Cherry Bekaert

APRIL 21, 2023

The Internal Revenue Service (IRS) recently released Notice 2023-21 clarifying how the postponed tax return filing deadlines in 2020 and 2021 affect amended return filings. In April 2020, the IRS issued Notice 2020-23 , which postponed certain 2019 federal tax return filing and payment deadlines until July 15, 2020.

tax return 63

tax return Tax 63

ThomsonReuters

FEBRUARY 28, 2025

The IRS is seeking feedback on the form and instructions until June 30, 2025, to ensure that the instructions for tax year 2025 (processing year 2026) are clear and up to date. Now, it is required when the tax return is due. This form is used to claim the credit for increasing research activities.

Tax 52

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Going Concern

JANUARY 22, 2025

It is currently active until 2026. To make matters worse, Jerkins (STOP) prepared and filed materially false tax returns that reported false deductions and false business expenses with the Internal Revenue Service for at least two clients.

Tennessee 59

Tennessee CPA bookkeeping payroll 59

Dent Moses

MAY 30, 2023

In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. For example, assume your 2022 individual tax return was filed on April 11, 2023, a week before the due date of April 18, 2023.

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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.

Alaska 126

Alaska South Dakota North Carolina tax return 126

TaxConnex

AUGUST 9, 2022

Iowa has modified its sales tax base. Changes include combining sales and use tax returns and their permits into one and changing filing frequencies for sales and use tax from quarterly to monthly. Maryland has revised Business Tax Tip #29 to acknowledge exclusion of certain business purchases of digital products.

Sales 130

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TaxConnex

AUGUST 22, 2024

Analysis reveals that a fee in Washington of 30 cents per order could generate between $45 and $112 million in revenues in 2026, growing to between $59 and $160 million by 2030,” reads a recent report by the Washington State Joint Transportation Committee. The state of Washington is inching toward instituting a retail delivery fee.

Sales 147

Sales Tennessee Illinois Tax 147

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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Withum

OCTOBER 3, 2024

How can I determine if an item on a return (such as an election) is also delayed and covered by the postponement?

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Cherry Bekaert

AUGUST 9, 2023

For instance, a partner cannot take advantage of the income exclusion of up to $50,000 of group term life insurance, but can participate in dependent care and educational assistance programs, including the ability to have $5,250 of principal and interest payments on qualified education loans reimbursed or paid by the employer tax free before 2026.

Technology 97

Technology tax return Education Tax 97

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.

income tax 52

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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.

Real Estate 109

Real Estate tax planning Construction Tax 109

CPA Practice

JUNE 26, 2024

In addition to answering telephone calls, AM employees process identity theft victims’ assistance cases, taxpayer correspondence, and amended tax returns. We need to keep in mind that backlogs in processing tax returns and taxpayer correspondence drive much of the phone volume,” Collins wrote.

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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

New Hampshire Tax income tax tax return 45

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 tax for years beginning on or after January 1, 2021, is due on or before the due date of the PTE’s tax return without regard to extensions. For most PTEs this will be March 15, 2022.

California 52

California Tax tax return Real Estate 52

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

Going Concern

MAY 24, 2024

The IRS’s updated plan projects that audit rates for pass-through entities with $10 million or more in assets would rise until they reach 1% for 2026 Forms 1065 and 1120-S. The IRS’s overall audit rate for 2019 individual returns was 0.3%. for returns with income of over $5 million and under $10 million, and 1.6%

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audit auditor accounting and finance accounting firms 102

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.

Tax 52

Tax tax return Oregon Missouri 52

Withum

OCTOBER 5, 2023

This will help streamline the reporting process, ensuring digital transactions align with conventional tax standards.

Real Estate 59

Real Estate tax return Maine Tax 59

Withum

APRIL 28, 2022

For taxable years beginning 2024, the top corporate tax rate is 6.50%; For taxable years beginning 2025, the top corporate tax rate is 6.24%; For taxable years beginning 2026, the top corporate tax rate is 6.00%; and For taxable years beginning 2027 and after, the top corporate tax rate will be reduced to 5.84%. .

Nebraska 52

Nebraska Tax income tax corporation tax 52

Withum

JULY 26, 2023

Instead, the Act would allow taxpayers to currently deduct research and experimental expenditures that are paid or incurred in tax years beginning after December 31, 2021, and before January 1, 2026. Taxpayer can elect to apply the broadened base to the 2022 taxable year or apply the broadened base to tax years starting in 2023.

Tax 52

Tax income tax Manufacturing accounting and finance 52

CPA Practice

APRIL 19, 2024

1, 2026, on these information returns and statements, so that customers have the information they need to prepare their tax returns.” “Brokers, in certain circumstances, would also be required to include gain or loss and basis information for sales that take place on or after Jan.

Sales 69

Sales tax return Tax CPA 69

CTP

OCTOBER 30, 2024

Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers with a family office could write off certain items like investment expenses and tax return preparation fees under “ miscellaneous itemized deductions.” However, under TCJA, this deduction was suspended until 2026.

Tax 52

Tax tax return Real Estate cpa firm 52

Inform Accounting

NOVEMBER 14, 2022

VAT - as with other thresholds, the current limit at which VAT is payable - £85,000, is expected to be frozen until at least 2026. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? Remember to declare COVID-19 grants on your tax return. Taxing cryptoassets: what you need to know.

income tax 52

income tax tax return Tax Government 52

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.

income tax 52

income tax chartered accountant tax return Tax 52

Dent Moses

SEPTEMBER 11, 2023

The remaining 20% is depreciated using normal tax depreciation methods based on the type and life of the asset. Under current law, the 80% limitation decreases by 20% each year through 2026. This means the Section 179 deduction could be disallowed or limited based on other items on the owner’s tax return.

Non-Profits 52

Non-Profits Real Estate tax return Tax 52

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.

income tax 80

income tax Tax accounting standards accounting and finance 80

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.

payroll tax 52

payroll tax payroll Missouri Tax 52

Cherry Bekaert

NOVEMBER 28, 2023

A head start in addressing any tax-related concerns arising from the transaction can highlight options for tax planning actions the company may take before year end and ensure a smoother process for tax provision and tax return preparation for 2023. and foreign taxes should review their strategies annually.

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tax planning Tax income tax tax return 64

Inform Accounting

MARCH 15, 2023

The government is now introducing full expensing, a 100% First Year Allowance, from 1 April 2023 until 31 March 2026. Read more of Inform's tax blogs : Struggling to pay tax – What should you do? In 2021, the government introduced the super-deduction to go further to encourage companies to invest. We are here to help.

Non-Profits 52

Non-Profits Tax tax return Government 52

Going Concern

APRIL 8, 2022

EY aims to double consulting business to 10,000 people by 2026 [ Consultancy.uk ] EY has launched ambitious growth plans within its consulting practice. The precious-metals miner said the board has begun the search for a replacement auditor and will update shareholders in due course. China Weighs Giving U.S.

Iowa 52

Iowa auditor cpa firm CPA 52

Inform Accounting

NOVEMBER 18, 2022

This means electric cars costing over £40,000 will pay an (at current rates) extra £355 per year on top of the normal road tax of £165 per year. The benefit in kind tax for electric cars is going up to 5% by 2027/2028, with an increase of 1% per year taking effect in 2025/2026 until the 5% level is reached in 2027/2028.

Tax 52

Tax income tax tax return Government 52

Withum

FEBRUARY 26, 2024

The framework would extend the increased adjusted taxable income base to earnings before interest, taxes, depreciation, and amortization (EBITDA) for taxable years beginning after December 31, 2023, and before through January 1, 2026.

cpas 52

cpas Tax Start-ups Sales 52

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. Transitional period is a loss.

income tax 52

income tax Tax chartered accountant tax return 52

CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction.

tax planning 52

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CTP

SEPTEMBER 16, 2022

TCJA (in effect for tax years 2018-2025) limited the amount of debt covered to $750,000 (or $375,000 for married couples filing separately). If the TCJA tax laws are not extended, in 2026 the limitation will go back up to $1 million. Real Estate or Real Property Tax Deduction.

tax planning 52

tax planning Tax Real Estate Education 52

inDinero Tax Tips

SEPTEMBER 13, 2023

The Roth catch-up rule for high earners over 50 years old was supposed to start in 2024, but due to implementation issues, the IRS has delayed it until 2026. Starting from 2024, these catch-up contributions must be deposited into Roth accounts. Analyzing the Impact of SECURE Act 2.0

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business tax Tax Start-ups accounting and finance 71