ThomsonReuters

JANUARY 4, 2024

Jump to: Utilize short-term staffing solutions Incorporate AI and automation into your workflow Become a strategic advisor As accounting firms usher in 2024, it’s important to take a fresh look at the business landscape — both its challenges and its opportunities — to best prepare for the year ahead.

tax planning 78

tax planning Tax Technology tax return 78

CPA Practice

FEBRUARY 12, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026).

Tax 131

Tax Minnesota income tax payroll tax 131

Anders CPA

MAY 6, 2024

There are two major question marks that remain: When exactly will the reschedule happen and, once it does, when does 280E go away, in the 2024 or 2025 tax year? Until those questions are answered, we continue to recommend that businesses keep their tax reserve at the pre-reschedule level, separating it out into a separate bank account.

Texas 52

Texas tax return Tax CPA 52

ThomsonReuters

MARCH 6, 2024

According to our most recent analysis, some of the most searched terms within Checkpoint Edge are tax credits, Employee Retention Credit (ERC) , and the Inflation Reduction Act (IRA). Because the ERC expired for most employers on September 30, 2021, the credit is claimed by submitting an amended employment tax return on Form 941-X.

tax return 52

tax return payroll tax payroll Tax 52

Ronika Khanna CPA,CA

DECEMBER 28, 2023

GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. QST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. It should be noted that penalties and interest on overdue balances are not tax deductible expenses.

business tax 52

business tax Tax income tax tax return 52

Dent Moses

MARCH 21, 2024

million in 2024, either during their lifetimes or at death, without incurring federal gift or estate tax. It’s crucial to file a timely estate tax return to elect the portability of the deceased spouse’s unused exemption to the surviving spouse.

tax planning 52

tax planning Tax tax return Construction 52

CPA Practice

MARCH 20, 2023

Many of the changes for individuals in the Tax Cuts and Jobs Act (TCJA) are temporary and are scheduled to expire after 2025. But some are permanent provisions of the tax code. The withdrawals are exempt from tax. But the account doesn’t have to be just for higher education. Account for alimony.

Tax 85

Tax tax return Education Account 85

CPA Practice

FEBRUARY 27, 2024

The Internal Revenue Service announced today tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on Jan. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 31 and April 30, 2024.

tax return 69

tax return income tax California payroll 69

TaxConnex

NOVEMBER 10, 2022

Gain insight into why Robert started TaxConnex and his plans for our future as well as how sales tax has evolved over the years. I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms.

income tax 130

income tax tax return Tax Sales 130

Cherry Bekaert

JANUARY 18, 2024

2024-9 providing taxpayers with timely information concerning accounting method changes and the treatment of specified research and experimental (SRE) expenditures under Section 174 and Section 460. 2024-9 relieves the need for certain taxpayers to file non-automatic accounting method changes by year-end specifically, Rev.

tax return 89

tax return Tax Account accountant 89

VJM Global

FEBRUARY 6, 2024

Concept of revision of Tax returns is a very usual and vital part of the tax system as it allows taxpayers to rectify unintentional errors made while filing tax returns. Every tax system including income tax provides a facility to revise tax returns upto specified time period.

tax return 40

tax return income tax Tax Account 40

CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. The catch-up amount for people age 50 and older in 2023 is currently $7,500.

Illinois 96

Illinois Start-ups Tax CPA 96

CPA Practice

JUNE 19, 2023

But it’s the tax advantages of real estate investment trusts that I want to focus on here. Return of capital and REITs A REIT’s dividend or distribution income is ordinary income if held in a taxable account like an ordinary brokerage account (non-IRAs and non-401(k)s). under prior law.

Tax 111

Tax Real Estate income tax Legal 111

CPA Practice

DECEMBER 27, 2023

Required minimum distributions , or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. Act raised the age that account owners must begin taking RMDs. Act raised the age that account owners must begin taking RMDs. RMDs are taxable income and may be subject to penalties if not timely taken.

tax return 59

tax return Non-Profits Tax income tax 59

ThomsonReuters

DECEMBER 6, 2023

” He noted that in a “normal time,” the lack of regulations regarding tax return preparation “wasn’t seen as something that could be a huge issue.” However, during this time-out from new ERC claim processing, IRS guidance has removed some of the avenues that were used to justify the credit. .”

tax preparation 105

tax preparation Tax tax return payroll 105

Inform Accounting

MAY 31, 2022

New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched into tax years for the purposes of self-assessment profit reporting and income tax calculation.

Non-Profits 52

Non-Profits income tax tax return Tax 52

ThomsonReuters

DECEMBER 19, 2023

To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power. For accountants, understanding renewable energy tax credits and how they relate to individuals and businesses is essential in helping clients maximize their tax benefits.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

income tax 88

income tax Tax tax return Connecticut 88

CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. Grandparents, then, can maintain a 529 account, with their grandchildren as the beneficiaries, and distribute those funds to their grandchildren without it impacting aid eligibility. What is a 529 account?

Education 98

Education Transportation Michigan Virginia 98

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

tax return 69

tax return payroll tax income tax Tax 69

Cherry Bekaert

MAY 3, 2024

tax purposes (the classification may be different for foreign tax purposes) Expanding primarily into treaty countries or non-treaty countries, or both Keeping its cash offshore (e.g., income tax return. corporations that are expanding into high-tax countries. tax return. tax liability.

Tax 96

Tax income tax Non-Profits corporation tax 96

Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. So, if a tutor is earning less than £1,000 in a tax year from an online platform there will be no requirement to notify HMRC of this source or make a disclosure. The first reports made by the online platforms about their users must be submitted to HMRC before 31 January 2025.

Tax 59

Tax tax return chartered accountant Start-ups 59

Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? This facility exists specifically to help regularise your historic tax affairs.

Sports 59

Sports Tax tax return chartered accountant 59

ThomsonReuters

NOVEMBER 21, 2023

Jump to: Set engagements and expectations for next year Address economic pressures that are top of mind Advise on tax planning topics As the year comes to a close, most accounting firms are guiding clients through the complexities of year-end tax planning. Tax Cuts and Jobs Act (TCJA). Employee retention credits.

tax planning 52

tax planning Tax payroll tax Education 52

Reckon

MARCH 26, 2024

Thousands of Australian individuals and small businesses are now being hit with debts that they may have not been aware even existed – and were invisible on their MyGov account. Many report that their tax agents informed them there was no debt.

income tax 52

income tax tax return Tax online accounting 52

Dent Moses

MAY 19, 2023

Catch-up Contributions Increased Starting in 2025, the Act increases the current elective deferral catch-up contribution limit for employees between 60 and 63 years old. The dollar amounts are inflation-indexed after 2025. The dollar amounts are inflation-indexed after 2025.

tax return 52

tax return Tax Start-ups Construction 52

Withum

FEBRUARY 26, 2024

Previously, customers purchasing an EV could only apply for the credit on their individual federal income tax return, forcing them to wait up to a year or longer after purchasing the vehicle to realize the tax credit benefit. FinCEN projects that this filing requirement will affect over 32 million businesses in the first year.

Tax 52

Tax income tax tax return Sales 52

Withum

FEBRUARY 26, 2024

There is no better place for automotive accountants and CFOs to pack in CPE credits, networking, good food, and fun than at the AICPA Dealership Conference. It’s a chance for us to get together with our industry contacts, clients, and other accounting firms to discuss hot topics for the current year and the upcoming year.

cpas 52

cpas Tax Start-ups Sales 52

ThomsonReuters

OCTOBER 12, 2023

From understanding what foreign income is to navigating various tax forms and deductions, it is important for accountants to understand the ins and outs of U.S. federal income tax return ( Form 1040 ). tax return. tax return for foreign income taxes paid to a foreign government.

Tax 40

Tax tax return income tax Real Estate 40

CPA Practice

OCTOBER 20, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. 1705, the STEM Education in Accounting Act.

cpas 52

cpas CPA Education audit 52

CPA Practice

OCTOBER 19, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. Among the warning signs, businesses should be wary of vendors that require large, contingency fees and those who fail to sign the amended payroll tax returns. 1705, the STEM Education in Accounting Act.

cpas 52

cpas CPA Education audit 52

ThomsonReuters

JUNE 2, 2023

A little more than a week before the IRS issued a revised version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund), and its instructions , the IRS reported that there are nearly 1 million unprocessed amended employment tax returns.

payroll tax 52

payroll tax payroll tax return Tax 52

Xero

MAY 16, 2022

In this guide, we’ll look at what the government’s Making Tax Digital initiative means for your hospitality business in practical terms. We’ll also explore how the additional benefits of digitisation and cloud-based accounting software can help you run a healthier business. A closer look at MTD for hospitality. What is MTD? .

Hospitality 74

Hospitality Tax income tax tax return 74

Inform Accounting

NOVEMBER 18, 2022

From April 1st 2023 business rates will be reevaluated to take account of a rise in property values since 2017. Inevitably the Chancellor has decided that electric vehicles need to now pay road tax. This means that: Electric cars and vans will now pay road tax from 2025. Taxing cryptoassets: what you need to know.

Tax 52

Tax income tax tax return corporation tax 52

Menzies

OCTOBER 4, 2022

Menzies LLP - A leading chartered accountancy firm. The basis period reform will not affect businesses with accounting year ends to 5 April or 31 March. In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year.

income tax 52

income tax Tax chartered accountant tax return 52

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. It’s available through 2025 and the IRS has an FAQ on it that’s chock-full of details. How does this happen?

Tax 52

Tax tax preparation tax return cpas 52

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

income tax Tax accounting standards accounting and finance 80