RogerRossmeisl

FEBRUARY 28, 2022

Back in 2017, the Tax Cuts and Jobs Act was signed into law which instituted a cap on the amount of state and local taxes (SALT) that individuals could report as Itemized Deductions on Schedule A. Starting with the 2018 tax year, the maximum SALT deduction available was $10,000. Previously, there was no limit.

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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. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

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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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SkagitCountyTaxServices

FEBRUARY 8, 2024

Before I get to those things, let me make a quick plug for getting on my calendar because business tax deadlines are coming and last-minute action is NOT a good strategy for keeping your Mount Vernon business compliant and tax-light. Most businesses formed before 2024 have until Jan.

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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. Full Bio.

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Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. The New York PTET allows partnership (including LLCs) and S corporation entities to make an annual election to pay an entity-level tax. PTET Income Tax Addback.

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income tax New York Tax New Jersey 112

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. appeared first on Withum.

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tax return payroll tax income tax Tax 69

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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tax return income tax California payroll 69

CPA Practice

JANUARY 25, 2023

Following are several key changes for small businesses included in SECURE Act 2.0. 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).

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RogerRossmeisl

APRIL 17, 2024

The qualified business income (QBI) deduction is available to eligible businesses through 2025. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. After that, it’s scheduled to disappear. How is QBI defined? QBI is reduced.

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CPA Tax cpa firm business tax 203

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. Here are some examples.

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Tax income tax CPA business tax 246

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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business tax Tax income tax payroll tax 52

CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

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South Dakota Tax Maryland income tax 124

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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income tax Tax financial statements corporation tax 111

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.

tax return 52

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.

tax return 52

tax return Real Estate bookkeeping Tax 52

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

CPA Practice

MARCH 15, 2024

He said the moves would reverse many large tax breaks enacted by the Trump administration. The president said he would like to see the corporate tax rate rise to 28%, and what’s known as the corporate minimum tax rate increased to 21%. Q: Is President Biden on the right track with his tax increase proposals?

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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

MAY 23, 2023

New Jersey’s top two state lawmakers gave an indication Monday that tax cuts — one proposed for seniors, another already planned for large corporations — are likely to be a big focus, and possibly spark a big fight, in the final weeks of state budget negotiations. Phil Murphy and top Democrats have agreed to let expire at the end of the year.

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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

CPA Practice

JANUARY 19, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) The House Ways and Means Committee voted overwhelmingly Friday to approve a $78 billion tax package that would revive a trio of business tax incentives and expand the child tax credit. to increase the $10,000 cap on state and local tax deductions to $60,000. Bill Pascrell Jr.,

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CPA Practice

FEBRUARY 16, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) The House rejected a rule that would provide for floor consideration of a bill to double the cap on state and local tax deductions for married couples earning up to $500,000, striking a blow to legislation championed by blue-state Republicans. of New Jersey—are considered Tilt Republican. D’Esposito said.

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CPA Practice

MAY 9, 2024

Erik Wasson Bloomberg News (TNS) The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 Extending the personal income tax cuts will cost $3.8 Extending the personal income tax cuts will cost $3.8

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Tax Washington income tax corporation tax 98

CPA Practice

FEBRUARY 5, 2024

TNS) In a rare show of bipartisan lawmaking, the House of Representatives on Wednesday overwhelmingly passed a bill that would expand the child tax credit for parents and restore a set of tax breaks for businesses, but its fate in the Senate is uncertain. By Orion Donovan Smith, The Spokesman-Review, Spokane, Wash. families.

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CPA Practice

JUNE 9, 2023

By Laura Weiss, CQ-Roll Call (TNS) The House Ways and Means Committee is preparing to consider a package of tax breaks for individuals and businesses next week, laying out GOP priorities ahead of potential bipartisan tax talks later this year. Ways and Means Chairman Jason Smith, R-Mo., Kevin Hern, R-Okla.,

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Tax New Jersey Maine New York 52

CPA Practice

MAY 25, 2023

GOP tax proposal after debt ceiling deal? Tax Notes (paywall) reports that House Republicans plan to unveil a 2023 tax package after a debt ceiling agreement is reached. Businesses that, as of last year, must amortize their R&D costs over five years would still like to see Congress address R&D tax relief in 2023.

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