ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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CPA Practice

JANUARY 16, 2024

The deal’s expansion of the child tax credit would allow low-income families with more than one kid to qualify for more of the credit more quickly. Other changes to the credit would include making more of the credit available as a refund and indexing the total credit to inflation starting in 2024. ©2024 CQ-Roll Call, Inc.,

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CPA Practice

MAY 10, 2024

He provided technical leadership on multistate tax issues and focused on developing new service offerings, thought leadership, training, quality control, and risk management. Bar, and Ohio Bar, and is authorized to present in front of the Supreme Court of the United States and the United States Tax Court.

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Accounting Today

APRIL 18, 2024

Donald Trump is under pressure from economists in his circle to embrace a flat tax rate, softer trade stance and to hold the line on the state and local tax deduction.

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Withum

FEBRUARY 29, 2024

Like most employees, Ohtani’s gross salary is subject to social security tax and Medicare tax withholding. The Social Security tax withholding is 6.2% on a maximum gross salary of $168,600 for 2024 (the maximum is subject to annual increases). Next, let’s review his State tax liability.

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CPA Practice

MAY 9, 2024

Extending the personal income tax cuts will cost $3.8 Other tax cuts set to expire in 2025 include restrictions on the estate tax and valuable write-offs for small business owners. Presumptive Republican nominee Trump has pledged to renew the tax cuts, but hasn’t released a specific tax plan.

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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. As outlined above, Basis Period Reform is a change to the reporting period used for Income Tax purposes. Why is the new basis period coming into place?

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Withum

FEBRUARY 29, 2024

Like most employees, Ohtani’s gross salary is subject to social security tax and Medicare tax withholding. The Social Security tax withholding is 6.2% on a maximum gross salary of $168,600 for 2024 (the maximum is subject to annual increases). Next, let’s review his State tax liability.

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Wellers Accounting

MARCH 25, 2024

Find out how the Non-Dom status and tax regime is going to change, it's impact, and top tax planning tips for the new rules.

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CPA Practice

JANUARY 11, 2024

Jeff will work alongside the professional team at LGA to provide a more holistic service offering to their individual tax planning and compliance clients. Whisman Giordano & Associates, LLC Names New Managing Director Whisman Giordano & Associates, LLC (WGA) recently announced Lisa K.

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CPA Practice

MAY 13, 2024

“Instead of a Biden tax hike, I’ll give you a Trump middle class, upper class, lower class, business class big tax cut,” Trump said at a rally Saturday in Wildwood on the New Jersey shore. Trump’s comments on Saturday shed some more light on his emphasis on cutting taxes across the board, including for top earners and businesses.

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). Hiring family members can save on taxes if you follow IRS income tax thresholds.

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Accounting Today

MAY 13, 2024

Whichever candidate wins the White House in November will have to contend with tax negotiations in 2025 with the personal income tax cuts in Trump's 2017 law set to expire unless Congress acts.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

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Cherry Bekaert

JANUARY 19, 2024

With the Federal Reserve’s recent signaling in December of expected rate cuts starting in 2024, now may be the best time to lock in the benefits of a CRAT before rates drop. The January 2024 Section 7520 rate is 5.2%, down from December 2023’s 5.8% Example Jane is in the 37% federal income tax bracket. How Do CRATs Work?

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CPA Practice

JUNE 16, 2023

In addition, the death benefit paid out to your beneficiaries is income that’s also considered tax-free. Income and capital gains tax considerations Since income tax brackets are also slated to revert back to pre-TCJA levels (e.g., the top tax bracket increasing to 39.6% million to $11.2 31, 2021.

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Anders CPA

APRIL 23, 2024

In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. TCJA Changes to Individual Income Taxes The TCJA provisions affected various aspects of individuals’ taxable income, deductions, credits and tax liabilities. million to $11.2

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CPA Practice

JANUARY 29, 2024

But it takes proactive planning to make it work. This isn’t something you can wait until each year’s tax season to worry about and maybe try to play catch-up. Proper tax planning means looking at the big picture, assessing your goals and finding opportunities to reduce your tax burden for the short and long term.

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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. Under the current year basis they only need the accounts to 30 June 2024.

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CPA Practice

JANUARY 22, 2024

This goodwill property right provides some unique planning alternatives to minimize income tax related to a corporate or company acquisition. This article illustrates how planning with personal goodwill can be used to minimize tax arising from the sale of a corporation or company. ABOUT THE AUTHOR: John M.

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ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

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ThomsonReuters

MARCH 5, 2024

As such, employers may need to research multiple tax plan approaches to forecast for the best possible outcome, and while the sunset date for these measures is more than one and a half years away, answers may come late in the game, leaving employers to scramble for solutions regarding this far-reaching law.

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ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

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CPA Practice

MARCH 16, 2023

This strategy can not only lower gross income but also enhance retirement savings for those who are eligible. However, a restriction for high-income individuals comes into play. In 2024, all catch-up contributions for those earning at least $145,000 must be made to a Roth IRA account.

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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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Nancy McClelland, LLC

APRIL 9, 2024

For one, the immense number of changes to our tax code since the Tax Cuts & Jobs Act (TCJA) took effect in 2018 has made tax planning substantially more complex than it used to be. Or, at the very least, having to pay us at tax-time to fill out the complicated annualization schedule on the tax return.

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Withum

MARCH 3, 2022

on the top individual bracket, plus a phase-out of the 20% Qualified Business Income (“QBI”) Deduction for high-earners and adding the Net Investment Income tax to flow through earnings, you’d potentially be locking yourself in to be taxed on this recapture at Federal rates of 43.4%

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