RogerRossmeisl

APRIL 30, 2024

According to the Treasury, the US government has provided auto dealers with >$580 million in advance payments for consumer electric vehicle (EV) tax credits since 1/1/2024. A total of 85,000 time of sale tax reports were filed for new electric vehicles (EVs), and more than 90% of these reports included.

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Tax tax return CPA Government 257

CPA Practice

APRIL 15, 2024

It’s Tax Day, so there’s no better time for the IRS to pat itself on the back for a job well done as filing season for most Americans comes to a close. Danny Werfel “Taxpayers continued to see major improvements from the IRS during the 2024 tax season,” he said. “A From the start of tax season on Jan.

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Tax tax return Maine Massachusetts 119

Insightful Accountant

MAY 1, 2024

In 2024, tax tech is evolving rapidly with AI, data analytics, and blockchain. Tax pros need to adapt to these innovations for effective use.

Technology 80

Technology Tax 80

CPA Practice

FEBRUARY 1, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. The deadline to file returns in 2024 is April 15 (this sometimes varies based on weekends or state holidays). This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund.

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CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan. The agency expects more than 128.7

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CPA Practice

SEPTEMBER 14, 2023

Bloomberg Tax & Accounting released its 2024 Projected U.S. Tax Rates, which indicates inflation adjusted amounts in the tax code will increase 5.4% See projected tax bracket tables below.] Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries.

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KROST

MAY 8, 2024

USA TODAY and Statista have named KROST one of America’s Most Recommended Tax Firms 2024! Statista conducted extensive research by surveying tax and accounting professionals and their clients. They were asked to recommend up to ten tax or Read the full article.

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RogerRossmeisl

SEPTEMBER 18, 2023

Effective for plan years beginning January 1, 2024, SECURE 2.0 Basic distribution rules If a retirement plan participant withdraws money from an employer plan before reaching age 59½, a 10% additional tax or penalty generally applies unless an exception exists. This is on top of the ordinary tax that may be.

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CPA Tax Government Account 264

BurklandAssociates

JANUARY 17, 2024

There are good reasons to be optimistic heading into 2024. Startup founders are advised to remain patient, listen closely to the market, and stay on top of tax obligations. The post The Economic Outlook for Startups in 2024 appeared first on Burkland.

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Tax 146

RogerRossmeisl

SEPTEMBER 4, 2023

As reported in IRS News Release IR-2023-157 The Internal Revenue Service announced that starting 1/1/2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. Businesses that receive more than $10,000 in cash must report transactions to the U.S. government.

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CPA Government Tax Finance 278

Withum

NOVEMBER 14, 2023

The IRS has recently published the inflation adjustments for the 2024 tax year. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes.

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Patriot Software

MAY 6, 2024

Although the 2024 “Tax Day” is over, tax scams live on. Read on to learn about the most common tax scams in 2024 to avoid falling victim to them. And, find out how to protect your business and report tax […] Read More The IRS compiles an annual list of common scams known as the “Dirty Dozen” list.

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RogerRossmeisl

FEBRUARY 18, 2024

The IRS announced it opened the 2024 income tax return filing season on January 29. That’s when the tax agency began accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. (1) 1) What are this year’s deadlines? Keep in mind.

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CPA Practice

NOVEMBER 16, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The federal estate tax exemption amount is going up again for 2024. A higher exemption means more estates may be exempt from the federal tax, which can save heirs from a hefty tax bill. For people who pass away in 2024, the exemption amount will be $13.61

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CPA Practice

MARCH 8, 2024

By Joy Taylor, Kiplinger Consumer News Service (TNS) Taxes will be center stage in 2025 and 2026. Much of the 2017 tax law expires after 2025. These include lower tax rates, a bigger child credit, higher standard deductions, and larger lifetime estate and gift tax exemptions. Lawmakers are loath to hike the federal debt.

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CPA Practice

FEBRUARY 21, 2024

The interest rate for tax overpayments and underpayments for individuals will be 8% per year and 7% for corporations, compounded daily. Here is a complete list of the Q2 2024 rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 8% for underpayments (taxes owed but not fully paid).

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Tax 116

TaxConnex

MAY 7, 2024

There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.

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Rhode Island Sales Tax South Carolina 152

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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Tax tax return Technology income tax 110

RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). Within specified dollar limits, an above-the-line tax deduction is allowed for an individual’s contributions to an HSA. Inflation adjustments for.

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CPA Practice

APRIL 22, 2024

The list serves as a reminder to remain vigilant about tax scams not only during tax season, but all year long. Taxpayers should take note, given the uptick in problems seen in recent years: The IRS received 294,138 cases of tax-related identity theft during fiscal year 2023, up from the 92,631 cases seen in FY 2019.

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Accounting Today

APRIL 30, 2024

The number of individual income tax returns received rose by 16.34% in the final week of tax season.

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Tax income tax tax return 127

CPA Practice

NOVEMBER 17, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.

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Tax income tax tax return Minnesota 116

CPA Practice

NOVEMBER 22, 2023

December is here, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline being April 15 (which can vary based on weekends or state holidays). That’s without an expensive “tax refund loan” or other similar product.

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Tax income tax tax return Massachusetts 98

Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. For the 2023 taxable year, a 179 expense of $1.16

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CPA Practice

FEBRUARY 28, 2024

Top influencer keynotes, transformative tech insights and AI innovators converge to elevate the accounting profession at RightNOW 2024. Identifying and implementing the ideal security, data, technology and AI strategies will prime accounting firms for success in 2024 and beyond,” said Joel Hughes, CEO of Rightworks.

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CPA Practice

FEBRUARY 28, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. The deadline to file returns in 2024 is April 15 (this sometimes varies based on weekends or state holidays). This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund.

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TaxConnex

APRIL 30, 2024

Q: Is this a “tax” or a “fee”? As with many taxes, this was created as one way to generate revenue. A: For fiscal year 2023-2024, 28 cents per package. A: States always think a tax-revenue avenue is a good idea. A: A retail delivery to a purchaser who is exempt from sales and use tax is likewise exempt.

Minnesota 221

Minnesota Colorado Retail Tax 221

ThomsonReuters

JANUARY 22, 2024

By accelerating the end of the COVID-era Employee Retention Tax Credit and implementing proven tax policies from the 2017 GOP tax reform, this act aims to save taxpayers over $70 billion while promoting American competitiveness and supporting working families.

Tax 105

Tax business tax accounting and finance payroll 105

Shay CPA

FEBRUARY 14, 2024

Does thinking about filing your taxes put some tension on your shoulders? By giving you a heads-up in some key areas, we can make filing your tech company’s 2024 taxes a whole lot easier — and less stressful. He teed up a few tips to help you avoid unwelcome surprises as you navigate your 2024 tech company tax filings.

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RogerRossmeisl

APRIL 28, 2024

Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for 2024 (up from $66,000 for 2023).

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Tax income tax CPA Account 130

Canopy Accounting

DECEMBER 20, 2023

Tax season is approaching, so make sure you stay informed about crucial business tax updates to stay ahead of the upcoming 2024 tax season chaos!

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Tax business tax 98

RogerRossmeisl

DECEMBER 3, 2023

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. In certain circumstances, The post There May Still Be Time to Reduce your Small Business 2023 Tax Bill appeared first on Roger Rossmeisl, CPA.

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Tax CPA tax planning business tax 264

LSLCPAs

FEBRUARY 6, 2024

At this time of year, we like to let our clients, who own or are in the market to buy Electric Vehicles (EVs), know about the latest Clean Vehicle Tax Credit rulings. The post 2024 Clean Vehicle Tax Credits appeared first on LSL CPAs. It’s good news. guidance that explains the.

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CPA Practice

OCTOBER 13, 2023

Taylor, Kiplinger Consumer News Service (TNS) The Social Security tax, withheld from each paycheck, stops once your income reaches a certain amount. That is due to the “Social Security wage base,” which is the maximum amount of earnings subject to Social Security tax. In this case, they would save $620 on Social Security taxes.

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Tax payroll tax Washington payroll 116

CPA Practice

NOVEMBER 20, 2023

It’s almost December, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which can vary based on weekends or state holidays).

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Tax income tax tax return Massachusetts 52

Cherry Bekaert

APRIL 26, 2024

The Financial Accounting Standards Board (FASB) issued two Accounting Standard Updates (ASUs) in the first quarter of 2024. The Government Accounting Standards Board (GASB) did not issue any new GASB Statements in the first quarter of 2024. For summaries of standards issued in previous periods, view our previous rundowns here.

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CPA Practice

APRIL 16, 2024

taxpayers have received a refund this year in the run-up to tax day compared to 2023, signaling some consumer spending may be disrupted. The IRS has received more than 100 million tax returns so far in 2024 and a massive surge is expected over the last week of tax season culminating with the April 15 deadline.

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Tax tax return Finance 45