CPA Practice

JULY 1, 2024

“The final regulations ensure that taxpayers will receive statements that include information reported to the IRS on Form 1099-DA, Digital Asset Proceeds from Broker Transactions , that will help them file their income tax returns and determine their tax obligations.

Tax 114

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CPA Practice

OCTOBER 4, 2024

Additional states could still join Direct File in 2025, and several states have expressed interest or announced that they will participate in Direct File in 2026. In addition to doubling the number of states where Direct File will be available, the service will also cover a wider range of tax situations for the 2025 filing season.

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Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. This will replace the need for a Self-Assessment tax return.

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Withum

OCTOBER 3, 2024

2023 Federal Form 1120 (C Corporations) April 15, 2023 October 15, 2024 May 1, 2025 2023 C Corporation Tax Payments April 15, 2023 June 15, 2023 September 15, 2023 December 15, 2023 N/A The IRS noted payments related to 2023 returns are not eligible for the extra time because they were due last spring before the hurricane occurred.

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CPA Practice

MARCH 10, 2023

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. The threshold is scheduled to revert to $1 million in 2026. The higher limit is grandfathered for prior loans.)

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Cherry Bekaert

NOVEMBER 14, 2023

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. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

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Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. However, the extension does not apply to estimated tax payments. Tax Filing and Deadline Extended.

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CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.

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Menzies

FEBRUARY 13, 2024

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.

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Steve Feinberg

FEBRUARY 3, 2022

At first glance, you wouldn’t think this news matters that much as most small businesses don’t pay Interest/Dividends tax. In 2022 the rate is 5%, and then 4% in 2023, 3% in 2024, 2% in 2025, 1% in 2026, and then completely repealed after 2026. So, what’s changing?

New Hampshire 45

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. And what happens in 2026?

Tax 52

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KROST

AUGUST 6, 2021

The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The electing owners are then granted a credit against their California personal income tax for the full amount of the tax paid by the entity on their allocable share of California taxable income.

California 52

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Cherry Bekaert

JANUARY 22, 2024

Research & Development (R&D) Deductibility The current deductibility of domestic specified research expenditures beginning after December 31, 2021, and before January 1, 2026 (instead of requiring amortization over five years). tax returns for the 2022 tax year.

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Cherry Bekaert

NOVEMBER 28, 2023

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. and foreign taxes should review their strategies annually.

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Inform Accounting

NOVEMBER 14, 2022

We have put together below a quick summary of what could be announced on Thursday: The freezing of all personal allowances and income tax thresholds, potentially until 2028. This will mean more people paying tax at 40%. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. If the capitalization of IRC §174 research and experimental expenditures is also pushed to 2026, the stage will be set for significant federal income tax reform.

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Anders CPA

JANUARY 7, 2025

The 2025 Form 1099-NEC must be given to the recipient and sent to the IRS, using either paper or electronic filing procedures, by January 31, 2026. For form 1099-MISC, the due dates to the IRS are February 28, 2026, if you file on paper or March 31, 2026, if you file electronically, but the due date to the recipient remains January 31, 2026.

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Menzies

OCTOBER 4, 2022

However, they have advised that taxpayers will either need to go back and amend the earlier years on completion of the accounts or that an adjustment may be included in the following tax year. Transition period. Remember it is only the profits in the transitional period that can be spread, not the total profits.

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Inform Accounting

NOVEMBER 18, 2022

Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%. Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Still support for energy bills.

Tax 52

Tax income tax tax return Government 52

CPA Practice

AUGUST 19, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.

Tax 52

Tax CPA Illinois income tax 52

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.

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Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

Tax 124

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CapataCPA

FEBRUARY 18, 2025

Federal and State Income Tax Extensions Individual income tax returns and payments normally due on April 15, 2025. 2024 quarterly estimated income tax payments due January 15, April 15, June 16, and September 15, 2025. 2024 contributions to IRAs and Health Savings Accounts.

Tax 40

Tax income tax tax return California 40

CPA Practice

OCTOBER 22, 2024

While the actual percentages of the tax brackets will remain the same until next year because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2025 tax year covering tax returns that will be filed in 2026.

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CPA Practice

FEBRUARY 21, 2024

By Matt Durr, mlive.com (TNS) IRS Commissioner Daniel Werfel says millions of parents in America don’t need to wait to file their 2024 tax return due to a possible increase in refundable value of the Child Tax Credit. citizen, U.S. national or U.S.

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Going Concern

FEBRUARY 26, 2024

PwC Australia emergency CEO Kevin Burrowes will stay on to 2026 : Kevin Burrowes, the senior partner brought in by PwC global to take control of the scandal-hit Australian firm, has had his leadership term extended until 2026. Price and his tax return preparation business, Price’s Accounting Firm Inc.,

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Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

Tax 52

Tax income tax Manufacturing tax return 52

Going Concern

AUGUST 28, 2023

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” My return, by the way, was sent electronically on April 3, the same day my cpa firm sent my federal income tax return in electronically. state workers.

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Withum

OCTOBER 17, 2024

Tax planning and determining the timing of estimated tax payments will be essential to manage cash flow as there will likely be significant shifts in income taxes even when book income might remain in line with previous years. In 2026, it reverted to roughly $6,000,000, adjusted for inflation per spouse.

Tax 52

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Withum

MAY 13, 2025

While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below. 30 percent of the adjusted taxable income of the taxpayer.

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Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. Can I outsource other personal tax work? This means another 10 million taxpayers will still need to submit self-assessment tax returns in the usual way by 31 January after tax year-end.

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Withum

MAY 13, 2025

While the bill could face additional adjustments in the Senate, it provides the framework for 2025 tax reform.The significant business income tax provisions are highlighted below. 30 percent of the adjusted taxable income of the taxpayer.

Tax 96

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Ronika Khanna CPA,CA

DECEMBER 27, 2024

Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST. GST/HST Instalments are due on April 30th, 2025, July 31st, 2025, October 31, 2025 and January 31st, 2026. If tax returns are filed on time, but the balance due is not paid, only interest applies.

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Accounting Insight

JANUARY 31, 2025

A new survey conducted by IRIS Software Group (IRIS) found that more than two in five accountants (42%) are not yet prepared for the upcoming Making Tax Digital (MTD) requirements set to take effect in April 2026. IRIS findings come despite the governments push to digitalise and streamline tax reporting.

Tax 59

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Anders CPA

OCTOBER 28, 2024

Detailed information about the adjustments and changes to the over 60 tax provisions impacting taxpayers can be found in Revenue Procedure 2024-40. The adjustments described below generally apply to income tax returns that will be filed in 2026 for tax year 2025.

Tax 64

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Nancy McClelland, LLC

JANUARY 11, 2025

Keep in mind that estimated quarterly tax payments for business owners (including sole proprietors) are due January 15 (4Q 2024), April 15 (1Q 2025), June 16 (2Q 2025), September 15, 2025 (3Q 2025) and January 15, 2026 (4Q 2025). Once you have submitted your return, you can use the agencys Wheres My Refund tool to check the status.

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CPA Practice

NOVEMBER 26, 2024

Filing the Final Income Tax Return By Ken Berry Losing a loved one is never easy. Which begs the question: Does a tax return have to be filed on behalf of the relative? someone appointed by the court) generally is required to file a federal income tax return for the year of death.

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