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.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

CPA Practice

AUGUST 2, 2023

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. Today, we are announcing that, by the next filing season, taxpayers will be able to digitally submit all correspondence, non-tax forms, and notice responses to the IRS.” That has generated about $38 million in recoveries.

Tax 98

Tax tax return Technology income tax 98

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. Extending the tax breaks won’t be easy, though politicians may feel they have no other choice.

Tax 111

Tax income tax Washington Start-ups 111

Dent Moses

AUGUST 24, 2023

In June, we reported that the Alabama Legislature passed HB217, which eliminates the 5% withholding tax on overtime from January 2024 through June 2025. Employers are subject to reporting for 2023, 2024 and 2025. The post Guidance Provided for Overtime Pay Exempt from Alabama Income Tax appeared first on Dent Moses, LLP.

Alabama 52

Alabama income tax Tax Construction 52

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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Tax Minnesota income tax payroll tax 131

CPA Practice

NOVEMBER 17, 2023

By Katelyn Washington, Kiplinger Consumer News Service (TNS) Claiming the child tax credit and other family tax credits and deductions can lower your tax liability or increase your refund. How much is the 2024 child tax credit? That’s the number you’ll use for the tax returns you will file in early 2024.

Tax 116

Tax income tax tax return Minnesota 116

Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. This will replace the need for a Self-Assessment tax return.

income tax 52

income tax Tax tax return Government 52

ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

South Dakota 52

South Dakota Rhode Island New Hampshire Wyoming 52

Dent Moses

JUNE 14, 2023

The bill eliminates the 5% tax on overtime pay for a fixed period of time. Key Provisions: The bill exempts Alabama state tax withholding on overtime from January 2024 through June of 2025 – extension will require a renewal by lawmakers. The Alabama Legislature recently passed HB217 which was signed into law by Governor Ivy.

income tax 52

income tax Alabama Tax payroll 52

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

CPA Practice

FEBRUARY 9, 2024

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. And income from gambling winnings is taxable.

Gambling 122

Gambling Tax Sports South Carolina 122

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.

tax return 132

tax return income tax Real Estate Tax 132

TaxConnex

APRIL 12, 2022

There’s always something changing in the world of tax, especially sales tax. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. Florida seems to be leading the way, proposing sales tax holidays and other short- and long-term tax relief on a broad range of products.

South Dakota 209

South Dakota Sales Tax North Carolina 209

CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.

Tax 111

Tax Real Estate income tax Legal 111

CPA Practice

SEPTEMBER 18, 2023

Whether the market is up or down, it’s always a good time to keep your taxes in mind and, more specifically, how you can put yourself in an advantageous position by keeping more of your own money in your pockets. When it comes to tax optimization, there are two common strategies: Roth conversions and tax-loss harvesting.

Tax 119

Tax income tax Non-Profits tax planning 119

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., A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results. A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results.

Tax 111

Tax income tax tax planning accounting and finance 111

ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. Among these were several payroll-related provisions that are set to expire at the end of 2025, presenting challenges and opportunities for employers and employees alike. Director of Federal Tax Quality Control at Aprio, began.

Tax 98

Tax payroll Expense Reimbursements Gaming 98

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

CPA Practice

DECEMBER 11, 2023

Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year. For FSAs that allow carryover of unused amounts, the maximum for 2024 to 2025 is $640, up from $610 that can be carried over from 2023 to 2024. Self-employed individuals are not eligible.

income tax 116

income tax payroll Start-ups Tax 116

Ronika Khanna CPA,CA

DECEMBER 28, 2023

As we approach the new year, it will be time soon to start working on everyone’s favourite activity i.e. getting your tax stuff in order :). Download our free Canada unincorporated business tax deadline calendar for 2024 (both Federal and Quebec). If tax returns are filed on time, but the balance due is not paid, only interest applies.

business tax 52

business tax Tax income tax tax return 52

CPA Practice

MARCH 10, 2023

Recent tax legislation has tightened up the rules, but qualified borrowers may still be entitled to generous write-offs. 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. Tax outcome : The Tax Court sided with the IRS.

Tax 98

Tax income tax Arizona Construction 98

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year. If passed, the Act would bar additional claims after January 31, 2024.

Tax 52

Tax tax return Missouri Oregon 52

Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Mandation of MTD for ITSA will not be extended to general partnerships in 2025 as previously announced.

Government 83

Government Tax income tax Account 83

Anders CPA

MAY 23, 2023

Remote workers have become a staple of the workplace, but hiring out-of-state employees can lead to payroll tax complications. Multi-state payroll tax withholding done incorrectly can lead to penalties and interest for employers and create tax headaches for employees.

payroll tax 98

payroll tax payroll Rhode Island Tax 98

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Tax 110

Tax accounting and finance Manufacturing income tax 110

Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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tax planning Tax income tax tax return 64

Accounting Today

JANUARY 30, 2024

With the Qualified Business Income tax deduction of 20% set to expire in 2025 (unless it's extended), clients who are starting a business may wonder how their choice of entity will impact their QBI deduction and ultimately their bottom line.

income tax 56

income tax Tax corporation tax 56

Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. However, the extension does not apply to estimated tax payments. Tax Filing and Deadline Extended.

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Nebraska Tax income tax corporation tax 52

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.

income tax 122

income tax audit tax return Tax 122

CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

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Technology accounts payable accounting firms income tax 123

TaxConnex

NOVEMBER 10, 2022

Gain insight into why Robert started TaxConnex and his plans for our future as well as how sales tax has evolved over the years. 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.

income tax 130

income tax tax return Tax Sales 130

Withum

FEBRUARY 26, 2024

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. Key Tax and Filing Requirements As we are still early in the new year, it is the right time for a refresher on several key tax and filing requirements happening in 2024.

Tax 52

Tax income tax tax return Sales 52

Cherry Bekaert

AUGUST 10, 2023

Pass-through entity taxes (PTET) are constantly changing on a state-by-state basis. How Alabama’s PTET Works Alabama’s PTET election is made by submitting Form PTE-E via “My Alabama Taxes” on or before the 15 th day of the third month following the close of the tax year. Louisiana Louisiana House Bill No. House Bill No.

Alabama 98

Alabama Ohio Iowa Louisiana 98

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. The withdrawals are exempt from tax. Use 529 plan for kids.

Tax 85

Tax tax return Education Account 85

Withum

OCTOBER 18, 2023

These words apply to all sorts of things in life and, of course, when it comes to taxes. With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. “Those who fail to plan, plan to fail.”

Tax 59

Tax tax planning tax preparation income tax 59

CPA Practice

JANUARY 27, 2023

Lower RMD penalty : If you fail to take an RMD in time, you may be assessed a severe tax penalty equal to 50% of the amount that should have been withdrawn (minus any amount actually withdrawn). The new law cuts the penalty in half to 25% of the shortfall for tax years beginning after the date of enactment.

income tax 128

income tax Tax Start-ups Education 128

Menzies

OCTOBER 27, 2023

If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? If you are earning more than the trading allowance in Esports income in a tax year, then you should be reporting this to HMRC as a self-employment business.

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Sports Tax tax return chartered accountant 59