ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. Expanded health insurance subsidies are extended through 2025. What’s new? •

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Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023). 9 & FAQ D.10

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ThomsonReuters

MARCH 5, 2024

To help accounting professionals better serve clients, this article takes a closer look at who must file Form 1042, the connection with Forms 1042-S and 1042-T, changes on the horizon, and more. These administrative exemptions are intended to promote effective and efficient tax administration.”

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CPA Practice

JANUARY 25, 2023

Beginning in 2025, the new law increases the limit from $7,500 to the greater of $10,000 or 150% of the regular catch-up limit for those aged 60-63 (indexed for inflation). These contributions are made with after-tax dollars, but future payouts are generally tax-free.

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CPA Practice

JANUARY 24, 2024

Choosing Retirement Plans Opening a corporate retirement plan is a great option to lower business taxes. Qualified, profit-sharing plans allow employees to contribute a portion of their wages to individual accounts, while also allowing the employer to make a tax-deductible contribution. may have felt too late to make.

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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.

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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. Do you need to: Increase your prices?

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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.

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Withum

NOVEMBER 29, 2023

Entities created in 2024 have until January 1, 2025, to file the report. Generally does not include a business’s accountants or lawyers, Board members, or partnership representative. Can I engage a lawyer or accountant to assist me with reporting? 5 & FAQ J.1. When is reporting required? 9 & FAQ D.10. See FAQ #B.7.

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KROST

JANUARY 25, 2021

The CARES Act launched the Paycheck Protection Program, which permitted businesses to take the PPP loan and apply for forgiveness under specific terms. However, guidance on how to account for business expenses used with the PPP loan was not provided. New Markets Tax Credit. It is extended through December 31, 2025.

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Real Estate CPA Tax public accounting 91

Withum

SEPTEMBER 15, 2023

Form 3115 is not required for the change in method of accounting related to Section 174 R&E expenditures if the change was made in the taxpayers’ first taxable year beginning after December 31, 2021. Let’s Chat The post Do You Need Help With 174? appeared first on Withum.

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tax return payroll tax income tax Tax 69

ThomsonReuters

FEBRUARY 9, 2024

Tax planning shift s: If passed, this legislation necessitates advising clients on restructuring executive compensation and exploring alternative tax strategies.

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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.

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Withum

DECEMBER 23, 2023

While all this start and stop is understandable in a deeply divided Congress, business owners remain stuck with dysfunctional tax law that is forcing them to make high, unexpected tax payments on their research and experimental (“R&E”) expenditures while paying 20-year high-interest rates to finance their increasing tax bills.

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ThomsonReuters

JANUARY 30, 2023

Senate Bill 37 proposes to increase the minimum wage to $15 per hour in 2024 and $20 per hour in 2025. per hour to $15 per hour by 2025. Tax credits State legislators are looking to offer businesses tax incentives for certain benefits to employees. Rhode Island. West Virginia.

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ThomsonReuters

DECEMBER 19, 2020

It limits the amount of business interest expense that a taxpayer can deduct, effective for tax years beginning after December 31, 2017. It expires (sunsets) after December 31, 2025. For tax years beginning on or after January 1, 2018, Code Sec. In addition, he has represented clients before the IRS.

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Real Estate New York Tax accounting and finance 105

LyfeAccounting

JULY 1, 2021

Well, the Tax Cuts and Jobs Act (TCJA) was the divorce party pooper and removed the deduction from the tax code for all divorces agreements and decrees that start between 2019 and 2025. If you have more questions about your taxes, then work with our accountants for business taxes today.

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xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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ThomsonReuters

MARCH 7, 2024

Any property that is subject to the rules of QIP and is leased by a single tenant now falls under the rules for QIP for tax accounting purposes. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027. By 2026, the bonus depreciation decreases to 20%.

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CPA Practice

MARCH 8, 2023

The new corporate AMT applies a 15 percent tax to a company’s  adjusted financial statement income  (AFSI). AFSI is a company’s net income or loss reported on its applicable financial statements (AFS), such as a Form 10-K filed with the SEC, including tax and accounting adjustments.

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. Missing these tax payment deadlines might result in penalties or interest charges.

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ThomsonReuters

OCTOBER 19, 2022

Easily analyze state tax issues across multiple jurisdictions with a 7-day trial of State Charts on Checkpoint Edge ! . Who needs to know: Accounting firms and other tax professionals. Keeping track of the various state income tax approaches for forgiven student loans can be a challenge for busy tax return preparers.

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income tax Kansas Kentucky Tax 64

xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Instead, the owners report business income on their personal income tax returns.

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tax return Real Estate bookkeeping Tax 52

xendoo

MARCH 14, 2023

With the qualified business income deduction (QBI), small business owners and self-employed workers could deduct up to 20% of their taxable income. The QBI deduction is only available to pass-through entities between the tax years 2018-2025. Instead, the owners report business income on their personal income tax returns.

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tax return Real Estate bookkeeping Tax 52

Withum

JANUARY 24, 2023

The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return. Catch-up Contributions Starting January 1, 2025, taxpayers 60 – 63 years old will be able to make catch-up contributions of up to $10,000 per year, indexed for inflation. appeared first on Withum.

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CPA Practice

JANUARY 10, 2024

Delays in processing amended tax returns and taxpayer correspondence. Despite the IRS’s success in eliminating its backlog of paper-filed Forms 1040, backlogs in processing amended individual income tax returns (Forms 1040-X), amended business tax returns and correspondence continued. Among her key recommendations: 1.

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tax return income tax Non-Profits Tax 64

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

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ThomsonReuters

JUNE 10, 2021

in 2025, and a base rate of $16.00 Employers must use one of the special payment methods if their average tax liability was $25,000 or more per month during the previous calendar year for business taxes, which includes withholding tax (wage withholding tax and non-wage withholding tax).

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payroll Vermont Tax Connecticut 98

ThomsonReuters

FEBRUARY 1, 2024

The Child Tax Credit will be indexed to inflation, and the refundable portion of the tax credit will be incrementally increased for the years 2023, 2024, and 2025. Taxpayers will have flexibility in using either current or prior-year income to calculate the credit during 2024 and 2025.

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ThomsonReuters

FEBRUARY 1, 2024

The Child Tax Credit will be indexed to inflation, and the refundable portion of the tax credit will be incrementally increased for the years 2023, 2024, and 2025. Taxpayers will have flexibility in using either current or prior-year income to calculate the credit during 2024 and 2025.

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Withum

JULY 26, 2023

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year.

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CPA Practice

JULY 20, 2023

“It’s very important that the middle-class families in the blue states recognize that the Republican Party actually is aware of the challenges that they have, and we are actually reconciling that and taking into account the fact that this very silly $10,000 arbitrary, capricious cap is a legacy thing,” Rep. Mike Garcia, R-Calif.,

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CPA Practice

JANUARY 2, 2024

If there is a tax package, let’s look at what could potentially be included. Republicans want to fully restore three popular business tax breaks: Research and development: Before 2022, firms could fully expense R&D costs in the year incurred. It drops to 60% in 2024, 40% in 2025, and so forth.

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CPA Practice

JUNE 30, 2023

Many of the plan’s tax breaks are slated to end after 2025, the same time that most of the provisions impacting individuals and estates in the 2017 tax law expire. Let’s delve into some of the main tax breaks in the House Republican plan. There’s a change to interest deductions on business debts of large firms.

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Tax income tax Washington Start-ups 122

LyfeAccounting

OCTOBER 29, 2020

With the US presidential election is right around the corner, and since we’re an accounting firm that loves taxes, it’s only right that we make a post discussing President Trump’s Tax Plan vs Former Vice President Joe Biden. What an Effective Tax System Looks Like. A fair tax system should produce similar outcomes.

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