TaxConnex

SEPTEMBER 7, 2023

Definitions For Federal income tax purposes, according to the IRS , tax-exempt organizations include: Charitable: Organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational or other specified purposes. But as always with sales tax, rules vary state to state.

Sales 147

Sales Tax Non-Profits North Carolina 147

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. This includes the entire states of Alabama, Georgia, North Carolina, and South Carolina, 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

CPA Practice

APRIL 7, 2023

In December 2022, Eunice Salley, a Chicago tax preparer, was sentenced to seven years in prison for filing false income tax returns on behalf of her tax preparation clients seeking more than $1 million in fraudulent refunds. They were ordered to pay approximately $5.2 million in restitution. million in restitution.

tax preparation 132

tax preparation Tax tax return income tax 132

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

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 Maryland Tax income tax 124

CPA Practice

OCTOBER 4, 2024

For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin. In 2025, more than 30 million taxpayers in those 24 states will be eligible to use Direct File.

Alaska 126

Alaska South Dakota North Carolina tax return 126

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

Snyder

JUNE 9, 2022

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

income tax 52

income tax tax return E-commerce Tax 52

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 North Carolina 95

CPA Practice

MAY 16, 2023

If the property is valued above $5,000, you must also obtain an independent appraisal and attach it to your return, Facts of the new case : In 2017, the taxpayer, a resident of North Carolina, donated men’s, women’s and children’s clothing and various non-clothing items to Goodwill and the Salvation Army.

North Carolina 122

North Carolina tax return Tax income tax 122

TaxConnex

OCTOBER 8, 2024

North Carolina Department of Revenue: “How do I …” box can’t seem to digest “sales tax” but a follow-up query gets you to background, latest rates and e-filing and paying. 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 113

Sales Tax Rhode Island West Virginia 113

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

CPA Practice

AUGUST 23, 2023

Wilde’s study, “Who really matters in corporate tax?” was co-authored by Andrew Belnap of the University of Texas and Jeffrey Hoopes of the University of North Carolina and was published in the Journal of Accounting and Economics.

business tax 98

business tax Tax North Carolina tax preparation 98

CTP

FEBRUARY 29, 2024

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 income tax. Lottery, horse track, poker tournament, and slot machine gambling are all taxed.

Gambling 105

Gambling Tax Account accounted 105

CPA Practice

SEPTEMBER 28, 2023

King for the Western District of North Carolina for her office’s assistance. Buchanan for the Northern District of Georgia and IRS-Criminal Investigation Chief Jim Lee made the announcement, also thanking U.S. Attorney Dena J. IRS-Criminal Investigation and the U.S. Postal Inspection Service investigated the case.

North Carolina 110

North Carolina Georgia tax return Tax 110

CPA Practice

SEPTEMBER 23, 2024

Starting in January, residents of Maryland and North Carolina will be able to file their state taxes online for free using Code for America’s FileYourStateTaxes tool. Maryland and North Carolina will join several other states participating in the online initiative, following the success of pilot programs in Arizona and New York.

North Carolina 59

North Carolina Maryland Technology Tax 59

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

CPA Practice

NOVEMBER 2, 2023

Diana has 30 years’ experience in bookkeeping, tax, government auditing and fraud investigations. She has authored and delivered education/certification courses on QuickBooks® and Intuit ProConnect ProSeries® for Intuit, the North Carolina Association of CPAs, the Georgia Society of CPAs, the U.S. Department of Labor.

Tax 115

Tax North Carolina Agriculture Manufacturing 115

CPA Practice

MAY 7, 2023

Diana has more than 30 years’ experience in bookkeeping, tax, government auditing, and fraud investigations. She has authored and delivered education/certification courses on QuickBooks and Intuit ProConnect ProSeries for Intuit, the North Carolina Association of CPAs, the Georgia Society of CPAs, the U.S. Department of Labor.

Real Estate 110

Real Estate Tax North Carolina cpas 110

ThomsonReuters

DECEMBER 7, 2022

As we know, governments collect taxes to fuel economic growth and fund investments in infrastructure, human capital, as well as the provision of services for individuals and businesses. This also extends to the income an individual receives after their death, which is subject to income tax. What is fiduciary tax?

Tax 59

Tax North Carolina income tax tax return 59

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

CPA Practice

JANUARY 10, 2024

Tracking buy-in and cash-out amounts for each session Recording sessions accurately as they occur – not weeks or months later Providing supporting documentation of sessions if audited Accountants should understand session method mechanics and help clients properly utilize it to minimize taxes owed.

Gambling 80

Gambling Tax Account accounted 80

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

CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

business tax 59

business tax Tax Alaska South Dakota 59

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

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

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

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

CPA Practice

AUGUST 15, 2023

Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer.

North Carolina 52

North Carolina Tax Indiana CPA 52

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

business tax Tax income tax payroll tax 52

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 Oregon 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 58

Delaware Wyoming Nevada Oregon 58

Going Concern

JULY 14, 2023

The closure leaves KPMG and PricewaterhouseCoopers as the only Big Four firms with offices in the Triad, both in Greensboro (North Carolina). A message left for the EY media relations team was not returned Thursday afternoon. opting to occupy 21,118 square feet in the office tower through 2035.

North Carolina 98

North Carolina accounting firms accounting and finance Technology 98

ThomsonReuters

MARCH 15, 2021

March 15 used to be a day some might beware of for tax reasons because from 1918 to 1954 this date was the income tax filing deadline. Increasing the earned income tax credit percentage and phase-out percentage from 7.65% to 15.3% Legislation introduced to keep unemployment tax rate increases. In the U.S.,

payroll 98

payroll Connecticut Massachusetts income tax 98

TaxConnex

APRIL 18, 2023

WalletHub has a new survey of states’ tax burdens. WalletHub compared the 50 states across the three tax types of state tax burdens — property taxes, individual income taxes and sales and excise taxes — as a share of total personal income in each state. Heaviest and lightest.

Sales 130

Sales North Carolina Alaska Tax 130

Withum

FEBRUARY 26, 2025

An analysis of the state individual income tax rate trends shows more states moving away from graduated tax rates to flat rate. Currently, 29 states have graduated individual tax rates, and 9 states have no individual income tax. The remaining 12 states have adopted a flat individual tax rate.

income tax 80

income tax North Carolina Idaho Indiana 80