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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.

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IRS and Treasury Finalize E-Filing Rules for Businesses

CPA Practice

The final regulations impact filers of: Partnership returns; Corporate income tax returns; Unrelated business income tax returns; Withholding tax returns; Certain information returns; Registration statements; Disclosure statements; Notifications; Actuarial reports; and Certain excise tax returns.

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Report Predicts AI will Have a Transformational Impact on Professional Work by 2028

CPA Practice

Bridging the talent gap in tax: Professionals predict new career paths will become available (66%), including increases in roles that do not require traditional tax qualifications (68%), over the next five years. In tax, more enrolled agent (EA) professionals may be able to do personal tax returns.

Legal 98
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Answering your MTD for Income Tax FAQs

Accounting Insight

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. Who is exempt from MTD for Income Tax? What is MTD for VAT?

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IRS Continues to Issue Guidance for Implementing Clean Energy Tax Credits

Cherry Bekaert

Matched with the clean power generation hourly starting January 1, 2028. Elective pay makes certain clean energy tax credits refundable to entities that do not normally pay income taxes. Sourced from a power producer in the same region as the hydrogen production facility.

Tax 101
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What to expect on Thursday.

Inform Accounting

We have put together below a quick summary of what could be announced on Thursday: The freezing of all personal allowances and income tax thresholds, potentially until 2028. This will mean more people paying tax at 40%. It is believed that the removal of higher rate tax relief could net the Treasury up to £10 bn.

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Chancellor's Autumn Statement.

Inform Accounting

Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Remember that small business owners bared the brunt of the tax increases? Taxing cryptoassets: what you need to know.

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