CPA Practice

APRIL 9, 2024

Let’s face it, the accounting profession has developed a bad reputation – toiling through long hours chained to a desk, crunching numbers, deciphering archaic tax codes and grinding out tedious tasks, all for lower starting pay and heavy licensing requirements. Compounding the problem is the increased demand for accountants.

cpa firm 122

cpa firm CPA Technology Legal 122

Withum

FEBRUARY 26, 2024

With so much going on in the dealership world, it is easy for items like filing deadlines and tax credits to fall by the wayside. Key Tax and Filing Requirements As we are still early in the new year, it is the right time for a refresher on several key tax and filing requirements happening in 2024.

Tax 52

Tax income tax tax return Sales 52

Cherry Bekaert

JANUARY 31, 2024

Dealers should register as soon as possible to receive advance payments that will offset the amount of tax credits that are applied to customers’ purchase prices. They may be eligible for a tax credit of up to $7,500 under Internal Revenue Code Section 30D. Additionally, any excess credit cannot be applied to future tax years.

Tax 83

Tax Sales 83

Cherry Bekaert

AUGUST 29, 2023

The Inflation Reduction Act (IRA) includes a range of energy tax credits designed to encourage transitioning to clean energy production, advanced manufacturing, adoption of clean vehicles (CVs) and reduced greenhouse gas emissions through alternative fuels and energy-efficient technologies. Section 179D is a permanent tax deduction.

Tax 52

Tax Construction Manufacturing Start-ups 52

Dent Moses

MAY 19, 2023

Age Increased for Required Minimum Distributions The age used to determine required minimum distributions increases in two stages – from 72 to 73 for those who turn age 72 after 2022, and to age 75 for those who turn 74 in 2032 or later. The taxpayer must not claim a deduction for the distributed excess contribution.

tax return 52

tax return Tax Start-ups Construction 52

Anders CPA

SEPTEMBER 20, 2023

Before making any changes to your retirement savings plan, consult with a tax or financial advisor to ensure you’re selecting the best possible options for your specific situation and retirement strategy. If you will not be turning 74 until after 2032, your RMDs do not begin until age 75. have gone into effect. has a solution.

Tax 52

Tax Start-ups tax planning CPA 52

Withum

AUGUST 7, 2023

The Alternative Vehicle Refueling Property Credit is a federal tax credit designed to incentivize the adoption of eco-friendly refueling infrastructure. What Is the Federal Income Tax Credit for a Charging Station Utilized in a Trade or Business? How Do I Claim a Qualified Charging Station Federal Income Tax Credit?

income tax 52

income tax Construction Non-Profits Transportation 52

ThomsonReuters

JANUARY 5, 2023

The age used to determine when required minimum distributions (RMDs) begin increases from 72 to 73 beginning January 1, 2023 (for individuals who attain age 72 after December 31, 2022, and age 73 before January 1, 2033), and to 75 beginning January 1, 2033 (for individuals who attain age 74 after December 31, 2032). Reduction of Excise Tax.

accounting and finance 52

accounting and finance Education Tax Account 52

ThomsonReuters

DECEMBER 19, 2023

How to claim energy efficient tax credits from ENERGY STAR Staying up to date with energy efficient tax credits As the world increasingly embraces sustainable practices, energy efficient tax credits serve as powerful tools to motivate individuals and businesses to adopt eco-friendly measures. What is ENERGY STAR?

Tax 52

Tax accounting and finance tax return Manufacturing 52

CPA Practice

MARCH 27, 2024

The 2024 tax season is almost over and millions of Americans are finalizing their 2023 returns, which are due to the Internal Revenue Service by Monday, April 15, 2024. The IRS expects to have more than 128 million individual tax returns filed by that deadline. There are limits on the annual credit based on the types of expenses.

Tax 96

Tax tax return cpas Start-ups 96

CPA Practice

FEBRUARY 6, 2024

The 2024 tax season has officially begun; 2023 returns are now being accepted by the Internal Revenue Service (IRS) and are due Monday, April 15, 2024. The IRS expects to have more than 128 million individual tax returns filed by that deadline. Identity thieves may try to file your tax return before you have the chance to do so.

Tax 117

Tax tax return cpas Start-ups 117

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

Real Estate 109

Real Estate tax planning Construction Tax 109

ThomsonReuters

NOVEMBER 9, 2022

As part of this legislation, there are several extensions and expansions of tax credits related to electric vehicles (EVs ). . This credit, which is worth up to $7,500 for buyers of new all-electric cars and hybrid plug-ins, has been extended through 2032. This means Tesla, GM and others are back in the game. . MAGI limit.

Manufacturing 105

Manufacturing Tax income tax Sports 105

Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

tax planning 98

tax planning Tax Construction income tax 98

ThomsonReuters

APRIL 25, 2023

A new Reuters news poll showing that more Americans are interested in purchasing an electric vehicle (EV) may be due in part to the increased tax credits for such purchases. The Inflation Reduction Act, signed into law in 2022, increased the tax credit for these purchases to $7,500, beginning this year.

Tax 52

Tax Manufacturing tax return Government 52

Anders CPA

DECEMBER 15, 2022

The Inflation Reduction Act of 2022 (IRA) has expanded the 179D deduction and 45L tax credit, adding several new requirements to the tax breaks for energy efficient building and home deductions. To qualify for either tax break, real estate owners must comply with the new guidelines if they want to max out the credit.

Real Estate 52

Real Estate Tax Construction CPA 52

CPA Practice

DECEMBER 21, 2023

16, 2022, and provides numerous tax deductions and tax credits for individuals, families, and businesses. New tax incentives were added, and existing tax incentives were extended and enhanced. Starting in 2024, a new mechanism will kick in for new and used cars, in which buyers can transfer their tax credits to dealers.

tax return 52

tax return Manufacturing Tax CPA 52

Anders CPA

OCTOBER 17, 2023

The end of the Tax Cuts and Jobs Act (TCJA) and the introduction of the Inflation Reduction Act (IRA) have ushered in a new era of tax credits and incentives for the manufacturing industry. Some states have also reinstated state-level R&D tax credits for businesses.

Manufacturing 59

Manufacturing tax planning Tax Non-Profits 59

Cherry Bekaert

JUNE 20, 2023

The Inflation Reduction Act (IRA) significantly altered the 45L Energy Efficient Home Credit (45L) credit and the Section 179D Energy Efficient Commercial Buildings Deduction (179D) amounts and qualification criteria, creating more tax-saving opportunities for home builders and multi-family developers constructing energy-efficient homes.

Tax 75

Tax Construction Manufacturing Real Estate 75

Withum

OCTOBER 2, 2023

While various concerns surrounding tax legislation and regulations were discussed, four areas of concern were highlighted when visiting Congressional leaders. vehicle sales to be electric by 2032. of light and medium new vehicles sold in 2032 to be electric. conference on September 12 and 13.

Washington 72

Washington income tax Tax Sales 72

Withum

NOVEMBER 18, 2022

While in previous taxable years, not-for-profits were limited to capturing these cash benefits directly unless they had unrelated business income tax (“UBIT”), under the IRA, all not-for-profits are incentivized to invest in clean energy infrastructure through the direct payment program regardless of tax liability.

Non-Profits 72

Non-Profits income tax Tax Manufacturing 72

Anders CPA

NOVEMBER 22, 2022

Converting to a Roth IRA from a traditional IRA may result in an immediate tax liability but timing the conversion correctly can save on taxes in the long run. With the stock market’s instability and current income tax rates at a historical low, converting to a Roth IRA may be in your best interest, as long as you get the timing right.

Tax 98

Tax income tax tax planning CPA 98

CPA Practice

APRIL 6, 2023

not on people making less than $400,000 a year), in an effort to ultimately reduce the tax gap. The $80 billion in IRS funding over 10 years was ushered in under the Inflation Reduction Act — massive climate, energy, tax, and healthcare legislation passed along Democratic party lines last year. to close the “tax gap”).

audit 111

audit Tax tax return Healthcare 111