RogerRossmeisl

OCTOBER 24, 2023

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. law made changes that will allow more people to be eligible for these accounts, beginning in 2026. The SECURE 2.0

Account 264

Account accountant accounted CPA 264

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. million 2023 estate tax exemption amount). million (up from the $12.92

Tax 122

Tax Nebraska Kentucky Washington 122

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.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

CPA Practice

MAY 3, 2024

The IRS said it’s gearing up to increase audit rates by more than 50% on wealthy taxpayers with more than $10 million in total positive income and nearly triple audit rates on corporations with assets over $250 million by 2026, Commissioner Danny Werfel said on Thursday, as the agency released an update to its strategic operating plan.

audit 116

audit Tax Technology Government 116

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.

Tax 111

Tax income tax Washington Start-ups 111

CPA Practice

FEBRUARY 12, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026).

Tax 131

Tax Minnesota income tax payroll tax 131

RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

Tax 147

Tax CPA business tax 147

Cherry Bekaert

MAY 6, 2024

Whether you own residential or commercial property(s), selling your real estate can be a complex process, especially when it comes to tax implications and deferral options. By deferring capital gains taxes, sellers can potentially reduce their tax burden and reinvest in new opportunities.

Real Estate 52

Real Estate Delaware Tax tax return 52

CTP

DECEMBER 21, 2023

Often misunderstood and underutilized, QOFs provide a tremendous opportunity for long-term tax-free growth of wealth, similar to a ROTH IRA. They are as follows: Any capital gain rolled into a Qualified Opportunity Fund within 180 days of the transaction would be deferred and realized on December 31, 2026.

Tax 85

Tax Real Estate accounting and finance Construction 85

CPA Practice

SEPTEMBER 11, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

Tax 116

Tax Washington Sales 116

CPA Practice

FEBRUARY 21, 2024

By Matt Durr, mlive.com (TNS) IRS Commissioner Daniel Werfel says millions of parents in America don’t need to wait to file their 2024 tax return due to a possible increase in refundable value of the Child Tax Credit. How do I qualify for the Child Tax Credit? They won’t need to take additional steps,” Werfel said. citizen, U.S.

Tax 113

Tax tax return income tax 113

CPA Practice

MARCH 27, 2024

By Dwight Kay, Kiplinger Consumer News Service (TNS) Historically, the practice of tax-smart investing has been a powerful strategy for real estate investors. Very simply, tax-smart investing targets leveraging various investment strategies and vehicles in order to potentially optimize returns while also minimizing tax liabilities.

Real Estate 119

Real Estate Tax Delaware Non-Profits 119

Xero

DECEMBER 1, 2023

Following the Autumn Statement, you might be curious about the specific measures that impact Making Tax Digital (MTD). Especially since digital transformation is already underway, with Making Tax Digital for Income Tax on the horizon. Here’s a guide outlining what the announcement means for your practice and clients.

Tax 88

Tax income tax bookkeeping accounting software 88

Cherry Bekaert

JUNE 15, 2023

Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. million ($25.84

Tax 111

Tax cpas 111

ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

Tax 98

Tax payroll Expense Reimbursements Gaming 98

CPA Practice

SEPTEMBER 12, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

Tax 111

Tax Washington Sales 111

CPA Practice

FEBRUARY 7, 2024

By Daniel Goodwin, AWMA, Kiplinger Consumer News Service (TNS) Opportunity zones, created by the Tax Cuts and Jobs Act, were designed to spur economic development and job creation in specific communities and census tract areas, while simultaneously providing substantial tax incentives for investors. How do opportunity zones work?

Tax 105

Tax Pennsylvania Texas Washington 105

CPA Practice

MARCH 22, 2023

Thanks to a little-noticed law passed in 2014—the Achieving a Better Life Experience Act (ABLE) Act—a family can set up a tax-favored savings account for a disabled individual. After you establish the account and contribute to it, any earnings inside the account are exempt from current tax. Contributions are not tax-deductible).

Tax 124

Tax Account accountant accounted 124

CPA Practice

JULY 28, 2023

But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Now we’ll get to the tax consequences. First, let’s start with federal income taxes. Notably, it provides the following tax breaks. No income tax when you acquire the policy.

income tax 98

income tax Tax New Jersey New York 98

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

Tax 128

Tax Kansas income tax Montana 128

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

CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. TCJA brought sweeping changes to the tax code for both businesses and individuals. million to $11.2 million to $11.2

Tax 119

Tax income tax Non-Profits Education 119

TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

Sales 130

Sales Louisiana Tax Iowa 130

CPA Practice

MARCH 6, 2024

Terry Link, who wore a secret FBI wire in a sting against a colleague in the Illinois Legislature, was sentenced to three years of probation Wednesday on tax evasion charges stemming from the withdrawal of campaign funds for personal use. In going along with that recommendation, U.S.

Illinois 105

Illinois Tax Gambling Gaming 105

CPA Practice

JANUARY 4, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Is there anything you can do to avoid the “tax torpedo?”

Tax 69

Tax Start-ups Washington tax planning 69

Anders CPA

APRIL 23, 2024

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2 million to $11.2

Tax 52

Tax income tax tax planning CPA 52

Withum

MARCH 17, 2023

For months, the theatre community has been on the edge of their seat waiting for the finalization of the updated legislation from the UK government regarding the Theatre Tax Relief (TTR). In 2021 the tax relief was raised to 45% and 50% for non-touring and touring productions respectively to help ease the pressures of the COVID pandemic.

Tax 64

Tax Entertainment CPA Government 64

Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. This will replace the need for a Self-Assessment tax return.

income tax 52

income tax Tax tax return Government 52

CPA Practice

OCTOBER 5, 2023

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers (PTINs) in 2024 by nearly 36%, after a court ruled earlier this year that the agency had previously overcharged tax professionals to obtain a valid PTIN. fee paid to a third-party contractor, for a total of $19.75—down

tax preparation 105

tax preparation tax return Tax 105

CTP

DECEMBER 21, 2023

Often misunderstood and underutilized, QOFs provide a tremendous opportunity for long-term tax-free growth of wealth, similar to a ROTH IRA. They are as follows: Any capital gain rolled into a Qualified Opportunity Fund within 180 days of the transaction would be deferred and realized on December 31, 2026.

Tax 52

Tax Real Estate accounting and finance Construction 52

RogerRossmeisl

NOVEMBER 19, 2023

Currently, the corporate federal income tax is imposed at a flat 21% rate, while individual federal income tax rates currently begin at 10% and go up to 37%. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend. There are many issues to consider.

income tax 100

income tax CPA Tax Start-ups 100

Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. trillion over ten years.

Tax 52

Tax income tax Manufacturing accounting and finance 52

Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

Tax 97

Tax income tax Sports payroll 97

CPA Practice

JANUARY 8, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Is there anything you can do to avoid the “tax torpedo?”

Tax 59

Tax Start-ups Washington tax planning 59

Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). The mandatory use of software is therefore being phased in from April 2026, rather than April 2024.

Government 83

Government Tax income tax Account 83

CPA Practice

JULY 6, 2023

Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. This eliminates any capital gains, and so no taxes become due. What about an irrevocable trust?

Tax 111

Tax Washington Legal Government 111

Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

income tax 105

income tax Tax Sports payroll 105