CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. 31, 2025—at which point they will revert to pre-TCJA levels. 529 plan accelerated gifts. million to $11.2

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Anders CPA

NOVEMBER 22, 2022

With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right. Traditional retirement accounts are funded with pre-tax dollars, reducing your tax liability at contribution. Other Income Could Be Lower.

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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. Under the current year basis they only need the accounts to 30 June 2024.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

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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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ThomsonReuters

FEBRUARY 9, 2024

Firms must prepare for potential shifts in tax liabilities and advise clients accordingly. Tax planning shift s: If passed, this legislation necessitates advising clients on restructuring executive compensation and exploring alternative tax strategies.

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CPA Practice

MARCH 16, 2023

This change essentially allows individuals to keep more of their savings invested for a longer period of time and lengthens the timeframe to convert tax-deferred assets to tax-free assets using options such as a Roth IRA. It’s also important to note that in 2025, the Secure Act 2.0 million for couples free of gift taxes.

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ThomsonReuters

SEPTEMBER 7, 2023

However, navigating ever-changing child and dependent tax credits and encouraging clients to keep track of relevant documentation throughout the year can be a complicated process, to say the least. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441.

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ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

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LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. Tip #5: Max Out Your Retirement Accounts.

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ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. How is the EITC changing?

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ThomsonReuters

OCTOBER 19, 2022

Client Letter: 2150 Corporate Alternative Minimum Tax for Tax Years beginning on or after Jan 1.2023. PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT). Tax-exempt organizations may make this election for twelve credits.

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