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Technology: Spring Budget 2024 Predictions & Wishlist

Menzies

Menzies LLP - A leading chartered accountancy firm. Tax rates With income tax thresholds still frozen there have been rumours of a 2% cut to the income tax rate, however the Chancellor has downplayed these rumours so we are not expecting to see any dramatic changes to income tax this time around.

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457 Plan Contribution Limit for 2024 Rises to $20,500

CPA Practice

However, if you are eligible for both the 50-plus and 3-year catch-up contributions, the IRS will only allow you to take advantage of the one that adds the most to your retirement account. The pretax contributions lower your current taxable income. Meanwhile, your contributions and earnings grow tax-sheltered until you withdraw them.

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Understanding the corporate tax outsourcing opportunity: What firms need to know

ThomsonReuters

Helping companies ensure compliance by outsourcing for business processes represents a growth opportunity for today’s tax and accounting firms. . “ Companies also have peace of mind knowing that their corporate tax filing requirements are met accurately and on time. . percent from 2022 to 2030.

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Ethical Concerns in Using Tax Planning Software

CTP

Artificial intelligence in accounting software is bringing new ethical challenges for professionals, their clients, and the public at large. A recent report by Acumen Research found that accounting professionals spent $1.5 You must satisfy each one of the above elements of the law to justify the tax deduction. [4].

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SECURE Act 2.0 Allows Taxpayers To Generate More Roth Retirement Income 

Withum

putting a full-court press on the need for Americans to add more to their retirement accounts. However, the aspects of the bill that would tax retirement contributions, as opposed to distributions, could be surprising for some. Many experts recommend diversification between pre and post-tax contributions.

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NADA Storms Washington

Withum

The EPA proposal exceeds the Biden Administration’s timeline provided in the 2021 executive order, calling for 50% of electric vehicle sales by 2030. However, the EPA increased the percentage in May 2022, essentially calling for 60% of light and medium new vehicles sold in 2030 and 67.5%

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IRS Says it Has 5 Major Goals

CPA Practice

A recent report from the Government Accountability Office (GAO) says that the “IRS uses hundreds of applications, software, and hardware systems that are outdated—25 years or older, or written in a programming language that is no longer used.”