Withum

OCTOBER 3, 2024

The current list of eligible localities is always available on the Tax Relief in Disaster Situations page on IRS.gov. Does disaster relief apply to a taxpayer that is not in a disaster area, but the tax preparer is? May 1, 2025 2024 Form 1065 March 15, 2025 *Postponement date would allow a proper extension until October 30, 2025.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Dent Moses

AUGUST 24, 2023

In June, we reported that the Alabama Legislature passed HB217, which eliminates the 5% withholding tax on overtime from January 2024 through June 2025. Employers are subject to reporting for 2023, 2024 and 2025. The post Guidance Provided for Overtime Pay Exempt from Alabama Income Tax appeared first on Dent Moses, LLP.

Alabama 52

Alabama income tax Tax Construction 52

CPA Practice

OCTOBER 23, 2024

With the 2025 income tax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). How to request an IP PIN The best way to sign up for an IP PIN is through IRS Online Account.

tax return 98

tax return Tax online accounting tax preparation 98

Anders CPA

APRIL 23, 2024

Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. This will happen unless Congress acts to extend these provisions or make them permanent.

Tax 52

Tax income tax tax planning CPA 52

Withum

MAY 7, 2024

The Internal Revenue Service (IRS) again postponed Required Minimum Distribution (RMD) rules for certain taxpayers owning inherited retirement accounts. The announcement delays mandatory distributions for these taxpayers that were previously expected to begin in 2024 and continue until 2025.

Account 98

Account accounted accountant income tax 98

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

Alaska 126

Alaska South Dakota North Carolina tax return 126

TaxConnex

OCTOBER 22, 2024

Alaska’s Remote Seller Sales Tax Commission confirms that the state will join the growing number of jurisdictions to repeal the transaction count requirement for determining economic nexus, effective next year. Kansas will cut its state sales tax on food to 0% by Jan. 1, 2025, part of a gradual reduction that began last year.

Sales 147

Sales Tax Alaska Nebraska 147

CPA Practice

AUGUST 2, 2023

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. The IRS processed more than 213 million electronically-filed tax returns earlier this year, which accounted for more than 81% of all individual tax returns.

Tax 98

Tax tax return Technology income tax 98

Withum

OCTOBER 7, 2024

Prior to the Tax Cuts and Jobs Act of 2017 (“TCJA”), unreimbursed out-of-pocket expenses paid by employees were treated as a miscellaneous itemized deduction on an employee’s personal tax return to the extent these out-of-pocket expenses exceeded 2% of the employee’s adjusted gross income. What is an accountable plan?

Expense Reimbursements 59

Expense Reimbursements Account accounted accountant 59

Menzies

OCTOBER 28, 2024

Menzies LLP - A leading chartered accountancy firm. An increase to capital gains tax? In their manifesto Labour promised not to raise income taxes, so we can reasonably expect the Government will be targeting other taxes in order to help raise funds to cover the so-called £20bn ‘black hole’.

income tax 59

income tax chartered accountant Tax Government 59

Dent Moses

JUNE 14, 2023

Key Provisions: The bill exempts Alabama state tax withholding on overtime from January 2024 through June of 2025 – extension will require a renewal by lawmakers. The post Governor Ivy Signs Bill to Exempt Overtime Pay from 5% State Income Tax appeared first on Dent Moses, LLP. Click HERE for a copy of HB 217.

income tax 52

income tax Alabama Tax payroll 52

inDinero Tax Tips

OCTOBER 22, 2024

LLC Taxes in Nevada Here are the primary reasons Nevada is an attractive place to start a business: While the average American pays 8.9% in state income tax, Nevada is one of a handful of states that doesn’t have personal income tax. That said, the state isn’t tax-free.

Nevada 59

Nevada Tax payroll tax income tax 59

CPA Practice

MARCH 8, 2024

By Joy Taylor, Kiplinger Consumer News Service (TNS) Taxes will be center stage in 2025 and 2026. Much of the 2017 tax law expires after 2025. Most provisions impacting individuals and estates end after 2025. Expect Congress to seek a way to pay for extending some or all of the tax cuts.

Tax 111

Tax income tax Washington Start-ups 111

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns.

tax return 132

tax return income tax Real Estate Tax 132

CPA Practice

DECEMBER 11, 2023

By Leada Gore, al.com (TNS) The maximum contribution amount for employees participating in a flexible spending account will increase in 2024, according to the IRS. Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year.

income tax 116

income tax payroll Start-ups Tax 116

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).

Minnesota 131

Minnesota Tax income tax payroll tax 131

Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. for all employees in April 2025. percentage points in April 2025.

Technology 59

Technology chartered accountant income tax Tax 59

CPA Practice

SEPTEMBER 9, 2024

Their withholding and tax credits to be less than the smaller of: 90% of the tax to be shown on their 2024 tax return, or 100% of the tax shown on their complete 12-month 2023 tax return. To figure 2024’s estimated tax, the IRS recommends using income, deductions, and credits from 2023 as a starting point.

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. Capital gains tax reliefs – access to reliefs from taxes on chargeable gains.

Tax 52

Tax income tax chartered accountant accounting and finance 52

Withum

SEPTEMBER 16, 2024

Participants may spread income recognition over a 3-year period for Federal income tax purposes. Plans may permit repayable, in-service access to up to the lesser of $10,000 or 50% of the participant’s account balance from a defined contribution plan for a participant who is a victim of domestic abuse.

CPA 124

CPA audit Real Estate income tax 124

CPA Practice

JULY 1, 2024

The regulations require brokers to report certain sale and exchange transactions that take place beginning in calendar-year 2025 on the soon-to-be released Form 1099-DA. This information will give taxpayers confidence in reporting income from digital assets while improving compliance efforts,” the agency said.

Tax 114

Tax Real Estate tax return Sales 114

CPA Practice

OCTOBER 24, 2024

Here’s why, but with one condition: If you take a withdrawal from a 401(k) account before you are 59 and a half, it will immediately be assessed a 10% tax for early withdrawal. The funds you take out of your 401(k) also will be taxed like earned income. When you add the 10% penalty tax, that’s a big loss.

income tax 52

income tax Tax accounted Account 52

SkagitCountyTaxServices

SEPTEMBER 19, 2024

Here’s how you know (as quoted directly from the BOI reporting FAQ page ): “A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.” Estimated taxes are quarterly payments made throughout the year to prepay your annual income tax liability.

Tax 70

Tax income tax CPA tax preparation 70

Withum

OCTOBER 17, 2024

Key Tax Provisions Set to Expire in 2025 Let us focus on what we do know with absolute certainty today about taxes. For example, taxable income of 1,000,000 from a passthrough entity for an individual in the highest tax bracket will see an increase of taxes of about 100,000.

Tax 52

Tax tax planning Real Estate Non-Profits 52

Cherry Bekaert

MAY 3, 2024

What Is Global Tax Minimization? Global tax minimization is the process that companies follow to fully comply with the tax law in each country in which they operate in such a manner that their worldwide income tax liability is reduced to the lowest possible amount. income tax return. income tax.

Tax 104

Tax income tax Non-Profits corporation tax 104

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 accounted accountant tax return 52

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. Avalara has more than 2,000 accounting firms that use their system to electronically file these forms on behalf of their clients.

Technology 123

Technology accounts payable accounting firms income tax 123

CPA Practice

OCTOBER 5, 2023

When you retire, your taxable income, and thus your tax rates, fall. When you turn on Social Security and start taking distributions from retirement accounts, it pops back up. During this time, you can move money from pre-tax retirement accounts into Roth IRA accounts and pay taxes at your current rate.

Tax 111

Tax income tax tax planning accounting and finance 111

CPA Practice

SEPTEMBER 18, 2023

Roth conversions Taxes are extremely important and can have a huge impact on your retirement income. One strategy that can help lessen your tax burden later in life is converting your accounts to Roth IRAs. At the end of 2025, our current income tax brackets will likely revert to their pre-2018 rates.

Tax 119

Tax income tax Non-Profits tax planning 119

Shay CPA

OCTOBER 21, 2024

By certifying as a QETC, your business income tax rate is 0.04875 versus 0.0725, which is a considerable saving. At the earliest stages, most tech companies usually run into net operating losses, meaning their business income tax base calculation is likely 0. Say you have a team of eight in 2023.

New York 52

New York Technology income tax corporation tax 52

CPA Practice

JANUARY 27, 2023

Penalty-free emergency distributions: Usually, a 10% penalty applies on top of regular income tax to distributions from a retirement plan or IRA, unless a special exception applies. Beginning in 2024, you can take emergency distributions without penalty of up to $1,000 a year from a retirement account to cover certain financial needs.

income tax 128

income tax Tax Start-ups Education 128

TaxConnex

NOVEMBER 10, 2022

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. I then went to the BellSouth Corporation tax department and had various roles.

income tax 130

income tax tax return Sales Tax 130

ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

CPA Practice

OCTOBER 9, 2024

Maine governor Janet Mills wanted to get rid of the red tape that separates many Down East nonprofits from sales tax exemptions. She succeeded: As of January 1, 2025, thousands of nonprofits in Maine will be eligible for a blanket exemption. By Gail Cole. Which nonprofits qualify for the new blanket exemption?

Maine 115

Maine Sales Tax Texas 115

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

Ronika Khanna CPA,CA

DECEMBER 28, 2023

Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST. GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. If tax returns are filed on time, but the balance due is not paid, only interest applies.

business tax 52

business tax Tax income tax tax return 52

Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Mandation of MTD for ITSA will not be extended to general partnerships in 2025 as previously announced.

Government 83

Government Tax income tax accounted 83