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

Accounting Insight

MAY 9, 2025

Be able to provide their Income Tax return information to HMRC through compatible software. MTD for VAT was HMRCs first phase of MTD, which involved requiring all VAT-registered businesses to keep digital records and submit VAT returns electronically. Option 2: sign up for the 2026 to 2027 tax year.

income tax

Withum

DECEMBER 17, 2024

Take that deduction away, their taxes could be as high as $37,000 on that income. One item we have seen as a significant issue for many businesses with significant capital expenditures is the drop in bonus depreciation from 100% in 2022 to 0% in 2027.

Tax

CPA Practice

JULY 30, 2025

For tax year 2026, it will increase to $2,000. For 2027 and subsequent years, the threshold for both forms will be adjusted for inflation. Effective for 2027, payors are required to issue 1099-MISC and 1099-NEC forms only where the aggregate for the calendar year exceeds the threshold for that year.

Technology

Dent Moses

JULY 8, 2025

Miscellaneous Deductions: Permanently suspends most miscellaneous itemized deductions, including unreimbursed expenses of W-2 employees, investment advisor fees, and tax return preparation fees; allows educators to continue deducting unreimbursed expenses. QSB Stock: Increases Sec.

Gambling

Shay CPA

JULY 11, 2025

That means you can potentially fully and immediately claim deductions for R&D expenses you had amortized over those tax years. The Treasury Department is working on the implementation of the Act, so the specifics about how that tax return amendment will work is still forthcoming.

accounting and finance

Withum

AUGUST 4, 2025

Small businesses, defined as those with gross receipts under $31 million on average from 2022 to 2024, can amend their 2022 to 2024 tax returns to retroactively apply immediate expensing. Foreign-based expenditures continue to be capitalized and amortized over 15 years.

Tax

Menzies

JULY 14, 2025

The preferential tax rates available under the TRF are as follows: 12% for the 2025/26 tax year 12% for the 2026/27 tax year 15% for the 2027/28 tax year Crucially, once income or gains have been validly designated under the TRF, the funds may be remitted to the UK either immediately or in later years without triggering any further UK tax charges.

income tax

CPA Practice

JUNE 23, 2025

20 Related article: Former IRS Chief Danny Werfel Joins Alliant Strategic Advisory Board Long, a Republican who represented southwest Missouri in Congress for a decade, faced sharp questions during his Senate confirmation hearing from Democrats over his promotion of tax credits that they said don’t exist.

Missouri

CPA Practice

FEBRUARY 28, 2023

Additionally, the tax filer cannot be a full-time student and cannot be claimed as a dependent on another person’s tax return. Beginning in 2027, the recently enacted SECURE Act 2.0

Tax

Withum

OCTOBER 3, 2023

If a business timely filed its original 941s and no fraud is involved, then the IRS has until April 15, 2024 to deny 2020 claims, it has until April 15, 2025 to deny Q1 and Q2 2021 claims, and it has until April 15, 2027 to deny Q3 and Q4 (for recovery startup businesses) 2021 claims.

income tax

CPA Practice

JULY 1, 2024

“The final regulations ensure that taxpayers will receive statements that include information reported to the IRS on Form 1099-DA, Digital Asset Proceeds from Broker Transactions , that will help them file their income tax returns and determine their tax obligations.

Tax

CPA Practice

FEBRUARY 19, 2024

How long does the IRS have to audit your return? Generally, the “statute of limitations” for audits is the later of three years from the date your return is filed or the tax return due date. Therefore, the deadline for 2023 returns is usually April 15, 2027. Ignorance is not bliss.

Tax

ThomsonReuters

DECEMBER 1, 2023

If, during the tax year, a client has purchased a tangible or intangible asset and is looking to claim depreciation and amortization deductions or expense certain property under Section 179 , Form 4562 must be filed with their annual tax return. Any depreciation on a corporate income tax return (other than Form 1120-S).

tax return

Inform Accounting

JANUARY 9, 2023

This will replace the need for a Self-Assessment tax return. Making Tax Digital from April 2026. Making Tax Digital from April 2027. Those with an income of between £30,000 and £50,000 will need to do this from April 2027. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

income tax

Withum

APRIL 28, 2022

This will apply to corporate taxpayers with taxable income exceeding $100,00 for taxable years beginning on or after January 1, 2022, through taxable years beginning on or after January 1, 2027. For taxable years beginning 2022, the top corporate tax rate is 7.5%; For taxable years beginning 2023, the top corporate tax rate is 7.25%; .

Nebraska

Dent Moses

NOVEMBER 20, 2024

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 2023 individual tax return was filed on April 11, 2024, a few days before the due date of April 15, 2024.

tax return

ThomsonReuters

AUGUST 25, 2023

According to a recent report by the Institute on Taxation and Economic Policy , the TCJA expanded tax breaks for “accelerated depreciation” have reduced taxes by nearly $67 billion for “the 25 profitable corporations that benefited the most, based on information disclosed by the companies themselves.” 27, 2017, and before Jan.

corporation tax

Ronika Khanna CPA,CA

NOVEMBER 26, 2024

Without AII (applying the half-year rule): First-year CCA deduction: $1,000 × 27.5% = $275 First-Year Deduction With AII for purchases from November 21, 2018 to December 31, 2023: With AII (suspending the half-year rule plus an additional 50% of the CCA): First-year CCA deduction: $1,000 × 55% X 1.5 = $825 Additional tax deduction of $550 First-Year (..)

Tax

ThomsonReuters

AUGUST 24, 2023

The business owner can then deduct a portion of the equipment’s declining value from their taxes. In this scenario, the owner could deduct $1,000 each year on tax return for depreciation. This results in tax savings for that business owner. 1, 2027, unless the law changes. 1, 2027, bonus depreciation is eliminated.

Tax

Withum

APRIL 25, 2024

Anything of an ongoing or permanent nature can be transferred to a more permanent file after your tax return is completed and filed. Having all your new documents together when you have your return prepared can jog your memory and could lead to a tax benefit. Do the same with digital files.

Tax

KROST

MARCH 16, 2021

The 100% bonus depreciation is also allowed for specified plants planted or grafted after September 27, 2017 and extended to before January 1, 2027. The 100% bonus depreciation will decrease by 20% per each taxable year beginning after 2022 and expires January 1, 2027. Technical Correction on QIP Under Cares Act.

Real Estate

Cherry Bekaert

JANUARY 22, 2024

tax returns for the 2022 tax year. The Act retains 20% bonus depreciation for property placed in service after December 31, 2025, and before January 1, 2027. This may be administratively problematic for companies that have already filed their U.S.

Tax

Anders CPA

NOVEMBER 21, 2023

Pass-through entities like a sole proprietorship, partnership or S-corp, won’t see the benefits as any charitable donation made by those businesses will pass through to your personal tax return. C-corps are allowed to take a deduction on the business for charitable distributions, which can potentially reduce their taxable income.

tax planning

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

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.

tax planning

CPA Practice

APRIL 19, 2024

Online marketplace sales are expected to exceed $603 billion in the United States in 2027, or nearly 35% of all U.S. By 2027, marketplaces may account for 59% of ecommerce globally. Some states require marketplace facilitators to identify their own sales separately from third-party sales on their sales tax returns.

Tax

ThomsonReuters

JUNE 14, 2021

The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal Tax Return, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Federal News.

payroll

Withum

NOVEMBER 17, 2022

In 2023 bonus depreciation will decrease to 80% and continue to decrease 20% in each of the following years until bonus depreciation is no longer allowed in the 2027 taxable year. Other cost segregation services include: Look-back studies to recapture depreciation deductions from prior tax years without amending your tax return.

tax planning

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

Withum

FEBRUARY 26, 2024

For property placed in service after December 31, 2025, and before January 1, 2027, bonus depreciation would remain at 20%. Tax practitioners are likely weighing the potential of extensions because of the high belief that this bill will pass with retroactive measures. For the 2023 taxable year, a 179 expense of $1.16

cpas

Withum

JULY 26, 2023

Any adjustment needed for a 2022 federal income tax return already filed which included the capitalization of research and experimental expenditures can either be amended or, at the taxpayer’s election, be treated as an automatic change in the method of accounting in the 2023 taxable year. billion.

Tax

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Most dealers will need to rely on the prior year’s tax return filings to ensure the credit is allowable and therefore can be properly claimed by the dealership.

Tax

Withum

OCTOBER 17, 2024

Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025). The typical year-end tax planning point is to defer income and accelerate expenses where possible.

Tax

DMCL

APRIL 11, 2022

The tax credit rates are 60% for eligible capture equipment used in a direct air capture project, 50% for all other eligible capture equipment and 37.5% for eligible transportation storage and use equipment with lower tax credit rates applicable from 2031 to 2040. Introduction of the Critical Mineral Exploration Tax Credit (CMETC).

Non-Profits

CPA Practice

DECEMBER 29, 2023

But if you take that into a QuickBooks Desktop discontinuance even with the sun setting, it means all of the Intuit QuickBooks Desktop products except enterprise would be gone by 2027. And, of course, we’ve seen the transition from prosystem tax into excess tax and so forth.

Technology