CPA Practice

AUGUST 21, 2023

They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold. Look for more states to follow suit. _

income tax 98

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CPA Practice

JUNE 13, 2023

Take the case of Alicia Chapman, CEO of the Portland, Oregon-based metal manufacturer Willamette Technical Fabricators. But part of what’s driving the ERC backlog in particular are adjusted or amended payroll tax returns, according to Michael Wronsky, a senior manager with Baker Tilly’s tax team.

Oregon 111

Oregon tax return payroll tax Tax 111

PYMNTS

APRIL 24, 2020

The IRS told Bloomberg that it has begun processing $1,200 payments for people who aren’t required to file tax returns, such as some Americans who receive Social Security, Supplemental Security Income (SSI) and veterans’ affairs benefits. Treasury Department sent to Democratic Senator Ron Wyden of Oregon on Thursday (April 23).

Oregon 92

Oregon tax return Tax Start-ups 92

PYMNTS

JULY 29, 2020

Congressional members from both parties said businesses taking loans from the Paycheck Protection Program (PPP) should be allowed to deduct related expenses, like payroll, from taxes. That could leave millions of small businesses without a lifeline for their next tax returns.

Oregon 86

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CPA Practice

MARCH 21, 2024

This blog post sheds light on what makes personal property tax compliance in certain states particularly tricky. The personal property tax forms and procedures conundrum Filing property tax returns is the first hurdle your company must overcome if you do business in any of the 37 states that tax tangible personal property.

Rhode Island 119

Rhode Island Arizona Tax South Carolina 119

TaxConnex

JUNE 6, 2023

states (plus the District of Columbia) have a sales tax on most tangible personal property and certain technologies like Software as a Service (SaaS). As a seller you’ll likely register for either sales tax or seller’s use tax. Some states also have different tax returns that you must file for these different tax types.

Sales 130

Sales Tax South Dakota Alaska 130

Anders CPA

MAY 23, 2023

State Payroll Reciprocity Agreements It’s possible for remote or out-of-state workers to be taxed twice, but this double taxation can be resolved by the taxpayer when preparing their state tax returns. The taxpayer would then be refunded for taxes withheld unnecessarily from their paycheck.

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CPA Practice

APRIL 9, 2024

Compliance and Reporting Ensuring compliance with payroll tax regulations involves timely and accurate reporting to various tax authorities. As an accountant or CPA, you play a vital role in: Calculating and withholding taxes correctly. Filing tax returns and remitting payments on time.

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MyIRSRelief

JULY 3, 2023

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, and supporting documentation related to ERC claims. Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit. ERC IRS Audit Process 2.1 What Happens During an ERC Audit?

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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. People face a July 17 deadline to file their returns. million people across the U.S.

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. People face a July 17 deadline to file their returns. million people across the U.S.

Rhode Island 52

Rhode Island West Virginia South Dakota North Dakota 52

inDinero Tax Tips

APRIL 20, 2021

From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax , physical and economic nexus tax, franchise tax, and gross income tax. Final payment on the remaining balance of franchise tax over $5,000 owed.

Delaware 58

Delaware Wyoming Nevada Oregon 58

CPA Practice

NOVEMBER 3, 2023

It’s as if we’ve told employees to traverse the country on horseback—envisioning them battling the elements, Oregon Trail-style—while they are, in fact, zipping along in a Tesla, taking leisurely pit stops. They’ll be the ones signing off on key positions in audit opinions, tax returns and financials. Think about it.

Account 124

Account accounted accountant Technology 124

CPA Practice

AUGUST 13, 2024

Oregon, New Jersey and Pennsylvania were the first to accept, with New Mexico following suit at the beginning of this month. Melanie Stansbury hailed the new tool, but local tax preparation services offered mixed reviews. After conducting successful pilots in 12 states last year, the U.S. Martin Heinrich and U.S.

New Mexico 52

New Mexico tax preparation Oregon New Jersey 52

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year.

Tax 52

Tax tax return Oregon Missouri 52

inDinero Tax Tips

APRIL 11, 2023

From startups to public enterprises, your bottom line is affected by your state of incorporation’s corporate income tax, excise (sales and use) tax, sales tax, physical and economic nexus tax, franchise tax, and gross income tax. Final payment on the remaining balance of franchise tax over $5,000 owed.

Delaware 52

Delaware Nevada Sales Oregon 52

CPA Practice

APRIL 10, 2023

States typically take one of five different approaches to taxing accommodations: A single, statewide tax on accommodations but no additional local taxes (e.g., Connecticut, Maine, New Hampshire) A combined state/local sales tax on accommodations and local jurisdictions can impose an additional local accommodations tax (e.g.,

Tax 85

Tax West Virginia Wisconsin Virginia 85

PYMNTS

NOVEMBER 10, 2017

For more insights on the state of payments for rideshare workers, PYMNTS recently spoke with several Oregon-based rideshare drivers about their experiences getting paid through their service. Deep Dive: Direct Deposits and Tax Returns. When tax time rolls around, eight out of 10 U.S.

tax return 40

tax return Oregon Tax Account 40

ThomsonReuters

JULY 10, 2023

This is a point where it can get confusing for businesses as local sales tax varies by state. In fact, there are five states — Delaware, Montana, New Hampshire, Alaska, and Oregon — that do not levy a general state sales tax. For the majority of states that do apply sales tax, the sales tax rate can vary within state lines.

Sales 98

Sales Tax Michigan Washington 98

ThomsonReuters

FEBRUARY 6, 2024

The owners include their allocated share of the businesses’ profits in their income tax return and pay the ordinary individual income tax. businesses that are not subject to the corporate income tax because they are taxed as “pass-through” entities. In short, there are U.S.

Tax 52

Tax income tax Oregon Ohio 52

ThomsonReuters

JUNE 22, 2021

Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments. New Mexico. per hour. .

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ThomsonReuters

JUNE 28, 2021

Oregon: $12.00 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. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette. New York: $15.00

payroll 52

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PYMNTS

APRIL 1, 2020

Ron Wyden of Oregon sent a letter to Mnuchin saying that, given the specific efforts of Congress to enact oversight to the bill, Mnuchin should do what he agreed to and let them know immediately about any issues with oversight, rather than waiting on Trump. So Senate Minority Leader Chuck Schumer, Sen. Sherrod Brown of Ohio and Sen.

Oregon 52

Oregon Ohio tax return Government 52

ThomsonReuters

AUGUST 2, 2021

The IRS has posted a draft version of Form 941-X , Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, that takes into account the COVID-19 tax credits and the new credit for COBRA premium assistance payments from the American Rescue Plan Act (ARPA). IRS posts Form 941-X draft.

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