Withum

NOVEMBER 25, 2024

The impending expiration of the Tax Cuts and Jobs Act (TCJA) on December 31, 2025, marks a significant turning point for individual taxpayers. Enacted in 2017, the TCJA introduced lower tax rates and broader tax brackets, providing substantial relief to many. The 2025 exemption amount is $14 million.

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Withum

DECEMBER 4, 2024

Any asset with a class life of less than 15-years can still be depreciated using MACRS and take advantage of bonus depreciation (60% in 2024 and 40% in 2025). Thus, property acquired and placed in service in the last days of 2024, rather than at the beginning of 2025, can result in a full expensing deduction for 2024.

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CPA Practice

NOVEMBER 26, 2024

First, keep in mind that the IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which sometimes varies based on weekends or state holidays). 1 week after that): * IRS may start accepting returns on Jan. 27, 2025 Feb.

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Going Concern

JUNE 5, 2025

The post Top Remote Tax and Accounting Candidates of the Week | June 5, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Reach out to her at liz@accountingfly.com.

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Accounting Today

JUNE 5, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email Bank job; the magic is gone; not a beautiful day in the Neighborhood; and other highlights of recent tax cases. CPA Timothy Trifilo has been sentenced to 20 months in prison for making a false statement on a mortgage loan application and for not filing an income tax return. .:

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Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

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CapataCPA

JANUARY 13, 2025

IRS Announces Tax Relief for Los Angeles County Wildfire Victims – Tax Updates with CAPATA In response to the devastating wildfires and straight-line winds that began on January 7, 2025, in Southern California, the Internal Revenue Service (IRS) has announced significant tax relief measures for individuals and businesses in affected areas.

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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 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

DECEMBER 17, 2024

It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate. As an example, owners of S Corporations and Partnerships currently have the potential to pay taxes up to a 37% federal income tax rate. Let’s Chat The post Tax Cuts and Jobs Act Sunsetting in 2025 appeared first on Withum.

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CPA Practice

JULY 26, 2024

By Karin Price Mueller, nj.com (TNS) New Jersey residents will have a new way to file their federal tax returns when it’s time to file for 2024, the IRS and state officials said Wednesday. Married couples who file a joint tax return were eligible if they had qualifying income of $250,000 or less.

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Withum

AUGUST 14, 2024

The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.

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CPA Practice

NOVEMBER 9, 2023

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. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.

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Tax tax return income tax 130

SkagitCountyTaxServices

MARCH 6, 2025

And unfortunately, its not mostly the fun stuff keeping you busy its things more on the housekeeping side of running your business, like meeting tax and other important government deadlines. Monday, March 17 : S corporation and partnership tax returns are due for calendar-year businesses. Whats in it for you?

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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

Law & Order Clark Hill Wins for Accounting Firm in Tax Dispute With Rock Band Member [ Clark Hill ] The Clark Hill trio convinced the court that the accounting firm was not liable for an employee’s business management and tax preparation services she provided on the side for a member of a rock band.

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CPA Practice

DECEMBER 10, 2024

2 awarded $53 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants for 2025 to organizations that provide free federal tax return preparation. 30, 2025, the IRS awarded grants to 41 TCE and 315 VITA applicants. The IRS on Dec. For the period from Oct.

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Withum

OCTOBER 3, 2024

The tax relief postpones certain tax filing and payment deadlines that started as early as September 22, 2024, to May 1, 2025. May 1, 2025 2024 Form 1065 March 15, 2025 *Postponement date would allow a proper extension until October 30, 2025. What does the filing and payment relief apply to?

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CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

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Menzies

JANUARY 23, 2025

HMRC launched a new one-to-many campaign on 15 January 2025 specifically targeting delivery drivers who HMRC believe have failed to deliver a tax return disclosing their income. Read on to find out how to address your past and present UK tax obligations. Once registered, you can then prepare and file a tax return.

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CPA Practice

JANUARY 10, 2025

The IRS expects more than 140 million individual tax returns to be filed ahead of the April 15 federal deadline, with more than half of all tax returns filed this year with the assistance of a tax professional.

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Withum

JANUARY 7, 2025

Per these regulations, Form 1099DA will be used to report digital asset sales to the IRS and to assist taxpayers with reporting on their income tax returns. The IRS requires that these forms be sent to taxpayers in early 2026 for use on taxpayers tax returns for the 2025 tax year.

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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 IRS processed more than 213 million electronically-filed tax returns earlier this year, which accounted for more than 81% of all individual tax returns. That has generated about $38 million in recoveries.

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Tax tax return Technology Account 98

Accounting Insight

JANUARY 16, 2025

Do you feel ready to do your Self Assessment tax return with a smile this year? Late filing The deadline for filing your Self Assessment tax return online is midnight 31 January 2025. If you are over 3 months late submitting your tax return, you will have to pay more.

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CPA Practice

MARCH 24, 2025

The number of tax returns that have been filed with the IRS is down 1.7% compared to this time last year, but the average tax refund amount is up 5.2%, according to the agency's latest 2025 tax season data.

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CPA Practice

SEPTEMBER 13, 2024

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business tax returns and make tax payments. 3, 2025 (postponement period).

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Nancy McClelland, LLC

JANUARY 12, 2025

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Tax nerds unite!) “ What About State Information?

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Withum

MAY 20, 2025

While the bill could face additional adjustments as it works its way through the House toward approval, and subsequently the same process in the Senate, it provides an overall picture of the 2025 tax reform framework. Below is a summary of major provisions that exempt organizations need to remain aware of.

Tax 64

Tax Non-Profits Transportation Education 64

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. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

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Accounting Insight

MAY 2, 2025

Its no secret that accountants are stretched during tax return season. Theres hardly time to stay on top of each clients basic needs yet alone advising them on their tax affairs. What is personal tax automation? In other words, your very own personal tax assistant is working 24-7 on your client portfolio.

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CPA Practice

JANUARY 8, 2025

The early availability of the IRS Free File online systems will allow taxpayers to prepare and file their returns before the IRS officially starts accepting them, but they will then be already electronically in line when processing begins.

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CPA Practice

SEPTEMBER 12, 2024

They also include rules regarding various statutory and regulatory adjustments in determining AFSI; determining if a corporation is subject to the CAMT, including rules for members of a foreign parented multinational group (FPMG) and the determination of the CAMT foreign tax credit. 1, 2025. 31, 2023, and before Jan.

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Going Concern

FEBRUARY 10, 2025

pic.twitter.com/BuMGHJuKx9 — Jessica Smith, EA , not a CPA (@Taxsavvyjessica) February 9, 2025 Something to chew on as both sides argue about fraud and waste: My dad was an auditor with The Indiana Department of Revenue. You’d think it paid a lot in taxes, right? Well it paid precisely $0 in federal income taxes last year.

Indiana 52

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Withum

OCTOBER 3, 2023

The deadline to file 2020 claims is April 15, 2024, and the deadline to file 2021 claims is April 15, 2025. The concern then was that if the Court declared the law unconstitutional, then the net investment income tax and certain other taxes could be invalidated too, thereby giving rise to potential claims for refund.

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Reckon

FEBRUARY 20, 2025

The deadline for the new tax reporting requirements for Not For Profit (NFP) organisations with an active ABN is set for 31st March 2025. However, the new reporting scheme has left some NFPs uncertain of their status or tax obligations. This is a drastic change from how tax exemption was calculated for NFPs.

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Accounting Today

JUNE 6, 2025

The upgraded income tax return solution now includes enhanced client onboarding workflows that allow firms to create multiple engagements in bulk to accelerate onboarding. Progress will showcase the latest ShareFile product innovations at AICPA Engage 2025 , June 9–12, 2025, in Las Vegas. © 2025 Arizent.

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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. What inspired you to start this business?

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