…consider amending 2022-2024 tax returns to retroactively claim R&D tax credits, which still presents a powerful monetization opportunity through a direct reduction of federal income tax. Small taxpayers (with less…
Qualified Retirement Account Tax Planning Opportunities With the 2019 income tax extension deadline passed and as we begin the second half of 2020, giving some thought to project your 2020…
…a seller, understanding the tax implications associated with goodwill is crucial. This article delves into the tax treatment of goodwill in transactions structured as asset sales from both perspectives, explores…
…appropriate agency: Form 941, Employer’s QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return) Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return Form VA-6, Employer’s Annual…
…Tax disadvantages to self-employment Payroll taxes enacted under the Federal Insurance Contributions Act (FICA) include a 12.4% Social Security tax and a 2.9% Medicare tax. Additionally, there is a 0.9%…
…What is the BPOL tax? The BPOL tax is a local tax on the privilege of doing business within a locality. Localities that impose BPOL taxes must adhere to uniform…
…retail sales tax is in addition to any transient accommodation taxes imposed by the localities. Income Tax Homeowners offering short-term rentals are also subject to federal and state income tax…
…after the rehabilitation is completed. Taxpayers qualifying for a federal credit may also qualify for a Virginia tax credit. Virginia’s Historic Rehabilitation Tax Credit program has played an essential role…
By: Ryan Beethoven-Wilson, CPA, Tax Senior Manager | Emerging & Growth Business Team Note: The Virginia Equity and Subordinated Debt Tax Credit, also known as the Angel Investor Tax Credit,…
By Kay Gotshall, CPA, Tax Senior Manager | State and Local Tax Team Virginia and other States’ Conformity to the CARES Act Provisions Tax return filing and payment due dates…
…taxes: SALT workarounds Under the Tax Cuts and Jobs Act (TCJA), up to $10,000 of state and local taxes paid can be deducted on federal income tax returns. The Pass-Through…
Guidance Released on How Tax Exempt Organizations Can Retrieve Refunds of the UBIT for Parking Fringes In response to the December 2019 Taxpayer Certainty and Disaster Tax Relief Act (the…