Going Concern

DECEMBER 24, 2024

” If approved, the earliest effective date of the firm-level metrics will be October 1, 2027, with the first reporting as of September 30, 2028, and engagement-level metrics for the audits of companies with fiscal years beginning on or after October 1, 2027.

audit

CPA Practice

JUNE 18, 2025

The AICPA is signaling its strong endorsement of the following provisions in the reconciliation bill: An increase in the standard deduction for years 2025-2028. Making the tax bracket rates under the Tax Cuts & Jobs Act (TCJA) permanent.

accounting and finance

Withum

JUNE 24, 2025

For example: Assume $500,000 of pass-through income is allocated to a New York state resident, filing a married filing joint return, for the 2028 calendar year. Instead, the entire PTET payment would be deemed a substitute payment and limited to $10,000.

Tax

CPA Practice

JULY 7, 2025

The Senate bill includes the following provisions that the AICPA has endorsed in the past: An increase in the standard deduction for years 2025-2028. Following the release of the reconciliation bill by the Senate, the AICPA has identified several provisions it supports.

cpas

Xero

JUNE 3, 2025

It will then extend to those earning over 30,000 from April 2027 and anyone earning over 20,000 from April 2028. Anyone with an annual turnover of over 50,000 for the tax 24/25 year will need to start complying from April 2026. Master MTD for IT with confidence MTD for IT will likely feel like a big change for many small businesses.

Technology

Shay CPA

FEBRUARY 10, 2025

calendar years. During the critical first year, they only deduct $100,000, inflating their taxable income (or reducing net operating losses) far more than before.

accrual accounting

Withum

JULY 23, 2025

The deduction is temporary, for tax years 2025 through 2028. Additional Nuances Other nuances to be aware of: An individual must have a valid Social Security number in order to claim the deduction. Married taxpayers filing separately do not qualify for the deduction.

Tax

Withum

JUNE 26, 2025

While the House proposal shortens the current opportunity zone designation to December 31, 2026, and provides for an additional OZ investment to be designated from January 1, 2028 through December 31, 2033, the Senate bill would not adjust the current OZ program and would provide for a rolling 10-year OZ designation beginning on January 1, 2027, making (..)

Real Estate

ThomsonReuters

JULY 21, 2025

New extra deduction of $6,000 per senior (age 65+) ($12,000 for qualified couples), effective 2025–2028; phases out at $75K MAGI (single), $150K (joint). Child Tax Credit. Up to $25,000 deduction for tip income per filer; applies 2025–2028, phases out at $150K MAGI single ($300K joint).

Tax

Going Concern

JUNE 20, 2025

DOD Will Pass Audit by 2028, Comptroller Confirms [ US Department of Defense ] The Marine Corps has already passed a financial audit, and the Defense Department has until 2028 to do the same, the department’s comptroller said today during a hearing before the Senate Armed Services Committee in Washington.

auditor

CPA Practice

JUNE 18, 2025

The Senate bill includes the following provisions that the AICPA has endorsed in the past: An increase in the standard deduction for years 2025-2028. Following the release of the reconciliation bill by the Senate, the AICPA has identified several provisions it supports.

Tax

Accounting Today

JULY 16, 2025

Agentic AI to handle 68% of customer service/support by 2028 Wanan - stock.adobe.com Ciscos latest research predicts that agentic AI will handle 68% of customer service and support interactions by 2028. But by 2028? But your thoughts are your thoughts and should always be 100% you.

Technology

Menzies

APRIL 16, 2025

Your qualifying income exceeds the MTD thresholds: 50,000 in tax year 2026/27 (based on 2024/25 earnings) 30,000 in tax year 2027/28 (based on 2025/26 earnings) 20,000 in tax year 2028/29 (based on 2026/27 earnings) How is qualifying income calculated? If you commenced trading partway through the year, your income will be annualised.

Tax

Menzies

JULY 14, 2025

Further, those who previously claimed the remittance basis may benefit from the Temporary Repatriation Facility (TRF) , available from 6 April 2025 to 5 April 2028. Distributions matched to income pools continue to be taxable at the beneficiary’s marginal rates.

Tax

Withum

JULY 8, 2025

For context, the House had proposed making the Tax Cuts and Jobs Act’s nearly doubled standard deduction permanent (approximately $15,000 single / $30,000 joint for 2025, with an additional temporary boost of $1,000/$2,000 through 2028). The Senate countered with a more generous, permanent deduction of $1,000 for singles ($2,000 joint).

Tax

Insightful Accountant

JUNE 30, 2025

Wind and solar projects must now be placed in service by 2028 to qualify for the section 45Y clean energy production credit, tightening the timeline from the previous requirement of merely beginning construction by that date.

general ledger

CPA Practice

AUGUST 7, 2025

If issued as final, the proposed SAS would be effective for audits of financial statements for periods ending on or after December 15, 2028, with early implementation permitted. Updated communication requirements for management and the governing body throughout the audit engagement.

audit

Dent Moses

JULY 8, 2025

Senior Deduction: The Act provides a $6,000 deduction for individual taxpayers who are aged 65 or older from 2025-2028. Tips & Overtime: Temporarily allows above-the-line deductions for up to $25,000 in tips and $12,500/$25,000 in overtime (single/joint) through 2028, phased out starting at $150,000/$300,000 (single/joint) MAGI.

Gambling

SkagitCountyTaxServices

JULY 2, 2025

in overtime wages become federally income-tax-free per employee (until 2028), helping you attract and retain workers if you’re in a high-tip industry. built vehicles through 2028 (but only if you buy new). Second, it’s temporary – gone after 2028 unless Congress extends it. This is a temporary benefit through 2028.

income tax

Withum

JULY 1, 2025

In addition, provides for an additional increase in the standard deduction of $1,500 for head of household filers, and $1,000 for single and married filing separate filers for taxable years starting in 2025 and ending in 2028. Provides an additional OZ investment to be designated from January 1, 2028, through December 31, 2033.

Tax

CPA Practice

JUNE 5, 2025

According to a Gartner analysis, 33% of enterprise software applications will include agentic AI by 2028, up significantly from where it stood in 2024, at less than 1%.

Technology

CPA Practice

JULY 1, 2025

According to a Gartner analysis, 33% of enterprise software applications will include agentic AI by 2028, up significantly from where it stood in 2024, at less than 1%.

Technology

Accounting Insight

MAY 9, 2025

from 6 April 2028, their total gross income from their self-employment and/or property exceeds 20,000 in 2026-27. The first tax year that will include the income from this business will be 2026-2027, which would need to be finalised by 31 January 2028. Who is exempt from MTD for Income Tax?

income tax

Menzies

AUGUST 6, 2025

Digitalising the Inheritance Tax service from tax year 2027 to 2028 onwards to provide a modern, easy-to-use system, that makes submitting returns and paying tax simpler and quicker.

tax return

Accounting Insight

MAY 2, 2025

The tax system has not moved since 2009, and unless politicians decide to suddenly bring in change, it will stay as it is at least until 2028. Lets understand the complex IHT benefits in simpler terms so you can save a bigger slice from going away in taxes. 1The Nil-Rate Band (NRB) The nil-rate band is the cornerstone of IHT.

Tax

Accounting Today

AUGUST 8, 2025

The IRS has provided little guidance so far, with a page on its website devoted to some of the provisions of the OBBBA, including overtime, saying, "Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay (such as the half portion of time-and-a-half compensation) (..)

payroll

Withum

JULY 22, 2025

Properties with construction starting before January 19, 2025, or after December 31, 2028. Non-production facilities (e.g., offices, parking, research facilities). Properties outside the U.S. Properties placed in service after December 31, 2030.

Manufacturing

Dent Moses

JUNE 9, 2025

Family & Education Tax Benefits (Extended with Tweaks) The enhanced child tax credit would be $2,500 from 2025–2028, then revert to $2,000. Retirement Incentives (Partially Addressed) No changes to IRA or 401(k) limits are proposed, but the bill introduces a $4,000 senior bonus deduction, phasing out above $75,000 in income before 2028.

Tax

CPA Practice

JULY 15, 2025

Trump accounts: What they are and how they’ll work The so-called Trump accounts are part of Trump’s “One Big Beautiful Bill Act” that passed through Congress and was signed into law on July 4. Here’s how the accounts will work: The federal government will contribute $1,000 to an investment account for every American baby born between Jan.

Technology

Shay CPA

JULY 30, 2025

The 400+ pages also include provisions about: A $25,000 deduction for income earned as tips , with a phase-out starting at a MAGI of $150,000 for single filers and $300,000 for joint filers (set to expire after 2028) A deduction for overtime pay of up to $12,500 for single filers and $25,000 for joint filers, with a phase-out starting at a MAGI of (..)

Tax

Menzies

MARCH 26, 2025

in 2028 and 1.8% They also predict a rise on the average inflation to 3.2% next year before it begins to fall. The OBR have downgraded the UKs 2025 growth forecast from 2% to 1%. More positively, they have forecast growth to hit 1.9% in 2026, 1.8% in 2027, 1.7%

Hospitality

Menzies

JULY 14, 2025

This facility offers a time-limited window, from 6 April 2025 to 5 April 2028, during which eligible individuals may elect to bring previously untaxed foreign income and gains into the UK at significantly reduced tax rates. It should be assessed and taken advantage of now, while available, before this opportunity is lost forever.

income tax

CPA Practice

JULY 17, 2025

With next year’s midterms looming, strategic timing is everything: tax breaks to households (and corporations) begin in 2025, while most sweeping social program cuts are delayed until 2028. State and local tax (SALT) cap increases: The SALT cap rises to $40,000, beginning in the 2025 filing year, but will revert back to $10,000 in 2028.

Tax

Churchill-Knight

OCTOBER 30, 2024

Income Tax band thresholds will be unfrozen in 2028 to prevent people from being dragged into higher tax bands as their wages rise, and they will rise in line with inflation. The rate of Employers National Insurance is also increasing 13.8% Income Tax The rates of Income Tax and National Insurance paid by employees will remain the same.

income tax

Withum

APRIL 21, 2025

His leadership on Withums Board of Directors and the Firms strategic Vision 2028 committee has positively impacted the Firms evolution and team member growth and development. With over 30 years of experience in business advisory and public accounting, Kirk has been a driving force behind Withum’s growth and success.

New Jersey

Withum

JULY 16, 2025

Car Loan Interest Deduction For years 2025 through 2028, the bill allows a deduction of up to $10,000 per year for interest paid on a qualifying car loan, provided the final assembly is in the United States. This deduction applies whether the individual itemizes or takes the standard deduction.

Rhode Island

CPA Practice

JULY 4, 2025

EVs will be as cheap or cheaper than gas-powered iterations by roughly 2028 (Goldman Sachs estimates that rubicon could be crossed even sooner). Dealer incentives on a Nissan Leaf, she said, mean “you can get that vehicle for less than $20,000” in some cases. BNEF expects U.S. Nearly 60% of U.S.

Tax