Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

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RogerRossmeisl

NOVEMBER 19, 2023

Currently, the corporate federal income tax is imposed at a flat 21% rate, while individual federal income tax rates currently begin at 10% and go up to 37%. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend. There are many issues to consider.

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Xero

DECEMBER 1, 2023

Following the Autumn Statement, you might be curious about the specific measures that impact Making Tax Digital (MTD). Especially since digital transformation is already underway, with Making Tax Digital for Income Tax on the horizon. Here’s a guide outlining what the announcement means for your practice and clients.

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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

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Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). The mandatory use of software is therefore being phased in from April 2026, rather than April 2024.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

Tax 98

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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.

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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?

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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).

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Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year. tax returns for the 2022 tax year.

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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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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. However, this would cause an increase in tax for many.

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Steve Feinberg

MARCH 28, 2022

Parsing any state’s tax code can be a multifaceted and complicated affair, but small business owners especially should understand what types of taxes they are required to pay if they live and operate their company in New Hampshire. What is the Small Business Tax Rate in New Hampshire? Is There a Sales Tax in New Hampshire?

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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.

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Withum

OCTOBER 18, 2023

These words apply to all sorts of things in life and, of course, when it comes to taxes. With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023. “Those who fail to plan, plan to fail.”

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Withum

OCTOBER 25, 2023

Since their creation in 2009, cryptocurrencies have been polarizing, especially when it comes to taxes, bringing both opportunities and challenges. 67(g) disallows all miscellaneous itemized deductions for tax years beginning after December 31, 2017, and before January 1, 2026. On the other hand, IRC Sec.

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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?

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New Hampshire Tax income tax tax return 45

PYMNTS

FEBRUARY 14, 2020

Amazon and Flipkart are pushing back against a proposed Indian tax on the online eCommerce market, saying it will stymie growth in the industry, according to a report by Reuters. . The tax would be 1 percent on every sale made by a seller on the eCommerce platforms, and it would take effect in April if approved by the country’s parliament.

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Cherry Bekaert

APRIL 3, 2024

Contributor: Lee Dodson , Tax Senior Manager Today’s business environment is difficult to navigate when considering the higher interest rates, whose effects trickle throughout the economy. Debt Restructuring When debt is restructured, and a portion or all of the remaining principal is forgiven, it can cause two specific tax issues.

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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).

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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.

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Inform Accounting

NOVEMBER 14, 2022

Reports over the weekend have, as expected, suggested tax rises by stealth and spending cuts. 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%.

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Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

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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

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Inform Accounting

NOVEMBER 18, 2022

We already knew that he was going to raise taxes and reverse most, if not all of the Truss Budget. The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%.

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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. Dead silence. But now I understand.

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Menzies

OCTOBER 4, 2022

In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year. In addition to paying tax up front on these transition profits, taxpayers will also pay tax on more than 12 months profit unless their accounting year end is 31 March.

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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.

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CPA Practice

JANUARY 3, 2024

Taylor, Kiplinger Consumer News Service (TNS) As we venture into the new year, 2024 brings a wave of changes in state taxes across the country. From gas taxes to property tax amendments and income tax cuts, being aware of these changes is crucial since state and local taxes are among the highest taxes most people pay.

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Xero

DECEMBER 20, 2022

HMRC has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been delayed until April 2026. This can only be a good thing, because regardless of this delay, it remains a vital part of the Government’s journey to digitise the tax process. Why has this happened?

Tax 15

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CPA Practice

MARCH 18, 2024

By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Conversely, most changes for businesses are permanent, such as the flat 21% tax rate for corporations, but others are temporary. Notably, it reduced the top income tax rate from 39.6%

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CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. TCJA brought sweeping changes to the tax code for both businesses and individuals. million to $11.2 million to $11.2

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

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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. Aaaaand now there’s one less tax preparer in Florida to handle the load.

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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. How do I qualify for the Child Tax Credit? They won’t need to take additional steps,” Werfel said. citizen, U.S.

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Tax tax return income tax 113

KROST

AUGUST 6, 2021

The Tax Cuts and Jobs Act passed in December 2017 limited the state and local tax (SALT) deduction for individuals to $10,000. The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The tax for electing owners is 9.3%

California 52

California Tax tax return Real Estate 52

ThomsonReuters

JUNE 10, 2021

Summertime Tax Tips. Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. Biden Administration issues tax proposals “Green Book.” The Department of the Treasury has issued detailed information about the Biden Administration’s tax proposals for fiscal year 2022 in its “ Green Book.”

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