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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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Feds Cracking Down on Unlawful Tax Return Preparers

CPA Practice

“Taxpayers must look out for unscrupulous preparers, who often will promise refunds that are too good to be true,” said Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division. “If Over the last year, the Tax Division has worked with U.S.

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Friday Footnotes: Ex-Deloitte Partner Stole Military Documents on His Way Out; KPMG Reveals Its Partnership Deed | 7.21.23

Going Concern

So now, having both sides of the Mississippi River offering new service offerings has just really jump-started our ability to continue to hire individuals.” On the other, tax preparation firms like Intuit — the parent company of TurboTax — and H&R Block have been pouring millions into trying to stop the idea cold.

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Monday Morning Accounting News Brief: Semper Fi-nancial; EY Gets a D in Auditing; Deepfake CFOs Are a Thing | 2.26.24

Going Concern

Aaaaand now there’s one less tax preparer in Florida to handle the load. Price and his tax return preparation business, Price’s Accounting Firm Inc., from preparing federal income tax returns for others. The firm’s Australian partners usually vote in their chief executive for a four-year term.

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Some States Are Considering Shelving the Grocery Tax

CPA Practice

Grocery taxes that remain are “there for a reason. They’re needed as part of the revenue system, or because [elected officials] would rather cut other taxes,” such as the income tax, Auxier said. Tennessee, which dropped its grocery sales tax from 5% to 4% in 2017, lifted the tax for a month last August.

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