article thumbnail

Sales Tax Updates: What’s new in sales tax for April?

TaxConnex

New Jersey has begun a multi-phased modernization of its tax-filing system. In early 2025, sales and use tax filers and tax preparers will have a new self-service portal that aims to provide more control over taxpayer’s own accounts, providing faster access, easier filing and better assistance with tax account information.

article thumbnail

How the 50 States Rank By Lifetime Taxes

CPA Practice

Residents of New Jersey will pay the most in lifetime taxes ($987,117), and people in West Virginia will pay the least ($358,407). Taxpayers in Washington will pay the most on everyday expenses ($83,014), followed by those in California ($78,191), accounting for food, clothing, personal care, and entertainment.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

The accountant’s guide to state taxes on retirement income

ThomsonReuters

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

article thumbnail

New National Research on CPA Pipeline Challenges Underway

CPA Practice

The Illinois CPA Society (ICPAS), in partnership with the Center for Accounting Transformation (the Center) and a coalition of other stakeholders, is launching a new, national survey to gain fresh insight into what’s driving the decline in individuals pursuing the certified public accountant (CPA) credential.

CPA 120
article thumbnail

Recent Data Study Reveals Most Popular Side Hustle in Every U.S. State

CPA Practice

States in the northeast – including New Jersey, New York, Pennsylvania, Connecticut, Massachusetts, Rhode Island, and New Hampshire – overwhelmingly prefer babysitting as a side hustle. Southern states overwhelmingly favor virtual assistants and DoorDash side hustles.

article thumbnail

Accountants Aren’t the Most Concerned About AI’s Impact—Except in One State

CPA Practice

Coming on the heels of a Moss Adams study that revealed 69% of accountants believe artificial intelligence has a positive impact on the accounting profession, a new report from AI customer support company DevRev found that accountants don’t fear AI advancements the most among professionals in the U.S.

article thumbnail

PKF O’Connor Davies Picks Up Robert Philipson & Co.

CPA Practice

Top 30 accounting firm PKF O’Connor Davies has acquired Silver Springs, MD-based Robert Philipson & Co., an accounting, tax, and management advisory firm that specializes in serving private clients through sophisticated tax services. Financial terms of the deal, which became official on Jan. weren’t disclosed.