Dent Moses

MARCH 21, 2024

For the past five years, taxpayers have enjoyed historically high gift and estate tax exemptions, thanks to the Tax Cuts and Jobs Act of 2017. million in 2024, either during their lifetimes or at death, without incurring federal gift or estate tax. How many estate tax returns are filed annually, and how much tax is paid?

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CPA Practice

MARCH 20, 2023

The Tax Blotter is a round-up of recent tax rulings and legislation. 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. Account for alimony.

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Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec). If tax returns are filed on time, but the balance due is not paid, only interest applies.

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Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This allows S corporations to avoid double taxation on the corporate income.

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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.

Tax 110

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Online tutors are easy to find and there are many websites offering to match students to tutors, but how many tutors consider the potential UK tax reporting obligations arising from their endeavours? What will private tutors want to know? What to do if a disclosure is required?

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ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

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CPA Practice

DECEMBER 18, 2023

It is used to open bank accounts, apply for business licenses, register with government agencies and submit many other applications, including paying and filing tax returns. An EIN is required for entities to obtain when starting a business or engaging in transactions in the U.S. currently may do.

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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? If you receive any prize money from outside the UK, tax may be withheld on these earnings.

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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.

Account 52

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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

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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.

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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. At present, once an unincorporated business is established, it is taxed on the current year basis.

Account 52

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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. 31 and April 30, 2024.

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ThomsonReuters

MARCH 6, 2024

So, what are users searching for this tax season? 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). However, Form 941-X may currently only be submitted by paper, increasing processing times.

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CPA Practice

APRIL 19, 2024

By 2027, marketplaces may account for 59% of ecommerce globally. But running a marketplace also brings unique tax and compliance challenges. Our 2024 Avalara Tax Changes report explores new and changing requirements for marketplace facilitators and sellers across a variety of industries. Who wouldn’t want a piece of that pie?

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Xero

APRIL 30, 2024

We’ve put a lot of consideration into creating streamlined plans with bundled tools and features, to help solve your most important accounting and people management tasks. Find out more about the plans and what’s included for small businesses and accountants and bookkeepers.

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Withum

FEBRUARY 26, 2024

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. Key Tax and Filing Requirements As we are still early in the new year, it is the right time for a refresher on several key tax and filing requirements happening in 2024.

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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.

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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. Create consumable content on-demand.

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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. So, to make sure we’re all on the same page, here are a few choice tax benefits that are often overlooked.

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inDinero Tax Tips

SEPTEMBER 13, 2023

Understanding these new provisions is critical for maximizing potential tax benefits as a small business owner. It provides tax incentives for small businesses that start a new retirement plan. The act increases the tax credit for small businesses that start a new retirement plan. The SECURE Act 2.0 Overview of the SECURE Act 2.0

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ThomsonReuters

OCTOBER 12, 2023

Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. To support this effort, forward-thinking accounting firms are increasingly using tax preparation software and scan-and-populate solutions to tackle the challenges of foreign income reporting. What is FEIE?

Tax 40

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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

Tax 52

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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. There is one caveat, however.

Illinois 96

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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.

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Xero

MAY 16, 2022

From pandemic restrictions to Making Tax Digital (MTD), hospitality businesses have had to stay agile and adapt to many changes in the past few years. In this guide, we’ll look at what the government’s Making Tax Digital initiative means for your hospitality business in practical terms. A closer look at MTD for hospitality.

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ThomsonReuters

SEPTEMBER 7, 2023

Jump to: Child and dependent care credit FAQs What is kiddie tax? What is the adoption tax credit? Claiming children on taxes Choosing the best tax preparation software As all working parents know, the cost of child and dependent care can be a significant financial burden.

Tax 52

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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

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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.

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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

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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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ThomsonReuters

FEBRUARY 11, 2021

The IRS has issued an updated Form 8994, which is used by employers to figure the tax credit for providing paid family and medical leave (see our Checkpoint article ). The credit, which was initially available only for tax years beginning in 2018 and 2019, was later extended through 2020 (see our Checkpoint article ). Instructions.

Tax 52

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Reckon

MARCH 26, 2024

We have the ATO chasing tax debts, the Fair Work Commission making decisions on the national minimum wage, and more steadying of interest rates and inflation. The ATO is owed tens of billions of dollars in income tax debt, mostly by individuals and the self-employed. Many report that their tax agents informed them there was no debt.

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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. Additional Provisions Other provisions of Secure 2.0

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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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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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