Accounting Insight

MAY 8, 2025

Get your accounting practice Making Tax Digital for Income Tax ready with our comprehensive checklist. The MTD checklist includes: What MTD for Income Tax is and what it means for accountants. An outline of the process of MTD for Income Tax and what you need to submit. The benefits of MTD.

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Accounting Insight

MAY 9, 2025

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who is exempt from MTD for Income Tax?

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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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Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

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CPA Practice

OCTOBER 23, 2024

With the 2025 income tax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). IP PIN users should share their number only with the IRS and their tax preparation provider.

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CPA Practice

JANUARY 2, 2025

Seven of the states that are lowering their individual income taxes in 2025 have legislatures that are controlled by Republicans, as well as Republican governors.

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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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CPA Practice

FEBRUARY 20, 2025

To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessarytax documents. Taxpayers should always carefully review documents for inaccuracies or missing information.

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CPA Practice

FEBRUARY 15, 2025

The CPA Practice Advisor Weekly Tax News Roundup is a weekly recap of tax-related news from the past week. From IRS news and tax court cases, to state, SALT, legislation and other related areas, the roundup can help you catch-up on recent changes. Let us know if you like this new feature using the. Read more »

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CPA Practice

OCTOBER 8, 2024

Corporations or LLCs that are owned entirely by Indian Tribal governments and formed under the laws of the Tribes that own them wouldn’t be recognized as separate entities for federal tax purposes and wouldn’t be subject to federal income tax, according to regulations proposed by the Treasury Department and the IRS on Oct.

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CPA Practice

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries. increase in 2023.

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CPA Practice

DECEMBER 14, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.

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Accounting Insight

MAY 6, 2025

The fourteenth edition of Accountex London is around the corner, taking place at Excel on the 14-15 May 2025. New products TaxCalc (Stand 450) are launching their MTD Quarterly Filer, a new bridging tool for Making Tax Digital for Income Tax. Tax and Accounting Professionals. Register for your free ticket here.

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CPA Practice

MAY 9, 2025

The qualities necessary for success in the fields of accounting and tax have always included a natural inquisitiveness, a keen eye for details, being comfortable working with complex inter-related data, and sometimes working long hours, either due to reporting seasons or project deadlines.

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TaxConnex

JANUARY 4, 2024

No year’s ever dull in sales tax, and the pace has only accelerated in the five years since the Supreme Court’s Wayfair decision. As we start the new year, here’s a look back at some significant sales tax events from 2023. This year, multiple states introduced new sales tax exemptions, too.

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Accounting Today

DECEMBER 23, 2024

From those with no individual income tax at all, to those with complex tax structures a guide to most and least competitive states when it comes to individual income taxes.

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Accounting Today

OCTOBER 22, 2024

The Internal Revenue Service issued its annual inflation adjustments for tax year 2025, including changes in the standard deduction, marginal rates, tax credits and more.

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Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required. 2023-09 (ASU 2023-09).

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CPA Practice

NOVEMBER 26, 2024

26, 2024 Thanksgiving and Christmas are here, and that means the end of the year is coming up soon, and tax season will follow soon after. Although Americans dislike the IRS and bemoan taxes, many millions actually look forward to getting a tax refund, and start thinking of how they will spend it. Updated: Nov. Vacation time?

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Nancy McClelland, LLC

APRIL 8, 2025

Did your accountant (possibly me) ask you to make a business tax payment for your Illinois pass-through entity, such as a Partnership or S-Corp — maybe an estimated tax payment or extension payment? On the Summary tab, look for the Business Income Tax section. (In Well, you’ve come to the right place.

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Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This allows S corporations to avoid double taxation on the corporate income.

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Withum

MAY 20, 2025

Recently, the House Ways and Means Committee released a sweeping budget reconciliation package, The One, Big, Beautiful Bill, which contains broad provisions impacting many areas of taxation, including tax-exempt organizations. Below is a summary of major provisions that exempt organizations need to remain aware of.

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Xero

APRIL 23, 2025

Heres why you should join us on 14-15 May at Accountex 2025. Our 2025 focus is about empowering you to build a more efficient practice. The post Reasons to come and visit Xero at Accountex London 2025 appeared first on Xero Blog. Wed love to invite you to a partner networking breakfast over the two days. Secure your ticket now.

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Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures.

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Reckon

JANUARY 22, 2025

With 2025 looking like the year of change and adjustment, you need to control what you can manage, like preparing for recurring annual events, and be flexible about goals and projects. What does your small business roadmap look like for 2025? Here is a breakdown of how the SMART framework is used: S: Specific goal.

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CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. In all of these states, the relief period ends on May 1, 2025 (postponement period).

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Going Concern

NOVEMBER 8, 2024

PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.

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TaxConnex

MARCH 30, 2023

Everything old is new again – and that goes for ideas of a national sales tax. 25 of the 118th Congress, the GOP’s “Fair Tax Act of 2023,” is the latest attempt. The embattled bill, now in committee, was introduced early this year to replace the federal income tax. What’s in the bill? Is the idea bad? The bill won’t pass.

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CPA Practice

MARCH 29, 2025

A component of the Tax Reduction Act, the EITC was signed into law by President Gerald Ford on March 29, 1975, and has become one of the federal government's largest anti-poverty programs.

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Withum

AUGUST 14, 2024

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby. Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025.

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CPA Practice

JUNE 2, 2025

The IRS completed a "successful 2025 filing season" with 87% of taxpayer phone calls answered by customer service representatives and average wait times of three minutes, the agency said last week, despite workforce reductions and leadership changes that have put the IRS at times in a state of turmoil.

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CPA Practice

NOVEMBER 9, 2023

By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation.

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Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

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Withum

FEBRUARY 14, 2024

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. ASU 2023-09 applies to all entities that are subject to income taxes, but some disclosures are only required for public entities.

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CPA Practice

APRIL 29, 2025

10-11, 2025. Ensuring Success is a 2-day, free online CPE conference that lets you earn up to 14 hours of CPE credits from your office or anywhere else. Register now.

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CPA Practice

FEBRUARY 28, 2025

Most farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2024 federal income tax return and pay all taxes due by March 3, 2025.

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Withum

FEBRUARY 27, 2025

IRS-CI is the law enforcement arm of the IRS tasked with investigating violations of income tax, money laundering, and Bank Secrecy Act laws. Its the only federal agency that dedicates 100% of investigative time to financial investigations and has sole authority to investigate violations of US income tax laws.

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