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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Tax payroll tax payroll tax preparation 130

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

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Tax income tax South Dakota tax return 98

CPA Practice

AUGUST 11, 2023

The Department of Justice recently arrested a New Jersey tax preparer for allegedly seeking more than $124 million from the IRS. The multi-millions came from filings of over 1,000 false tax forms claiming the pandemic-related employee retention credit, also referred to as the ERTC or ERC. Treasury Department.

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New Jersey tax preparation Tax auditor 98

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.

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South Dakota Rhode Island New Hampshire Wyoming 52

inDinero Tax Tips

MARCH 2, 2023

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 52

Tax income tax South Dakota tax return 52

CPA Practice

JANUARY 15, 2024

The Tax Blotter is a round-up of brief news items relating to tax preparation, policy and legislation. Now that we have started another new year, there are several important tax dates to circle on your calendar or bookmark on your phone. Tax season kicks off. For example, the filing deadline in 2023 was April 18.

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Tax Massachusetts tax preparation income tax 40

CPA Practice

JULY 13, 2023

Identity thieves use stolen data to file fraudulent tax returns that make it more difficult for the IRS and the states to detect because the fraudulent returns use real financial information. Other data thieves sell the basic tax preparer or taxpayer information on the web so other fraudsters can try filing fraudulent tax returns.

tax return 52

tax return Tax tax preparation Washington 52

CPA Practice

APRIL 14, 2023

By David Lightman, McClatchy Washington Bureau (TNS) It’s been easier this year to get in touch with someone at the Internal Revenue Service. In Washington, the finding was the same—thanks to improved staffing and training, IRS service is getting better and there’s new optimism it can get stronger in the years ahead.

Technology 98

Technology Washington tax preparation income tax 98

CPA Practice

JULY 24, 2024

The tax relief postpones various tax filing and payment deadlines that occurred from July 5, 2024, through Feb. Quarterly estimated income tax payments normally due on Sept. Quarterly payroll and excise tax returns normally due on July 31 and Oct. 16, 2024, and Jan. 31, 2024, and Jan.

Tax 52

Tax tax return Texas income tax 52

CPA Practice

MARCH 12, 2024

The 12 states participating in the Direct File pilot program this filing season are: Arizona California Florida Massachusetts Nevada New Hampshire New York South Dakota Tennessee Texas Washington Wyoming Users can log in to Direct File to start their return and complete it any time before the April filing deadline. million in Washington.

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South Dakota income tax tax return Arizona 108

CPA Practice

OCTOBER 13, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has announced tax relief for taxpayers impacted by the Oct. 16 tax deadline for those who requested a federal filing extension for last year’s taxes. Taxes owed for 2022 returns were due April 18, so the tax relief does not extend these payments.)

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Tax tax return Washington tax preparation 118

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.

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Idaho South Dakota Tax Kansas 111