tax 231

Tax income tax CPA business tax 231

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 Louisiana 264

RogerRossmeisl

OCTOBER 6, 2021

Friday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due. Monday, November 1 Report income tax withholding and FICA.

Tax 231

Tax income tax tax return CPA 231

RogerRossmeisl

AUGUST 28, 2022

Pass-through business entities report tax items to their owners, who then.

Tax 228

Tax income tax CPA business tax 228

RogerRossmeisl

SEPTEMBER 6, 2021

However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you.

Tax 221

Tax income tax CPA 221

RogerRossmeisl

NOVEMBER 16, 2021

What are all applicable taxes? It may seem like a good option to simply move to a state with no personal income tax. But, to make a good decision, you must consider all taxes that can potentially apply to a state resident. In addition to income taxes, these may include property taxes, sales taxes and.

Tax 222

Tax income tax CPA Sales 222

RogerRossmeisl

FEBRUARY 20, 2023

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. Such distributions are generally taxable and may be subject to a 10% penalty tax. Fortunately, there are several ways that the penalty tax (but not the regular income tax) can be avoided.

income tax 220

income tax CPA Tax 220

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 198

income tax Government CPA Tax 198

RogerRossmeisl

APRIL 24, 2023

April 18 If you’re a calendar-year corporation, file a 2022 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. For corporations pay the first installment of 2023 estimated income taxes.

Tax 200

Tax income tax tax return CPA 200

RogerRossmeisl

AUGUST 6, 2023

That means your entire profit — including the portion from pre-development appreciation in the value of the land — will be treated as high-taxed ordinary income subject to a federal rate of up to 37%. net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too.

Real Estate 214

Real Estate Tax income tax CPA 214

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Don’t forget that factors that create sales tax nexus are different from the factors that create income tax nexus.

Sales 263

Sales Tax income tax tax planning 263

RogerRossmeisl

MAY 5, 2022

There have been discussions in Washington about raising the corporate federal income tax rate from its current flat 21%. Another reason may be because you expect your non-corporate pass-through entity business to pay taxes at higher rates in the future, because the pass-through income will be taxed on your personal return.

income tax 212

income tax Washington CPA Tax 212

RogerRossmeisl

MAY 20, 2022

As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. However, most taxpayers will pay a tax rate of only 15%. The post Tax Implications of Selling Mutual Fund Shares appeared first on Roger Rossmeisl, CPA.

Tax 206

Tax income tax CPA 206

RogerRossmeisl

NOVEMBER 27, 2020

If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes.

Tax 246

Tax income tax tax return CPA 246

RogerRossmeisl

FEBRUARY 13, 2021

The IRS opened the 2020 individual income tax return filing season on February 12. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. This is later than in past years because of a new law that was enacted late in December.)

tax return 246

tax return Tax income tax CPA 246

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