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Answering your MTD for Income Tax FAQs

Accounting Insight

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who is exempt from MTD for Income Tax?

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AICPA News – July 2025

CPA Practice

Provide guidance on Notice 2020-75 and sections 469 and 163 on nonpassive versus passive income and interest expense tracing. Provide guidance on section 111 application to state tax refunds at the individual level and ordering between passthrough entity income tax payments and nondeductible estimated payments and withholding.

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Updates in Proposed Senate Tax Bill Would Impact Not-for-Profit and Other Tax-Exempt Organizations

Withum

Expanded Taxes on Exempt Organization Activities and Fringe Benefits The legislation broadens the scope of Unrelated Business Income Tax (“UBIT”) and other taxes, causing certain income and expenses of exempt organizations that were previously untaxed to become subject to taxation.

Tax
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Major Changes Affecting Nonprofits and Other Tax-Exempt Organizations Proposed in the One, Big, Beautiful Tax Bill

Withum

Charitable Giving Modifications Standard Deduction Extension Section 110002 permanently extends the higher standard deduction (currently $15,000 single / $30,000 joint for 2025) and temporarily increases it by an additional $1,000 ($2,000 for joint filers) through 2028.

Tax
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One Big Beautiful Bill: Tax-Free Overtime… Be Sure to Read the Fine Print

Withum

Phase-out limits for higher earners – $150,000 for single filers; $300,000 for married filing jointly (phase outs begin $100 for every $1,000 over those limits) How to Claim the Deduction Employees are entitled to an above-the-line deduction on their personal tax return for qualified overtime.

Tax
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AICPA Applauds Senate Efforts to “Improve and Correct” House Version of Tax Bill

CPA Practice

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. Removed from Senate Bill: Restriction on regulation of contingency fees with respect to tax returns. Log In Need more information?

Tax
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Key Provisions of the One Big Beautiful Bill Act

Dent Moses

Among its major provisions, The Act offers deductions to eliminate income taxes on certain tips and overtime pay, enhances small business tax relief, and repeals numerous clean energy tax incentives. Senior Deduction: The Act provides a $6,000 deduction for individual taxpayers who are aged 65 or older from 2025-2028.