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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. Oregon $1,461,612 $521,500 35.7% Louisiana $1,318,458 $358,611 27.2% Oregon $1,461,612 $521,500 35.7% Louisiana $1,318,458 $358,611 27.2%

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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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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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Sidestepping the SALT Cap with the Pass-Through Entity Tax

CTP

Again, the key is that the state tax is paid on the business level to avoid the SALT limits placed on individual taxpayers, so the PTE tax must be paid with the entity’s bank account, even if that means the individual advances money into the company to pay the tax.

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The Benefits of Delayed Business Filings

CPA Practice

Timing is Everything In the complex world of small business finance and accounting, the strategic timing of business filings can be a game-changer. Loved by entrepreneurs, accountants, and lawyers, CorpNet offers transparent pricing, a simple ordering process, and quickly scalable software and API solutions.

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Last Labor Report Before Election Shows Drop In US Jobless Claims

PYMNTS

Unemployment numbers don't take into account the people who have simply stopped looking for a job. During the week ending Oct. The federal program that pays benefits to gig workers, freelancers, contractors and part-timers is scheduled to lapse at the end of the year without additional congressional aid.

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Shrinking the Delaware Tax Loophole: Other U.S. States to Incorporate Your Business

inDinero Tax Tips

Three other states—Nevada, Oregon, and Wyoming—decided to make incorporation in their state more appealing. Currently, Alabama, Arkansas, Delaware, Georgia, Illinois, Louisiana, Missouri, New York, North Carolina, and Oklahoma have a franchise tax. You don’t need a bank account in Delaware or Nevada to incorporate in those states.