Withum

APRIL 3, 2024

Feasibility is based heavily on the company’s census The plan must meet ERISA non-discrimination rules, but tax savings may be sufficient to offset employee participation costs during the accumulation phase Income from the plan will eventually be taxed, but earnings will compound income tax free until distributed What Are the Next Steps?

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income tax Tax tax return 98

Withum

AUGUST 21, 2024

Beneficial ownership information (BOI) reporting began on January 1, 2024. We advise individuals and businesses to gather all the information they will need to file their initial BOI report but to hold off on the actual filing of the report until November or December of 2024. What Should Individuals and Businesses Do Now?

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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.

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income tax tax return Tax Massachusetts 115

Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures.

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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. You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How is a person’s tax identity stolen?

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Accounting Today

FEBRUARY 12, 2024

Hundreds of Internal Revenue Service employees and contractors continued to have access to at least one sensitive IRS computer system even after they stopped working there.

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income tax Tax 122

Accounting Today

JANUARY 17, 2024

The Internal Revenue Service offered information about how business owners can avoid electronically filing their income tax forms if it violates their religious beliefs.

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income tax Tax 131

TaxConnex

APRIL 7, 2022

Federal Income Tax Day, April 18 th , looms large in everybody’s mind right now. Too bad sales tax doesn’t come with a deadline that simple. State sales tax filing obligations come in a dizzying number of deadlines for you to follow (potentially with bad consequences if you don’t).

Sales 246

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CPA Practice

AUGUST 3, 2023

The IRS is not adhering to its own internal guidelines when sending large volumes of sensitive taxpayer information to and from its tax processing centers, according to a new report from the Treasury Inspector General for Tax Administration, the watchdog entity that oversees the nation’s tax agency.

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CPA Practice

FEBRUARY 21, 2023

The final regulations impact filers of: Partnership returns; Corporate income tax returns; Unrelated business income tax returns; Withholding tax returns; Certain information returns; Registration statements; Disclosure statements; Notifications; Actuarial reports; and Certain excise tax returns.

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tax return income tax Tax 130

CPA Practice

OCTOBER 30, 2023

Source Income of Foreign Persons Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return Form 1120-C, U.S. Income Tax Return for Cooperative Associations Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation Form 1120-H, U.S.

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CPA Practice

FEBRUARY 11, 2023

This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island.

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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. Contact Us.

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CPA Practice

JANUARY 8, 2024

However, the tool provides limited information, often leading taxpayers to call the IRS to inquire about their refund status. With the improvements, taxpayers will see clearer and more detailed updates, including whether the IRS needs them to respond to a letter requesting additional information. Improvements to the Where’s My Refund?

Tax 133

Tax tax return income tax Massachusetts 133

RogerRossmeisl

OCTOBER 23, 2022

Although the IRS has taken significant steps in recent years to help minimize the occurrence of tax-related identity theft, this type of fraud continues to occur. Tax returns are identified via Social Security numbers (SSNs) and the IRS won’t accept. Here’s how to avoid becoming a victim.

Tax 150

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CPA Practice

APRIL 28, 2024

The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week. Tax topics during the week will include: Monday, April 29. Small business owners must implement data protection safeguards and always be on the lookout for tax-related scams.

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TaxConnex

APRIL 12, 2022

The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though. Kentucky is considering gradually eliminating its individual income tax in favor of a broader sales tax. South Dakota has rejected a proposal to cut the state sales tax by a half a percent.

South Dakota 246

South Dakota Sales Tax North Carolina 246

CPA Practice

OCTOBER 3, 2023

If you need clarity on whether you will receive a 1099-K for 2023, most of these sites have information on their websites that can help. Unless something changes legislatively (some groups are asking Congress for 1099-K relief for casual online sellers), the $600 rule will apply for the 2023 tax year (i.e.,

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CPA Practice

JANUARY 29, 2024

, taxpayers will see clearer and more detailed updates, including whether the IRS needs them to respond to a letter requesting additional information. The IRS plans to continue expanding the information available on Where’s My Refund? Taxpayers will also see other improvements this tax season, including: Phone service.

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TaxConnex

MARCH 31, 2022

collect sales tax because you don’t have nexus and that use tax is due from the customer; Send an annual purchase summary statement to every affected customer; and. California state income tax return.”. Easy or not, in many states, use tax is often harder to enforce. Still, you ignore it at your peril.

Alabama 246

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CPA Practice

FEBRUARY 6, 2024

We predict that at least two more states will enact elective PTE taxes, despite the looming expiration of the federal SALT cap. Income tax rate fluctuations States are facing a very uncertain and non-uniform fiscal environment at the moment, affording some, but by no means all, states the ability to reduce state income tax rates.

South Dakota 124

South Dakota Tax Maryland income tax 124

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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CPA Practice

OCTOBER 2, 2023

Taxpayers potentially affected by recent storms should visit the disaster relief page on IRS.gov for the latest information. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.

South Carolina 124

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MyIRSRelief

NOVEMBER 1, 2024

However, they must pay themselves a reasonable salary, which is subject to payroll taxes. What are the Tax Preparation Requirements for an S Corporation? Income Tax Return for an S Corporation, annually. This form reports the corporation’s income, deductions, and credits.

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CPA Practice

MARCH 11, 2024

At the time, Mark Steber, chief tax information officer at Jackson Hewitt, told CNBC that many people who would have filed early, such as recipients of popular tax credits like the earned income tax credit or the child tax credit, still hadn’t filed. 27 at the earliest, according to the IRS.

Tax 119

Tax income tax tax return 119

Withum

MARCH 7, 2024

We are now seeing the IRS issue standardized information and document requests (IDRs) from a centralized office in Austin, Texas. Should I File a Protective Income Tax Refund Claim? To prevent this, taxpayers can file a protective income tax refund claim. Has the IRS Ramped up the Number of ERC Audits?

Tax 126

Tax income tax tax return audit 126

ThomsonReuters

DECEMBER 4, 2024

Filing individual income tax returns can be a complex process, but with the right workflow, professional tax preparers and accounting firms can streamline the experience for both clients and staff. Harnessing technology for individual income tax return filing can transform the efficiency of accounting firms.

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CPA Practice

SEPTEMBER 22, 2023

What can be even more frustrating is when those examinations seem unevenly targeted to taxpayers with lower incomes. That’s been the case with the earned income tax credit (EITC), which has been the subject of recent controversy. (A Fewer IRS audits involving credits for taxpayers with lower incomes?

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CPA Practice

JANUARY 8, 2024

A significant number of taxpayers eligible for refundable credits such as the Earned Income Tax Credit or Child Tax Credit choose to enlist the assistance of tax preparers and rely on paid tax professionals to accurately file their returns. For more information, visit Tax Professional Awareness Week.

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Withum

MARCH 30, 2023

Among other things, the OPR memo reminds tax professionals (TPs) that they must be diligent as to the accuracy of ERC claims and that they should not prepare an original or amended income tax return that claims or perpetuates an improper ERC claim.

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CPA Practice

NOVEMBER 26, 2024

Notice 2024-85 , which was issued earlier today by the IRS, also announces that for calendar-year 2024, the IRS won’t assert penalties under section 6651 or 6656 for a TPSO’s failure to withhold and pay backup withholding tax during the calendar year.

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E-commerce income tax Tax 135

CPA Practice

JANUARY 26, 2023

Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud. For more information on filing Form W-2, see General Instructions for Forms W-2 and W-3. and their payroll tax returns (Forms 941, 943, 944, etc.)

payroll tax 128

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RogerRossmeisl

FEBRUARY 20, 2023

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. The reason is you can potentially protect yourself from tax identity theft. How can your tax identity be stolen?

Tax 130

Tax tax return income tax CPA 130

Withum

FEBRUARY 15, 2024

Tax loss harvesting is an income tax planning strategy that involves selling investments at a loss with the intent to offset capital gain income. This strategy is beneficial to taxpayers who have large capital gain income and are seeking ways to lower their related income tax liability.

Tax 123

Tax income tax New Jersey CPA 123

MyIRSRelief

JANUARY 2, 2023

Some common tax problems include: Failing to file a tax return: If you fail to file a tax return (1040, 1120, 1065, 941, etc.), you may be subject to penalties and interest on failure to file and on any unpaid taxes. IRS Audit is a review of your tax return to ensure that the information reported is accurate.

Tax 147

Tax tax return payroll tax audit 147

Withum

MARCH 24, 2022

Individual Income Tax Returns. Section 6012 of the Internal Revenue Code requires all individuals to file income tax returns if they have gross income in excess of certain minimums. Failure to file a required tax return can result in significant penalties. Tax Controversy Services. Author: Scott W.

Tax 128

Tax tax return income tax tax services 128

CPA Practice

JULY 5, 2024

In this latest scam, the IRS is seeing instances where unscrupulous tax return preparers are misrepresenting the rules for claiming clean energy credits under the Inflation Reduction Act (IRA). Individuals purchasing tax credits under the IRA are subject to the passive activity rules for any purchased credits.

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