TaxConnex

JULY 18, 2024

Sales Tax Accruals Ensure that sales tax is stated in your general ledger as a separate GL account number. This separation helps in clearly identifying and tracking sales tax amounts. These certificates validate the tax-exempt status of certain sales and are vital during an audit.

audit 264

audit Sales Tax tax return 264

RogerRossmeisl

SEPTEMBER 9, 2024

You may expect to pay Uncle Sam the standard 15% or 20% federal income tax rate that usually applies to long-term capital gains from assets held for more than one year. However, some real estate gains can be taxed at higher rates due to depreciation deductions.

Real Estate 240

Real Estate Tax income tax CPA 240

RogerRossmeisl

JULY 14, 2021

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other non-tax benefits. A legitimate job If you hire your child, you get a business tax deduction for employee wage expenses. The post Hire Your Minor Children for Tax and Non-Tax Benefits appeared first on Roger Rossmeisl, CPA.

Tax 246

Tax income tax payroll tax payroll 246

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

income tax Tax corporation tax Non-Profits 127

TaxConnex

SEPTEMBER 10, 2024

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. The federal income tax has just seven brackets to cover the whole span of what somebody can make. Why do sales tax rates have to be so complex?

Rhode Island 264

Rhode Island Sales Alaska Louisiana 264

RogerRossmeisl

OCTOBER 29, 2023

However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you. In other words, it’s “phantom income.”

Tax 260

Tax income tax CPA 260

RogerRossmeisl

JULY 27, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Monday, August 2 Employers report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.

Tax 246

Tax income tax CPA business tax 246

Accounting Today

DECEMBER 14, 2023

The Financial Accounting Standards Board issued an accounting standards update Thursday aimed at improving income tax disclosures from companies.

income tax 126

income tax Tax accounting standards financial accounting 126

RogerRossmeisl

APRIL 21, 2022

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. April 18 If you’re a calendar-year corporation, file a 2021 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due. See June 15. (See

Tax 239

Tax income tax tax return CPA 239

RogerRossmeisl

JULY 15, 2024

But despite their widespread use, the tax rules involved in selling mutual fund shares can be complex. As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8%

Tax 221

Tax income tax CPA 221

RogerRossmeisl

AUGUST 11, 2024

If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. If the income is paid directly to you by your employer, it’s taxable to you just as your ordinary salary would be. Taxable benefits are also subject to federal income tax withholding.

Tax 217

Tax income tax CPA 217

RogerRossmeisl

JULY 16, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. August 1 Report income tax withholding and FICA taxes for second quarter 2022 (Form 941), and pay any tax due. See the exception below, under “August 10.”)

Tax 241

Tax income tax CPA business tax 241

RogerRossmeisl

OCTOBER 29, 2023

Be aware of the tax implications if you’re selling your home or you sold one in 2023. You may owe capital gains tax and net investment income tax (NIIT). Here are the Tax Rules appeared first on Roger Rossmeisl, CPA. The post Selling Your Home for a Big Profit?

Tax 249

Tax income tax CPA Sales 249

RogerRossmeisl

OCTOBER 6, 2021

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2021. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas.

Tax 231

Tax income tax tax return CPA 231

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. Here are some examples.

Tax 228

Tax income tax CPA business tax 228

RogerRossmeisl

MAY 16, 2024

You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure: Some third-party debt (owed to outside lenders), and/or Some owner debt.

Tax 223

Tax income tax CPA business tax 223

RogerRossmeisl

NOVEMBER 27, 2020

If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax responsibilities of COVID-closed businesses that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes. Partnerships.

Tax 246

Tax income tax tax return CPA 246

TaxConnex

AUGUST 18, 2022

A lot of times regarding sales tax, the answer to any question is, “It depends.” Covid created unique conditions for companies that must collect and remit sales tax, including many temporary breaks regarding worker locations. has long included employees working in tax jurisdictions different from your office locations.

Sales 246

Sales Tax New Hampshire income tax 246

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?

tax return 246

tax return Tax income tax CPA 246

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Both of these changes can directly impact your clients’ sales tax responsibilities.

Sales 263

Sales Tax income tax tax planning 263

RogerRossmeisl

AUGUST 6, 2023

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. July 31 Report income tax withholding and FICA taxes for second quarter 2023 (Form 941) and pay any tax due. See the exception below, under “August 10.”)

Tax 231

Tax income tax CPA business tax 231

RogerRossmeisl

SEPTEMBER 6, 2021

However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. But the employer-paid cost of group term coverage in excess of $50,000 is taxable income to you. In other words, it’s “phantom income.”

Tax 221

Tax income tax CPA 221

RogerRossmeisl

APRIL 17, 2024

Some people mistakenly believe that Social Security benefits are always free from federal income tax. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. Unfortunately, that’s often not the case.

Tax 195

Tax income tax tax return CPA 195

RogerRossmeisl

DECEMBER 10, 2022

As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals are subject to tax at a rate as high as 37% on short-term capital gains and ordinary income. High-income taxpayers may pay an additional 3.8%

Tax 243

Tax income tax CPA Sales 243

CPA Practice

OCTOBER 8, 2024

Corporations or LLCs that are owned entirely by Indian Tribal governments and formed under the laws of the Tribes that own them wouldn’t be recognized as separate entities for federal tax purposes and wouldn’t be subject to federal income tax, according to regulations proposed by the Treasury Department and the IRS on Oct.

income tax 119

income tax Tax Washington Government 119

RogerRossmeisl

NOVEMBER 16, 2021

But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. Establishing residency for state tax purposes may be more complicated than it initially appears to be. What are all applicable taxes?

Tax 222

Tax income tax CPA Sales 222

TaxConnex

MARCH 1, 2022

It’s that time of year again when everyone suddenly thinks about preparing their income taxes. But does tax preparation incur sales taxes – and if it does, where and how? For some 90 years, states have levied sales tax on goods (West Virginia was the first to do so , in 1921). Sourcing is huge.

South Dakota 246

South Dakota Sales West Virginia Tax 246

TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both. Your ‘choice’.

Alabama 246

Alabama Tax Washington California 246

RogerRossmeisl

NOVEMBER 6, 2023

If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. This is only the beginning of the unwelcome tax compliance tasks. For 2023, the SE tax consists of 12.4%

Tax 223

Tax income tax CPA Government 223

RogerRossmeisl

MAY 20, 2022

But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. What are the basic tax rules? As such, the maximum federal income tax rate will be 20%, and you may also owe the 3.8% net investment income tax. net investment income tax.

Tax 206

Tax income tax CPA 206

RogerRossmeisl

AUGUST 5, 2024

If this is your situation, we can help you, including taking care of various tax responsibilities. To start with, a business must file a final federal income tax return and some other related forms for the year it closes its doors. They may also need to report self-employment tax. Partnerships must file Form 1065, “U.S.

Tax 214

Tax income tax tax return CPA 214

RogerRossmeisl

SEPTEMBER 27, 2021

Be aware of the tax implications if you’re selling your home or you sold one in 2021. You may owe capital gains tax and net investment income tax (NIIT). Gain exclusion If you’re selling your principal residence, and meet certain requirements, you can exclude from tax up to $250,000 ($500,000 for joint filers) of gain.

Tax 239

Tax income tax CPA Sales 239

RogerRossmeisl

AUGUST 6, 2023

If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill. In this scenario, the tax rules generally treat you as a real estate dealer. net investment income tax (NIIT) for a combined federal rate of up to 40.8%. And you may owe state income tax too.

Real Estate 214

Real Estate Tax income tax CPA 214

RogerRossmeisl

DECEMBER 8, 2022

If you’ve decided to close your business, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. For example, a business must file a final income tax return and some other related forms for the year it closes. The post Is Your Business Closing?

Tax 235

Tax income tax tax return CPA 235

TaxConnex

FEBRUARY 15, 2022

A ccording to TaxConnex’s recent market survey of 100 top finance professionals, this could be the year to outsource sales tax. Three of these execs’ biggest in-house deficiencies to managing sales tax in 2022: bandwidth, internal knowledge and the right partner or solution. Seems like something needs to change. That’s a tall order.

Sales 264

Sales Tax income tax tax return 264

RogerRossmeisl

MARCH 30, 2023

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. But as taxpayers in two U.S.

Tax 241

Tax income tax CPA 241

RogerRossmeisl

AUGUST 21, 2022

If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other related forms for the year it closes its doors. You may also need to report self-employment tax. Partnerships.

Tax 225

Tax income tax tax return CPA 225