Accounting Today

JUNE 20, 2025

(The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) 3 deadline for both states applies to individual income tax returns and payments normally due on April 15, 2025. Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025. 15, 2025.

Mississippi

Accounting Insight

MAY 9, 2025

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who is exempt from MTD for Income Tax?

income tax

Withum

NOVEMBER 25, 2024

Individual Income Tax Rates TCJA lowered the individual income tax rates and if TCJA expires the rates are set to go from 10%, 12%, 22%, 24%, 32%, 35%, and 37% to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. Notably, the top individual income tax rate will increase from 37% to 39.6%.

Tax

CPA Practice

JULY 7, 2025

from spring 2024. economy over the next 12 months, down from 47% last quarter and 67% at the end of 2024. across four sections of the Uniform CPA Examination, pass the four sections on their first attempt and have completed testing in 2024. Overall graduate enrollment increased 1.5% Only 27% now hold a favorable view of the U.S.

cpas

Going Concern

NOVEMBER 8, 2024

Top Remote Accountants of the Week | November 7, 2024 Sign up for Always-On Recruiting to get a fresh batch of candidates for hire in your inbox every week. The musician filed a complaint because the accounting firm’s employee failed to timely file tax returns from 2014-2018. It’s free! appeared first on Going Concern.

Florida

CapataCPA

JANUARY 13, 2025

Key deadlines affected include: 2024 Individual Income Tax Returns and Payments: Normally due April 15, 2025. 2024 Quarterly Estimated Income Tax Payments: Originally due January 15, April 15, June 16, and September 15, 2025. Calendar-Year Tax-Exempt Organization Returns: Originally due May 15, 2025.

Tax

Shay CPA

JULY 16, 2025

Over the last 20 years of being an accountant, I’ve opened my fair share of mail to find tax notices so daunting they could wake you in cold sweat. These letters—from federal, state, or city agencies—might demand income tax, franchise tax, sales tax, unemployment insurance, or workers’ compensation.

Delaware

TaxConnex

DECEMBER 17, 2024

Though some states (such as Pennsylvania ) have determined that an Amazon warehouse creates no physical nexus or special sales tax obligation for online sellers, this trend bears watching in the coming year. Change of staff: Who left your company in 2024? If it was a sales tax expert, making somehow replacing them a priority for 2025.

Sales

SkagitCountyTaxServices

MARCH 6, 2025

And unfortunately, its not mostly the fun stuff keeping you busy its things more on the housekeeping side of running your business, like meeting tax and other important government deadlines. Monday, March 17 : S corporation and partnership tax returns are due for calendar-year businesses. Whats in it for you?

tax return

Accounting Insight

JANUARY 16, 2025

Do you feel ready to do your Self Assessment tax return with a smile this year? From April 2024, taxpayers voluntarily joining MTD for ITSA has a new set of penalties for missing deadlines. Late filing The deadline for filing your Self Assessment tax return online is midnight 31 January 2025.

tax return

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.

income tax

Accounting Today

JULY 24, 2025

He underreported his taxable personal income, which resulted in his evading at least $1.9 million in income tax. West Long Branch, New Jersey: Resident Matthew Tucci has pleaded guilty to tax evasion. Hoover, Alabama: Chiropractor Gary Forrest Edwards has pleaded guilty to tax evasion and to obstructing the IRS.

Tax

Accounting Today

JUNE 12, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns.

Tax

Accounting Today

JUNE 19, 2025

Nixa, Missouri: Tax preparer Tina Louise Yager has pleaded guilty to making false and fictitious claims against the U.S. Yager used clients information to present false returns to the IRS from November 2023 through March of 2024, submitting returns in the name of her clients without their knowledge or approval.

Tax

Reckon

FEBRUARY 20, 2025

However, the new reporting scheme has left some NFPs uncertain of their status or tax obligations. Announced in 2021, the Australian government imposed the new self-reporting requirements to ensure that only eligible NFPs can access income tax exemption. This is a drastic change from how tax exemption was calculated for NFPs.

Non-Profits

Going Concern

FEBRUARY 10, 2025

billion in the United States in 2024. You’d think it paid a lot in taxes, right? Well it paid precisely $0 in federal income taxes last year. Sendil Palani replies : Professor, Respectfully, Tesla’s income taxes are not an example of fraud. You want waste and fraud?

Indiana

Menzies

JANUARY 23, 2025

HMRC launched a new one-to-many campaign on 15 January 2025 specifically targeting delivery drivers who HMRC believe have failed to deliver a tax return disclosing their income. Read on to find out how to address your past and present UK tax obligations. What should I do if I earned more than 1,000 income?

tax return

Withum

JANUARY 7, 2025

Per these regulations, Form 1099DA will be used to report digital asset sales to the IRS and to assist taxpayers with reporting on their income tax returns. The IRS requires that these forms be sent to taxpayers in early 2026 for use on taxpayers tax returns for the 2025 tax year. According to Rev.

tax return

Withum

DECEMBER 17, 2024

It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate. As an example, owners of S Corporations and Partnerships currently have the potential to pay taxes up to a 37% federal income tax rate. Withum has experienced advisors to guide you through this uncertainty.

Tax

Accounting Today

JUNE 26, 2025

1, 2024; and CPA Walter W. 20, 2024, and attorney Jason M. 10, 2024, and attorney Catherine E. 14, 2024, and CPA George O. 4, 2024; Enrolled Agent John A. Klein, in New City, New York, (effective July 22, 2024). Hartford, Connecticut: Tax preparer Clyde Gibson Jr., 43, has pleaded guilty to tax fraud.

Tax

CPA Practice

DECEMBER 11, 2024

Designated Roth accounts in a 401(k) or 403(b) plan will not be subject to the RMD rules while the account owner is still alive for 2024. Penalties for missed distributions If an account owner fails to withdraw the full amount of the RMD by the due date, the owner is subject to a 25% excise tax on the amount not withdrawn.

tax return

CPA Practice

JULY 30, 2025

The One Big Beautiful Bill Act returns the 1099-K reporting threshold to $20,000 and 200 transactions. 1099-K threshold reverts to pre-2024 levels Form 1099-K is used to report payments received for goods or services from payment apps (e.g.,

Technology

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.

Tax

CPA Practice

JUNE 26, 2025

Our partnership with Avalara has been instrumental in managing our indirect tax compliance amidst rapid growth and international expansion,” said Vivek Dadhania, Tax Manager at Therabody. The automation and support provided by Avalara have transformed our tax processes, allowing us to focus on our core business and future growth.”

Technology

Dent Moses

JULY 8, 2025

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. Small businesses (with gross receipts under $31 million) can retroactively apply the deduction for tax years 2022-2024.

Gambling

Menzies

JULY 23, 2025

You may also need to pay Income Tax and National Insurance if you receive crypto through: Employment Mining Staking Lending or yield-generating platforms These tax rules aren’t new, but the enforcement landscape is changing rapidly. close close What happens if you don’t comply? swap, sale, staking, reward) 3.

Georgia

Going Concern

JULY 18, 2025

From 2017 to 2024, the Pentagon confirmed that there is $10.8 Lenexa tax preparer sentenced to prison for false income tax returns [ KCTV ] Sixty-one-year-old Hophine Bwosinde pled guilty to one count of aiding and assisting in fraud and false statements, according to federal court documents shared Friday by the U.S.

audit

Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). If you hold long-term, appreciated capital assets, and are in the 0% rate bracket, consider selling enough long-term assets to maximize the 0% rate in 2024.

tax planning

CPA Practice

JULY 14, 2025

According to court documents, Festus Adenisimi, of Mansfield, Texas, was the owner of FA Tax, a tax preparation business located in Grand Prairie, where he and other tax preparers prepared fraudulent tax returns for their clients, often causing the IRS to issue refunds to those clients. in restitution.

tax preparation

Accounting Today

JULY 15, 2025

The February deadline applies to: Any individual, business or tax-exempt organization that has a valid extension to file their 2024 return due to run out on Oct. 15, 2025; Quarterly estimated income tax payments normally due on Sept. 15, 2026; Quarterly payroll and excise tax returns normally due on July 31, Oct.

Texas

CapataCPA

FEBRUARY 18, 2025

Federal and State Income Tax Extensions Individual income tax returns and payments normally due on April 15, 2025. 2024 contributions to IRAs and Health Savings Accounts. 2024 quarterly estimated income tax payments due January 15, April 15, June 16, and September 15, 2025.

Tax

Menzies

JULY 14, 2025

The October 2024 Budget signalled a seismic shift in the UK personal tax landscape, dismantling some of the long-standing benefits previously enjoyed by non-domiciled individuals. CGT to just 12% or 15% flat tax (depending on the year of distribution or benefit provision). Menzies LLP - A leading chartered accountancy firm.

income tax

Withum

JULY 29, 2025

Taxpayers in certain parts of the country have recently received IRS Notice CP59, stating, “We haven’t received your 2024 Form 1040 Federal Income Tax Return.” If you’ve received this notice and believe you have already filed your 2024 tax return, you are not alone. What If You’ve Already Filed?

tax return

Xero

FEBRUARY 26, 2025

The next phase of Making Tax Digital is coming. In April 2026, Making Tax Digital for Income Tax (MTD for IT) will be introduced, and its set to shake up the record keeping, reporting and tax requirements for self-employed people and landlords. MTD for IT filing will be available in all Xero business plans.)

income tax

RogerRossmeisl

APRIL 17, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

income tax

CPA Practice

FEBRUARY 28, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. The deadline to file returns in 2024 is April 15 (this sometimes varies based on weekends or state holidays). When will I get my tax refund? That’s without an expensive “tax refund loan” or other similar product.

income tax

CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan.

Tax