CPA Practice

JUNE 5, 2023

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The Massachusetts Society of CPAs ( MassCPAs ) recently launched a scholarship to honor the legacy of current Society President and CEO Amy A.

CPA 111

CPA Delaware Oklahoma Massachusetts 111

RogerRossmeisl

APRIL 17, 2024

The qualified business income (QBI) deduction is available to eligible businesses through 2025. The post Maximize the QBI Deduction Before It’s Gone appeared first on Roger Rossmeisl, CPA. After that, it’s scheduled to disappear. Deduction basics The QBI deduction is written off at the owner level. QBI is reduced.

CPA 200

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RogerRossmeisl

JANUARY 14, 2024

Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. The post New Beneficial Ownership Reporting Requirements Effective 1/1/24 appeared first on Roger Rossmeisl, CPA. Unfortunately, this will impose burdensome reporting requirements on most businesses, and the willful failure.

CPA 252

CPA Start-ups Tax Government 252

Withum

JANUARY 2, 2024

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. Let’s Chat The post Pennsylvania Will Recognize Grantor Trusts for Tax Years Beginning After January 1, 2025 appeared first on Withum.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

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.

CPA 92

CPA Start-ups Tax Account 92

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%

CPA 125

CPA accounting degree cpas Start-ups 125

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.

Tax 98

Tax tax return Technology income tax 98

CPA Practice

MAY 10, 2024

The Florida Institute of Public Accountants (FICPA), Nova Southeastern University (NSU) and three South Florida accounting firms – Berkowitz Pollack Brant, Kaufman Rossin and PAAST – have launched a new partnership that will assist future certified public accountants (CPAs) on their path to licensure.

CPA 52

CPA Florida cpas Education 52

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 228

tax return CPA Tax business tax 228

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.

Tax 201

Tax CPA business tax 201

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.’”

accounting firms 59

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.

Tennessee 97

Tennessee cpas CPA Education 97

Going Concern

AUGUST 23, 2023

It is of particular interest to professors, accounting department chairs, other assorted academics, and any accounting profession meteorologists who are tracking the perfect storm of pipeline problems and a completely revamped CPA exam debuting in just a few months. Now, we’re facing the CPA Evolution’s arrival in 2024. hours to 15.5

CPA 98

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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 243

Tax CPA Account accountant 243

Going Concern

AUGUST 26, 2022

The report also stated that according to industry estimates, the market is expected to reach $20-25 billion by 2025 from $4-7 billion in 2020. CPAs spill the beans [ CPA Canada ] Three accountants share their experience being back at the office. With this acquisition, Dark Horse CPAs expands their presence in the Florida market.

CPA 93

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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

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.

Tax 152

Tax tax return CPA 152

RogerRossmeisl

AUGUST 28, 2022

QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. The post 3 Tax Breaks for Small Businesses appeared first on Roger Rossmeisl, CPA. Here are some examples. But it’s not available to C corporations or their shareholders.

Tax 241

Tax income tax CPA business tax 241

CPA Practice

APRIL 17, 2023

However, as shown in a new case, Amos, TC Memo 2022-109, 11/10/22 , even a highly successful CPA may fail to properly substantiate the claims. Facts of the new case: A well-known CPA operated 15 Fuddruckers restaurants from 1983 through 2011. Thus, the CPA failed to meet her burden of proof in this case. million in 2014.

CPA 52

CPA tax return income tax Tax 52

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 242

tax return CPA Tax 242

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 240

income tax tax planning Tax CPA 240

Withum

MAY 7, 2024

The announcement delays mandatory distributions for these taxpayers that were previously expected to begin in 2024 and continue until 2025. The first year that the taxpayer is required to take a distribution from the account is 2025 and assuming no distributions are taken in 2024, the taxpayer only has 7 years to deplete the account fully.

Account 78

Account accountant accounted income tax 78

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%

California 240

California CPA Tax Start-ups 240

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.

CPA 52

CPA cpas audit accounting and finance 52

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 75

Illinois cpas Account accountant 75

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.

Tax 245

Tax tax return CPA Start-ups 245

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.

CPA 246

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.

Illinois 96

Illinois CPA cpas public accounting 96

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.

Tax 201

Tax tax return CPA 201

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.

CPA 130

CPA Tax 130

CPA Practice

MAY 21, 2024

In addition, some incoming associates at the Chicago-based firm posted on Reddit yesterday that their October start dates have now been delayed until January 2025, most likely due to Grant Thornton recently changing its fiscal year end from July 31 to Dec. is laying off 350 employees, equating to roughly 3.5% of its U.S.

cpa firm 81

cpa firm accounting firms New York audit 81

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.

audit 106

audit auditor cpa firm CPA 106

CPA Practice

MARCH 18, 2024

Although there are exceptions, many of the provisions for individuals are scheduled to expire after 2025. But the TCJA suspended all personal exemptions for 2018 through 2025. The TCJA capped the annual SALT deduction at $10,000 for the period spanning 2018 through 2025. These enhancements will disappear after 2025.

Tax 107

Tax Expense Reimbursements income tax 107

CPA Practice

MARCH 7, 2024

President Trump’s tax cuts are set to expire in 2025, with Democrats opposing a blanket extension of the law but Republicans hoping to extend it if they win Congress and the White House. On Thursday night, President Joe Biden gave his 2024 State of the Union Address to a joint session of Congress. Mark Friedlich , ESQ.,

Tax 122

Tax corporation tax Washington Government 122

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.

Alabama 111

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.

Tax 111

Tax income tax Washington Start-ups 111