TaxConnex
MAY 7, 2024
New Jersey has begun a multi-phased modernization of its tax-filing system. In early 2025, sales and use tax filers and tax preparers will have a new self-service portal that aims to provide more control over taxpayer’s own accounts, providing faster access, easier filing and better assistance with tax account information.
CPA Practice
OCTOBER 5, 2023
So, as we evaluate our client planning for year-end, we are thinking about 2025 premiums. Funding retirement accounts is something you can do. Ironically, you can both take money out of and put it in the same account in the same year. The premium is derived from your gross (not taxable) income two years prior.
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Anders CPA
MAY 25, 2023
Emergency Savings Accounts Plan sponsors have been granted permission to add an emergency savings account to their retirement plan, which must be designated as an after-tax account. Roth accounts are exempt from the required minimum distribution requirement. SECURE Act 2.0
Going Concern
SEPTEMBER 22, 2023
We’re seeing more of a ripple than a tsunami this year and could be in for a massive drought in 2024 and 2025. ” Said the sole practitioner, who graduated in 2019, “There are good things about the profession. So that’s where we’re at.
Withum
DECEMBER 23, 2023
Accountants are left scratching their heads in the realization that many of their clients are faced with devastating options, including severe cutbacks on their R&E expenditures, relocating research activities out of the United States, or even closing their business altogether.
Withum
OCTOBER 11, 2023
The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.
Cherry Bekaert
JANUARY 18, 2024
Furthermore, taxpayers should evaluate their current tax accounting methods for SRE expenditures considering the guidance provided in Notice 2024-12, Rev. This will allow taxpayers to determine whether an automatic accounting method change should be filed with the 2023 tax return. 2024-9 and Notice 2023-63.
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