Accounting Insight

MAY 9, 2025

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who is exempt from MTD for Income Tax?

income tax

Accounting Insight

JUNE 6, 2025

With MTD for Income Tax, the UK government’s initiative to digitalise the tax system—approaching its next significant phase, this stark contrast serves as both an urgent signal and a compelling invitation to accounting professionals across Britain. What does this mean for your practice?

Tax

CPA Practice

JUNE 25, 2025

Despite calling this past tax filing season one of the most successful in recent memory, National Taxpayer Advocate Erin Collins warned there are potential risks heading into the 2026 tax season and that "it is critical that the IRS begin to take steps now to prepare."

Tax

Withum

AUGUST 1, 2025

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, contains provisions relating to pass-through entity taxes (PTETs) that are seen as favorable for taxpayers, especially investment management companies in the financial services world. PTETs remain an effective strategy for bypassing SALT limitations in 36 states.

Tax

Withum

JUNE 24, 2025

In May, the House passed “The One, Big, Beautiful Bill,” which contains broad provisions impacting many areas of taxation, including tax-exempt organizations. On June 17, 2025, the Senate Finance Committee released its version of the sweeping tax package.

Tax

Withum

JUNE 24, 2025

The deduction can result in pass-through business owners having a maximum effective federal tax rate of approximately 30%, as opposed to 37%. However, the C Corporation 21% tax rate was a permanent tax provision, while the 199A deduction is set to expire as of December 31, 2026.

Tax

Accounting Insight

MAY 21, 2025

Almost half of UK sole traders at risk of non-compliance, feeling unprepared for income tax changes due April 2026. million businesses* – say they feel unprepared for upcoming tax reporting changes, putting them at risk of non-compliance. Nearly half (45%) of UK sole traders – representing approximately 1.4

accounted

CPA Practice

JULY 7, 2025

In parallel with his public service, he is in the early stages of co-founding an estate planning and estate tax firm alongside his wife, who is also a licensed CPA. Property and Fiscal Office on accounting programs, financial systems, and operational business processes.

cpas

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.

Tax

CPA Practice

JUNE 18, 2025

In her new role, Jennifer will oversee the equity management, lease lifecycle management, and tax reporting solutions, enhancing insightsoftware’s ability to deliver trusted and effective solutions for its customers. Most recently, she served as president of North America at QuickFee, a payment technology platform. © 2025 Firmworks, LLC.

Technology

Xero

JUNE 3, 2025

From April 2026, small businesses, sole traders and landlords will need to change how they report income tax to HMRC. New legislation, known as Making Tax Digital for Income Tax (MTD for IT ), is set to be introduced, sparking a shift in financial reporting requirements.

Technology

ThomsonReuters

JULY 23, 2025

Jump to ↓ Key provisions and changes Challenges and opportunities for tax professionals Planning opportunities Key takeaways from the One Big Beautiful Bill Act The One Big Beautiful Bill Act (OBBBA) has brought significant changes to the tax landscape, presenting both challenges and opportunities for tax professionals and their clients.

Tax

Accounting Web

JUNE 5, 2025

From April 2026, Making Tax Digital (MTD) [1] for Income Tax will change how sole traders and landlords prepare and submit *The clock is ticking.

income tax

CPA Practice

JULY 14, 2025

Mary Girsch-Bock Professionals on the Move is a round-up of recent hiring, promotion and staffing announcements from around the accounting and tax profession. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She is a member of the American and Pennsylvania Bar Associations.

West Virginia

ThomsonReuters

JULY 21, 2025

For tax professionals, this change brings with it both opportunity and complexity, whether it’s deciphering federal changes, navigating a mix of state conformity, or managing client expectations. Let’s take a look at how the OBBBA is reshaping SALT policy and how tax professionals like you can stay one step ahead.

tax preparation

Accounting Insight

MAY 1, 2025

Approaching the transition to MTD (Making Tax Digital), accountants may be worrying about the challenge they face. In this guide we cover everything you need to know about preparing for MTDincluding what it means for income tax and self-assessment, as well as MTD for Income Tax. What is MTD for Income Tax (MTD)?

Tax

CPA Practice

JULY 25, 2025

Mary Girsch-Bock Professionals on the Move is a round-up of recent hiring, promotion and staffing announcements from around the accounting and tax profession. His areas of tax expertise include partnerships, including allocations, tax planning and structuring. She is a member of the American and Pennsylvania Bar Associations.

West Virginia

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. – Tax year 2025 (reporting in 2026): 2.5K

tax return

Withum

FEBRUARY 27, 2025

The days agenda covered a wide range of topics including general tax administration, artificial intelligence tools, technical assistance and an update from general counsel. The department also gave an update on its software system transformation initiative, which should not impact or interrupt how taxpayers report and remit their taxes.

Florida

Xero

JULY 30, 2025

Adapting to HMRC’s tax transformation One of the most significant regulatory changes on the horizon is the rollout of Making Tax Digital for Income Tax (MTD for IT). From April 2026, self-employed individuals and landlords earning over £50,000 will need to keep digital records and submit quarterly updates to HMRC.

Technology

CPA Practice

JUNE 19, 2025

Bio ) As enterprise tax growth and industry leader and Canada tax leader, Severino drives strategic growth and fosters collaborative efforts focused on delivering comprehensive insights and innovative solutions that meet the evolving needs of the middle market. Canada, India and El Salvador.

Real Estate

Reckon

JANUARY 22, 2025

Key dates that businesses should look out for are: Federal Budget: March 25th Federal Election: on or before 17th May End Of Financial Year: 30th June Federal budget 2025-2026 The 2025-26 budget release date has been announced via the parliamentary calendar.

payroll

CPA Practice

JULY 9, 2025

Madison Street Advisors, formerly McCormick Tax Group, is based in downtown Chicago and increases Platform’s presence in the Midwest region. Madison Street Advisors is a mid-size national tax planning and preparation firm with a focus on audit mitigation strategies and reduction of audit profiles.

Technology

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.

tax return

ThomsonReuters

JULY 21, 2025

Jump to ↓ How OBBBA is impacting federal tax policy Strategic implications in a shifting political landscape What tax professionals should do now to manage the OBBA impact For tax professionals, the newly signed One Big Beautiful Bill Act (OBBBA) of 2025 has significant impacts for client tax planning and compliance.

Tax

ThomsonReuters

DECEMBER 24, 2024

Blog home The embroiled process to a three-month stopgap measure for avoiding a government shutdown at the 11th hour on December 20, 2024 may be an indicator of future challenges Congress could face in the new year regarding tax reform. Many provisions in the Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025.

Tax

Withum

JULY 11, 2025

The One Big Beautiful Bill Act (OBBBA) was signed into law by President Donald Trump on July 4, 2025, making several of Trump’s 2017 tax-related provisions permanent, while adding and expanding on those provisions as part of a sweeping tax cuts package that will prove to impact millions of taxpayers and businesses nationwide.

income tax

TaxConnex

JULY 1, 2025

There’s always something changing in the world of tax, especially sales tax. A few states have taken steps to make life easier for those with sales tax obligations. Ohio has expanded its sales tax holiday this year to the entire first two weeks of August. Hot areas for sales tax. billion, below their 15-year trend.

Sales

CPA Practice

JULY 30, 2025

This lower threshold for Form 1099-K was set to take effect for tax year 2023, but the IRS delayed its adoption. For tax year 2026, it will increase to $2,000. Form 1099-NEC is used to report nonemployee compensation, such as vendor/supplier payments to a consultant, contractor, or freelancer.

Technology

ThomsonReuters

JUNE 27, 2025

At the forefront is the “One Big Beautiful Bill Act,” a high-profile legislative package that could redefine payroll tax policy by permanently extending key provisions of the Tax Cuts and Jobs Act (TCJA) and introducing new exemptions for overtime pay and employee tips. Beyond Capitol Hill, the U.S.

payroll

Menzies

JULY 23, 2025

From January 2026, UK cryptoasset users will enter a new era of tax transparency. The new reporting rules aim to tackle tax non-compliance, close the tax gap, and help fund vital public services. Menzies LLP - A leading chartered accountancy firm. What’s changing ? close close What happens if you don’t comply?

Georgia

Menzies

JULY 14, 2025

Effective from 6 April 2025, these changes represent a substantial departure from the previous regime and significantly alter the UK tax landscape for affected families and trustees. Introduction of the Long Term Resident (LTR) rule The concept of “domicile” has been removed from the UK tax regime with effect from 6 April 2025.

Tax

CTP

JUNE 9, 2025

That’s the question on everyone’s mind: will Congress renew the expiring provisions from the Tax Cuts and Jobs Act (TCJA), or will they allow some or all of them to sunset in favor of other priorities? For one, you don’t have to go on this tax planning journey alone. Isn’t that unlikely to happen, you may ask?

tax planning

Insightful Accountant

JUNE 30, 2025

While the bill is shorter overall, it now contains more sections due to new community development provisions, particularly targeting Alaska-specific tax issues. The firearms excise tax structure was modified instead, maintaining $200 for machineguns and destructive devices while eliminating taxes on other firearms.

general ledger

Dent Moses

JULY 8, 2025

The One Big Beautiful Bill Act (formally termed “The Act”), signed into law on Friday, July 4, by President Donald Trump, extends key provisions of the Tax Cuts and Jobs Act (TCJA) and addresses several tax priorities of the Trump administration. The Act permanently extends the $500 non-child dependent tax credit.

Gambling

Accounting Today

JULY 15, 2025

Kent Nishimura/Bloomberg The massive tax and spending bill that President Trump signed into law on July 4 contains plenty of provisions that will benefit companies, unless theyre in the renewable energy industry. The taxes can add up for the larger universities. The taxes can add up for the larger universities.

Tax

Withum

JULY 1, 2025

Senate Bill Comparisons of the major individual income tax provisions in the House bill versus the Senate bill are highlighted below. Standard Deduction Permanently allows for the increased standard deduction amount provided under the Tax Cuts & Jobs Act. Inflation adjustments for all brackets except 37%.

Tax