Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break. The New Jersey Democrat said Monday
After the tax season we’ve all endured, as tax professionals you can take a few critical steps to ensure you and your firm are set up to thrive this year, and beyond. Here are three critical measures that you can take and even expand on post-busy season. 1. Stay in
The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount. The IRS announced last week that taxpayers who received excess advance payments in 2020 on the tax credit for health
Dixon Hughes Goodman is requesting tax payment relief from the IRS for businesses that are eligible for 2020 employee retention credits for which the tax refunds haven’t yet been received. Taxpayers who claim the ERC are required to reduce their otherwise deductible qualified wages by the amount of ERC credit
Online career resource Vault.com released its 2022 Accounting 50 list, an annual ranking of the best accounting firms to work for based on accounting professionals’ feedback, with Big Four firm PricewaterhouseCoopers topping the list. Rankings were based on feedback from some 11,400 accounting professionals, who were asked to rate the
Accountants and tax pros simply can’t help tackle sales tax compliance without first understanding nexus — a company’s economic “connection” to a state based on qualifying sales activities. Businesses in just about every industry must deal with sales tax in some way, but high-growth companies often struggle the most, and for
Democratic and Republican House members are forming a bipartisan group to push for a repeal of the $10,000 cap on state and local tax deductions, demonstrating a broadening campaign to restore a valuable tax break. “We are trying to build a diverse group of people,” said Representative Tom Suozzi, a
For those of you who’re just joining in, part one explained Form 1040’s Schedule A allows itemizers to deduct state and local income taxes or state and local general sales taxes. They can’t write off both in the same year (line 5a of 2020’s Schedule A for itemized deductions). Part
Bernard Madoff, the Manhattan investment adviser who promised stellar returns to his A-list clients and instead defrauded them of more than $19 billion in history’s largest Ponzi scheme, has died. He was 82. He died Wednesday, according to an emailed statement from Brandon Sample, Madoff’s attorney. No cause was given.
As another tax filing deadline looms, CPAs across the country are going to deal with one of the harder parts of the business: retaining clients. As the usual loss of clients occurs, many firm owners begin to ask, “What can we do to keep our clients?” Rather, the question you should be asking is: “How can we
