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House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

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).

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Top searched terms on Checkpoint Edge show a continued interest in the ERC

ThomsonReuters

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.

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Tax planning strategies to start the new year with

ThomsonReuters

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.

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Do You Need Help With 174?

Withum

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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Significant Amended Return Backlog Remains As IRS Issues Revised Form 941-X and Instructions

ThomsonReuters

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. The return must still be filed on paper.

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Year-end tax planning strategies: Provide your clients with expert guidance

ThomsonReuters

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.

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AICPA News – Oct. 2023

CPA Practice

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.

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