CPA Practice

NOVEMBER 26, 2024

Notice 2024-85 , which was issued earlier today by the IRS, also announces that for calendar-year 2024, the IRS won’t assert penalties under section 6651 or 6656 for a TPSO’s failure to withhold and pay backup withholding tax during the calendar year.

E-commerce 135

E-commerce income tax Tax 135

RogerRossmeisl

MARCH 23, 2025

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Heres what you need to know as you assess your 2024 tax situation. First, the passive activity loss (PAL) rules may apply if you arent very involved in the business or if its a rental activity.

income tax 147

income tax CPA Tax business tax 147

Accounting Web

JUNE 30, 2025

Personal tax Tags Income tax Making tax digital Outsourcing

income tax 40

income tax Tax 40

CPA Practice

OCTOBER 29, 2024

The IRS noted that these groups aren’t subject to the corporate income tax, but instead income is “passed through” onto the income tax returns of the individual or corporate owners and taxed at their income tax rates.

income tax 115

income tax audit tax return Real Estate 115

inDinero Tax Tips

OCTOBER 22, 2024

LLC Taxes in Nevada Here are the primary reasons Nevada is an attractive place to start a business: While the average American pays 8.9% in state income tax, Nevada is one of a handful of states that doesn’t have personal income tax. That said, the state isn’t tax-free.

Nevada 105

Nevada Tax income tax payroll tax 105

Withum

JUNE 23, 2025

Pennsylvania has embarked on a significant tax reform journey by reducing its corporate net income tax (“CNIT”) rate. This reduction is part of a broader strategy to make Pennsylvania a more attractive destination for businesses, including law firms, by easing the tax burden and fostering a more competitive business environment.

Pennsylvania 52

Pennsylvania income tax Tax corporation tax 52

Withum

NOVEMBER 25, 2024

Individual Income Tax Rates TCJA lowered the individual income tax rates and if TCJA expires the rates are set to go from 10%, 12%, 22%, 24%, 32%, 35%, and 37% to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. Notably, the top individual income tax rate will increase from 37% to 39.6%.

Tax 106

Tax income tax Real Estate tax return 106

CPA Practice

JUNE 26, 2025

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Technology 94

Technology Tax Tennessee payroll 94

CPA Practice

JUNE 25, 2025

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management accounting 83

management accounting management accounts Technology accounted 83

TaxConnex

JANUARY 2, 2025

Lawmakers in Louisiana, however, opted to give their state one of the highest combined sales taxes in the nation by passing simultaneous tax cuts on personal and corporate income tax and hiking the states sales tax to 5% (at least for the rest of this decade).

Sales 147

Sales Tax South Dakota North Dakota 147

Going Concern

NOVEMBER 8, 2024

Tax Steps companies should take now to prepare for major tax legislation in 2025 [ EY ] Whether you call it the “Super Bowl of Tax” or “Taxmageddon,” one thing is clear: Congress is all but certain to consider major tax legislation in 2025. appeared first on Going Concern.

Florida 98

Florida Mississippi audit auditor 98

CPA Practice

JULY 15, 2025

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Technology 79

Technology accounted Account accountant 79

CPA Practice

JUNE 5, 2025

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Texas 109

Texas accounting firms Technology accounted 109

RogerRossmeisl

DECEMBER 15, 2024

However, as a household employer, its critical to understand your tax obligations, commonly called the nanny tax. If you hire a household employee who isnt an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).

Tax 200

Tax income tax CPA 200

Withum

MAY 12, 2025

Millionaires tax: The budget extends the higher personal income tax rate on individuals who make over $1.1 When first enacted in 2021, this higher tax rate for millionaires was set to expire in 2027. However, like most temporary tax hikes, it looks to be permanent. million annually through 2032.

New York 72

New York business tax Tax payroll tax 72

CTP

JUNE 9, 2025

Practicing Scenario Modeling With so many tax provisions up in the air this year, planning ahead can feel like an impossible task. To accelerate income, we might look at a Roth conversion or execute some trades to pull income into this year when income tax rates are lower.

tax planning 91

tax planning Tax income tax Education 91

CPA Practice

MAY 21, 2025

Sirleaf, 65, of Darby, PA, pleaded guilty to 15 counts of aiding and assisting in the preparation of false income tax returns and three counts of filing false personal income tax returns for himself.

income tax 71

income tax tax return Tax accounted 71

ThomsonReuters

JUNE 18, 2025

Now, the cap restricts the total deduction to $10,000, irrespective of the actual taxes paid. How the SALT cap affects state budgets The cap, which limits the amount of state and local taxes that can be deducted from federal income taxes, has far-reaching consequences.

income tax 91

income tax New Jersey New York California 91

Accounting Web

JULY 16, 2025

HMRC & policy Tags HMRC Income tax Making tax digital

income tax 40

income tax Tax 40

CPA Practice

JUNE 30, 2025

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Technology 104

Technology Rhode Island West Virginia South Dakota 104

TaxConnex

OCTOBER 15, 2024

Income tax often seems to grab most of the headlines, but sales tax can make for a hefty crime – and punishment – too. A famous case recently examined in the TaxConnex podcast It Depends episode, “Sales Tax Crimes - Pt.

Sales 203

Sales New Hampshire Tax income tax 203

CPA Practice

JUNE 30, 2025

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bookkeeping 93

bookkeeping Sales Tax Technology 93

CPA Practice

JULY 15, 2025

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cpa firm 71

cpa firm CPA cpas Technology 71

CPA Practice

DECEMBER 3, 2024

27)—A tax preparer who admitted to filing more than $3 million in fraudulent tax returns on behalf of her clients is facing up to 30 years in prison for her crime. As a result, the UA’s return claimed a fraudulent federal income tax refund of $12,359. (TNS) ATHENS, GA (Nov. District Judge Tilman E. Tripp” Self III.

tax preparation 97

tax preparation Georgia tax return Tax 97

RogerRossmeisl

JULY 3, 2025

Understanding your tax status One of the biggest differences between traditional employment and gig work is your classification. This means that companies you work with typically don’t withhold income taxes, Social Security, or Medicare taxes from your pay. As an independent contractor, your earnings.

Tax 130

Tax income tax CPA 130

Dent Moses

JUNE 25, 2025

On March 20, 2025, the IRS issued new FAQ’s as guidance to businesses understand how to properly report Employee Retention Credit (ERC) refunds on their income tax returns. This is especially important for companies that received ERC refunds but never amended their earlier tax returns, or for those whose claims were later denied.

tax return 52

tax return income tax payroll Tax 52

Withum

JUNE 23, 2025

There are additional considerations with either method, such as fiscal year-end entities with calendar year-end partners, state and local income tax deductibility, and distributions in excess of basis. It is always advisable to consult with a tax advisor before implementing your payment plan.

income tax 52

income tax CPA Tax accounted 52

Xero

JUNE 6, 2025

These changes to income tax rates and thresholds will also be automatically applied in pay runs with a payment date of 1 July 2025. Any employees with a superannuation line set up with a rate type of statutory rate will be automatically updated.

payroll 95

payroll Tax general ledger income tax 95

Accounting Insight

MAY 21, 2025

Almost half of UK sole traders at risk of non-compliance, feeling unprepared for income tax changes due April 2026. million businesses* – say they feel unprepared for upcoming tax reporting changes, putting them at risk of non-compliance. Nearly half (45%) of UK sole traders – representing approximately 1.4

accounted 52

accounted Account accountant income tax 52

CPA Practice

JUNE 6, 2025

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Technology 93

Technology payroll accounted Account 93

RogerRossmeisl

FEBRUARY 23, 2025

Business gain and loss tax basics The federal income tax character of gains and losses from selling business assets can fall into three categories: Capital gains and losses.

Sales 191

Sales Real Estate income tax CPA 191

CPA Practice

JULY 7, 2025

Provide guidance on Notice 2020-75 and sections 469 and 163 on nonpassive versus passive income and interest expense tracing. Provide guidance on section 111 application to state tax refunds at the individual level and ordering between passthrough entity income tax payments and nondeductible estimated payments and withholding.

cpas 85

cpas accounting and finance CPA Technology 85

Accounting Insight

JUNE 6, 2025

With MTD for Income Tax, the UK government’s initiative to digitalise the tax system—approaching its next significant phase, this stark contrast serves as both an urgent signal and a compelling invitation to accounting professionals across Britain.

Tax 66

Tax Technology Non-Profits income tax 66

CTP

APRIL 21, 2025

Non-Profit NIL Collectives: Gunning for That Tax Exemption For new NIL collectives, qualifying as a nonprofit sounds like a best-case scenario. The organization would be exempt from income tax, meaning that all earnings could go toward the team. A tax planner can help you identify tax credits to offset those unavoidable costs.

Tax 52

Tax Non-Profits Sports income tax 52

Nancy McClelland, LLC

APRIL 8, 2025

So, first things first: go to MyTax Illinois and log in under your business Username and Password: It will prompt you to verify your security code, usually sent to your business email address, and once you enter the two-factor authentication, you should see your IL business tax dashboard. Go to the “Summary” tab.

Illinois 52

Illinois business tax Tax income tax 52

CPA Practice

JUNE 12, 2025

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Technology 110

Technology payroll audit Education 110

Accounting Today

JUNE 20, 2025

The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) 3 deadline for both states applies to individual income tax returns and payments normally due on April 15, 2025. For individual taxpayers, this means Oct.

Mississippi 93

Mississippi Texas Tax Technology 93