Remove 2022 Remove CPA Remove income tax Remove tax accountant
article thumbnail

6 SECURE Act 2.0 Changes to Plan for in 2023

CPA Practice

Rahill, CPA/PFS, JD, LL.M., Increasing the age of when RMDs must begin benefits savers who don’t need the money for current living expenses, as it prolongs their investment timeframe, pushes out the income tax deferral on their account balances, and allows a longer window to consider and complete Roth IRA conversions.

Illinois 119
article thumbnail

Boost Your Startup with the Revamped R&D Tax Credit: What You Need to Know

Shay CPA

Recent changes in tax laws have made this opportunity even more enticing. Let’s dive in and examine what the Inflation Reduction Act of 2022 has in store for you. The Basics The R&D Tax Credit, or IRC 41, offers taxpayers a credit against income tax for qualified research expenses (QREs). to get started!

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

IRS Starts Accepting Returns and Extends Hours at Tax Assistance Centers

CPA Practice

These extra hours are in addition to the IRS opening or reopening 50 Taxpayer Assistance Centers that have occurred since Inflation Reduction Act funding became available in 2022. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

article thumbnail

CPE Webinar September 12, 2023: Cybersecurity for the Tax Practitioner

CPA Practice

Jared Ballew, 2022-23 Chair of the ETAAC and Vice President of Government and Industry Relations at Taxwell; and Ann Campbell, CPA CIA and Drake Software Trainer will share an overview of the cyber threats that taxpayers and tax professionals face daily. Gail Perry is the editor-in-chief of CPA Practice Advisor.

Tax 52
article thumbnail

Using Your R&D Tax Credit Against Payroll Taxes

Shay CPA

That’s because the credit could only be applied toward their income tax liability. Fortunately, post-Protecting Americans From Tax Hikes (PATH) Act, things have changed. Now, you can apply that research tax credit toward your payroll tax liability instead of your income tax liability.

article thumbnail

Bipartisan Bill Would Force IRS to Fix Issues With Math Error Notices

CPA Practice

A new bill recently introduced by lawmakers in both the House of Representatives and the Senate would improve the IRS’s math error procedures—a power used by the agency to quickly adjust a taxpayer’s federal income tax return if it contains a simple mistake or clerical error.

article thumbnail

TIGTA: IRS Gave Out More Than $10 Billion in Excess Child Tax Credits in 2021

CPA Practice

The IRS miscalculated 2021 child tax credit payments for thousands of eligible taxpayers as of May 5, 2022, according to a new report from the Treasury Inspector General for Tax Administration. We continue to believe that the IRS should review and correct all tax returns that we identified,” TIGTA said.

Tax 131