CPA Practice

MAY 24, 2024

If you receive an award or legal settlement relating to a personal injury or illness, you normally don’t owe any federal income tax on the payment. This includes legal judgments or awards resulting from personal injury lawsuits. Thus, any potion of a legal settlement attributable to punitive damages is taxable.

Legal 122

Legal Tax income tax 122

CPA Practice

JANUARY 18, 2025

Clients just starting out need insight on which legal structure to select for their business. Seasoned entrepreneurs may need insight as their company grows and the entity once selected may not be as advantageous as it once was. The New Year is an ideal time to get a refresh on business entity options for your clients.

Legal 123

Legal 123

CPA Practice

JANUARY 7, 2025

Clients just starting out need insight on which legal structure to select for their business. Seasoned entrepreneurs may need insight as their company grows and the entity once selected may not be as advantageous as it once was. The New Year is an ideal time to get a refresh on business entity options for your clients.

Legal 114

Legal 114

CPA Practice

OCTOBER 22, 2024

Since the beginning of the decriminalization and legalization of marijuana across a growing number of states, cannabis businesses and their CPAs have struggled to walk the tightrope of an industry that is locally legal, but federally illegal,” said Melanie Lauridsen, Vice President of Tax Policy and Advocacy for the AICPA.

cpas 116

cpas Non-Profits Legal Tax 116

ThomsonReuters

DECEMBER 10, 2024

The legal landscape remains uncertain, as the government is expected to appeal the ruling, which could lead to a reinstatement of the requirements on short notice. The next steps following the recent court ruling on the Corporate Transparency Act involve closely monitoring the legal proceedings. What’s next?

Tax 98

Tax Account accountant accounted 98

RogerRossmeisl

JULY 16, 2023

Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed. However, going through probate typically means red tape, legal fees and your financial affairs becoming public information. The post Benefits of a Living Trust for Your Estate appeared first on Roger Rossmeisl, CPA.

Legal 246

Legal CPA Tax 246

TaxConnex

AUGUST 27, 2024

Substantial uncertainty currently exists regarding to what extent remote sales taxation is legally permissible for states and localities,” reads the U.S.

Colorado 264

Colorado Sales Tax Alaska 264

RogerRossmeisl

JUNE 9, 2021

Unfortunately, there aren’t a lot of great legal remedies. Legal contract An insurance policy is a contract. It’s possible that just when you have the greatest need, you’ll find yourself out in the cold. So it’s critical to avoid unreliable and fraudulent insurance coverage in the first place.

Legal 246

Legal CPA 246

RogerRossmeisl

AUGUST 5, 2024

Personal residence sale In general, if a couple sells their home in connection with a divorce or legal separation, they should be able to avoid tax on up to $500,000 of gain (as long as they’ve owned and used the home as their principal residence for two of the previous five years).

Tax 52

Tax Legal CPA Sales 52

MyIRSRelief

FEBRUARY 21, 2025

Unpaid back taxes, EDD audits, penalties, and unresolved tax issues can lead to financial strain, legal complications, and even the risk of business closure. For business taxpayers facing EDD employment payroll tax controversies, the stakes are high.

payroll tax 130

payroll tax payroll Tax audit 130

CPA Practice

OCTOBER 28, 2024

It is a formal process to address all outstanding legal and financial aspects of the business in the state in which it was formed. The process can be legally and financially complicated, so it’s important to research the requirements and obtain all the pertinent information ahead of time.

tax return 116

tax return payroll tax payroll Legal 116

RogerRossmeisl

MAY 16, 2024

The valuation takes into account applicable valuation practices and standards, as well as any relevant legal precedents. Value conclusions When providing conclusions of value, valuators consider all approaches and procedures they deem appropriate for the circumstances. The result may be presented as a single amount or a range of values.

Legal 255

Legal CPA Account accountant 255

RogerRossmeisl

MAY 16, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business.

Tax 252

Tax Legal CPA business tax 252

RogerRossmeisl

APRIL 17, 2024

Here’s how a fairness opinion from an independent business valuator can help protect against post-deal legal claims. However, fairness opinions don’t address legal or structural fairness, nor do they constitute an endorsement or a guarantee of a particular transaction.

Legal 203

Legal CPA 203

RogerRossmeisl

AUGUST 5, 2024

Additionally, part or all of the business may be excluded from the marital estate, depending on state law, legal precedent and prenuptial agreements between the spouses. When a marital estate includes an interest in a closely held business, determining its value for purposes of dividing up assets for a divorce settlement can be challenging.

Legal 245

Legal CPA 245

RogerRossmeisl

APRIL 17, 2024

Preliminary digging If you receive a fraud tip, you’ll need to assess its validity by conducting preliminary interviews — even if you plan to eventually turn the investigation over to legal and fraud experts. To help avoid unnecessary legal complications, keep details.

Legal 200

Legal CPA 200

TaxConnex

MARCH 23, 2021

Opponents have promised legal challenges , and t he Tax Foundation calls the new Maryland law “ incredibly vague ” on vital definitions, creating uncertainty about where revenue is sourced and when it is subject to the tax. Full of legal holes or not, will laws similar to Maryland’s mushroom in other states?

West Virginia 246

West Virginia Maryland Tax Montana 246

RogerRossmeisl

FEBRUARY 23, 2022

Plus, the business’s value might be partially excluded from the marital estate, depending on state law, legal precedent and prenuptial agreements between the spouses. And it’s often impractical to sell the business and split the proceeds, because there may be other owners who aren’t interested in selling and it takes time to sell a business.

Legal 246

Legal CPA 246

RogerRossmeisl

AUGUST 9, 2021

These can lead to legal liability and fines. According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud lose a median $200,000 per fraud incident, compared with $125,000 per incident for all organizations.

Construction 245

Construction payroll tax payroll Legal 245

RogerRossmeisl

MAY 30, 2022

For example, a valuator might remove extraordinary or unusual items — such as proceeds from a legal settlement or short-term effects of hurricane damage — from a company’s income statement. Historical data is less relevant if operations are expected to change in the future. Similarly, to better reflect.

financial statements 244

financial statements Legal CPA 244

RogerRossmeisl

SEPTEMBER 26, 2022

The list is not a legal document or a literal listing of agency enforcement priorities. The IRS has compiled the annual Dirty Dozen list for more than 20 years as a way of alerting taxpayers and the tax professional community about scams and schemes.

Tax 243

Tax CPA Legal Sales 243

RogerRossmeisl

MAY 30, 2022

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it.

Tax 243

Tax Legal CPA business tax 243

RogerRossmeisl

NOVEMBER 13, 2022

For example, someone who once worked in accounting might retain the ability to make journal entries even after transferring to the legal department. Over their tenure, employees might accumulate various privileges they no longer need. Unfortunately, dishonest employees could use their privileges for nefarious purposes.

Legal 240

Legal CPA Account accountant 240

RogerRossmeisl

FEBRUARY 17, 2023

A solvency expert can help you and your legal counsel determine whether a liquidating business is capable of meeting its interest and repayment obligations. In most cases, liquidating companies come by their financially distressed situations honestly.

Legal 239

Legal CPA 239

RogerRossmeisl

JULY 16, 2023

Unfortunately, you can’t afford to ignore the possibility that your acquisition target is hiding something — possibly something that will have negative financial and legal implications after the deal is complete. If you’re considering buying a company, fraud may be the last thing on your mind.

forensic accounting 238

forensic accounting financial statements Legal CPA 238

RogerRossmeisl

DECEMBER 15, 2022

As posted to IRS.gov as Tax Tip 2022-117 on 8/2/2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors.

CPA 235

CPA Legal Tax cpa firm 235

ThomsonReuters

JANUARY 30, 2025

Jump to Key requirements for MMCs MMCs must also revise their agreements with models Protecting models’ rights Responsibilities and liabilities for clients Legal implications Preparing for compliance Key requirements for MMCs Under the new Act, MMCs must register with the New York Department of Labor.

New York 88

New York payroll Legal accounting and finance 88

SMBAccountant

MARCH 24, 2023

Annual payments over $600 made by the business for legal services There are some exceptions which do not require 1099-NEC forms.

Legal 236

Legal Tax Start-ups 236

CPA Practice

OCTOBER 29, 2024

The SaaS platform analyzes a firm’s historical data and market trends to identify highly relevant cross-serving opportunities for accounting and legal professionals, equipping them with timely insights and service recommendations. Propense helps firms do just that.”

Legal 69

Legal cpa firm CPA Account 69

Bharmal&Associates

AUGUST 28, 2020

But LLCs can offer similar legal protection to their members (owners). LLCs Offer Legal Protection. Using an LLC to conduct a business or investment activity generally protects your personal assets from LLC-related liabilities—similar to the legal protection offered by a corporation. Key point: LLCs are not corporations.

income tax 242

income tax tax return Legal Tax 242

CPA Practice

DECEMBER 3, 2024

The two firms operate as separate legal entities in an alternative practice structure: UHY LLP is a licensed independent CPA firm that performs attest services, while UHY Advisors provides tax and business consulting services through subsidiary entities. UHY is the brand name under which UHY LLP and UHY Advisors Inc.

Non-Profits 111

Non-Profits tax consultant cpa firm auditor 111

CPA Practice

NOVEMBER 25, 2024

“BTA was created to allow business entities to communicate and transact business with the IRS. Your input will help shape and improve this tool.” irs.gov.

tax accountant 111

tax accountant business tax accounting online Tax 111

Withum

DECEMBER 18, 2024

The real question is whether your legal opinion bears enough substance to actually be considered a reasonable basis for the position contrary to the blanket default position in the Fact Sheet published by the Internal Revenue Service.

tax return 105

tax return Legal Tax 105

SMBAccountant

OCTOBER 21, 2020

Bad Debt – both actual and estimated losses from uncollectible accounts receivable including collection costs and legal costs are not allowed. Bonuses & tuition reimbursement – Both bonuses and tuition reimbursement CAN be allowed under certain circumstances.

Government 246

Government general ledger Account accountant 246

SMBAccountant

AUGUST 4, 2020

Bloom has successfully met the ACFE’s character, experience and education requirements for the CFE credential, and has demonstrated knowledge in four areas critical to the fight against fraud: Fraudulent Financial Transactions, Fraud Prevention and Deterrence, Legal Elements of Fraud and Fraud Investigation.

Education 246

Education Legal Government Account 246