Cherry Bekaert

FEBRUARY 27, 2024

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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Cherry Bekaert

FEBRUARY 12, 2024

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).

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CPA Practice

SEPTEMBER 14, 2023

“Once again, our annual report provides actionable projections for tax professionals and taxpayers to begin planning for the upcoming year ahead of the official IRS announcement.”

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CPA Practice

MARCH 27, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. ©2023 Quartz Media Inc.

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RogerRossmeisl

SEPTEMBER 26, 2022

But now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. While saving both income and transfer taxes has always been a goal of estate planning, it was more difficult to succeed at both when the estate and gift tax exemption level was much lower.

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CPA Practice

FEBRUARY 28, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund. When will I get my tax refund? ” The IRS and tax professionals strongly encourage electronic filing.

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CPA Practice

MARCH 16, 2023

The Financial Accounting Standards Board released a proposed Accounting Standards Update (ASU) on Wednesday that addresses requests from investors for improved income tax disclosures.

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Withum

FEBRUARY 14, 2024

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. ASU 2023-09 applies to all entities that are subject to income taxes, but some disclosures are only required for public entities.

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MyIRSRelief

JANUARY 16, 2023

When it comes to tax season, many people are faced with the decision of whether to prepare their own taxes or use an income tax preparation service. While it may seem like an added expense, there are many benefits to using a professional tax preparation service that make it well worth the cost.

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RogerRossmeisl

NOVEMBER 27, 2020

if, and how is disability income taxed? As is often the case with tax questions, the answer is … it depends. If the income is paid directly to you by your employer, it’s taxable to you as ordinary salary would be. The post How is Disability Income Taxed? You may wonder. If this is the case, the.

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Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

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Accounting Today

JANUARY 18, 2024

The IRS reviews all income tax brackets annually, making adjustments as necessary to balance for inflation.

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CPA Practice

MARCH 29, 2024

The previous federal tax relief, announced shortly after the fires, mainly lasted through Feb. 15 , which did not cover federal income tax filings for tax year 2023. In general, the new extension “means that affected individuals, businesses and tax-­exempt organizations will now have until Aug. 15, 2023, and Jan.

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TaxConnex

MARCH 18, 2021

Wayfair created enormous changes for businesses making remote sales into the states related to sales tax. Could Wayfair have also impacted the way you manage your state income tax obligations? Sales Tax Perspective. Yet, “substantial nexus” has never been strictly defined for sales tax or state income taxes.

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CPA Practice

JULY 12, 2023

Inevitably, your clients with growing businesses will want to hire, so you’ll be better able to help them if you have a clear understanding of the differences between SUI (state unemployment insurance) and SIT (state income tax) and how they affect your clients’ businesses. What is SIT Tax?

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RogerRossmeisl

OCTOBER 28, 2020

Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. While saving both income and transfer taxes has always been a goal of estate planning, it was more difficult to succeed at both when the estate and gift tax exemption level was much lower.

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Cherry Bekaert

JULY 14, 2023

More and more states treat software-as-a-service (SaaS) or platform-as-a-service (PaaS), hosting services and other data-processing services as taxable services and subject to sales tax, which shouldn’t be ignored. However, state income tax issues for PTEs generally receive less attention in the technology industry.

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CPA Practice

AUGUST 7, 2023

Taylor, Kiplinger Consumer News Service (TNS) Does the order of names on your joint federal income tax return reveal significant things about you and your partner? A recent study suggests the answer could be yes—that tax return name order may hold some clues about social norms and beliefs. Income tax returns: Who’s on first?

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Patriot Software

AUGUST 17, 2020

Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.

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Withum

FEBRUARY 20, 2024

The tax implications and overall economic impact will be felt throughout the league and the states in which they play. When it comes to state income taxes, professional athletes establish residency in one state and are taxed by each other state relative to the number of “duty days” they spend there.

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Accounting Today

APRIL 5, 2024

A new study analyzing 110 years of state-level tax policies shows a migration of wealthy Americans to low-tax jurisdictions.

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Patriot Software

OCTOBER 11, 2022

Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all.

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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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Patriot Software

DECEMBER 15, 2022

Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees—not just new hires—a new AZ state income tax form.

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CPA Practice

MARCH 23, 2023

By Faustine Ngila, Quartz (TNS) Côte d’Ivoire citizens pay the highest income taxes in the world according to this year’s survey findings by World Population Review. ©2023 Quartz Media Inc.

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Canopy Accounting

SEPTEMBER 29, 2023

Corporation Income Tax Return, plays a crucial role in the world of taxation for corporations. In this blogpost, we will explore the key aspects of Form 1120 and its significance in filing corporate taxes. Form 1120, the U.S. As an accountant, it is essential to have a firm grasp of this form and its implications.

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SkagitCountyTaxServices

NOVEMBER 8, 2023

The IRS will be focused less on working-class taxpayers and increasingly toward high-income individuals and corporations. Specifically, that means high-income earners, partnership income tax returns, large corporations, and promoters “aggressively peddling abusive schemes.”

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Withum

AUGUST 24, 2023

The choice of where to establish one’s residency prior to a liquidity event can have far-reaching implications regarding income taxes and personal financial goals. Make sure you are considering the type of income when implementing state income tax planning techniques.

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Patriot Software

MARCH 10, 2023

If so, you might have heard about House Bill 2526, a 2023 law that significantly cut individual income tax rates. As a result, your West Virginia income tax withholding might look a little different. Are you an employer in West Virginia? In this article, we’ll go over: What compensation is subject to withholding?

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Dent Moses

JULY 19, 2022

Beginning in 2018, the Tax Cuts and Jobs Act placed a $10,000 cap on the state and local tax (“SALT”) deduction for individuals who itemize deductions. In the years since 2018, many taxpayers have exceeded the cap and have paid large amounts of state income taxes that weren’t deductible for Federal purposes.

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Accounting Today

FEBRUARY 7, 2024

Taxpayers will benefit from a reduced top marginal rate in 13 states, but in two states the rate has increased.

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CPA Practice

MAY 4, 2023

Suppose you can claim a tax deduction or a credit on your personal federal income tax return. Which would you rather have? “It It makes no difference,” you might say. Either one is beneficial.” But you would be wrong. Absent unusual circumstances, a credit on your return is more valuable than a deduction, by far.

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Accounting Today

AUGUST 4, 2023

If you have clients with businesses in multiple states, product or service sales in different states, or employees in other states, they need to know a thing or two about nexus.

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Anders CPA

APRIL 26, 2022

Real estate, by definition, is a passive investment, but depending on your level of participation you may be able to treat the rental as active or be classified as a “real estate professional” for tax purposes. This allows you to deduct losses the activity generates, or avoid the net investment income tax if the activity generates income.

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Patriot Software

APRIL 26, 2021

You pay some employment taxes (e.g., unemployment), while others are taxes you deduct from your employees’ wages and pay on their behalf. One of the taxes you must withhold is federal income tax. So, what is it, and […] READ MORE.

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Dent Moses

AUGUST 24, 2023

The post Guidance Provided for Overtime Pay Exempt from Alabama Income Tax appeared first on Dent Moses, LLP. Click Here for the full details on the Alabama Department of Revenue website. Contact your Dent Moses advisor with questions.

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DMCL

MARCH 11, 2022

It also assists us in ensuring we have information that is as complete and accurate as possible to assure your taxes are minimized and correctly reported. The post 2021 Personal Income Tax Return Checklist appeared first on DMCL. If you have any questions, please contact your DMCL Advisor.

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