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 new initiative “marks a significant step in our efforts to digitalize IRS operations,” Yellen said. She added that taxpayers will still be able to submit forms and documents by paper, if they wish.

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Tax tax return Technology income tax 98

RogerRossmeisl

FEBRUARY 18, 2024

Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA. You report income and expenses.

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Tax CPA business tax 231

Going Concern

JULY 21, 2023

Inspired by @profjackc who shared some very important CPA Evolution dates and motivated by our undying sympathy for CPA exam candidates, we’re putting his reminder in picture form to make sure you have these dates. More on that from NASBA here. Candidates are encouraged to plan their testing schedules accordingly.

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CPA Start-ups Tax Account 84

Going Concern

OCTOBER 25, 2023

Today we’re going to look at CPA exam candidate numbers. In a vacuum the 2022 numbers aren’t terrible — 30,251 new CPA candidates, 67,336 unique CPA candidates, and 18,847 CPA candidates who passed their 4th section that year. 2021 to 2022 that’s a 6% decrease in new CPA candidates, a 6.8%

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CPA accounting degree cpas Start-ups 119

RogerRossmeisl

JULY 16, 2023

Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025. The post Traveling for Business This Summer?

tax return 242

tax return CPA Tax business tax 242

CPA Practice

APRIL 15, 2024

Vault’s ranking for 2025 came out Monday morning, and for the 12th straight year, PwC was named the top accounting firm in the U.S. Vault’s top accounting firms for 2025 are (previous year’s ranking in parenthesis): 1. April 15 isn’t just Tax Day. Insiders also laud the ‘continuous growth opportunities’ and ‘ability to work remotely.’”

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accounting firms top accounting firms Account accountant 59

CPA Practice

AUGUST 23, 2023

State CPA Societies in Action is a series of articles spotlighting the varied educational, advocacy, networking and professional activities of the state CPA societies across the U.S. TSCPA is the premier professional association for CPAs in Tennessee,” said Kara Fitzgerald, CPA, President/CEO of TSCPA.

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Tennessee cpas CPA Education 97

RogerRossmeisl

JUNE 19, 2023

If you reach age 72 in 2023, the required beginning date for your first RMD is April 1, 2025, for 2024. The post 4 Tax Challenges You May Encounter If You’re Retiring Soon appeared first on Roger Rossmeisl, CPA. Roth IRAs don’t require withdrawals until after the death of the owner. You can withdraw more than.

Tax 246

Tax CPA Account accountant 246

RogerRossmeisl

NOVEMBER 9, 2023

Many unable to claim a tax break For losses incurred from 2018 through 2025, the TCJA generally eliminates deductions for personal casualty losses, except for losses due to federally declared disasters. Note: The post Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases appeared first on Roger Rossmeisl, CPA.

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Tax tax return CPA 195

Cherry Bekaert

APRIL 30, 2024

may be down around 340,000 CPAs going into 2025. A Flexible, Cost-Effective Solution To Combat Talent Shortage Fortunately, there is a solution available — one that can help organizations plug the qualified CPA labor gap, minimize risk, and restore confidence in the financial markets in the process.

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CPA cpas audit accounting and finance 52

CPA Practice

MARCH 12, 2024

By Keerthi Vedantam, Kiplinger Consumer News Service (TNS) Among President Joe Biden’s requests in his newly released 2025 fiscal year budget are calls for strengthening and protecting Medicare and Social Security, moves previewed in his State of the Union address last week and ones that help to kick off his re-election campaign.

payroll tax 52

payroll tax income tax Hospitality Washington 52

RogerRossmeisl

JULY 30, 2021

Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025. appeared first on Roger Rossmeisl, CPA.

tax return 246

tax return Transportation CPA Tax 246

RogerRossmeisl

JULY 17, 2022

For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. appeared first on Roger Rossmeisl, CPA. Unfortunately, under current law, you may not be able to deduct as much as you could years ago. The post Can Individual Taxpayers Deduct Vehicle Expenses?

tax return 246

tax return CPA Tax 246

RogerRossmeisl

JULY 16, 2022

Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025. The post Your Estate Plan: Don’t Forget About Income Tax Planning appeared first on Roger Rossmeisl, CPA. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

income tax 246

income tax tax planning Tax CPA 246

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3%

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California CPA Tax Start-ups 246

Accounting Today

FEBRUARY 2, 2024

The Illinois CPA Society and its CPA Endowment Fund have begun accepting scholarship applications for the 2024-2025 academic year.

Illinois 76

Illinois cpas Account accountant 76

RogerRossmeisl

SEPTEMBER 6, 2021

More difficult to qualify For losses incurred through 2025, the TCJA generally eliminates deductions for personal casualty losses, except for losses due to federally declared disasters. For example, The post Casualty Loss Tax Deductions Can Only Be Claimed in Certain Situations appeared first on Roger Rossmeisl, CPA.

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Tax tax return CPA 231

RogerRossmeisl

MARCH 25, 2021

For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. The post Tax Considerations When Launching a Sole Proprietorship appeared first on Roger Rossmeisl, CPA. You can take the deduction even if you don’t itemize deductions on your tax return and instead claim the standard deduction.

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Tax tax return CPA Start-ups 246

RogerRossmeisl

OCTOBER 17, 2020

Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. The post Deductibility of Portfolio Management and Related Expenses appeared first on Roger Rossmeisl, CPA. Are they tax deductible? Engaged in a Trade or Business To qualify, you must be engaged.

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CPA Tax 246

Going Concern

FEBRUARY 1, 2024

Fresh press release for you straight from the source: Aiming to aid accounting students and increase the pipeline of future certified public accountants (CPAs), the Illinois CPA Society and its charitable partner, the CPA Endowment Fund of Illinois, are now accepting scholarship applications. James A.

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Illinois CPA cpas public accounting 87

RogerRossmeisl

AUGUST 5, 2021

Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. These rules are scheduled to return after 2025.) appeared first on Roger Rossmeisl, CPA. But they’re deductible if they’re considered trade or business expenses.

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CPA Tax 130

CPA Practice

FEBRUARY 9, 2023

AuditClub, the Audit Service Center, and AuditFile, developer of the award-winning cloud-based audit automation platform, will collaborate to combine audit technology with fractional auditors to ease the challenges faced by CPA firms and internal audit teams in performing audits and reviews.

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audit auditor cpa firm CPA 105

CPA Practice

APRIL 29, 2024

are effective on January 1, 2025, or if later, the date that the proposed regulations become final. The AICPA’s requested recommendations will allow employers more time to digest the regulations and decide how to implement them correctly,” says Kristin Esposito, CPA, Director, AICPA Tax Policy & Advocacy.

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CPA Tax 69

Anders CPA

MARCH 5, 2024

BOI reporting requirements for newly formed entities were due to start on January 1, 2024, while existing entities formed before 2024 were required to complete their first BOI filings by January 1, 2025. Anders Tax advisors closely follow tax law changes and evolving guidance and will continue to publish insights to keep you informed.

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Alabama Legal Government CPA 111

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. Politicians might even use the upcoming 2025 tax debate to lower the debt.

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Tax income tax Washington Start-ups 111

Anders CPA

APRIL 9, 2024

A keen understanding of your expected 2024 and 2025 revenue will help determine what filing requirements your business will need to meet moving forward. Request a Meeting The post Ohio Commercial Activity Tax (CAT) Changes – How They Impact Out of State Businesses with Sales in Ohio appeared first on Anders CPA.

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Ohio Sales Tax Manufacturing 52

CPA Practice

APRIL 19, 2024

1, 2025, the proposed regulations would require brokers, including digital asset trading platforms, digital asset payment processors and certain digital asset hosted wallet providers, to report gross proceeds on a newly developed Form 1099-DA and to provide payee statements to customers,” the IRS said last August.

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Tax tax return Sales CPA 69

CPA Practice

FEBRUARY 1, 2023

You can either schedule it for December 31, 2024, or delay taking the distribution until no later than April 1, 2025. The Act reduces this three-year requirement to two years, effective for plan years beginning in 2025. Illinois CPA Society member Daniel F. Rahill, CPA/PFS, JD, LL.M.,

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Illinois Start-ups Tax CPA 96

Anders CPA

DECEMBER 12, 2023

If a company is registered or created after January 1, 2024, and before January 1, 2025 they must report BOI within 90 days of notice of creation or registration. Companies registered or created on or after January 1, 2025 will have 30 calendar days to file their initial BOI report.

Legal 64

Legal income tax Tax Government 64

CPA Practice

MARCH 7, 2024

The IRS is asking the public to submit suggestions on tax issues that should be included in the agency’s 2024-2025 Priority Guidance Plan.

Tax 111

Tax 111

Anders CPA

NOVEMBER 13, 2023

However, until the rescheduling has been formalized, we still advise making your estimated quarterly tax payments throughout the year, even though it will likely result in overpayments and a refund in 2025. That means they’ll be able to skip the January 15th coupon and expect to receive a significant refund in April 2025.

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Tax tax planning Education CPA 72

Withum

MARCH 17, 2023

Fortunately, this week it was announced that the higher rates of 45% and 50% will withstand until 2025. Starting April 2025 these rates will reduce to 30% and 35%, before returning to their original rates of 20% and 25% in April 2026. Those rates were set to reduce to 30% and 35% in 2023 and 25% and 30% in 2024.

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Tax Entertainment CPA Government 65

Going Concern

SEPTEMBER 22, 2023

Up until now, most accountant shortage discussion has been focused on students choosing other fields, CPA exam numbers lower than they’ve been in almost two decades , and boomers retiring from accounting en masse. Perhaps there are earlier mentions of the boomer exodus, I don’t feel like digging them up.

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Account accountant accounted CPA 113

CPA Practice

MARCH 1, 2024

Miller, CPA, to the Governmental Accounting Standards Advisory Council (GASAC). Miller, CPA. Both new members will serve a two-year term ending on December 31, 2025, and be eligible to be reappointed for up to two additional consecutive terms. All appointees’ terms begin March 1, 2024.

financial accounting 52

financial accounting Account accountant accounted 52

CPA Practice

FEBRUARY 16, 2023

Specifically, the AICPA supports the deferral of the Internal Revenue Code (IRC) section 174 amortization requirement of the research and experimental expenditures and requests that Congress retroactively extend the effective date to amounts paid or incurred in tax years beginning after December 31, 2025.

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Tax cpas accounting and finance CPA 105

Withum

MARCH 15, 2024

In March of 2023, the higher rates had been extended, but were scheduled to sunset in April 2025. Author: Charles Batikha , CPA | cbatikha@withum.com Contact Us For more information on this topic, please contact a member of Withum’s Theatre and Entertainment Services Team.

Tax 59

Tax Entertainment CPA 59

CPA Practice

APRIL 16, 2024

was short-lived, as PwC has regained that title for 2025, according to Vault.com, a website that provides career resources and advice to students and job seekers. Based on the results of the survey, here are Vault’s 50 most prestigious accounting firms for 2025: 1. Deloitte’s reign as the most prestigious accounting firm in the U.S.

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accounting firms Account accountant accounted 52