Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. For more information on this topic, please contact a member of Withum’s Real Estate Services team.

income tax 75

income tax New Jersey Tax Real Estate 75

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. Examples of civil injunctions obtained by the Tax Division over the last year include: On Jan.

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tax preparation Tax tax return income tax 132

Withum

OCTOBER 6, 2022

Last week, the Federal Government released guidance allowing certain federal tax filings and payments to be extended until February 15, 2023, for the victims of Hurricane Ian. The lack of state income tax extensions for victims of Hurricane Ian may require additional compliance procedures to avoid penalties. Contact Us.

Government 124

Government income tax tax return Florida 124

Withum

JANUARY 19, 2022

Governor Murphy signed into law a bipartisan bill (S4068) that enhances the state’s electable pass-through entity (PTE) tax, known as the New Jersey Business Alternative Income Tax (BAIT) on January 18, 2022. State and Local Tax Services. Contact Us.

New Jersey 52

New Jersey income tax Tax tax services 52

Withum

MARCH 24, 2022

Individual Income Tax Returns. Section 6012 of the Internal Revenue Code requires all individuals to file income tax returns if they have gross income in excess of certain minimums. Failure to file a required tax return can result in significant penalties. Tax Controversy Services. Contact Us.

Tax 128

Tax tax return income tax tax services 128

Menzies

SEPTEMBER 20, 2024

If this area is targeted, we may see the introduction of a top rate for gains above a certain threshold or even an alignment with income tax rates. We may see the removal of the capital gains tax annual allowance and this being combined with the personal allowance for income tax.

tax services 59

tax services Tax income tax Agriculture 59

TaxConnex

JULY 12, 2022

The current online resource used for sales tax filing (e-TIDES) will be retired this November and the state will move sales tax services to the online system currently used for most other tax types, myPATH. for how this will change sales tax filing and other taxpayer services?

Sales 246

Sales Tax Oklahoma Illinois 246

Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

Tax 126

Tax income tax tax return audit 126

CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. As a result, the UA’s return claimed a fraudulent federal income tax refund of $12,359. (TNS) ATHENS, GA (Nov. District Judge Tilman E. Tripp” Self III.

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tax preparation Georgia tax return Tax 97

CPA Practice

JANUARY 8, 2024

Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. Most tax return preparers provide outstanding and professional tax service. on IRS.gov or the IRS2Go app.

Tax 133

Tax tax return income tax Massachusetts 133

Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

Tax 104

Tax income tax Non-Profits corporation tax 104

TaxConnex

MAY 2, 2023

But Alaska – the only state with neither a sales nor an income tax – faces a deficit of as much as $800 million. Dunleavy has said for months that he’d support the first statewide sales tax if it’s approved by Juneau lawmakers as part of a plan to pay larger Permanent Funds dividends to residents.

Alaska 130

Alaska Sales Tax New Hampshire 130

inDinero Tax Tips

OCTOBER 22, 2024

You can also elect to be taxed as an S-corp or C-corp. Talk to a business tax services specialist before making this decision, but in short, S-corps can be advantageous because their structure can minimize self-employment taxes while C-corps can attract investment by allowing you to sell stock.

Nevada 105

Nevada Tax income tax payroll tax 105

Withum

AUGUST 14, 2024

Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025. Quarterly payroll and excise tax returns normally due on October 31, 2024, and January 31, 2025. Contact Us For more information on this topic, please contact a member of Withum’s Business Tax Services Team.

South Carolina 126

South Carolina North Carolina Georgia Tax 126

TaxConnex

OCTOBER 1, 2020

This term refers to a business whose revenue from worldwide taxable supplies was equal to or less than $30,000 ($50,000 for public service bodies ) in a calendar quarter and over the last four consecutive calendar quarters. Once you open a BN and a GST/HST account, you must file your tax returns by the assigned due date.

Sales 173

Sales Tax tax return income tax 173

Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Withum

JANUARY 13, 2022

Q8: Will PPP loan forgiveness be taxable on my state income tax return? A8: Most states conform to the federal income tax treatment of PPP loan forgiveness but some states either disallow the expenses or treat the loan forgiveness as taxable. Q3: Are expenses used to claim the ERC deductible on my state income tax return?

Tax 126

Tax tax return income tax corporation tax 126

MyIRSRelief

MAY 15, 2024

Nonprofit Tax Service by Mike Habib, EA Nonprofit organizations play a crucial role in society, offering valuable services and advocacy. However, managing tax compliance can be a significant challenge due to the complex nature of tax laws and regulations. Q: My nonprofit is tax-exempt. A : Not quite!

Tax 130

Tax payroll tax payroll tax preparation 130

Withum

JULY 28, 2022

Most likely, the IRS will focus on eligibility, the ERC calculation, and whether the taxpayer amended its income tax returns to pay tax on the ERC. Claiming the ERC is no different than claiming a deduction on an income tax return – both are done under penalties of perjury. Business Tax Services.

audit 121

audit income tax tax return Tax 121

CPA Practice

JANUARY 29, 2024

Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. Taxpayers with income of $79,000 or less last year – and that’s most taxpayers – can use IRS Free File Guided Tax Software now through Oct 15.

tax return 116

tax return Tax income tax tax preparation 116

Cherry Bekaert

MAY 21, 2024

Listen to learn more about: 02:41 – Federal private aircraft regulation background 06:36 – Key IRS tax issues 09:24 – Tax reporting key areas 11:14 – Disallowance of expense deductions 14:22 – IRS pilot audits 17:37 – Questions to consider before purchasing a private aircraft Recent Tax Beat Episodes Inbound U.S.

audit 105

audit income tax tax return accounting standards 105

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

New York 112

New York income tax New Jersey Tax 112

Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. This allows each partner to weigh their unique individual income tax circumstances and come to their own conclusion.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

JANUARY 12, 2023

Relief provisions include: Quarterly estimated tax payments due on January 17, 2023 and April 18, 2023; Business tax returns due March 15, 2023 and April 18, 2023; Personal income tax returns due April 18, 2023; Payroll tax returns due January 31, 2023 and April 30, 2023. Contact Us. Let’s Chat.

California 122

California Tax tax return payroll tax 122

MyIRSRelief

AUGUST 10, 2020

IRS form 941 is basically a quarterly tax return for an employer. To make life even tougher for business owners, every quarter this form must be filed so as to report FICA taxes such as Medicare and Social Security and income taxes which have been withheld from the pay of employees. What is form 940?

payroll tax 130

payroll tax payroll Tax income tax 130

Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

Tax 93

Tax auditor financial statements income tax 93

Withum

JULY 10, 2024

Further limitations included in the bill restrict the utilization of certain business credits, which may not be used to offset more than $5 million in taxable income per year for taxable years beginning on or after Jan. 1, 2024, and before Jan.

California 125

California income tax Tax business tax 125

Withum

JANUARY 14, 2022

Withum, a national top 25 accounting and advisory firm, announced today that Pat Walsh , Partner and Market Leader for Withum’s National Tax Services Practice, will succeed CEO and Managing Partner Bill Hagaman , after his term ends in 2023. Pat Walsh, CPA, MBA Partner and Market Leader, Withum’s National Tax Services Practice.

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accounting degree income tax CPA tax services 119

CPA Practice

JANUARY 18, 2024

Then release them throughout tax season, including: a. Tax Filing Deadlines – Avoid An Extension c. Income Tax Brackets for 2024 – Do you need a new W4? Tax Deductions and Credits – Maximize Your Personal Return e. Earned Income Tax Credit – This one’s a biggie! Say Goodbye to Tax Stress!

CPA 111

CPA income tax quickbooks Tax 111

Withum

OCTOBER 19, 2022

The IRS is also concerned that these third parties “may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by the amount of the credit.”. For more information on this topic, please contact a member of Withum’s Business Tax Services Team. Contact Us.

income tax 132

income tax audit tax return Tax 132

Withum

MARCH 24, 2022

Mr. Kocemba was not paid for any of those services, and he later married the shareholder’s daughter. On its corporate income tax return, the taxpayer claimed a business expense deduction for the cost of Mr. Kocemba’s tuition for the computer coding course. Business Tax Services. Contact Us. Contact Us.

income tax 128

income tax tax return Tax Education 128

Withum

JUNE 6, 2022

For example, if a shareholder with zero basis stock is selling such stock for $10 million, then she will pay no federal income tax if the business is a QTB and she otherwise qualifies for a QSBS exclusion. Business Tax Services. The post IRS Issues Favorable QSBS Tax Ruling for Businesses appeared first on Withum.

Tax 126

Tax income tax Pharmaceutical Manufacturing 126

Cherry Bekaert

MAY 28, 2024

Starting January 1, 2025, the franchise tax for C-Corporations will be $1.50 per $1,000 of its tax base. However, the maximum for the first $1,000,000 of a corporation’s tax base is $500. This will be reported on tax year 2024 and later corporate income tax returns.

North Carolina 104

North Carolina Tax income tax tax return 104

Withum

FEBRUARY 27, 2023

Affected individuals and businesses will have until October 16, 2023, to file returns and pay any taxes, including 2022 individual income tax returns due on April 18 and various 2022 business returns normally due on March 15 and April 18, 2023. What Items Are Now Extended Until October 16, 2023?

California 119

California tax return Nevada payroll 119

Withum

AUGUST 8, 2023

The software development company reported a financial statement loss of approximately $1 million, but due to the required R&E capitalization increased their federal taxable income by $2.2 million resulting in an additional $462,000 of federal income taxes. What will happen if the R&E capitalization requirements continue?

New York 96

New York income tax Manufacturing financial statements 96

Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. Business Tax Services. FIFO assumes that assets produced or acquired first are sold or used.

business tax 119

business tax Tax income tax tax return 119

Withum

JANUARY 31, 2024

The taxpayers eligible for relief under this information release now will have until June 17, 2024, to file various federal individual and business tax returns and to make tax payments. Please note that, as of this time, Rhode Island has not provided an extension of time to file the state income tax returns.

Rhode Island 72

Rhode Island income tax tax return Tax 72