Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

Tax 97

Tax income tax Sports payroll 97

Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

income tax 105

income tax Tax Sports payroll 105

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.

tax planning 52

tax planning Tax tax return income tax 52

CPA Practice

MAY 10, 2024

KSM Announces Appointments for Five New Leadership Roles Katz, Sapper & Miller (KSM) recently announced the appointments of Erin Eberly, Jason Patch, Mike North, Mike Lee, and Jamie Ellis to newly created roles overseeing the firm’s tax, audit, and advisory practices, its industry groups, and its operations.

Tennessee 64

Tennessee New York audit income tax 64

SkagitCountyTaxServices

MARCH 17, 2023

Forward-thinking is a must in business… that goes for your taxes too. But first, let’s talk about your tax filing. While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. And I’m going to dive into what that looks like today.

tax planning 52

tax planning business tax Tax tax return 52

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.

income tax 74

income tax tax return Non-Profits bookkeeping 74

CPA Practice

JANUARY 29, 2024

And yet, investors often overlook the critical role tax efficiency can play in successful retirement planning. This isn’t something you can wait until each year’s tax season to worry about and maybe try to play catch-up. A Roth IRA can provide more flexibility when it comes to paying taxes in retirement.

Tax 119

Tax income tax Washington tax planning 119

CPA Practice

JANUARY 11, 2024

Kavanagh joins CohnReznick as Assurance Partner CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, recently announced that Charles (Chuck) Kavanagh , CPA has joined the firm as an assurance partner. DeRose, CPA, CGMA, as its new Managing Director.

Delaware 59

Delaware Georgia CPA bookkeeping 59

CPA Practice

JANUARY 22, 2024

Careful planning can use this individual ownership interest to save substantial tax in the event of the sale of the corporation or company. million in tax on the sale and a safe, predictable stream of income in the amount of $180,000 per year for his and his spouse’s lives. This is for at least two reasons.

Tax 98

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Anders CPA

APRIL 23, 2024

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2 million to $11.2

Tax 52

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

Tax 98

Tax payroll Expense Reimbursements Gaming 98

ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

corporation tax 52

corporation tax Tax tax return income tax 52

CPA Practice

JUNE 13, 2024

The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 Given the federal estate tax rate of 40% and an expected exemption reduction of $7 million, this reversion would result in tax liability of up to $2.8

Tax 119

Tax income tax Real Estate Illinois 119

Cherry Bekaert

JANUARY 19, 2024

Charitable trusts have long been a powerful tool for estate planning, but some tend to be more effective at tax savings than others in certain interest rate environments. Annuity distributions are taxable each year to the noncharitable beneficiary and reported on Schedule K-1 from the trust to the extent of income earned by the trust.

income tax 52

income tax tax return Tax tax planning 52

CPA Practice

JUNE 10, 2024

They dread the scrutiny, penalties and other unfortunate outcomes when the IRS questions the accuracy or the veracity of their tax return. The IRS recently announced its plans to significantly ramp up tax audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026. Dirty Dozen.

audit 72

audit Real Estate Tax income tax 72

CPA Practice

JUNE 11, 2024

They dread the scrutiny, penalties and other unfortunate outcomes when the IRS questions the accuracy or the veracity of their tax return. The IRS recently announced its plans to significantly ramp up tax audits on the wealthiest taxpayers, large corporations and large, complex partnerships for tax year 2026. Dirty Dozen.

audit 52

audit Real Estate Tax income tax 52

ThomsonReuters

OCTOBER 12, 2023

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. tax liability on that income.

Tax 40

Tax tax return income tax Real Estate 40

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

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.

Account 52

Account accountant accounted tax return 52

Withum

MARCH 3, 2022

A topic that got a tremendous amount of attention was LIFO(last in, first out) – with the limited supply of new vehicles out there, LIFO was going to be an income pick-up this year, and a particularly nasty one at that. in future years (assuming any tax reform could get through Congress).

Tax 52

Tax income tax Start-ups Manufacturing 52

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?

Tax 52

Tax income tax tax planning payroll 52

CPA Practice

APRIL 2, 2024

Miser, Kiplinger Consumer News Service (TNS) For retirees, navigating the intricate landscape of taxes is a nuanced task. That’s because your taxable income is dependent on how you file. This is especially important when it comes to the net investment income tax (NIIT). What is the net investment income tax?

income tax 59

income tax Tax Washington tax planning 59

CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. TCJA brought sweeping changes to the tax code for both businesses and individuals. 529 plan accelerated gifts.

Tax 119

Tax income tax Non-Profits Education 119

TaxConnex

NOVEMBER 2, 2023

October 15 th ended the last major income tax due dates in 2023. Most CPAs use the fourth quarter of the year for audit and tax planning for clients, strategic planning for the firm and of course, CPE. Both of these changes can directly impact your clients’ sales tax responsibilities.

Sales 194

Sales Tax income tax tax planning 194

ThomsonReuters

FEBRUARY 8, 2024

Jump to: How are LLCs taxed? How can an LLC reduce its taxes? However, LLCs also enjoy certain tax advantages that make them popular, especially for small business owners. How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income.

Tax 52

Tax income tax payroll tax Healthcare 52

CPA Practice

MARCH 16, 2023

With the individual tax filing deadline approaching, high-net-worth (HNW) individuals and their advisors should be aware of the latest federal tax changes for 2023 that may impact their financial and retirement planning, especially as pandemic-related tax breaks begin to expire. million for couples free of gift taxes.

Tax 103

Tax Non-Profits tax planning Account 103

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.

income tax 70

income tax Tax tax planning 70

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.

Tax 106

Tax income tax tax planning 106

Accounting Today

JUNE 10, 2024

Donald Trump said he'd scrap taxes on tipped earnings for hospitality workers if he wins the White House, calibrating his message for swing-state voters in Nevada as he fights back after his felony conviction.

Nevada 112

Nevada Tax Hospitality income tax 112

Accounting Today

JUNE 17, 2024

Donald Trump's new proposal to exempt tips from taxation would add between $150 billion to $250 billion to the federal budget deficit over 10 years, a budget watchdog group forecast on Monday.

Tax 65

Tax income tax tax planning 65

CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

tax planning 116

tax planning Tax New Jersey Ohio 116

CPA Practice

MAY 13, 2024

By Ranjeetha Pakiam, Laura Davison and Hadriana Lowenkron, Bloomberg News (TNS) Donald Trump pledged to double down on tax cuts if he wins a second term as president, drawing a distinction with President Joe Biden who has called for tax hikes on businesses and the richest Americans. ©2024 Bloomberg L.P. Visit bloomberg.com.

Tax 52

Tax New Jersey income tax tax planning 52

CPA Practice

MAY 9, 2024

Erik Wasson Bloomberg News (TNS) The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 Extending the personal income tax cuts will cost $3.8 Extending the personal income tax cuts will cost $3.8

Tax 98

Tax Washington income tax corporation tax 98