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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.

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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.

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State Sales and Use Tax Update

TaxConnex

Sales tax accounted for the largest decline, falling $918 million, or 23 percent. Sales tax is the largest source of state funding for the Texas budget, accounting for 60 percent of all tax collections. In Vermont , three letters can mean a lot. New York City tax revenues in March and April fell $1.15 billion (3.5

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How the 50 States Rank By Lifetime Taxes

CPA Practice

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. Vermont $1,442,094 $651,434 45.2% Vermont $1,442,094 $651,434 45.2% Connecticut $1,731,261 $855,307 49.4% New York $1,658,872 $748,199 45.1%

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2023 state legislatures break even on efforts to tax sports wagering?

ThomsonReuters

Earlier this summer, Kentucky, North Carolina, and Vermont all enacted laws that legalize and tax sports wagering activities. Start your free trial today.   The post 2023 state legislatures break even on efforts to tax sports wagering  appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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Oct. 16, 2023, is Deadline for Millions Who Filed Tax Extensions; But Many Get More Time Due to Disasters

CPA Practice

Those affected by flooding in Vermont. The IRS Online Account feature provides information to help taxpayers file an accurate return including AGI amounts from last year’s return, estimated tax payment amounts and refunds applied as a credit. An IRS Online Account is needed, however, to use IRS Direct Pay. They have until Oct.

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Oct. 16, 2023, is Deadline for Taxpayers with an Extension

CPA Practice

Those affected by flooding in Vermont. The IRS Online Account feature provides information to help taxpayers file an accurate return including AGI amounts from last year’s return, estimated tax payment amounts and refunds applied as a credit. An IRS Online Account is needed, however, to use IRS Direct Pay. They have until Oct.