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While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. For 2025, the standard deduction will increase to $15,000 for single taxpayers, $30,000 for married couples filing jointly and $22,500 for heads of household. For 2025, the highest. Here are the highlights.
As we approach 2025, changes are coming to the Social Security wage base. 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.
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).
If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg. If youre not already contributing the maximum allowed, consider increasing your contribution in 2025. The amounts are indexed for inflation.
Use these handy calendar templates to stay on top of payroll in 2025! Download them today to share with your HR team or post for employees. Whether your company has biweekly, semi-monthly, or monthly pay periods, Paycor has you covered. Get your templates today!
We’re excited to open the nominations for the 2025 Most Powerful Women in Accounting.” The nomination period for the Most Powerful Women in Accounting Awards will close on January 31, 2025. For this reason, we are delighted to give women leaders more visibility and celebrate their accomplishments.
Another survey indicated that 83% of financial hiring managers believe the talent crisis will continue through 2025, if not longer. And in this TaxConnex survey of financial professionals, it showed that more than three out of five struggle to attract and retain staff with sales tax expertise.
According to our latest survey of over 100 finance professionals, 85% of businesses are at least somewhat likely to adjust how they manage sales tax in 2025, with 47% being very likely to make changes. The top three reasons that respondents are looking to change their sales tax processes in 2025 are: 1.
In 2025, this shift will deepen as CFOs rely on real-time financial data, AI-driven insights, and integrated tools to make informed decisions. In fact, accounting and finance is predicted to be one of the top areas impacted by AI in 2025. The post Top 5 Trends Impacting Accounting in 2025 appeared first on Accounting Seed.
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When kicking off the 2025 budgeting process, CFOs will need to revisit and pressure-test the scenarios, assumptions, and decisions that were employed for the previous year. From geopolitical volatility to the transformative business impact of AI, many uncertain factors impact economic forecasting for 2025.
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. 57% of accounting firms plan to increase fees across all services in 2025. Or at least half-in. Clients are just going to loooove that.
The 2025 Middle Market Survey report from UHY, shows the majority of business owners have at least some optimism when it comes to the state of business in 2025. To download the full 2025 Middle Market Survey report please visit: [link].
The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post Inflation Enhances the 2025 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. Within specified dollar limits, an above-the-line.
📆 March 13, 2025 at 9:30am PT, 12:30pm ET, 5:30pm GMT . 🚀 Upskilling your accounting toolkit to build financial resilience. Reclaim your influence and deliver greater value as a trusted advisor. Save your seat today!
However, in 2025, many CPA firms will be dealing with a challenge that is far from new: attracting skilled talent. Research for the 2025 Salary Guide From Robert Half found that 85% of finance and accounting managers in the U.S. CPA firms need to be prepared to compete hard for skilled professionals in 2025 — that’s a fact.
Withum is proud to share that the South Florida Business Journal has honored Russell Goldberg, Partner in Charge of Withums Boca Raton Office , as a 2025 Power Leader in the Professional Services category. Learn more about the 2025 Power Leaders featured in the Professional Services Category.
Accounting and Tax Pricing Benchmark report from Ignition, which surveyed 345 owners and decision-makers in accounting firms, adds that most firms are planning to increase fees across services by 5% or 10% in 2025. Key findings include: 57% plan to increase fees across all services. 90% plan to increase fees for individual tax returns.
An employee who chooses to participate in an FSA can contribute up to $3,300 through payroll deductions during the 2025 plan year. For FSAs that permit the carryover of unused amounts, the maximum carryover amount to 2025 is $660, increasing from $640 in tax year 2024. Self-employed individuals are not eligible.
Starting January 1, 2025, EAP employees making less than $58,656 a year are going to be eligible for overtime. There’s a new overtime salary threshold that will impact employers across the country.
Theyre treated as taxable gifts to the child, but theyre eligible for the annual gift tax exclusion ($19,000 in 2025). State governments or private institutions establish 529 plans. Contributions arent deductible. If you contribute more than the.
Beginning in 2025, participants in 401K or other employer-provided qualified retirement plans who are age 60, 61, 62, or 63 by 12/31/25 can take advantage of the Super Catch-Up Contribution, which is $11,250 instead of. The Secure 2.0 Act is raising the catch-up contribution limit for workers, with the goal to make retirement more attainable.
For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. Unfortunately, under current law, you may be unable to deduct as much as you could years ago. The changes resulted from the Tax Cuts and Jobs Act (TCJA), which could also affect your tax benefit from medical and charitable miles.
Specifically: * Companies created or registered prior to January 1, 2024 have until January 13, 2025 to file. Companies created or registered on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file. What are my options?
Speaker: Claire Grosjean, Global Finance & Operations Executive
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The post Whats new in Xero – February 2025 appeared first on Xero Blog. You can check out the December 2024 edition here , and for a full list of what’s new this February, check out the release notes in Xero Central.
Here is the full list of new interest rates for Q1 of 2025: 7% for overpayments (payments made in excess of the amount owed), 6% for corporations. The IRS announced on Monday that interest rates will decrease by a percentage point across the board for the calendar quarter beginning Jan. 7% for underpayments (taxes owed but not fully paid).
On January 6, 2025, the Pension Benefit Guaranty Corporation issued Technical Update 25-1, lending guidance on the timing of premium payments for all 2025 Plan Years. This means that for all 2025 plan years, premium payments are due one month earlier than the Normal Premium Due Date (e.g.
Psst, take our 2025 Predictions for the Accounting Profession survey. He says 2024 was all about proving what AI brings to the tableand expects 2025 will shift more into scaling it. To see 2024 survey results, check out this post.
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On May 10, 2025, New York Governor Hochul signed the 2025-2026 budget bill into law. Federal Partnership Audit Conformity The 2025-2026 budget also conforms New York to the federal partnership audit rules. While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers.
Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus systems are tax-free to a recipient employee up to a monthly limit of $325. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up.
Withum is proud to announce that Kirk Holderbaum , Partner and Chief Growth Officer, has been recognized by NJBIZ as a 2025 ICON. In January of 2025, Kirk received the prestigious Withum Way Strength Award , recognizing his exceptional leadership and ability to develop strong client relationships.
Form 1099 non-compliance penalties for failure to file and failure to furnish can be substantial, as well as the imposition of backup withholding, which is currently 24% for tax years through 2025 for non-maintaining certain vendor-completed Forms W-9.
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Rev up for the Winter 2025 issue of Dealer Vision ! Let’s Chat The post Dealer Vision: Winter 2025 appeared first on Withum. This edition is fully-loaded with the insights and strategies to keep your dealership running at peak performance.
The fourteenth edition of Accountex London is around the corner, taking place at Excel on the 14-15 May 2025. Accountex London is taking place at Excel London on the 14-15 May, 2025. The post New product launches at Accountex London 2025 appeared first on Accounting Insight News. Register for your free ticket here.
Whether investing in a 401(k), IRA, or another retirement plan, you and your team should understand the rules and limits for 2025. Use our quick-reference chart to learn 401(k) contribution limits 2025, IRA contribution limits, and more. 401(k) contribution limits 2025 The 2025 401(k) contribution limit […] Read More
Its been a massive start to 2025! The post What’s new in Xero March 2025 & Quarterly Wrap appeared first on Xero Blog. In February , we shared enhancements weve made to invoicing. Check out more in our quarterly wrap video below.
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The first quarter of 2025 is packed with critical tax deadlines for startups. To Read More The post Key Q1 2025 Tax Deadlines for Startups appeared first on Burkland. Missing these dates can result in penalties, compliance issues, and lost opportunities for valuable tax credits.
The post Key Q2 2025 Tax Deadlines for Startups appeared first on Burkland. Q2 tax deadlines are coming fast. Stay ahead of key filings, avoid penalties, and keep your startup on track with this essential guide.
I recently joined Gary DeHart of Insightful Accountant to discuss exactly that question, and to walk through my picks for the Top 10 Accounting Conferences of 2025. Whats the point? Why I Attend Accounting Conferences Back in 2016 I wrote a blog post about my takeaways from the first Scaling New Heights conference I attended.
📆 September 23, 2025 at 9:30am PDT, 12:30pm EDT, 5:30pm BST For finance and accounting professionals ready to climb higher, this is a chance to rethink what leadership really requires. If you’re ready to lead, not just contribute, this session will help you take the next step with clarity and purpose.
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