Accounting Insight

MAY 1, 2025

The reasoning for this is that its thought itll make it easier for companies and individuals (sole traders) to get their personal tax returns right. 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.

Tax 40

Tax income tax tax return Technology 40

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.

Tax 115

Tax Illinois CPA income tax 115

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.

income tax 80

income tax Tax accounting standards accounting and finance 80

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

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.

tax planning 52

tax planning Tax income tax tax return 52

Cherry Bekaert

MAY 6, 2024

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. Additionally, these transactions require the use of a qualified intermediary to facilitate the exchange.

Real Estate 96

Real Estate Delaware Tax tax return 96