Going Concern

JANUARY 10, 2024

Today in clients behaving badly, the DoJ announced Friday that Las Vegas restaurateur Raul Gil, who owns and operates three Casa Don Juan restaurants in the city, is headed to prison for 37 months for evading his federal income taxes. In total, Gil caused a tax loss to the IRS of approximately $1.6 District Judge Andrew P.

tax return 64

tax return Tax Nevada income tax 64

Withum

FEBRUARY 27, 2023

Over the past few days, the IRS has issued several updates regarding tax relief for victims of severe winter storms, flooding, landslides, and mudslides. The last updated news release on February 24, 2023, states that affected taxpayers now have until October 16, 2023 to file various individual and business tax returns and make tax payments.

California 119

California tax return Nevada payroll 119

CPA Practice

APRIL 26, 2024

With the 2024 filing season in the rearview mirror, the IRS provided an update Friday on how well its Direct File pilot program fared this year but said little about what the future holds for its prized tax-filing service. More than 5,000 accepted returns were processed each day during the final week of filing season.

South Dakota 110

South Dakota Tax New Hampshire Wyoming 110

ThomsonReuters

NOVEMBER 2, 2021

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?

tax return 59

tax return corporation tax income tax Tax 59

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. During the pilot last year, Direct File was available in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington State and Wyoming.

Alaska 126

Alaska South Dakota North Carolina tax return 126

inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

Tax 98

Tax income tax South Dakota tax return 98

TaxConnex

AUGUST 4, 2022

Laws governing marketplace facilitators popped up when states saw that platforms were charging sales tax on the sale of their own or certain third-party sales but not on all sales. This produced a gap in tax collection. New sales tax collection and remittance requirements in?Kansas, has also proposed?draft economic nexus laws.

Wisconsin 130

Wisconsin North Carolina Michigan Hawaii 130

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. What is income tax?

income tax 52

income tax tax return E-commerce Tax 52

CPA Practice

APRIL 9, 2024

As accountants and CPAs, dealing with payroll taxes is essential to managing finances for your business clients. Understanding the details of payroll taxes helps you better assist your clients in fulfilling their obligations and maximizing tax efficiency. Social Security Tax : Employers and employees each contribute 6.2%

payroll tax 110

payroll tax West Virginia payroll cpas 110

Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

payroll tax 98

payroll tax payroll Rhode Island South Dakota 98

CPA Practice

JANUARY 29, 2024

It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. It’s also the first service from the agency itself that guides you through the process of filling out your return. There’s a catch, however.

tax preparation 105

tax preparation South Dakota tax return Arizona 105

CPA Practice

APRIL 10, 2023

Still, whatever discomfort I experience when booking a room has nothing on what lodging platforms have to endure to comply with the multitude of lodging tax requirements in the United States. We talk a lot about how complicated sales tax compliance is at the Avalara Tax Desk, and it is. Sometimes you just have to go with it.

Tax 85

Tax West Virginia Wisconsin Virginia 85

CPA Practice

JANUARY 5, 2024

A Nevada accountant was sentenced Wednesday to 13 months in prison for his role in separate bribery and tax fraud conspiracies. Lewis’ conduct caused a tax loss to the IRS of more than $1.5 Gordon for the District of Nevada ordered Lewis to serve three years of supervised release and to pay approximately $704,002 in restitution.

CPA 52

CPA Nevada Tax tax return 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. Three other states—Nevada, Oregon, and Wyoming—decided to make incorporation in their state more appealing. Delaware does tax companies. With so few taxes, how does Delaware rake it in? and 11:59 p.m.

Delaware 58

Delaware Wyoming Nevada Oregon 58

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

tax planning 98

tax planning Tax Construction income tax 98

MyIRSRelief

JULY 3, 2023

Contact us for professional tax help today! During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. What Skills Should I Look for in a Tax Professional for ERC Audit Representation? Understanding ERC IRS Audits 1.1

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audit North Carolina Oklahoma Ohio 130

ThomsonReuters

JULY 13, 2021

Generally, the payer does not withhold taxes from these types of payments, as it is assumed that the payee will report and pay taxes on this income when the federal income tax return is filed. Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee.

payroll 98

payroll income tax Vermont Iowa 98

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 is considered “the place” to establish your corporate entity as there’s no Delaware sales tax.

Delaware 52

Delaware Nevada Sales Oregon 52

ThomsonReuters

FEBRUARY 1, 2021

States like California, Hawaii and Nevada registered unemployment rates at or above 9% in December 2020 and throughout the pandemic many other states suffered record-high unemployment rates rendering the state’s unemployment trust fund insolvent. FUTA tax credit. The FUTA tax rate is currently 6.0% FUTA credit reduction.

Hawaii 89

Hawaii Nevada California New Jersey 89

Withum

SEPTEMBER 6, 2024

The landscape of estate and tax planning has undergone a substantial transformation due to the Tax Cuts and Jobs Act of 2017 (TCJA), which effectively doubled the federal estate exemption to over $11 million (indexed for inflation to $13,610,000 in 2024) and is not scheduled to sunset until the end of the 2025 tax year.

New Jersey 59

New Jersey income tax Tax New York 59

ThomsonReuters

JUNE 29, 2022

We attended American Payroll Association’s (APA) annual Congress in Las Vegas, Nevada. Now, let’s go over the answer for the a previous edition of the CPP Corner on employment taxes and share this blog’s quiz question on fringe benefits. Payroll’s biggest event. Previous quiz answer. Or when pay increases kick in.

payroll 89

payroll Nevada tax return Tax 89

Going Concern

OCTOBER 20, 2023

The strategic acquisition also encompasses Mueller dotKonnect, a business process outsourcing firm specializing in finance, accounting, tax and payroll functions. LBMC is already Tennessee’s largest CPA firm, and was recently named a 2023 best tax and accounting firm by Forbes. This move, effective Nov.

CPA 111

CPA quickbooks Real Estate auditor 111

inDinero Tax Tips

MARCH 2, 2023

Cryptocurrency tax rules can be complicated and confusing, but you definitely need to report your crypto gains. Here’s a look at what happens if you don’t report cryptocurrency on taxes — along with answers to common crypto tax questions. What Happens if You Don’t Report Cryptocurrency on Taxes?

Tax 52

Tax income tax South Dakota tax return 52

ThomsonReuters

APRIL 9, 2021

Employers were reimbursed with a payroll tax credit or a refund if the cost exceeded their tax liability. Credits were claimed through Form 941, the quarterly employment tax return. The credit will be against the employer’s share of Medicare tax. in February. What’s on the horizon?

Hawaii 98

Hawaii South Dakota payroll tax payroll 98

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

CPA Practice

APRIL 19, 2024

But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. They all face different tax compliance obligations and challenges. Read the report now.

Tax 59

Tax Wyoming Alaska Louisiana 59

CPA Practice

APRIL 14, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

CPA Practice

APRIL 13, 2023

have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

Snyder

FEBRUARY 12, 2023

Payroll taxes can be daunting for employers to calculate and pay. With the numerous tax laws, regulations and compliance requirements, employers are required to be up-to-date on the latest regulations to ensure they’re making accurate and timely payroll tax payments. It is not intended to provide any tax advice.

payroll tax 52

payroll tax payroll Tax income tax 52

CPA Practice

SEPTEMBER 17, 2024

By Girard Miller Governing (TNS) To help pay for middle-class tax cuts in 2017, Congress put a $10,000 limit on itemized deductions for state and local taxes, known as the “SALT” deduction. Yet when it was enacted, this move prompted more vocal complaints than almost any other tax law provision. The problem is how to pay for it.

Tax 52

Tax income tax accounting and finance Government 52

ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

payroll 98

payroll Missouri Virginia Delaware 98

Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI).

tax planning 52

tax planning Tax income tax tax return 52

CPA Practice

MARCH 12, 2024

After several weeks of testing , the IRS said on Tuesday that eligible taxpayers in 12 states can now use its new Direct File service to submit their tax returns online for free directly with the agency. Our goal with the Direct File pilot is to help people meet their tax obligations as easily and quickly as possible.

South Dakota 108

South Dakota income tax tax return Arizona 108

ThomsonReuters

FEBRUARY 6, 2024

Jump to: What is direct tax? What is indirect tax? Direct tax and indirect tax. The differences between direct tax and indirect tax are important to understand. The differences between direct tax and indirect tax are important to understand. Direct tax is progressive in nature.

Tax 52

Tax income tax Oregon Ohio 52

ThomsonReuters

DECEMBER 7, 2022

Fiduciary tax comes with unique challenge s. 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. What is fiduciary tax? The beneficiary pays tax on the assets they receive.

Tax 59

Tax North Carolina income tax tax return 59

ThomsonReuters

JUNE 22, 2021

But before we give you a state-by-state rundown on the more mundane upcoming changes, here’s one federal reminder that beginning July 1, 2021, the Employee Retention Credit is claimed against only the employer share of Medicare tax. State by State Payroll Tax Changes. Beginning July 1, new forms will be used to report withholding tax.

payroll 72

payroll Virginia Utah West Virginia 72

ThomsonReuters

JUNE 28, 2021

Nevada: $9.75 The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. Generally, if a tax filing or payment deadline falls on a weekend or legal holiday, the due date is the next business day. Federal News.

payroll 52

payroll California income tax North Dakota 52