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. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

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ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

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CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. The new filing requirements for 2024 caught many businesses off-guard, and they may not even realize it yet.

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CPA Practice

JANUARY 24, 2024

It’s too common in our profession that business owners search for tax deductions after receiving their tax bill. By that time, it is typically too late for anything to be done for that tax year, but to some owners, waiting to “cash in” after the next fiscal cycle is too long to wait. Tax Incentives with SECURE 2.0

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ThomsonReuters

MARCH 5, 2024

with filing their returns In today’s global business environment, it is likely that your firm’s client base includes some who pay U.S.-sourced For many of these clients, navigating the tax-related complexities can prove challenging, especially in light of new Form 1042 filing requirements handed down by the IRS.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2025 have 30 days after creation or registration to file a report. 9 & FAQ D.10 1 & FAQ F.4. See FAQ #B.7.

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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

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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Inform Accounting

NOVEMBER 18, 2022

We already knew that he was going to raise taxes and reverse most, if not all of the Truss Budget. The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%.

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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.

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KROST

JANUARY 25, 2021

This relief bill provides stimulus to individuals and businesses. As an industry impacted by the pandemic, real estate businesses can benefit from several key tax provisions in the package. Business Meals Deduction. Currently, the deductibility of business meals is limited to 50% of qualifying expenses.

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Withum

NOVEMBER 29, 2023

Federal income tax or information return reporting more than $5 million in U.S.-source 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. 5 & FAQ J.1. When is reporting required?

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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.

income tax 80

income tax Tax accounting standards accounting and finance 80

Withum

DECEMBER 23, 2023

Small business owners have been suffering in recent years with various federal tax laws impeding their ability to operate and grow. Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024.

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LyfeAccounting

JULY 1, 2021

And we’ll be talking about that in today’s post – the 10 most outrageous things you are taxed on. Top 10 Outrageous Things You Are Taxed On. The first one on our list of outrageous things you are taxed on probably never crossed your mind – illegal activities. Let’s dive in! Illegal Activities.

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ThomsonReuters

DECEMBER 19, 2020

163(j) was added by the Tax Cuts and Jobs Act (TCJA, PL 115-97). 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.

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ThomsonReuters

JANUARY 30, 2023

Table of contents: Minimum wage Paid leave Tax credits Unemployment Earned wage access Pay transparency Tipped workers Worker classification State-run retirement plans Work scheduling 1. 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.

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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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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

MARCH 7, 2024

Reassessment of lease terms As businesses strive to enhance their properties, the tax implications of Qualified Improvement Property (QIP) and its associated depreciation methods can be substantial. Let’s explore the definition of QIP, the tax benefits it offers, and the various depreciation methods available to optimize tax strategy.

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CPA Practice

MARCH 8, 2023

While designed to limit inflation, the IRA has also impacted various areas of taxation beyond IRS funding, such as bonus depreciation and the corporate alternative minimum tax (AMT). Understanding Then, the company paid whichever resulted in the highest tax bill. Corporate The IRA either created or reinstated green energy tax credits.

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ThomsonReuters

OCTOBER 19, 2022

In this edition, we take a look at the recently enacted corporate alternative (book) minimum tax; new elections to convert credits to cash or tax payments; changes to the electric vehicle credit; recent legislation in Kansas, Kentucky, and Missouri; and state taxation of forgiven student loans. Corporate Alternative (Book) Minimum Tax.

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income tax Kansas Kentucky 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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CPA Practice

JANUARY 10, 2024

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. The areas in which taxpayers continued to experience delays were primarily those that required employees to process tax returns and taxpayer correspondence.”

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tax return income tax Non-Profits Tax 64

ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 in its “ Green Book.”

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payroll Vermont Tax Connecticut 98

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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ThomsonReuters

FEBRUARY 1, 2024

This comprehensive legislation includes various provisions that address key areas such as the Child Tax Credit, business breaks, disaster tax relief, and affordable housing. Enhanced Child Tax Credit The bill includes provisions to enhance the Child Tax Credit , providing support to low-income families dealing with inflation.

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ThomsonReuters

FEBRUARY 1, 2024

This comprehensive legislation includes various provisions that address key areas such as the Child Tax Credit, business breaks, disaster tax relief, and affordable housing. Enhanced Child Tax Credit The bill includes provisions to enhance the Child Tax Credit , providing support to low-income families dealing with inflation.

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. trillion over ten years.

Tax 52

Tax income tax Manufacturing accounting and finance 52

CPA Practice

JULY 20, 2023

By Laura Weiss, CQ-Roll Call (TNS) House Republicans opposed to limits on deductions for state and local taxes are making their first stand in a move that could test their newfound power in the GOP conference. Several say no tax bill can get their support unless it allows more state and local tax deductions. New York Rep.

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CPA Practice

JANUARY 2, 2024

By Joy Taylor, Kiplinger Consumer News Service (TNS) Year-end tax legislation was a no-go this December, with congressional lawmakers gone for the holidays. But there is movement behind the scenes and the hope of tax changes by mid-2024. If there is a tax package, let’s look at what could potentially be included.

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CPA Practice

JUNE 30, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Now that a debt default has been diverted, Republicans in the House of Representatives are turning toward taxes. GOPers’ decision to pay for the cost of their plan by nixing some key green-energy tax breaks in last year’s Inflation Reduction Act is a nonstarter with Congressional Democrats.

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Tax income tax Washington Start-ups 122

LyfeAccounting

OCTOBER 29, 2020

?. President Trump vs Biden Tax Plan. 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.

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