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How to prepare for Making Tax Digital (MTD) in the UK

Accounting Insight

Originally, MTD was planned to launch in April 2018 this was then pushed back several times, and is now set to be mandated in 2026 or 2027 depending on the taxpayer’s threshold. The change will affect those with over 50,000 in income per year in 2026, moving to 30,000 in 2027. What are the requirements for MTD?

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On the move: RRBB adds partner

Accounting Today

CONNECTICUT FASB, GASB and FAF logos on the wall at headquarters in Norwalk, Connecticut Courtesy of GASB The Financial Accounting Foundation board of trustees announced it is seeking nominations for new members to join the Financial Accounting Standards Advisory Council for an initial one-year term beginning Jan.

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Private Client Services: Individual Tax Planning

Withum

Consider asking your employer to increase withholding of state and local taxes (or you can pay estimated state and local tax payments) before year-end to pull the deduction of those taxes into 2024. Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

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What’s new in sales tax?

TaxConnex

Minnesota is also considering taxing accounting, legal, brokerage and banking services to individuals. Georgia has adopted a rule on digital products, goods and codes for sales and use tax purposes. If signed into law, the bill would take effect July 1, 2026.

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Trump’s Big Bill Boosts Micron’s Tax Break for Chip Plants by About $5 Billion

CPA Practice

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.

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What is Qualified Improvement Property and its depreciation method?

ThomsonReuters

Any property that is subject to the rules of QIP and is leased by a single tenant now falls under the rules for QIP for tax accounting purposes. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027. By 2026, the bonus depreciation decreases to 20%.

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Backdoor Twists and Mega Turns to Roth IRA Conversions

CPA Practice

However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026. Previously, employer matches had to be allocated to an employee’s pre-tax account. Required Roth Catch-up Contributions When originally passed, SECURE 2.0

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