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.

Tax 97

Tax income tax Sports payroll 97

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.

income tax 106

income tax Tax Sports payroll 106

CPA Practice

JANUARY 4, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Higher taxes seem to be the obvious answer.

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CPA Practice

JANUARY 8, 2024

My new client needed a tax-smart plan to kick Uncle Sam to the curb before he was forced to take that money out of his 401(k) in the form of required minimum distributions (RMDs). Why is tax planning so important for those with $1 million or more in their 401(k)s or IRAs? Higher taxes seem to be the obvious answer.

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Tax Start-ups Washington tax planning 59

Withum

OCTOBER 18, 2023

“Those who fail to plan, plan to fail.” 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.

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Tax tax planning tax preparation income tax 59

Menzies

OCTOBER 6, 2023

This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings. As a result, potentially seeing significant tax savings.

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corporation tax accounting and finance Tax Finance 59

ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

Tax 59

Tax Account accountant accounted 59

Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments. What is Full Expensing? What is Full Expensing?

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chartered accountant tax planning corporation tax Construction 52

CPA Practice

DECEMBER 13, 2023

The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. The in person-live class will cover the ChatGPT benefits and features and identify practical applications for the application in accounting, finance, and tax. investments and U.S.

West Virginia 40

West Virginia CPA Kentucky Virginia 40

Anders CPA

APRIL 14, 2022

Good news came for taxpayers with large estates when the Tax Cuts and Jobs Act (TCJA) was passed. The TCJA doubled the estate and gift tax lifetime exemption, from $5.49 On top of this generous amount, the IRS also allows for portability of the exemption between spouses – an important consideration in estate planning.

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Tax tax return tax planning Legal 59

Menzies

MAY 11, 2023

. – You have identified the new piece of equipment your business needs, it’s worth pausing to consider the best way to structure the purchase and tax can play an important role in the determining the best option for your business. – The tax treatment of capital expenditure can vary depending on the timing and type of purchase.

Manufacturing 52

Manufacturing corporation tax chartered accountant accounting and finance 52

Anders CPA

SEPTEMBER 20, 2023

Before making any changes to your retirement savings plan, consult with a tax or financial advisor to ensure you’re selecting the best possible options for your specific situation and retirement strategy. The IRS delayed the effective date for this policy, which was originally due to start in 2024 and has now been pushed back to 2026.

Tax 52

Tax Start-ups tax planning CPA 52

Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Included in the newest tax package are the following: Employee Retention Credit Elimination: With every tax relief bill comes costs.

cpas 52

cpas Tax Start-ups Sales 52

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. The seller recognizes gains as the buyer makes payments of principal on the note.

Real Estate 109

Real Estate tax planning Construction Tax 109

KROST

FEBRUARY 23, 2021

Created by the Tax Cuts and Jobs Act (TCJA) in December 2017, taxpayers who meet the requirements for investing in an Opportunity Zone can potentially defer taxable gain on their current year gain and eliminate any gain on the new Opportunity Zone investment. Opportunity Zones are garnering increased interest across the country.

Real Estate 52

Real Estate Delaware Tax tax planning 52

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. 529 plan accelerated gifts.

Tax 119

Tax income tax Non-Profits Education 119

ThomsonReuters

MARCH 7, 2024

Reassessment of lease terms As businesses strive to enhance their properties, the tax implications of Qualified Improvement Property (QIP) and its associated depreciation methods can be substantial. Let’s explore the definition of QIP, the tax benefits it offers, and the various depreciation methods available to optimize tax strategy.

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accounting principles Tax tax planning Account 98

CTP

SEPTEMBER 16, 2022

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. Tax credits are also available, resulting in an end-of-year refund.

tax planning 52

tax planning Tax Real Estate Education 52

CTP

SEPTEMBER 16, 2022

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. Tax credits are also available, resulting in an end-of-year refund.

tax planning 52

tax planning Tax Real Estate Education 52

KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. Whether it be refining past plans, developing new ones, or a combination of both, our office is ready to assist you. 179 small business expensing provision.

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tax planning Tax California income tax 52

ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Clients who owed taxes for 2021 may want to revise their Form W-4.

tax planning 98

tax planning Tax income tax Start-ups 98

KROST

NOVEMBER 24, 2020

As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for individuals.

tax planning 52

tax planning Tax income tax Real Estate 52

CPA Practice

OCTOBER 18, 2023

Now, I’m thinking that that 2029 date is late, I’m thinking we’re gonna see some of this first breakage occurring in 2025 and 2026. And you know, when I think about tax strategies, and tax planning, we can optimize tax strategies by analyzing large data sets. But now, think about quantum powered AI doing that.

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Technology Account accountant accounted 126

KROST

FEBRUARY 15, 2021

With the advent of the Tax Cuts and Jobs Act of 2017 , the estate, gift, and generation skipping tax exemptions increased dramatically, but these changes were only temporary. Million (per person), review their estate planning now to avoid the chaos we saw last fall. Starting January 1, 2026, the exemption will return to $5.49

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