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).

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CPA Practice

NOVEMBER 20, 2024

A new report from practice management software provider Ignition says rising business costs are driving fee increases at accounting firms, with 57% planning to raise fees across all services next year. The 2024 U.S. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns.

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inDinero Accounting

OCTOBER 17, 2024

For small business owners and startup founders, navigating the complex world of tax deductions can feel like traversing a financial minefield. The IRS allows businesses to deduct a wide range of “ordinary and necessary” expenses, but the devil, as they say, is in the details.

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Nancy McClelland, LLC

APRIL 8, 2025

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Well, you’ve come to the right place.

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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). Wages and self-employment income above this amount aren’t subject to Social Security tax.

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Menzies

OCTOBER 30, 2024

Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years. Some of this increase will be mitigated by a reduction in corporation tax which will reduce the impact on profitable businesses by up to 25% of the increase.

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Going Concern

NOVEMBER 7, 2024

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. The greatest variance in pricing was for tax planning and advisory services in particular. We know Big 4 and mid-tiers have this pricing thing down.

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CapataCPA

JULY 11, 2025

2025 Tax Reform Highlights – What you need to know about the ” One Big Beautiful Bill Act” On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, bringing sweeping changes to the U.S. Below is a summary of the most notable updates that may impact you or your business.

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Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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RogerRossmeisl

DECEMBER 15, 2024

A solo 401(k), also known as an individual 401(k), may offer advantages in terms of contributions, tax savings and investment options. These accounts are geared toward self-employed individuals, including sole proprietors, owners of single-member limited liability companies, consultants and other one-person businesses.

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RogerRossmeisl

MARCH 23, 2025

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Heres what you need to know as you assess your 2024 tax situation.

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RogerRossmeisl

DECEMBER 27, 2024

This legal back-and-forth began with a Texas federal district court’s injunction on December 3, The post BOI Reporting Requirements Paused Again as of 12/27/2024 appeared first on Roger Rossmeisl, CPA.

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Going Concern

NOVEMBER 7, 2024

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

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CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. corporation in these transactions, helping to prevent double taxation or loss of basis.

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Withum

JUNE 24, 2025

The deduction can result in pass-through business owners having a maximum effective federal tax rate of approximately 30%, as opposed to 37%. However, the C Corporation 21% tax rate was a permanent tax provision, while the 199A deduction is set to expire as of December 31, 2026.

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ThomsonReuters

NOVEMBER 4, 2024

← Blog home As corporate tax departments embrace digital transformation, utilizing a tax engine to automate and simplify tax calculations and reporting is becoming a core part of their strategy. Addressing these issues from the start of your tax engine integration project is crucial for success.

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Menzies

NOVEMBER 10, 2024

Budget impact on care homes The Budget 2024 has introduced a raft of policies and financial measures aimed at addressing economic instability and promoting growth. As the government seeks to finance its ambitious social welfare programs and public sector salaries, care homes may be subjected to higher business taxes and payroll taxes.

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Withum

NOVEMBER 21, 2024

The IRS released new Form 15620 to simplify and standardize elections under section 83(b) on November 7, 2024. To make the election, employees need to complete and sign Form 15620 and mail it to the IRS office where they file their federal income tax returns. While this new form does not change any of the requirements from Rev.

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Shay CPA

FEBRUARY 10, 2025

However, legislative changes enacted under the Tax Cuts and Jobs Act (TCJA) of 2017 have altered the playing field. Prior to 2022, businesses could expense R&D costs under Section 174 immediately. This detail further delays the timing of deductions, which can significantly impact cash flow and tax liability for startups.

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Menzies

NOVEMBER 8, 2024

In this podcast, Menzies look at the Autumn Budget Breakdown 2024, with speakers Jonathan Bass, Partner, Business Recovery, Matt Watkins, Tax Disputes & Disclosures Director, Helen Cuthbert, Partner, Private Client and Stephen Hemmings, Partner, Business Tax. Menzies LLP - A leading chartered accountancy firm.

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Going Concern

NOVEMBER 15, 2024

Speaking about these delays in a Fortune opinion piece earlier this year, former IRS commissioner Chuck Rettig said “fighting fraud should not come at the expense of legitimate small businesses with claims pending at the IRS.” Tax pros we’ve spoken to say it’s likely a lot higher.

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Wellers Accounting

FEBRUARY 21, 2025

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

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Accounting Today

JULY 25, 2025

Boyer & Ritter, Camp Hill, hired as associates: Isaiah Houser, Matthew Rindfuss, Madison Bucher, Brady Knier, Nicholas Resele, and previous interns at the firm in 2024: Riley McGallicher, Jacklyn Karoly and Hanna Swalin. All rights reserved. RHODE ISLAND Elizabeth Harman was promoted to partner at KLR, Providence.

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RogerRossmeisl

OCTOBER 13, 2024

Work on the claims for small businesses and others is ongoing as the agency continues to navigate a large volume of claims from the complex pandemic-era credit. The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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ThomsonReuters

MARCH 3, 2025

These are just a few of the issues that newer tax professionals can face when learning the U.S. Given the difficulties, it comes as little surprise that keeping up with tax law and government regulations ranked number three among the top accounting challenges in 2024 , according to Thomson Reuters research. The IRC is complex.

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Withum

NOVEMBER 6, 2024

While President Trump won the 2024 Presidential election, and the Republican party has also won the majority in the Senate, control of the House of Representatives is still too close to call. If Republicans gain control of Congress and the Presidency, they will move quickly regarding federal tax reform.

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Dent Moses

JULY 8, 2025

The One Big Beautiful Bill Act (formally termed “The Act”), signed into law on Friday, July 4, by President Donald Trump, extends key provisions of the Tax Cuts and Jobs Act (TCJA) and addresses several tax priorities of the Trump administration. The Act permanently extends the $500 non-child dependent tax credit.

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Withum

JULY 1, 2025

Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Standard Deduction Permanently allows for the increased standard deduction amount provided under the Tax Cuts & Jobs Act. Applies to taxable years beginning after December 31, 2024.

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Going Concern

JANUARY 30, 2025

Are you having trouble finding remote accountants, CAS experts, auditors, or tax professionals for your firm or internal team? Accountingfly can assist you! With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 52

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Going Concern

JANUARY 15, 2025

We have been studying the Arizona structure for years and are excited by the opportunity it presents to us, said tax partner Tom Greenaway to the committee according to Financial Times. And with consulting business dried up for like three years now, Tom. Our business is big business, he added. billion in 2024.

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Withum

JANUARY 30, 2025

Following the January inauguration, a flurry of executive orders, and Senate confirmations rolling in, the timing of when federal tax reform will take place still appears to be undecided amongst the Republican party. How Will Federal Tax Reform Be Presented In Congress? How Will Federal Tax Reform Be Presented In Congress?

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Accounting Today

JULY 21, 2025

For tax years after 2024, Section 174A permanently restores the ability to fully deduct domestic R&D expenses in the year they are incurred. This provides clarity and a powerful incentive for future innovation," noted Brett Johnson, the founder of Arvo Tech, which helps businesses maximize their tax strategies.

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Accounting Today

JUNE 9, 2025

EDT 4 Min Read Facebook Twitter LinkedIn Email Eric Lee/Bloomberg Senate Republicans intend to propose revised tax and health-care provisions to President Donald Trumps $3 trillion signature economic package this week, shrugging off condemnations of the legislation by Elon Musk as they rush to enact it before July 4. All rights reserved.

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SkagitCountyTaxServices

JULY 16, 2025

based research gets immediate expensing, retroactive to 2022 (amendments allowed through 2024). I know this is a lot of tax law to keep up with. But it’s important, especially because some of these changes (like bonus depreciation and interest deductibility) tie directly into how you fund and grow your Skagit County business.

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Withum

JULY 16, 2025

The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation. This article will highlight the pertinent areas of the OBBBA that will impact auto dealership businesses and owners. After 2029, the SALT limitation decreases again to $10,000.

Rhode Island 64

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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. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in a federally declared disaster area.

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RogerRossmeisl

JULY 17, 2024

July 15 Employers should deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies. They should also deposit non-payroll withheld income tax for June if the monthly deposit rule applies. If a calendar-year S corporation.

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