inDinero Tax Tips

DECEMBER 22, 2023

Introduction As 2023 draws to a close, it’s pivotal for small businesses to scrutinize their financial status and strategize effectively for tax reduction and a robust financial future. Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning.

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Withum

NOVEMBER 28, 2023

With the year coming to an end, it’s essential to kickstart your 2023 tax preparations and start thinking about tax-saving techniques, potential opportunities, and the recent legal modifications that might impact your tax obligations. Mucenski-Keck Principal New York, NY Kimberlee S.

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Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. What Is Global Tax Minimization? income tax return.

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Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

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Xero

MARCH 18, 2024

From April 2024, your sole trader and partnership clients will need to follow a tax year basis for Income Tax as part of HMRC’s Basis Period Reform. The 2023/24 tax year is a transitional period, and you’ll need to do some extra admin to make sure your sole trader and partnership clients are compliant.

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CPA Practice

JULY 31, 2023

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

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CPA Practice

JANUARY 31, 2023

The new Bennett Thrasher partners are: Nina Desai DiAndria Green Dane Harris Ray Lee Gabe Rivers Brian Sengson Chris Tomaselli Nina Desai focuses on R&D tax credits in Bennett Thrasher’s Credits and Incentives practice.

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CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

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Withum

FEBRUARY 29, 2024

Ohtani, his agents, and the Dodgers structured the contract so that $20 million will be paid to Ohtani from 2023-2033 ($2 million per year), with the remaining $680 million deferred amount to be paid from 2034-2043. Next, let’s review his State tax liability. The highest 2024 individual income tax bracket rate in California is 14.4%.

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Withum

JANUARY 2, 2024

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. A common planning technique used with grantor trusts is sales and exchanges between the grantor and the grantor trust.

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CPA Practice

JULY 6, 2023

Let’s briefly recap the key tax rules. For starters, there are three main income tax breaks for Section 529 plans. Tax-favored contributions: No federal income tax results from contributions made to a Section 529 account. There are no tax consequences until amounts are withdawn.

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CPA Practice

APRIL 17, 2023

And now, the results are in: IN-FIRM TECHNOLOGIES Federal/State Income Tax Preparation Insight : As was true in every year of voting, the tax prep system category is always the most voted-on, with nearly all respondents selecting a preferred system. We thank the more than 5,000 professionals who participated in voting this year.

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Withum

FEBRUARY 29, 2024

Ohtani, his agents, and the Dodgers structured the contract so that $20 million will be paid to Ohtani from 2023-2033 ($2 million per year), with the remaining $680 million deferred amount to be paid from 2034-2043. Next, let’s review his State tax liability. The highest 2024 individual income tax bracket rate in California is 14.4%.

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CPA Practice

OCTOBER 5, 2023

A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. The fourth quarter is for tax planning, not tax reporting. I realize that I’m in the minority in thinking that tax planning is fun. Most people understand that we have different income tax brackets.

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Withum

NOVEMBER 28, 2023

Perhaps to a low-tax or no-tax state? If so, you are not alone, and here are some of the things you should be considering for income tax purposes. Reduce Taxable Investment Income: Structures exist to reduce or eliminate the income tax on future investment income.

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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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CPA Practice

SEPTEMBER 18, 2023

The idea behind Roth conversions is to take money from a tax-deferred IRA, pay taxes on that amount at your ordinary income rate and convert that money into a Roth IRA. By doing this, you’ll be clear of future taxes on the amount you converted, and the money you put in grows tax-free for your lifetime!

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CPA Practice

JUNE 21, 2023

Consider charitable contributions Charitable contributions provide a dual benefit of supporting philanthropic causes and reducing estate tax liabilities. Donations to qualified charities can result in income tax deductions and generate estate tax deductions, effectively lowering the taxable estate. Visit kansascity.com.

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Cherry Bekaert

JANUARY 19, 2024

The January 2024 Section 7520 rate is 5.2%, down from December 2023’s 5.8% When interest rates are high, the computed asset values at the end of the trust term available to pass to the charity, and thus eligible for income tax deduction in the initial year, will be higher than in periods when interest rates are low.

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Shay CPA

JANUARY 17, 2024

ASAP: Check state deadlines While a lot of states follow the IRS’s lead and require tax filings by mid-April, not all do. Usually, there’s not a ton of deviation from the IRS’s date — Iowa requires corporate income taxes by April 30, for example. A big change went into effect for your contractors for the 2023 tax year.

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Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback.

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Withum

NOVEMBER 17, 2022

Donation amounts in excess of these limits may be carried over for up to five tax years. The income tax deduction will be limited to $6,000,000, and $4,000,000 in charitable contributions can be carried forward for the next 5 years. 2022 Year-End Tax Planning Resources.

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CPA Practice

DECEMBER 21, 2023

An RMD is the minimum amount you must withdraw annually to avoid a tax penalty. The account owner is taxed at their income tax rate at the time of the withdrawal on the amount of the withdrawn RMD. Cause your Social Security to be taxed at a higher rate. Increase net investment income surcharges.

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Withum

OCTOBER 18, 2023

With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. In 2023, bonus depreciation decreases to 80% of an asset’s cost basis. What About Estate Planning? million for married couples).

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CPA Practice

JUNE 1, 2023

Therefore, if the goal is to maximize income, typically the longer you wait, the better. Pre-tax retirement accounts This includes traditional IRAs, 401(k)s, 403(b)s, 457s, SEP IRAs, etc. Basically, all the accounts you have yet to pay income taxes on. All contents copyright 2023 The Kiplinger Washington Editors Inc.

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Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Each state has different eligibility requirements and PTE election regimes.

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Inform Accounting

JUNE 29, 2022

In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. This may result in more than 12 months’ profits being taxed in 2023/24.

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Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

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Withum

APRIL 5, 2023

The ability to limit 1202 to C corporations to avoid double taxation, once at the C corporation and again at the shareholder level, may have made more sense when the corporate income tax rate was 35%. Therefore, none of Angela’s gain on the sale of QSBS would be taxable at the federal income tax level. A rate of 29.6%

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ThomsonReuters

FEBRUARY 9, 2024

Addressing income equality: The Tax Excessive CEO Pay Act targets corporations with high CEO-to-worker pay ratios to narrow income disparities. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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CPA Practice

SEPTEMBER 19, 2023

Goralka, Kiplinger Consumer News Service (TNS) This cautionary tale is based upon the recent tax case of Estate of Hoensheid v Commissioner , TC Memo 2023-34. When owners of a company plan to sell their business, there is very often a desire to minimize the resultant income tax.

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Ronika Khanna CPA,CA

DECEMBER 2, 2022

Note that the T5 slips for calendar year (ended December 31st) 2022 are due by February 28, 2023. Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. available at Amazon.

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CPA Practice

NOVEMBER 29, 2023

Current Conference Agenda, as of November 27, 2023: Day 1: Monday, December 11, 2023: 8:00 a.m. Moreover, the disconnect from established state nexus standards and tax base definitions further complicated compliance. Coverage addresses the complexities arising from the new PTE tax regimes and combined reporting issues.

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CPA Practice

JANUARY 11, 2024

BWK responds to increased demand, grows staff by 20% in 2023 Minneapolis CPA firm Barton, Walter & Krier, P.C. Jeff will work alongside the professional team at LGA to provide a more holistic service offering to their individual tax planning and compliance clients. BWK) recently expanded its staff by 20%.

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CPA Practice

MAY 15, 2024

The awards also let professionals see the technologies and best workflow practices their peers are using, which can help them stay competitive in the constantly-evolving tax and accounting space. But even basic tax planning can make a big difference in reducing future tax liability. Now, on to the results!

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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Cherry Bekaert

AUGUST 10, 2023

It is crucial that there is a cross-functional approach to supply chain decisions, incorporating tax advisers and legal experts to identify any potential tax liabilities and ensure they are mitigated. Cross-functional teamwork can help companies manage risks while optimizing their operations.

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