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. Expect Congress to seek a way to pay for extending some or all of the tax cuts.

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Tax income tax Washington Start-ups 111

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns.

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CPA Practice

FEBRUARY 12, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) A proposal to end federal tax on Social Security retirement benefits would provide relief for retirees as early as next year. That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026).

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CPA Practice

NOVEMBER 17, 2023

So, while you might already know about the 2023 child tax credit and other family tax breaks for the current year, here is what you can expect for the 2024 tax year ( for income tax returns normally filed in early 2025 ). How much is the 2024 child tax credit? resident alien during the tax year.

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Tax income tax tax return Minnesota 116

CPA Practice

DECEMBER 11, 2023

The account can be used to pay for medical expenses not covered by other health plans—including copays, deductibles and a variety of medical products, as well as eye and dental care—and contributions are not subject to federal income tax, Social Security tax or Medicare tax. Self-employed individuals are not eligible.

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CPA Practice

OCTOBER 5, 2023

Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., It’s time to gather everything, fill out a painful spreadsheet and write a check to my CPA. A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results.

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Tax income tax tax planning accounting and finance 111

TaxConnex

NOVEMBER 10, 2022

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. I then went to the BellSouth Corporation tax department and had various roles.

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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

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CPA Practice

FEBRUARY 9, 2024

The IRS expects you to report your winnings on your federal income tax return. If your winnings exceed a certain amount in some situations, the payer will withhold 24% for taxes. But even if you don’t receive a Form W2-G, the IRS expects you to report income from your gambling winnings as “other income” on your Form 1040.

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Gambling Tax Sports South Carolina 122

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

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Anders CPA

MAY 23, 2023

Be aware that misclassifying an employee as an independent contractor with no reasonable basis for doing so can result in stiff punishment, including being held liable for employment taxes for that worker without the ability to access relief provisions. What if an Employer Withheld the Wrong State Taxes?

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CPA Practice

FEBRUARY 7, 2024

As such, these functions are quite different, and don’t necessarily align with the expertise of traditional business income tax specialists, either. Users can also easily make corrections update values, save it, and Avalara will re-file the information forms with the IRS.

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Ronika Khanna CPA,CA

DECEMBER 28, 2023

Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST. GST/HST Instalments are due on April 30th, 2024, July 31st, 2024, October 31, 2024 and January 31st, 2025. If tax returns are filed on time, but the balance due is not paid, only interest applies.

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CPA Practice

SEPTEMBER 18, 2023

The idea behind Roth conversions is to take money from a tax-deferred IRA, pay taxes on that amount at your ordinary income rate and convert that money into a Roth IRA. By doing this, you’ll be clear of future taxes on the amount you converted, and the money you put in grows tax-free for your lifetime!

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Tax income tax Non-Profits tax planning 119

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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CPA Practice

JUNE 19, 2023

(Image credit: Courtesy of Michael Aloi) JP Morgan Asset Management found ROC distributions may reduce the taxable portion of REIT distributions by an estimated 60% to 90%, allowing for more of the dividend to be income-tax-free. Return of capital is an important tax advantage for REIT investors. under prior law.

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Tax Real Estate income tax Legal 111

CPA Practice

JANUARY 27, 2023

The new law cuts the penalty in half to 25% of the shortfall for tax years beginning after the date of enactment. Penalty-free emergency distributions: Usually, a 10% penalty applies on top of regular income tax to distributions from a retirement plan or IRA, unless a special exception applies.

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CPA Practice

FEBRUARY 27, 2024

As a result, affected individuals and businesses will have until June 17, 2024, to file returns and pay any taxes that were originally due during this period. This means, for example, that the June 17, 2024, deadline will now apply to: Individual income tax returns and payments normally due on April 15, 2024.

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CPA Practice

MARCH 10, 2023

Under the Tax Cuts and Jobs Act (TCJA), the interest is deductible on acquisition debt up to a $750,000 threshold for 2018 through 2025, down from $1 million. To qualify for the write-off, the loan must be secured by a qualified residence, such as your principal residence or a second home like a vacation home.

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CPA Practice

OCTOBER 20, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

OCTOBER 19, 2023

AICPA Releases Statement on IRS Announcement Concerning ERC Mills The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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cpas CPA Education audit 52

CPA Practice

JANUARY 31, 2023

Beginning in 2025, the limit for that group is equal to the greater of $5,000 or 150% of the regular 2025 catch-up contribution amount. This will also be adjusted annually for inflation after 2025. Furthermore, the new law creates a SIMPLE plan catch-up contribution limit for those ages 60-63. IRA contributions.

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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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Cherry Bekaert

APRIL 10, 2023

Contributor: Nick Cousino, CPA, Senior Manager, State Tax Credits & Incentives Advisory Understanding the Credit Transfer Provisions To remain competitive against other states and a favorable state for businesses to operate in, Georgia has offered a Manufacturing Investment Tax Credit.

Manufacturing 40

Manufacturing Georgia Tax payroll 40

Anders CPA

MAY 25, 2023

This withdrawal will not be subject to the 10% early distribution tax and participants will need to self-certify that they’ve experienced domestic abuse. The withdrawn amount can be repaid over three years and the income taxes on the repaid amount would be refunded upon repayment. SECURE Act 2.0

Education 52

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Nancy McClelland, LLC

APRIL 16, 2023

It’s available through 2025 and the IRS has an FAQ on it that’s chock-full of details. The deduction is claimed as a reduction of taxable income , and applies only to income taxes, not to self-employment taxes. See here for my guide to finding a qualified tax preparer in your area.)

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Withum

FEBRUARY 1, 2023

Important Tax Considerations With 2022 coming to an end, there are several important tax topics and considerations a dealer should be aware of over the next few years. In order to use the LIFO method, a taxpayer must file Form 970 with their tax return to make the election.

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CPA Practice

SEPTEMBER 19, 2023

Under pre-SECURE Act law, a child of the IRA owner could stretch distributions out over their lifetime, effectively reducing or delaying income tax on those distributions. Rightfully so, this had led to a rise in converting traditional IRAs (tax-deferred) to Roth IRAs (tax-free) during the owner’s life.

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Tax income tax Washington Account 115

CPA Practice

MARCH 1, 2023

The 61 recommendations in the compendium include proposals related to employee benefits, individual income tax, international tax and tax administration, among others. 41); refunds of any remaining minimum tax credits from the prior corporate alternative minimum tax (AMT) regime (pg.

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SkagitCountyTaxServices

MARCH 2, 2023

Who to hire You can claim the WOTC for wages to certain individuals who begin work on or before December 31, 2025. There’s no limit to the number of individuals you can hire as part of the program and no cap on the amount of credits you can claim — but yes, it wouldn’t get a tax break without some conditions.

Tax 52

Tax CPA income tax tax return 52

CPA Practice

DECEMBER 27, 2023

For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025. 2020 coronavirus-related distribution Distribution requirements were waived for 2020 due to the coronavirus pandemic.

tax return 59

tax return Non-Profits Tax income tax 59

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. Use 529 plan for kids.

Tax 85

Tax tax return Education Account 85

CPA Practice

MAY 7, 2023

The tax law provides certain benefits to members of the military. For example, the Tax Cuts and Jobs Act (TCJA) suspended job-related moving expense deductions for taxpayers from 2018 through 2025, but not for military personnel on active duty. provides a tax benefit to qualified small businesses aiding military families.

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Tax Start-ups income tax 98

CPA Practice

JANUARY 25, 2023

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

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Tax Start-ups Account accountant 112

CPA Practice

AUGUST 11, 2023

The deadlines for claiming the ERC for 2020 and 2021 are coming in April of 2024 and 2025 respectively. The IRS has received more than 2.5 million employee retention credit claims since the program was enacted. IRS Warms of Summer Email Scams Why is the ERC a target of scam promoters?

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New Jersey tax preparation Tax auditor 98

CPA Practice

MARCH 31, 2023

enhances the catch-up contributions for certain workers in their sixties, beginning in 2025.) All the amounts contributed to the account compound without any current tax erosion until withdrawals are made—usually, in retirement. SECURE Act 2.0 The employer can also make “matching contributions” up to a stated percentage.

Tax 75

Tax Account accountant accounted 75

CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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