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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 taxreturns. Other payments Other payments that may have been made by states are generally includable in income for federal incometax purposes.
pic.twitter.com/BuMGHJuKx9 — Jessica Smith, EA , not a CPA (@Taxsavvyjessica) February 9, 2025 Something to chew on as both sides argue about fraud and waste: My dad was an auditor with The Indiana Department of Revenue. You’d think it paid a lot in taxes, right? Well it paid precisely $0 in federal incometaxes last year.
Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal incometaxreturns due to severe weather events. 16, 2023 to file.
For e-commerce business owners, incometax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, incometax is the most common one. To help you meet the incometax filing season fully armed and prepared, we have compiled a step-by-step guide.
These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal IncomeTax Withholding : Employers must withhold federal incometax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.
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 taxreturn. billion in refunds remain unclaimed because people haven’t filed their 2019 taxreturns yet. Need to file a 2019 taxreturn?
An Indiana woman pleaded guilty in federal court last Friday in the District of Columbia to conspiring to file false taxreturns and related charges. According to court documents and statements made in court, Awett Tedla of Indianapolis was the owner and operator of Speedy Tax Services, L.L.C.,
Without knowing that information, you can’t serve your client the legal help required to avoid paying IRS tax debts. First, you must classify gamblers, identify your clients in specific categories, and calculate estimated federal incometax. Lottery, horse track, poker tournament, and slot machine gambling are all taxed.
Small business has unique needs for accounting services: primarily tax and advising, and secondarily day-to-day accounting needs to act as de-facto controllers and decision makers. As a 40+ year licensed CPA (Indiana) I long ago figured out that I did not need to be a CPA to work with small businesses.
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 member of the AICPA’s PFS Credential Committee.
Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding TaxReturn, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding TaxReturn, will be used to report withholding from non-wage payments. per hour. . New Mexico.
Sayre has more than 15 years of experience consulting and advising public and privately held clients in the areas of income and franchise taxation. James is one of the firm’s leading experts in accounting for incometax, including accounting for mergers and acquisitions, in accordance with ASC 740.
Accounting firm opens new office in LaPorte [ The Times of Northwest Indiana ] “The field of accounting has undergone significant change since our company began operating 30 years ago. tax laws, giving the IRS $15 million to design a free “e-file” taxreturn system.
The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal TaxReturn, and its instructions for used beginning with the second quarter of 2021. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette. This includes withholding taxes.
Separately, despite a recent California Senate bill restricting write-offs for lenders, retailers can continue to take bad debt deductions for sales or use tax paid to the state that is later found worthless and written off for incometax purposes.
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