Seth Moskowitz, CPA

Farhan Ali will host and moderate a panel featuring top tax practitioners, including our own Michael Benak, at the New Jersey State and Local Tax Day. Read more: https://lnkd.in/gpD2XPY8 #taxlaw

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Taxpayers should consider reviewing their methods of apportionment in Washington after the Department of Revenue published its new apportionment rule 19402. In an article published in @TaxNotes, KOM Senior Tax Manager @Caleb Allen shares his insight into the significant changes. Note all taxpayers filing returns with apportionable income will need to file their reconciliation return by October 31, so contact us today for help understanding the new rule.  #taxapportionment #taxes #washingtontaxes #financeWA

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The latest issue of New Jersey CPA magazine is now available online. Topics include: 🌇 Are Major Federal Tax Changes on the Horizon? 🎯 M&A Sell-Side Transactions: Legal, Financial and Operational Considerations 💟 Accounting & Auditing Update for Nonprofits ➡️ and more Read the issue at https://lnkd.in/ebGe_cM Thank you to this issue's authors and contributors: Neil Becourtney - Smolin, Lupin & Co., LLC Len Garza - Garza Business Services Inc Alexander K. Buchholz, CPA, MBA, CGMA - PKF O'Connor Davies Jaclyn Veno, CPA - Galasso Learning Solutions Jeffrey Kaszerman Stephanie Rystrom - Texas Tech University P. Jeffrey Christakos MST MBA CPA PFS CFP® CLU® CDFA® - Christakos Financial Carlos Dias Jr. - Dias Wealth Sam Mansour, CPA - Mansour Advisory Group Samantha Schmitt, CPA - Withum Eileen Monesson - PRCounts, llc Chris Cicalese, CPA - Alloy Silverstein Geoffrey Weinstein - Cole Schotz P.C. Henry Rinder, CPA, ABV, CFE, CFF, CGMA - Smolin, Lupin & Co., LLC Len Sprishen - MSPC Certified Public Accountants and Advisors Tommy Kleinhans, CPA - Centri Business Consulting, LLC Jose Manuel Borbon, CPA, CRC - Northfield Bank

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2024 Legislative Highlights published: The Vermont Department of Taxes has compiled its annual Highlights of Tax Legislation, packing this year's Vermont tax law changes into one easy-to-use resource. https://lnkd.in/e62DmeCn #VtTax #TaxLaw

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While recent years have been quiet for new accounting and auditing pronouncements, a few key updates are essential for not-for-profits. In his article recently published in New Jersey CPA magazine, Alexander K. Buchholz, CPA, MBA, CGMA, highlights what nonprofits need to know about Uniform Guidance, crypto assets, credit losses, leases and auditor risk assessments. Read the full article here: https://bit.ly/3ZNHLBV #PKFOD #KnowGreaterValue #Nonprofit #Accounting #Auditing #NJCPA

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In this article, attorney David K. Moynihan discusses a proposed amendment to update guidance on accounting for internal-use software by the Financial Accounting Standards Board (FASB.) https://lnkd.in/eXMAXFEe

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The MA Department of Revenue recently announced a tax amnesty program for non-filers and those with outstanding tax liabilities. From November 1 to December 30, most penalties for eligible taxpayers who file outstanding returns and pay outstanding tax and interest will be waived. Learn more from SCOTT CASHMAN, CFP® on the Don't Tax Yourself blog: https://lnkd.in/ezbxmB_A #Taxes #Taxpayers

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⚖️ The New York Court of Appeals has agreed to hear the appeal of Dynamic Logic in its case against the Department of Taxation and Finance. Learn more here. https://lnkd.in/gkzqRDCC #TaxProfessionals #NewYork #TaxDevelopment #TransactionTax

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Mike Novogradac, CPA, and Novogradac partner Tony Grappone, CPA, examine the complexities of year-end financial statement audits for renewable energy companies. They outline critical steps to ensure a seamless audit process, including the review of prior-year audits, identification of common errors to avoid and management of non-recurring items. Additionally, they provide guidance on proportional amortization accounting for new investors and emphasize important financial reporting deadlines for developers. This discussion is particularly beneficial for renewable energy accountants preparing for the forthcoming year. https://novogradac.com/qx0

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The New York Department of Taxation and Finance has recently issued guidance clarifying the rules around amending Sales and Use Tax returns. This guidance stems from previously enacted legislation and brings Sales and Use Tax returns under similar limitations as other tax filings. Understanding these updates is crucial for businesses required to collect tax under Tax Law Article 28 (Sales and Compensating Use Taxes), especially as they take effect for filing periods beginning on or after December 1, 2024. Here’s a breakdown of the new rules and what they mean for your business. Amending Returns Under the new guidance, businesses required to collect Sales and Use Tax can amend previously filed returns, but there are important limitations to be aware of: 1. Conditions for Amending Returns: A business can amend a previously filed return only if the amendment does not reduce or eliminate a past-due tax liability related to that specific filing period. Past-due tax liability refers to any tax debt that has become final and unchangeable, where the taxpayer has no further right to administrative or judicial review. However, if the business self-reported past-due tax liability, they may amend the return to reduce or eliminate this liability within 180 days of the original due date. 2. Overpayments and Refunds: If no past-due tax liability exists, and the amended return results in an overpayment, the business can claim a credit or request a refund. This claim must be made within three years of the original tax due date or within two years of the date the tax was paid, whichever is later. 3. Department’s Right to Assess: The New York Department of Taxation and Finance retains the right to assess additional tax, penalties, and interest, including recovering a previously paid refund based on changes or corrections made on an amended return. This assessment can be made within three years after filing the amended return.   Filing a Return After Receiving a Notice of Determination The guidance also addresses situations where a business fails to file a return, and the Department issues a notice of determination of tax due: If a notice of determination is issued because a return was not filed, the business has 180 days from the mailing date of the notice to file the missing return. Important Note: Filing a late return after receiving a notice of determination does not impact any penalties or interest that have accrued due to the original failure to file on time. For more information, see our full blog below: NY Clarifies Amended Sales & Use Tax Returns | Thompson Tax Contact Thompson Tax today for all of your sales and use tax needs. We are your Trusted Tax Advisors.

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Treasury and the IRS proposed regulations to update the rules that govern practice before the IRS. The proposed regulations, if finalized, would amend Treasury Circular 230 in several ways to account for changes in the law and the evolving nature of tax practice. #taxregulations #taxes #taxpractice #accounting

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🚨 New Short-Term Lodging Tax in Delaware: What You Need to Know 🚨

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