CPA Practice

NOVEMBER 7, 2024

7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. During fiscal year 2024, the IRS collected more than $5.1 The IRS on Nov. An unmodified opinion means the financial statements are presented fairly, in all material respects, in accordance with U.S.

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RogerRossmeisl

DECEMBER 15, 2024

In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in 2024).

CPA 263

CPA Government business tax Tax 263

Going Concern

JANUARY 1, 2025

At the start of last year we ran a little survey asking readers what they thought would be the biggest issues impacting the profession in 2024. What will be the biggest issue affecting the profession in 2024? The 2024 predictions survey also asked if there are any issues that aren’t being talked about and should be.

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RogerRossmeisl

JULY 17, 2024

July 31 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941) and pay any tax due. August 12 Report income tax withholding and FICA taxes for second quarter 2024 (Form 941), if you deposited on time and in full all the associated taxes due. See the exception below, under “August 12.”)

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RogerRossmeisl

SEPTEMBER 29, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. The post 2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers appeared first on Roger Rossmeisl, CPA.

Tax 255

Tax CPA business tax 255

TaxConnex

FEBRUARY 29, 2024

While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! L: Liability. E: Expect Changes. As your business changes and evolves, so does your nexus.

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TaxConnex

DECEMBER 28, 2023

If so, watch out for 2024. in fiscal 2024 (down sharply from the double-digit growth observed in fiscal 2022). Only seven states are forecasting growth exceeding 5%, while eight forecast declines in sales tax revenues in fiscal 2024. Expect more of the same in 2024. Overall, state tax revenues dropped 5.3%.

Sales 264

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CPA Practice

NOVEMBER 22, 2024

The limit on employee deferrals to 401(k) plans, the most popular type of employer-provided qualified retirement plan in the land, is increasing from $23,000 in $2024 to $23,500 in 2025. If you’re age 50 or older, you can kick in an extra $7,500 “catch-up contribution” (the same as in 2024). Tax bonus: Under the SECURE 2.0

Tax 111

Tax 111

CPA Practice

NOVEMBER 22, 2024

CohnReznick’s McCafferty selected to MACPA’s 2024 Women to Watch CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, announced that Molly McCafferty, Partner, Assurance, has been selected as one of four 2024 Women to Watch by the Maryland Association of CPA’s (MACPA) Foundation.

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Xero

DECEMBER 9, 2024

The post What’s new in Xero December 2024 appeared first on Xero Blog. Check out the full list of what’s new this December in the product release notes on Xero Central , and view the previous product update on the Xero Blog.

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bookkeeping tax return Tax Sales 98

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. The new requirement for.

CPA 278

CPA Government Finance Tax 278

CPA Practice

NOVEMBER 16, 2024

The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. Reporting and documenting QCDs For 2024, QCDs should be reported on the 2024 tax return.

tax return 114

tax return income tax Tax 114

RogerRossmeisl

SEPTEMBER 18, 2023

Effective for plan years beginning January 1, 2024, SECURE 2.0 The post Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies? One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This is on top of the ordinary tax that may be.

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CPA Practice

NOVEMBER 8, 2024

18-19, 2024, during our live streaming event at [link]. – From your desk, you can earn up to 14 hours of free CPE credits (pick the sessions you want) on Dec. The end of the year is almost here, and that means you need to check if you have all of your CPE requirements completed.

cpas 132

cpas 132

RogerRossmeisl

DECEMBER 29, 2024

Lets take a look at what you can deduct in 2024. Youre not alone if youre confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses.

Entertainment 263

Entertainment Gaming CPA Tax 263

Xero

DECEMBER 17, 2024

The post Your ultimate payroll year-end 2024/25 checklist: steps and deadlines appeared first on Xero Blog. This results in a smoother payroll process with less stress and greater confidence. For more info, check out our payroll software for small businesses.

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RogerRossmeisl

OCTOBER 27, 2024

The exclusion amount is adjusted for inflation annually, and in 2024 is $18,000. Taxpayers can transfer substantial amounts, free of gift taxes, to their children or other recipients each year through the proper use of the annual exclusion. It covers gifts that an individual.

Tax 264

Tax tax return CPA Finance 264

RogerRossmeisl

OCTOBER 13, 2024

According to the Association of Certified Fraud Examiners’ (ACFE’s) Occupational Fraud 2024: A Report to the Nations, owner/executive fraud makes up only 19% of all cases but has a median loss of $459,000 per incident. But the research is clear: In organizations where executives turn to fraud, the results are very costly.

CPA 264

CPA 264

CPA Practice

OCTOBER 28, 2024

NBA basketball legend Magic Johnson had been slated as as the premier keynote speaker, but as a current co-owner of the Los Angeles Dodgers, had to reschedule due to the Dodgers currently taking on the New York Yankees int he 2024 MLB World Series.

quickbooks 104

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CPA Practice

DECEMBER 6, 2024

Brian Tankersley, CPA, and Randy Johnston provide a recap of the 2024 CCH Connections user conference. And in this session, were going to cover the CCH user connection conference of 2024 now Im fortunate enough I have attended every single cch user conference, and this years version, I think, was one of the better ones Ive been to in a while.

Technology 98

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CPA Practice

NOVEMBER 11, 2024

Beyond that, there are other audit tools to consider: Audit Intelligence Analyze : Thomson Reuters is creating an Audit Intelligence Suite, and this is the first product delivered in conjunction with Synergy 2024.

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accounting firms Technology Account accountant 111

Withum

DECEMBER 18, 2024

On Thursday, December 12, 2024, the Internal Revenue Service (IRS) released a fact sheet addressing Form 8275 and the disclosure of tax positions related to IRC section 280E. The IRS Fact Sheet 2024-32 includes guidance for properly filing Form 8275 disclosures. Contact Us Have questions and need answers?

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tax return Legal Tax 105

RogerRossmeisl

DECEMBER 29, 2024

SE tax rate hits the first $168,600 of your 2024 net SE income. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% rate is comprised of the 12.4% rate for the Social Security tax component plus the 2.9% rate for the Medicare tax component.

Tax 261

Tax CPA business tax 261

RogerRossmeisl

OCTOBER 13, 2024

As Reported via IR-2024-263 on 10/10/2024 The Internal Revenue Service announced on 10/10/2024 continued progress on Employee Retention Tax Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims. Work on the claims for small businesses and others is ongoing as the agency continues to navigate (..)

Tax 264

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RogerRossmeisl

OCTOBER 27, 2024

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). As we approach 2025, changes are coming to the Social Security wage base. Wages and self-employment income above this amount aren’t subject to Social Security tax.

Hospitality 263

Hospitality payroll CPA Tax 263

Going Concern

DECEMBER 19, 2024

billion for the year ended 30 September 2024 (FY24) an increase of 5.1% Of Big 4 firms, not a single one reported double digit growth in any service line for 2024. Billion in 2024 appeared first on Going Concern. Alright, KPMG, let’s see what you got. in local currency and 5.4% US$ from FY23. Asia Pacific 6.0 0.5% -1.6%

Legal 113

Legal audit Tax 113

RogerRossmeisl

DECEMBER 15, 2024

For 2024, you can make an elective deferral contribution of up to $23,000 of your. These accounts are geared toward self-employed individuals, including sole proprietors, owners of single-member limited liability companies, consultants and other one-person businesses. How much can you contribute? appeared first on Roger Rossmeisl, CPA.

CPA 241

CPA Tax accountant Account 241

RogerRossmeisl

FEBRUARY 23, 2025

from May to November of 2024. According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0%

Tax 213

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CPA Practice

OCTOBER 31, 2024

The two explored the e-invoicing regulatory challenges companies face today and highlighted the differentiating value the Vertex solution brings to customers. The event featured the 2024 Partner Awards, recognizing exemplary contributions and collaborative achievements within the Vertex community that drive innovation in tax solutions.

Louisiana 111

Louisiana Tax 111

CPA Practice

NOVEMBER 8, 2024

Brian Tankersley, CPA, and Randy Johnston review TaxGPT , an AI-powered tax assistant for accountants & tax professionals. The tech and accounting professionals that developed the TaxGPT co-pilot system says it can boost productivity by 10x.

Technology 115

Technology Account accountant accounted 115