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

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MyIRSRelief

NOVEMBER 29, 2019

Every business that operates in the United States is responsible for reporting certain types of information to the government. One of the most important things that a business must report is certain tax information for employment payroll on a quarterly and annual basis. Get a free case evaluation 1-877-78-TAXES [1-877-788-2937].

payroll 140

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CPA Practice

APRIL 9, 2024

These taxes fund social insurance programs such as Social Security, Medicare, and unemployment benefits. Here’s a quick breakdown of payroll taxes: Federal Income Tax Withholding : Employers must withhold federal income tax from employees’ wages based on their W-4 Forms and Internal Revenue Service (IRS) guidelines.

payroll tax 110

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Shay CPA

DECEMBER 7, 2022

Specifically, you should look at: Payroll accounts, including withholding, Department of Labor, and state unemployment insurance accounts. Sales tax accounts. State franchise and income tax accounts. File away R&D tax credit and pandemic aid documentation. File a final corporate tax return.

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CPA Practice

JANUARY 17, 2023

In most cases, sellers using a marketplace facilitator, such as Amazon, can rely on the facilitator to collect and remit the sales tax on their behalf. Clients planning to have employees working and/or residing in another state must register to comply with the state’s payroll tax regulations. Paying Employees in Another State.

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Going Concern

AUGUST 29, 2024

Drop your information here , and we’ll reach out to schedule a call to discuss how Accountingfly can work for you. Sign up now to find your next hire. Our recruiting services are exclusively available for clients and candidates in the United States.

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CPA Practice

APRIL 24, 2024

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error.

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CPA Practice

JUNE 15, 2023

The American Rescue Plan Act of 2021, which was approved by Congress and enacted on March 11, 2021, expanded the child tax credit and authorized monthly payments, with differing amounts, to eligible individuals and families based on their adjusted gross incomes and, if they have kids, their children’s ages. This process uncovered 3.8

tax return 131

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MyIRSRelief

MAY 15, 2024

Understanding the Importance of Maintaining Tax-Exempt Status One of the primary concerns for any nonprofit is maintaining its tax-exempt status under IRC Section 501(c)(3). This status exempts nonprofits from federal income tax on their earnings related to their exempt purpose. Q: My nonprofit is tax-exempt.

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MyIRSRelief

OCTOBER 11, 2024

This service involves preparing and filing individual tax returns, ensuring that all income, deductions, and credits are accurately reported. Here’s a detailed look at what personal tax preparation entails: Gathering Financial Information: The first step in personal tax preparation is gathering all necessary financial documents.

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Withum

DECEMBER 4, 2024

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. Cost segregation is recognized as an engineering-based tax study accepted by the IRS. 3, 5, 7, 15, or 20 years).

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xendoo

FEBRUARY 23, 2022

How Much Time Does it Take an Accountant to Prepare Taxes? The time it takes an accountant to do taxes depends on the complexity of your return and how quickly you make your tax information and necessary documents available to them. . It is better to plan ahead before the tax filing deadline.

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Withum

JUNE 24, 2022

Some claim to have received special training from the IRS (they have not) and others claim to have special knowledge regarding the law for one reason or another (they do not – detailed information about the ERC is available to anyone with an internet connection). Business Tax Services. See, e.g., Notice 2021-20, Q&A #28.

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Shay CPA

MAY 1, 2024

Employment taxes based on the employee’s location Even if the employee working from across state lines doesn’t establish a sufficient nexus to subject you to, say, sales tax in that state, you probably need to consider income tax. It wasn’t uncommon for them to do so and not inform their employer, too.

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xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

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Shay CPA

JANUARY 17, 2024

ASAP: Check state deadlines While a lot of states follow the IRS’s lead and require tax filings by mid-April, not all do. Usually, there’s not a ton of deviation from the IRS’s date — Iowa requires corporate income taxes by April 30, for example. A big change went into effect for your contractors for the 2023 tax year.

Delaware 52

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xendoo

JANUARY 6, 2022

It is always best to speak to a small business tax accountant. Pay Quarterly Estimated Taxes . Because self-employed individuals do not have taxes withheld from their paychecks like W-2 employees, they pay quarterly estimated taxes in order to cover Social Security, Medicare, and income tax.

Tax 59

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CPA Practice

MAY 10, 2024

Wolters Kluwer announces two senior executive appointments ­­­­Wolters Kluwer, a global leader in information, software, and services for professionals, recently announced Atul Dubey as General Manager of its Finance, Risk and Regulatory Reporting (FRR) business, part of its Corporate Performance & ESG (CP & ESG) division.

Tennessee 64

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CPA Practice

APRIL 6, 2023

The future will bring more improvements, with taxpayers able to get more online access to their tax accounts – simplifying their interactions with the IRS. Detailed information about refunds will be easier to track through improvements to the “Where’s My Refund?” New digital tools have been added. And these are just first steps.”

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xendoo

MAY 8, 2022

If you’re running a small business, it’s critical to understand the difference between revenue vs. profit to make informed decisions about how to grow your business. Subtracting this from the gross margin gives you an operating income of $69,916. Provision for income taxes totaled $9,831.

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Randal DeHart

JANUARY 12, 2024

We know that construction businesses have unique tax considerations that can be tricky to navigate, such as complex accounting and bookkeeping challenges and issues related to payroll and sales taxes. This way, come tax time, everything you need is in one place.

Construction 93

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Shay CPA

OCTOBER 21, 2024

By certifying as a QETC, your business income tax rate is 0.04875 versus 0.0725, which is a considerable saving. At the earliest stages, most tech companies usually run into net operating losses, meaning their business income tax base calculation is likely 0.

New York 52

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Basis 365

APRIL 28, 2022

We have worked with a tax professional to outline some key considerations for what entity type you should be looking into. Before making any decisions, speak to your attorney and tax accountant to make sure you are the correct entity type at this time. You really should review this periodically as laws and tax code do change.

income tax 52

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Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax. See the RMD section for more information.

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Withum

JANUARY 8, 2024

Method of Accounting Many have been waiting for clarification surrounding the IRS administrative procedures that should be followed in order to adjust 2022 federal taxable income to follow the IRS interim guidance provided in Notice 2023-63 and, more recently, Notice 2024-12.

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Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting.

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CPA Practice

AUGUST 15, 2023

Presenters will also address the WISP and how to apply IRS guidance in the individual tax preparer’s office. Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Gail is a graduate of Indiana University where she earned a bachelor’s degree in journalism.

Tax 52

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inDinero Tax Tips

MARCH 17, 2023

Form 941 reports social security, income, and Medicare tax withholding to the IRS. This reporting form is separate from your responsibility to pay those taxes. Do that on a monthly or semi weekly basis via your tax accountant or through the EFTPS. Get help filing form 941 What is form 941? For the most part, no.

payroll tax 52

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inDinero Tax Tips

MARCH 17, 2023

Form 941 reports social security, income, and Medicare tax withholding to the IRS. This reporting form is separate from your responsibility to pay those taxes. Do that on a monthly or semi weekly basis via your tax accountant or through the EFTPS. Get help filing form 941 What is form 941? For the most part, no.

payroll tax 52

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xendoo

JANUARY 30, 2023

This guide goes over business tax credits that could save you money on taxes. You’ll also learn how to maximize their impact with the help of an experienced CPA or tax accountant. Small Business Tax Credits vs. Deductions Small business tax credits and deductions are valuable tools for reducing your tax bill.

business tax 52

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Shay CPA

MARCH 6, 2024

With the requirement to capitalize and amortize R&D expenses over several years, the tax benefit from these credits may be reduced or spread out over a longer period, affecting your overall tax savings. More information on that here. That’s because the credit could only be applied toward their income tax liability.

payroll tax 52

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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Withum

MAY 19, 2023

The bill, which has been making its way through the New Jersey legislature since May 12, 2022, states, “For cannabis licensees, New Jersey gross income under subsections b. ” This section is intended to apply to all cannabis licensees in the State of New Jersey who are subject to corporate income tax.

New Jersey 64

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inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

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inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

tax preparation 52

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inDinero Tax Tips

FEBRUARY 14, 2023

Using the 83B election means that if your stock explodes in value later on, you won’t have to pay an annual tax on it unless the company is bought, merged, or goes public. Even then, you won’t pay the typical income tax rate—you’ll pay the considerably lower long-term capital gains rate. Reach out to us today to find out how!

tax preparation 52

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ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441. If the child’s unearned income (i.e.,

Tax 52

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