ThomsonReuters

JULY 21, 2025

When the federal government enacts a tax provision, states must decide whether (or how) to incorporate it. PTET w orkaround s in a n ew SALT e ra The final OBBBA legislation preserves federal deductibility of Pass-Through Entity Tax (PTET) , allowing pass-through entities to continue paying state income taxes at the entity level.

tax preparation

Accounting Insight

MAY 1, 2025

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)? The change will affect those with over 50,000 in income per year in 2026, moving to 30,000 in 2027.

Tax

CPA Practice

JUNE 19, 2025

Jamie Burgess Named Chair of RSM US LLP Board of Directors RSM US LLP (“RSM”) – the leading provider of assurance, tax and consulting services for the middle market – recently announced that Jamie Burgess will serve as chair of the RSM US LLP Board of Directors effective May 1, 2025, through November 30, 2026.

Real Estate

CPA Practice

JULY 9, 2025

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. Its team of attorneys, CPAs, and enrolled agents have extensive experience in representing clients in disputes with the IRS and state agencies.

Technology

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

Withum

JULY 11, 2025

The headline in the bill for estate planners is that the increased lifetime estate, gift , and generation skipping transfer (GST) tax exemption amounts are scheduled to increase to $15 million for single filers and $30 million for joint filers in 2026.

income tax

CPA Practice

JULY 30, 2025

Per the legislation, this takes effect “as if included in section 9674 of the American Rescue Plan Act.” For tax year 2026, it will increase to $2,000. 1099-MISC and 1099-NEC adjusted for inflation Section 70433 of the OBBBA changes the reporting thresholds for Form 1099-MISC and Form 1099-NEC.

Technology

ThomsonReuters

JUNE 27, 2025

Key provisions include the permanent extension of select elements from the Tax Cuts and Jobs Act (TCJA), as well as the implementation of campaign promises from the Trump Administration, most notably, proposals to eliminate federal income tax on overtime pay and employee tips.

payroll

CTP

JUNE 9, 2025

For one, you don’t have to go on this tax planning journey alone. Our network of Certified Tax Planners would be more than happy to help take on the load and guide you through the best practices for creating a 2025 tax plan. This is what your tax plan should look like if no new laws are passed this year.

tax planning

Accounting Today

JULY 15, 2025

The bill said that you had to have the asset placed in service by 2027 but also you had to start construction on that facility within one year of the enactment date," said Ian Boccaccio, principal and income tax practice leader at tax firm Ryan. "If companies from this tax increase in the European Union, will be made permanent.

Tax

Menzies

OCTOBER 30, 2024

No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. Nor has the Chancellor increased VAT. However, employers in the tech sector will face an increase in employer’s National Insurance contributions.

Technology

CPA Practice

JULY 18, 2025

Momentum in a Shifting Economy Though 52% of respondents expect volatility to continue into 2026, the overall tone is one of momentum. With better tools and a broader mandate, finance leaders are stepping into roles that directly shape business direction, resilience, and growth.

Technology

Accounting Today

JUNE 25, 2025

The service received nearly 141 million individual income tax returns and processed about 138 million this tax season, according to the National Taxpayer Service "Objectives Report to Congress" for Fiscal 2026. All rights reserved. It is critical that the IRS begin to take steps now to prepare."

Technology

ThomsonReuters

DECEMBER 30, 2024

While many questions remain, now is the time to begin exploring some of the potential tax law changes and strategies for how tax and accounting professionals can stay up to date on changes as they unfold. This is up from $7,830 for tax year 2024. Estate tax credits The federal estate-tax exclusion amount increases to $13.99

Tax

Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

tax planning

Accounting Today

JULY 15, 2025

2, 2026, to file returns and pay any taxes that were originally due during this period. The February deadline applies to: Any individual, business or tax-exempt organization that has a valid extension to file their 2024 return due to run out on Oct. 15, 2025; Quarterly estimated income tax payments normally due on Sept.

Texas

CPA Practice

JULY 17, 2025

The additional deduction amounts will adjust to inflation beginning in 2026. The increases phase out for those with higher incomes. New repayment plan for student loan borrowers begins: Enrollment in a new Repayment Assistance Program begins July 1, 2026. States must implement the new requirements by Dec.

Tax

CPA Practice

JULY 25, 2025

Tenney’s bill did not advance to a vote in the House, but it provided the framework for the tax policy included in Trump’s bill. The final version of Trump’s bill that he signed into law did not include an extension beyond the existing 2026 deadline for companies to qualify for the subsidy.

Tax

Menzies

MARCH 6, 2025

Another area that could be up for reconsideration is the proposed increase to capital gains tax for those making disposals eligible for Business Asset Disposal Relief. The rate of tax is set to increase from 10% to 14% from April 2025 and 18% from April 2026.

Technology

CPA Practice

JULY 17, 2025

hiring managers, nearly all (93%) said the hiring process takes longer now than it did just two years ago. hiring managers, nearly all (93%) said the hiring process takes longer now than it did just two years ago.

Technology

CPA Practice

JULY 25, 2025

M&A Prospects Show Promise: More than half (63%) of middle market companies plan to engage in M&A activity by the end of 2025. This optimism extends into 2026, as companies anticipate a closer alignment of buyer and seller expectations, driven by clearer macroeconomic factors in the coming quarters.

Technology

CPA Practice

JULY 31, 2025

By 2026-27, about half of all U.S. These trends, combined with new federal tax credit, could fundamentally reshape the education funding landscape across state governments, experts say. students will be eligible, according to estimates by FutureEd, an independent think tank at Georgetown University.

Arizona

RogerRossmeisl

JULY 16, 2022

Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025.

income tax

CPA Practice

JULY 17, 2025

OBannon Payroll July 17, 2025  Seniors Call for Social Security Catchup Payments as Latest COLA Estimate for 2026 is Out While the latest projection from The Senior Citizens League shows a.1% unemployment benefits declined for a fifth week in a row to the lowest level since mid-April, showing a resilient job market.

Technology

CPA Practice

JULY 18, 2025

Smaller tax credits—and therefore more expensive premiums—go back into effect starting in 2026. If the enhanced subsidies expire, marketplace health insurance members at all income levels will pay more. You could also consider other ways to get health insurance if marketplace plans are no longer affordable. It did not.

Tax

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Each state has different eligibility requirements and PTE election regimes.

Real Estate

Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

income tax

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.

tax planning

Withum

FEBRUARY 29, 2024

The benefit to the Dodgers under this agreement is that under the MLB’s collective bargaining agreement, the calculation of the luxury tax under a deferred agreement is based on the present value of the contract and therefore the Dodgers would save annually $24 million of his annual $70 million salary towards the luxury tax threshold.

Tax

ThomsonReuters

MARCH 5, 2024

As such, employers may need to research multiple tax plan approaches to forecast for the best possible outcome, and while the sunset date for these measures is more than one and a half years away, answers may come late in the game, leaving employers to scramble for solutions regarding this far-reaching law.

Tax

Withum

OCTOBER 18, 2023

However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025. Coupled with the increased individual income tax rates that take effect after December 31, 2025, taxpayers will see an increase in their effective tax rate of 10%, going from 30% to 39.6%.

Tax

Anders CPA

APRIL 23, 2024

In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. TCJA Changes to Individual Income Taxes The TCJA provisions affected various aspects of individuals’ taxable income, deductions, credits and tax liabilities. million to $11.2

Tax

ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Want more planning ideas?

tax planning

KROST

NOVEMBER 24, 2020

Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for individuals. Taxes paid for property held for investment is still deductible in full and does not fall within the $10,000 overall limitation.

tax planning

CPA Practice

JUNE 13, 2024

The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 This strategy balances the benefits of current tax law with the need for financial flexibility and security. million for individuals and $27.22

Real Estate

CPA Practice

JUNE 16, 2023

Estate and gift tax considerations As of 2023, individuals can currently transfer up to $12.92 million (either during your life or as part of your estate) without triggering federal gift taxes or estate taxes. In addition, the death benefit paid out to your beneficiaries is income that’s also considered tax-free.

Tax

Withum

OCTOBER 17, 2024

This does not account for the impact of expiring bonus depreciation and interest expense limitations that will drive up the taxable income. The typical year-end tax planning point is to defer income and accelerate expenses where possible. In 2026, it reverted to roughly $6,000,000, adjusted for inflation per spouse.

Tax