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Reduce the Impact of the 3.8% Net Investment Income Tax

RogerRossmeisl

High-income taxpayers face a regular income tax rate of 35% or 37%. net investment income tax (NIIT) that’s imposed in addition to regular income tax. Net investment income includes interest, dividend, annuity, royalty. Net Investment Income Tax appeared first on Roger Rossmeisl, CPA.

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Is Your Income Tax Withholding Adequate?

RogerRossmeisl

The calculator reflects tax law changes in areas such as available itemized deductions, the child credit, the dependent credit and the repeal of dependent exemptions. The post Is Your Income Tax Withholding Adequate? You can access the IRS calculator here: [link] Life changes There are. appeared first on Roger Rossmeisl, CPA.

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FASB releases income tax disclosure standard

Accounting Today

The Financial Accounting Standards Board issued an accounting standards update Thursday aimed at improving income tax disclosures from companies.

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Your Estate Plan: Don’t Forget About Income Tax Planning

RogerRossmeisl

Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it.

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Plan Ahead for the 3.8% Net Investment Income Tax

RogerRossmeisl

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Net investment income includes interest, dividend, annuity, royalty, and rental income, unless those items were derived in the ordinary course of an active trade.

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Accounting Standards Update 2023-09: New Income Tax Disclosure Rules

Cherry Bekaert

On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes. The expanded disclosure requirements are detailed in Accounting Standards Update No.

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ASU 2023-09: FASB’s New Income Tax Disclosures for Private Entities

Cherry Bekaert

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required. 2023-09 (ASU 2023-09).