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

The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals

ThomsonReuters

Businesses in 2020 also navigated new regulations affecting foreign tax credits, foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), consolidated groups’ NOLs, meal and entertainment expenses, and bonus depreciation.