Anders CPA

AUGUST 16, 2022

Most residents choose to opt for an in-state plan, but it’s important to consider whether the state offers an income tax deduction for contributing. If the resident state does not offer an income tax deduction, it’s important to instead focus on fees, expenses, and investment objectives.

Missouri 91

Missouri Illinois Tax income tax 91

ThomsonReuters

APRIL 25, 2024

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

TaxConnex

FEBRUARY 9, 2021

Local jurisdictions in some of these, however, can charge sales tax based on state nexus thresholds and other criteria. Florida and Missouri have sales tax but have not adopted economic nexus standards. Here’s a closer look at managing sales tax obligations across these seven states. No sales tax but….

Sales 143

Sales Delaware Alaska Montana 143

CPA Practice

NOVEMBER 4, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

Rhode Island 59

Rhode Island West Virginia South Dakota North Dakota 59

CPA Practice

APRIL 3, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 111

Rhode Island Alaska New Hampshire Tax 111

CPA Practice

APRIL 9, 2024

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

Rhode Island 105

Rhode Island Alaska New Hampshire Tax 105

CPA Practice

OCTOBER 23, 2024

Email (Required) Number of Employees at Your Firm (Required) Number of Employees at Your Firm Sole Proprietor 2 To 4 5 To 9 10 To 19 20 To 49 50 Or More Full Name (Required) State / Province (Required) State / Province Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas (..)

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

TaxConnex

JULY 25, 2023

In California, sales tax doesn’t apply to telecommunications services, but there are numerous cities and counties that apply a municipal utility tax of 2.5 Missouri has local license taxes in most cities. These are annual corporate-type taxes, many times requiring an estimated payment like a corporate income tax.

Tax 183

Tax Florida Missouri Maryland 183

CPA Practice

SEPTEMBER 9, 2024

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. To figure 2024’s estimated tax, the IRS recommends using income, deductions, and credits from 2023 as a starting point.

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

CPA Practice

OCTOBER 30, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What software or tools are you using to manage your engagements, or how does your team currently manage client engagements and reporting processes?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

OCTOBER 22, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Consent Policy (Required) By downloading this content, you agree to our Terms and Conditions. million – $4,999,999 $5 million – $10,000,000 Over $10 million Consent Policy (Required) By downloading this content, you agree to our Terms and Conditions.

payroll 52

payroll Rhode Island West Virginia South Dakota 52

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

payroll tax 52

payroll tax payroll Tax Missouri 52

Anders CPA

FEBRUARY 14, 2023

The Missouri research and development (R&D) tax credit was reinstated as of January 1, 2023, clearing the way for more tax savings for businesses that engage in qualified research. The credit can be applied to tax years beginning on or after January 1, 2023. What Doesn’t Qualify for Missouri R&D Tax Credit?

Missouri 52

Missouri Tax income tax CPA 52

TaxConnex

OCTOBER 8, 2024

Missouri Department of Revenue: Straight to a detailed home page of Ps and Qs on filing, followed by FAQs and an out-of-date tax calendar. Utah State Tax Commission: One overview of online sales and use tax but also income tax info and how capital gains apply to gold and silver coins.

Sales 147

Sales Tax Rhode Island West Virginia 147

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 213

South Dakota Sales Tax North Carolina 213

TaxConnex

JUNE 21, 2022

Among states without a sales tax, Alaska municipalities were banding together to administer local sales taxes on remote commerce. Of all states with a sales tax, only Florida and Missouri remained holdouts when it came to enforcing economic nexus for out-of-state sellers. Wayfair tax obligations here to stay.

South Dakota 189

South Dakota E-commerce Alaska Missouri 189

CPA Practice

SEPTEMBER 20, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

AUGUST 26, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve? million – $4,999,999 $5 million – $10,000,000 Over $10 million How many clients does your firm serve?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

TaxConnex

FEBRUARY 2, 2021

Florida , for example has a communications service tax inclusive of the state sales tax and a communications-specific tax that applies to telecom. In California, sales tax doesn’t apply to telecommunications services but there are numerous cities and counties that apply a municipal utility tax.

Tax 137

Tax Missouri Maryland Pennsylvania 137

CPA Practice

APRIL 12, 2023

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

Rhode Island 122

Rhode Island tax return Tax West Virginia 122

CPA Practice

SEPTEMBER 3, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. The Missouri Department of Revenue has adopted Mo.

payroll 98

payroll Missouri Virginia Delaware 98

CPA Practice

JULY 19, 2024

million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system? million – $4,999,999 $5 million – $10,000,000 Over $10 million Do you have a document management system?

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. It’s important to remember an out-of-state employee will be considered an employee in the state in which they work , not the state in which the business is based or in which the employee lives.

payroll tax 52

payroll tax payroll South Dakota Rhode Island 52

PYMNTS

NOVEMBER 22, 2019

Wisconsin recently announced that its eCommerce sales tax collections are enabling it to reduc e income taxes on the state’s lowest earners by a commensurate amount. Residents in states that have yet to enact remote seller taxes may be missing out.

South Dakota 63

South Dakota Missouri Wisconsin Louisiana 63

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. We will continue to monitor the Act’s progress through both houses of Congress.

Tax 52

Tax tax return Oregon Missouri 52

CPA Practice

SEPTEMBER 12, 2024

Kansas City Michael Bean manages the investment portfolios of high-net-worth individuals and provides comprehensive financial planning services covering wealth management issues in the areas of tax, estate planning, investment management, corporate stock option planning, insurance and charitable planning.

Kansas 104

Kansas Pennsylvania audit accounting and finance 104

inDinero Tax Tips

APRIL 11, 2023

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,

Delaware 52

Delaware Nevada Sales Tax 52

Going Concern

MAY 9, 2023

Stephens also played a critical role in developing and advocating positions on legislative and regulatory tax matters, including the 2017 Tax Cuts & Jobs Act, as well as in resolving significant income tax audit issues. Stephens is a member of the AICPA and a member of the Illinois and Missouri State Bar Associations.

Tax 52

Tax Missouri Illinois accounting and finance 52

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

tax planning 52

tax planning Tax income tax New York 52

Going Concern

AUGUST 28, 2023

Louis, Missouri-based branch of Deloitte, was awarded the T.E. 2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” Dead silence.

accounting firms 52

accounting firms CPA accounted Account 52

inDinero Tax Tips

APRIL 20, 2021

Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. To compete for business tax income with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so.

Delaware 64

Delaware Wyoming Nevada Oregon 64

ThomsonReuters

OCTOBER 19, 2022

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans. Not yet a subscriber?

Kansas 64

Kansas income tax Kentucky Missouri 64

TaxConnex

MARCH 2, 2021

In one of the biggest developments, the two remaining states with a sales tax that don’t require online (or otherwise remote) businesses to collect and remit tax – Florida and Missouri – may be inching toward instituting post- Wayfair nexus requirements and sales tax obligations. in 2020 but it failed.

Sales 233

Sales Tax Missouri Wisconsin 233

CPA Practice

NOVEMBER 1, 2023

Inflation-adjusted per capita incomes in Utah have grown by about 8% since 2019. Incomes in Colorado, Maine, Montana and Nebraska also grew by roughly that much. Incomes in Arizona, Idaho and Missouri increased by about 7%. The knocks to personal incomes affected state revenues.

North Dakota 52

North Dakota South Dakota Utah Connecticut 52

ThomsonReuters

FEBRUARY 12, 2021

The aim is to: “address potential problems remote workers are facing during the COVID-19 pandemic, including the possibility of having their state income taxes become out of balance because they worked from home in a different state than their ordinary place of employment.”.

payroll 95

payroll income tax California Hawaii 95

CPA Practice

JANUARY 23, 2023

Grocery taxes that remain are “there for a reason. They’re needed as part of the revenue system, or because [elected officials] would rather cut other taxes,” such as the income tax, Auxier said. Tennessee, which dropped its grocery sales tax from 5% to 4% in 2017, lifted the tax for a month last August.

Idaho 111

Idaho South Dakota Tax Kansas 111