Dent Moses
MARCH 21, 2024
million in 2024, either during their lifetimes or at death, without incurring federal gift or estate tax. It’s crucial to file a timely estate tax return to elect the portability of the deceased spouse’s unused exemption to the surviving spouse.
Dent Moses
MAY 30, 2023
In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. For example, assume your 2022 individual tax return was filed on April 11, 2023, a week before the due date of April 18, 2023.
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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).
Cherry Bekaert
MAY 6, 2024
Generally, taxpayers must identify the replacement property within 45 days of selling the relinquished property and then acquire the replacement property within 180 days of the sale transaction or by the due date of the tax return. Additionally, these transactions require the use of a qualified intermediary to facilitate the exchange.
Going Concern
AUGUST 28, 2023
Accounting firms across the pond are ditching Zoom interviews, writes Sunday Times : Zoom calls became the norm for business meetings during the pandemic — but accountancy firms, among the biggest graduate recruiters, are going back to face-to-face interviews when hiring, saying it is easier to assess candidates’ characters. “The
Menzies
FEBRUARY 13, 2024
Menzies LLP - A leading chartered accountancy firm. Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.
Dent Moses
SEPTEMBER 11, 2023
The remaining 20% is depreciated using normal tax depreciation methods based on the type and life of the asset. Under current law, the 80% limitation decreases by 20% each year through 2026. This means the Section 179 deduction could be disallowed or limited based on other items on the owner’s tax return.
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