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.

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Anders CPA

DECEMBER 8, 2022

The end of the year is an opportunity to get your affairs in order for the year ahead, and when it comes to tax planning, the sooner you begin preparations the better. As 2023 approaches, there are actions that can be taken now to offset or minimize your tax burden. Take Advantage of Estate and Gift Tax Exclusion Expansions.

tax planning 52

tax planning Tax Missouri Education 52

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. and those take time to sort through. Most businesses formed before 2024 have until Jan.

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SkagitCountyTaxServices

MAY 8, 2024

This is how I often feel about the government’s decision-making with taxes: Q: What’s the difference between death and taxes? 1, 2025, this extends to those earning under 58,656. A: Congress doesn’t meet every year to make death worse. Honestly, as a small business owner, you most likely feel that pain.

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KROST

JANUARY 14, 2021

Mortgage Debt Forgiveness for income from the discharge of qualified principal residence indebtedness is extended through 2025. Payroll Related Provisions. Empowerment Zones (EZs) Tax Incentives for areas of high poverty and unemployment were extended through 2025. So Sum Lee, CPA , Principal. Learn more.

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Real Estate CPA Hospitality 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. 31 and April 30, 2024.

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Nancy McClelland, LLC

JANUARY 10, 2023

One of my favorite presenters — Tom Gorczynski — is giving a free webinar in conjunction with RCReports (one of my favorite apps), and CPA Academy (one of my favorite education platforms) this Thursday, January 12 (to repeat on Thursday, February 2), on Section 199A and how it interacts with Reasonable Compensation requirements.

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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. Over the years, Mr.

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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. Over the years, Mr.

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cpas CPA Education audit 52

Anders CPA

JUNE 21, 2023

These contributions can be made as pre-tax, Roth (after-tax) or a combination of both depending on what the specific plan provisions are. Folks earning less than the $145,000 threshold do not have any restrictions, i.e. they can make catch-up contributions as either Roth or pre-tax. For 2023, that catch-up amount is $7,500.

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SkagitCountyTaxServices

OCTOBER 19, 2022

Everybody keeps saying we’re slowly leaving the pandemic behind – and for Skagit County businesses, that means that pandemic tax relief is disappearing, too. BELIEVE ME when I tell you how the tax professional community has been viewing these companies – it isn’t kindly. You must pay taxes. Here’s what you should think about.

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payroll Tax CPA tax return 78

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

SkagitCountyTaxServices

OCTOBER 19, 2022

Everybody keeps saying we’re slowly leaving the pandemic behind – and for Skagit County businesses, that means that pandemic tax relief is disappearing, too. BELIEVE ME when I tell you how the tax professional community has been viewing these companies – it isn’t kindly. You must pay taxes. Here’s what you should think about.

CPA 52

CPA payroll Tax tax return 52

Anders CPA

MAY 25, 2023

Provisions Effective January 1, 2024 Aged-Based Catch-Up Contributions   Update Currently, catch-up contributions can be made on either a pretax basis or an after-tax basis if they are permitted by the plan. requires their catch-up contributions to be treated as after-tax contributions. SECURE Act 2.0

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CPA Practice

MARCH 22, 2023

For starters, an employee can elect to defer part of their salary on a pre-tax basis to a personal account, subject to generous limits. The amounts contributed to the account compound without any current tax erosion until withdrawals are made—usually, in retirement. These distributions are taxed at ordinary income rates.

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CPA Practice

OCTOBER 25, 2023

Furthermore, the tax law allows 401(k) participants to make additional “catch-up contributions” when they’re past the prime of their careers. Details : For starters, employee deferrals to a 401(k) are made through withholding on a pre-tax basis. The amounts contributed to your account compound without any tax erosion.

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CPA Practice

MARCH 22, 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. However, withdrawals made prior to age 59½ that don’t qualify under one of the tax law exceptions are hit with a penalty tax.

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CPA Practice

MARCH 27, 2023

Background information: With a 401(k) plan, an employee can elect to defer part of their salary on a pre-tax basis to a personal account, subject to generous limits. The amounts contributed to the account compound without any current tax erosion until withdrawals are made—usually, in retirement. SECURE Act 2.0

Tax 59

Tax Maine Start-ups Account 59

CPA Practice

JULY 19, 2023

Department of Education releases the FAFSA (Free Application for Federal Student Aid) for the 2024-2025 academic year. A 529 is a tax-advantaged account into which parents – and anyone, really – can deposit money in anticipation of one day paying college expenses. Is a 529 reported on the FAFSA? Should the school be paid directly?

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CPA Practice

MARCH 24, 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. However, withdrawals made prior to age 59½ that don’t qualify under one of the tax law exceptions are hit with a penalty tax.

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Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below we highlight any payroll tax and withholding updates or consistencies for 2024 that employers and employees should be aware of. on wages up to $168,600.

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payroll tax payroll Tax Missouri 52

CPA Practice

FEBRUARY 8, 2023

This means these catch-up contributions are not pre-tax savings on your income. Roth contributions grow tax free, and thanks to the SECURE Act 2.0, Starting in 2025, individuals ages 60, 61, 62, and 63 will have a higher catch-up contribution limit than others. It’s not all bad news, though.

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Withum

MARCH 20, 2024

For the latest news and updates on Montana state and local tax March 20, 2024 Montana Releases Pass-Through Entity Tax Common Issues to Avoid Authored by: Jessie Racioppi and Penny Sweeting , CPA The Montana Department of Revenue released “Common Errors to Avoid when Filing Form PTE – Tax News You Can Use.”

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CPA Practice

FEBRUARY 7, 2024

It’s also when millions of taxpayers and tax professionals get ready to start the annual tax reporting season. Related : How Did Your 1099 Tax Season Go? For many tax and accounting firms, that information reporting season is getting much busier as more businesses of all sizes are challenged by new 1099 reporting rules.

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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

Anders CPA

AUGUST 23, 2022

This act aims to combat climate change, make health care and prescription drugs affordable and raise the tax on wealthy corporations. 15% Corporate Alternative Minimum Tax. This provision is set to take effect for tax years beginning after 2022 and is similar to the provision that was proposed in the Build Back Better Act.

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CPA Practice

JULY 19, 2023

million American employees working remotely by 2025. If you’re running your own business from the house, the cost of an office addition may be tax deductible as a business expense. Consult your CPA for details. Only 4 percent of high-paying jobs were remote before the pandemic. There are expected to be 36.2

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Construction CPA Maine Gaming 97

CPA Practice

MARCH 12, 2024

Arvo Tech , a maker of tax strategy solutions for small businesses, is acquiring Mark Murphy and Associates and Lee and Associates, full-service accounting firms dedicated to helping companies maximize their financial futures. Arvo has helped employers participate in employment-based tax incentive programs for more than a decade.

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Ryan Lazanis

APRIL 10, 2022

Pull employee data from Gusto to forecast payroll. For example, tax planning experts have long been in high demand. But Blue J Legal helps to close this technology gap by providing software powered by artificial intelligence which predicts the outcome of tax plans. Tip 3: Use Predictive Technology. I think so.

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CPA Practice

FEBRUARY 2, 2023

By Matthew Medsger, Boston Herald (TNS) A plan by Republican lawmakers which would see the IRS done away with entirely and the current tax system replaced by a flat consumer tax would apparently be vetoed by the president if it made it to his desk. Except one thing: They want … to replace (it) with a 30% sales tax. Not a joke.

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income tax Georgia payroll tax Tax 98

CPA Practice

JUNE 15, 2023

By David Lerman, CQ-Roll Call (TNS) The largest bloc of House conservatives offered up a fiscal blueprint Wednesday that promises to balance the federal budget in seven years, make GOP tax cuts permanent, and slash domestic spending. Tax cuts The budget plan also offers what its backers say would be a $5.1

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