CPA Practice

JUNE 13, 2024

Rahill, CPA/PFS, JD, LL.M., The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 This strategy balances the benefits of current tax law with the need for financial flexibility and security.

Tax 119

Tax income tax Real Estate Illinois 119

Nancy McClelland, LLC

APRIL 11, 2023

It’s that time again… Tax Day is upon us and millions of taxpayers will need to have their returns extended for various reasons. The AICPA has released a “Tax Extension FAQ” for CPA members to share with their clients. An extension is a form filed with the IRS to request additional time to file your federal tax return.

Tax 98

Tax tax return CPA Illinois 98

CPA Practice

OCTOBER 2, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. IRS Direct Pay.

South Carolina 124

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CPA Practice

OCTOBER 16, 2023

These areas include: Taxpayers affected by flooding in Illinois and Alaska. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. IRS Direct Pay.

South Carolina 111

South Carolina Georgia income tax Vermont 111

CPA Practice

OCTOBER 4, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) Now that the U.S. Supreme Court has agreed to take up a lower court decision on taxation ( Moore v United States ) that could open or slam the door on a federal wealth tax, it’s worth a deep dive into just how terrible a wealth tax would be for American taxpayers.

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Nancy McClelland, LLC

JANUARY 23, 2023

Due to tax law changes such as the expiration of the Advance Child Tax Credit and Recovery Rebate Credit this year to claim pandemic-related stimulus payments, many taxpayers may find their refunds somewhat lower this year. The State of Illinois also opened its tax season today. “Where’s My Refund? .

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tax return Tax Illinois income tax 52

Nancy McClelland, LLC

APRIL 9, 2024

For years, we have stressed the importance to our clients of making quarterly estimated tax payments. And unlike many tax preparers, we also do bookkeeping, accounting, and consulting for our small business owners — so we’ve also encouraged them to have us do a quarter-by-quarter calculation of how much to pay.

Illinois 52

Illinois Tax tax preparation tax return 52

Nancy McClelland, LLC

JANUARY 16, 2024

Photo by Thomas Lefebvre “What is an IRS Account Transcript and Why Do I Need One?” ” During the pandemic, we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. account, the ID.me

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CPA Practice

NOVEMBER 29, 2023

A qualified charitable distribution (QCD) could also be considered if you need to take required minimum distributions (RMDs) from your retirement accounts. While there’s no tax deduction for the donation, the gifted amount can be used to satisfy all or part of your annual RMD without increasing your taxable income.

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CPA Practice

AUGUST 15, 2023

Jared Ballew, 2022-23 Chair of the ETAAC and Vice President of Government and Industry Relations at Taxwell; and Ann Campbell, CPA CIA and Drake Software Trainer will share an overview of the cyber threats that taxpayers and tax professionals face daily. Gail Perry is the editor-in-chief of CPA Practice Advisor.

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Tax North Carolina Indiana CPA 52

Nancy McClelland, LLC

FEBRUARY 6, 2022

Last year we began requiring all clients to submit a copy of their IRS Account Transcript along with their Tax Organizer and other annual tax prep documentation. If a taxpayer did not receive the full amount, then they are entitled to recoup the difference on their annual tax return. Let the tax return preparing begin!

Account 52

Account accountant accounted tax return 52

Anders CPA

MAY 15, 2023

Below we dive into the state and unemployment tax responsibilities employers need to know. If you have employees working in states that have state withholding tax, then the business will need to be registered with that state’s Department of Revenue “To Do Business.”

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CPA Practice

OCTOBER 18, 2023

Some key factors to evaluate include: Tax rates Tax rates vary widely across states. Some states have higher corporate income tax rates, while others offer lower rates or no tax at all. Property tax rates can vary significantly, impacting the cost of owning or leasing business space.

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CPA Practice

JANUARY 31, 2023

Professionals on the Move is a round-up of recent hiring and leadership announcements in and around the accounting profession. Her experience includes helping claim tax credits for clients of all sizes, from startups to Fortune 500. In his practice, he provides accounting and audit services to the construction and non-profit sectors.

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New Hampshire Georgia Virginia public accounting 110

CPA Practice

FEBRUARY 1, 2023

For Those in or Nearing Retirement Later Starting Age for Required Minimum Distributions (RMDs) The age at which retirement account owners must start taking RMDs will increase to 73, starting January 1, 2023, and will further raise the age to 75 in 2033. The catch-up amount for people age 50 and older in 2023 is currently $7,500.

Illinois 96

Illinois Start-ups Tax CPA 96

Nancy McClelland, LLC

JANUARY 30, 2024

To say nothing of the fact that the next government shutdown deadline is scheduled for one week before business tax returns are due. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA. Enter Congress. And we were freaking out about that delay.

Tax 52

Tax tax return Illinois tax preparation 52

CPA Practice

JULY 12, 2023

Fortunately, the Internal Revenue Code includes several tax strategies that may help your clients better prepare for the potential costs of long-term care—here are three to consider. HEALTH SAVINGS ACCOUNTS A health savings account (HSA) is one of the most tax-efficient ways to save for long-term care costs. SECURE ACT 2.0

Tax 98

Tax tax return payroll tax Illinois 98

Nancy McClelland, LLC

APRIL 16, 2023

(c) Nataliya Vaitkevich via Pexels I used to find it annoying when a client would forward me an article about a tax deduction or credit, to make sure I would take it on their tax return. The deduction is claimed as a reduction of taxable income , and applies only to income taxes, not to self-employment taxes.

Tax 52

Tax tax preparation tax return income tax 52

Nancy McClelland, LLC

APRIL 9, 2023

The funds are usually pulled from your bank account the same day or one day later, so there is very little wiggle room. The great news is that you do not need to have an account with the IRS in order to make payments using Direct Pay. Well… except that you may also have to pay state estimated taxes.

Tax 52

Tax tax preparation tax return bookkeeping 52

Going Concern

OCTOBER 9, 2023

The new findings will be published and shared to bring awareness of, and renew focus on, the most relevant and effective strategies to promote the CPA credential and ensure its sustainability and relevance moving forward. Both CPAs, Mike Gibson is a retired audit partner and his wife Kristy worked at EY too, now she runs a recruiting firm.

Account 68

Account accountant accounted Iowa 68

Anders CPA

JANUARY 1, 2024

In 2024, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. For employees, minimum wage is increasing in Missouri and Illinois. Social Security Tax Withholding For 2024, the Social Security tax wage base for employees will increase to $168,600.

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payroll tax payroll Tax Missouri 52

Anders CPA

AUGUST 16, 2022

Most residents choose to opt for an in-state plan, but it’s important to consider whether the state offers an income tax deduction for contributing. If the resident state does not offer an income tax deduction, it’s important to instead focus on fees, expenses, and investment objectives. CONTACT ANDERS.

Missouri 91

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CPA Practice

MARCH 14, 2023

This article was provided by the Illinois CPA Society. Tax season may be in full swing, but there’s still time to make a smart money move that often goes overlooked by taxpayers eager to file their tax returns and pocket their refunds: saving for retirement. Find your CPA at www.icpas.org/findacpa.

Tax 52

Tax Illinois CPA income tax 52

CPA Practice

FEBRUARY 3, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

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CPA Practice

JANUARY 31, 2023

Filing federal and state tax returns and trying to maximize all your credits and deductions is always a challenging process. The Illinois CPA Society reminds taxpayers that CPAs, certified public accountants, can help. Find an Illinois CPA at www.icpas.org/findacpa.

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Going Concern

FEBRUARY 23, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. million in related income that she and her husband had earned from 2012 through 2014.

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CPA Illinois auditor Iowa 95

Going Concern

FEBRUARY 16, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. public accounting firms, however, turnover has continued to increase.

Real Estate 101

Real Estate Iowa audit CPA 101

Going Concern

JANUARY 5, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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CPA Practice

AUGUST 23, 2023

He’s called for allowing younger Americans to invest a portion of their Social Security taxes in a private account and said he is open to phasing in a hike in the retirement age. Energy As a senator, Scott has cosponsored a bill to repeal a Biden administration tax on crude oil and imported petroleum products.

Tax 52

Tax North Dakota Arkansas South Carolina 52