CPA Practice

DECEMBER 13, 2023

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. investments and U.S.

West Virginia 40

West Virginia CPA Kentucky Virginia 40

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).

Tax 131

Tax Minnesota income tax payroll tax 131

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. These include lower tax rates, a bigger child credit, higher standard deductions, and larger lifetime estate and gift tax exemptions.

Tax 111

Tax income tax Washington Start-ups 111

Withum

MARCH 17, 2023

For months, the theatre community has been on the edge of their seat waiting for the finalization of the updated legislation from the UK government regarding the Theatre Tax Relief (TTR). In 2021 the tax relief was raised to 45% and 50% for non-touring and touring productions respectively to help ease the pressures of the COVID pandemic.

Tax 65

Tax Entertainment CPA Government 65

Anders CPA

APRIL 23, 2024

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2 million to $11.2

Tax 52

Tax income tax tax planning CPA 52

RogerRossmeisl

APRIL 13, 2021

That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is $11.7 In or out of your estate Under the estate tax rules, insurance on your life will be included in your taxable estate if: Your estate is the beneficiary of the insurance proceeds, or You.

CPA 136

CPA Tax cpa firm 136

CPA Practice

SEPTEMBER 11, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

Tax 116

Tax Washington Sales 116

CPA Practice

SEPTEMBER 12, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

Tax 111

Tax Washington Sales 111

CPA Practice

FEBRUARY 7, 2024

By Daniel Goodwin, AWMA, Kiplinger Consumer News Service (TNS) Opportunity zones, created by the Tax Cuts and Jobs Act, were designed to spur economic development and job creation in specific communities and census tract areas, while simultaneously providing substantial tax incentives for investors. How do opportunity zones work?

Tax 105

Tax Pennsylvania Texas Washington 105

CPA Practice

MARCH 22, 2023

Thanks to a little-noticed law passed in 2014—the Achieving a Better Life Experience Act (ABLE) Act—a family can set up a tax-favored savings account for a disabled individual. After you establish the account and contribute to it, any earnings inside the account are exempt from current tax. Contributions are not tax-deductible).

Tax 124

Tax Account accountant accounted 124

CPA Practice

JULY 28, 2023

But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Now we’ll get to the tax consequences. First, let’s start with federal income taxes. Notably, it provides the following tax breaks. No income tax when you acquire the policy.

income tax 98

income tax Tax New Jersey New York 98

CPA Practice

JANUARY 4, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Is there anything you can do to avoid the “tax torpedo?”

Tax 69

Tax Start-ups Washington tax planning 69

CPA Practice

OCTOBER 5, 2023

The IRS is slashing the costs for paid tax return preparers to renew their preparer tax identification numbers (PTINs) in 2024 by nearly 36%, after a court ruled earlier this year that the agency had previously overcharged tax professionals to obtain a valid PTIN. fee paid to a third-party contractor, for a total of $19.75—down

tax preparation 105

tax preparation tax return Tax 105

CPA Practice

JANUARY 8, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Is there anything you can do to avoid the “tax torpedo?”

Tax 59

Tax Start-ups Washington tax planning 59

CPA Practice

JULY 6, 2023

Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. This eliminates any capital gains, and so no taxes become due. What about an irrevocable trust?

Tax 111

Tax Washington Legal Government 111

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

CPA Practice

AUGUST 28, 2023

Making catch-up contributions on an after-tax Roth basis means paying taxes on your retirement savings during the years when you usually earn more.) Under SECURE 2.0, But you would have to make those extra contributions on a Roth basis, using after-tax money. The SECURE 2.0 they mistakenly left out specific language.

Tax 98

Tax Washington payroll Start-ups 98

SkagitCountyTaxServices

APRIL 18, 2024

The 2024 federal tax season has reached its end… well, unless you joined the other 19 million taxpayers and filed for an extension. That’s something we anticipate every year here at Padgett & Padgett, PLLC CPA. I’m not the only one proud of their tax season work. Trust is in short supply these days.

CPA 67

CPA accounting and finance Tax Washington 67

CPA Practice

JANUARY 23, 2024

Part of the larger transformation work taking place at the IRS with Inflation Reduction Act funding, the Simple Notice Initiative will build off redesigned notice efforts in place for the 2024 tax season and expand on a recent successful pilot involving identity theft letters.

tax return 122

tax return Tax 122

CPA Practice

APRIL 21, 2023

So it was a huge win on Tuesday when Ford’s F-150 Lightning became one of just 10 vehicles to qualify for the full $7,500 in tax breaks laid out by the Inflation Reduction Act. The tax credits also only apply to new EVs with a sticker price below $55,000, or trucks and SUVs priced under $80,000. or don’t use American parts and pieces.

South Carolina 111

South Carolina Tax Iowa Colorado 111

CPA Practice

MARCH 18, 2024

Taylor, Kiplinger Consumer News Service (TNS) There’s another new tax in the state of Washington. The state’s Supreme Court recently upheld a controversial capital gains tax , which has been re-challenged in court and could be on the state’s ballot in November for potential repeal. Is long-term care insurance tax deductible?

payroll tax 59

payroll tax Washington payroll Tax 59

Going Concern

AUGUST 28, 2023

Two Mississippi State University grads were recognized for getting the highest CPA exam scores in their state : Karis Pannel, of Tupleo’s Byrne Zizzi CPAs, received the MSCPA’s Fred T. We are very proud of Karis and Gelsey and their performance on the CPA exam,” said MSU College of Business Dean Scott Grawe. Dead silence.

accounting firms 52

accounting firms CPA Account accountant 52

Withum

NOVEMBER 29, 2022

The real estate industry has gotten very comfortable with the luxury of having 100 percent bonus depreciation on certain asset classes since it was re-enacted by the Tax Cuts and Jobs Act on September 27, 2017. These are all items eligible for bonus depreciation and can result in tax savings and increased cash flow. Contact Us.

tax planning 65

tax planning Real Estate Tax Construction 65

CPA Practice

APRIL 19, 2024

The IRS on Friday posted on its website the highly anticipated draft Form 1099-DA , a new tax form that cryptocurrency brokers will begin using next year to report digital asset transactions. 1, 2026, on these information returns and statements, so that customers have the information they need to prepare their tax returns.”

Tax 69

Tax tax return Sales CPA 69

Anders CPA

DECEMBER 20, 2022

As the lifetime gift tax exclusions and estate tax exemption sunset draws closer, planning for future annual gifting has a new sense of importance. The Tax Cuts and Jobs Act of 2017 expanded the lifetime limits set by ATRA from $5 million per individual, and indexed for inflation, by more than double to $11,180,000.

Tax 52

Tax CPA 52

CPA Practice

OCTOBER 25, 2023

Furthermore, the tax law allows 401(k) participants to make additional “catch-up contributions” when they’re past the prime of their careers. Details : For starters, employee deferrals to a 401(k) are made through withholding on a pre-tax basis. The amounts contributed to your account compound without any tax erosion.

Tax 75

Tax Account accountant accounted 75

Anders CPA

APRIL 14, 2022

Good news came for taxpayers with large estates when the Tax Cuts and Jobs Act (TCJA) was passed. The TCJA doubled the estate and gift tax lifetime exemption, from $5.49 The lifetime exemption refers to the amount the IRS allows you to exclude from your gross estate when calculating your estate tax. million per taxpayer to $11.18

Tax 59

Tax tax return tax planning Legal 59

CPA Practice

AUGUST 14, 2023

Many limitations have been placed on traditional tax shelters over time, but the benefits of “irrevocable life insurance trusts” (ILITs) remain intact. This is still a viable option to individuals who want to pass wealth to future generations without any adverse estate tax consequences. million in 2023).

Legal 98

Legal Tax Start-ups income tax 98

CPA Practice

JANUARY 31, 2023

The current tax law rules allow participants in defined contribution plans, like a 401(k) plan or a SIMPLE (short for Savings Incentive Match Plan for Employees) plan, to make elective contributions within generous limits. To accommodate this group, the tax law permits additional “catch-up contributions,” subject to a different set of limits.

Tax 119

Tax Account accountant accounted 119

Anders CPA

SEPTEMBER 20, 2023

Before making any changes to your retirement savings plan, consult with a tax or financial advisor to ensure you’re selecting the best possible options for your specific situation and retirement strategy. For workers who made over $145,000 in the previous year, catch-up contributions must be deposited in after-tax dollars into a Roth account.

Tax 52

Tax Start-ups tax planning CPA 52

Anders CPA

MAY 25, 2023

Provisions Effective January 1, 2024 Aged-Based Catch-Up Contributions   Update Currently, catch-up contributions can be made on either a pretax basis or an after-tax basis if they are permitted by the plan. requires their catch-up contributions to be treated as after-tax contributions. SECURE Act 2.0

Education 52

Education audit Tax income tax 52

Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Included in the newest tax package are the following: Employee Retention Credit Elimination: With every tax relief bill comes costs.

cpas 52

cpas Tax Start-ups Sales 52

Cherry Bekaert

APRIL 9, 2024

Timeline for Compliance: Prepare for Reporting on 2025 Activities in 2026 Impacted companies will need to begin reporting in January 2026. Although that may seem a long way off, planning and preparation should begin now. You’ll need to have your reporting systems in place so you can begin collecting emission data in 2025.

California 52

California Technology Manufacturing Transportation 52

CPA Practice

DECEMBER 13, 2023

All three of KPMG’s core service lines—advisory, tax and legal, and audit—had year-over-year revenue growth in 2023, with tax and legal showing the biggest increase of 7%. PwC’s revenue grew 5.6% billion , and Deloitte and EY both had 9.3% revenue increases to $64.9 billion and $49.4 billion, respectively. billion in 2022 to $6.1

audit 52

audit Legal Tax Technology 52

CPA Practice

MARCH 6, 2023

The ARPA added section 162(m)(3)(C), a new subsection to section 162(m), which will further limit the deductibility of certain employee remuneration by expanding the definition of a “covered employee” effective for taxable years beginning after December 31, 2026.

cpas 52

cpas Tax income tax payroll 52

CPA Practice

MARCH 13, 2024

For example, if you know a partner is retiring in 2026, you might involve a manager in client meetings this tax season or have them act as the point of contact during this year’s annual audit. This familiarity can ease the transition process, making it a natural progression rather than a disruptive change.

audit 52

audit accounting firms Start-ups Tax 52

Cherry Bekaert

FEBRUARY 2, 2024

Compliance requirements for SB 253 are as follows: Beginning in 2026 (for reporting year 2025), reporting entities are required to annually report their Scope 1 and Scope 2 greenhouse gas emissions. and professional services (CPA, consulting and wealth management firms). More guidance on this is forthcoming.

accounting and finance 83

accounting and finance California cpa firm CPA 83