RogerRossmeisl

APRIL 27, 2025

Thats a nice thought, but there are tax implications that you should understand and take into account. For federal income tax purposes, losses from personal loans are classified as short-term capital losses. That way, if the loan goes bad, you can claim a non-business bad debt deduction for the year the loan becomes worthless.

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RogerRossmeisl

OCTOBER 20, 2024

It’s an essential question for tax purposes. You may think you can deduct that loss on your personal federal income tax return with no questions asked. The IRS often claims that money-losing sidelines are hobbies rather than businesses — and the federal income tax rules for hobbies aren’t in your favor.

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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).

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CPA Practice

JUNE 26, 2025

OBannon A new study from Thomson Reuters comes with a stark warning to the tax and accounting industry: firms without artificial intelligence strategies could fall irrevocably behind in the next 12 months as competing firms leverage the technology to transform faster, serve better, and hire smarter.​

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CPA Practice

JUNE 30, 2025

OBannon The Sales Tax Sisters, Mary Thomas (Attorney and CPA) and Stephanie Thomas (CPA), are excited to announce their partnership with Roundtable Labs to launch The Sales Tax Hive , a new roundtable community designed exclusively for bookkeepers, accountants, and finance professionals navigating the complexities of sales and use tax.

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TaxConnex

DECEMBER 3, 2024

There’s always something changing in the world of tax, especially sales tax. The five-letter acronym stands for the states without a statewide sales tax – New Hampshire, Oregon, Montana, Alaska and Delaware – and two of those states might be leaving the group sooner than later. billion-plus from a 4% sales tax in FY25.

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CTP

JUNE 9, 2025

Each new day brings a new headline about upcoming changes to tax law. As Congress weighs major decisions on the renewal of Tax Cuts and Jobs Act (TCJA) provisions and the White House issues new tariffs, tax planners may find themselves scrambling to provide answers and reassurance to their clients.

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Withum

JULY 4, 2025

One Big Beautiful Bill Tax Provisions The One Big Beautiful Bill includes the following significant federal income tax provisions. If a 2024 tax return has already been filed, then an amendment would be required. The Senate bill adds an additional $1 trillion more than the original House bill proposed.

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TaxConnex

JANUARY 9, 2025

northern states, having customers or clients in Canada can happen easily, but what sales tax rules apply? The same but different Canadas sales tax situation resembles that of the U.S. Canada now even has sales tax holidays.) northern neighbor also has less scattershot sales tax obligations than U.S.

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RogerRossmeisl

JULY 3, 2025

The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Understanding your tax status One of the biggest differences between traditional employment and gig work is your classification. As an independent contractor, your earnings.

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Withum

NOVEMBER 25, 2024

The impending expiration of the Tax Cuts and Jobs Act (TCJA) on December 31, 2025, marks a significant turning point for individual taxpayers. Enacted in 2017, the TCJA introduced lower tax rates and broader tax brackets, providing substantial relief to many.

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Accounting Today

JUNE 20, 2025

3 to file various federal individual and business returns and make tax payments. 3 to file various federal individual and business returns and make tax payments. The current list of eligible localities is on the IRS Tax Relief in Disaster Situations page.) All rights reserved. 15, 2025. 31, 2025.

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ThomsonReuters

DECEMBER 4, 2024

Filing individual income tax returns can be a complex process, but with the right workflow, professional tax preparers and accounting firms can streamline the experience for both clients and staff. Harnessing technology for individual income tax return filing can transform the efficiency of accounting firms.

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CPA Practice

NOVEMBER 26, 2024

Tax reporting requirements for online marketplace sellers and gig workers who receive payments via apps like PayPal and Venmo will change dramatically in 2026 when the new $600 Form 1099-K reporting threshold kicks in. The IRS announced on Nov.

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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.

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Withum

DECEMBER 4, 2024

The corporate tax rate is currently a flat 21% rate. There is also a 15% corporate alternative minimum tax (CAMT) based on book income for companies with average annual adjusted financial statement income exceeding $1 billion. Please work with your tax advisor for future planning.

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Accounting Insight

MAY 8, 2025

Get your accounting practice Making Tax Digital for Income Tax ready with our comprehensive checklist. The MTD checklist includes: What MTD for Income Tax is and what it means for accountants. The MTD checklist includes: What MTD for Income Tax is and what it means for accountants.

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RogerRossmeisl

APRIL 27, 2025

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. The post Are You a Tax-Favored Real Estate Professional?

Real Estate 195

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Xero

JUNE 6, 2025

Whether this is your first payroll finalisation, or your hundredth, blast past your tax time stress by following our handy list of steps. In Xero Payroll, all active and terminated employees (who will be included in the STP finalisation for the financial year) will need an employment type, income type, and tax scale defined in their records.

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CPA Practice

NOVEMBER 6, 2024

For every dollar they paid in, they would get tax deductions of about $4.50. Now that longtime accountant, Herbert Lewis, is heading to federal prison for his role in promoting and selling illegal tax shelters. I think this thing is the best safe tax savings tool I have seen in a long time; probably ever. million in restitution.

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Withum

DECEMBER 18, 2024

Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements.

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CPA Practice

OCTOBER 29, 2024

A new pass-through field operations unit announced in fall 2023 has officially started work in the IRS’s Large Business and International (LB&I) division to more efficiently conduct audits of pass-through entities, the tax agency said on Oct. Pass-throughs are frequently used by higher-income groups and can be complex tax arrangements.

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Withum

JUNE 24, 2025

In May, the House passed “The One, Big, Beautiful Bill,” which contains broad provisions impacting many areas of taxation, including tax-exempt organizations. On June 17, 2025, the Senate Finance Committee released its version of the sweeping tax package.

Tax 72

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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. Crawford is not representative of most tax preparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.

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Accounting Today

JUNE 12, 2025

EDT 6 Min Read Facebook Twitter LinkedIn Email By any other name; poor Service; a saga continues; and other highlights of recent tax cases. Rockford, Illinois: Tax preparer Gretchen Alvarez, 49, has pleaded guilty to preparing and filing false income tax returns. The tax loss totaled $356,881. All rights reserved.

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Accounting Insight

MAY 9, 2025

In this blog, we answer all your FAQs related to MTD for Income Tax , as there remains uncertainty about HMRCs scheme. What is MTD for Income Tax? Be able to provide their Income Tax return information to HMRC through compatible software. Who is exempt from MTD for Income Tax?

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Withum

MAY 12, 2025

While there are no major tax changes in the budget bill, several items are worthy of note for taxpayers. Including a payroll tax hike and new rules related to partnership audits. Below is a summary of some of the more important tax changes. However, certain smaller employers will receive a 50% reduction in their payroll taxes.

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Accounting Web

JUNE 30, 2025

Personal tax Tags Income tax Making tax digital Outsourcing

income tax 40

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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.

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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. What does this mean for your practice?

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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.

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TaxConnex

DECEMBER 17, 2024

The excitement of years end can push all kinds of taxes to the back of your mind. But its a good idea to look out for how a new year can mean new sales tax obligations for you and your online business. Here are some common situations that can be exciting for your business and distracting for you and that can create sales tax risk.

Sales 130

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Withum

JUNE 24, 2025

The deduction can result in pass-through business owners having a maximum effective federal tax rate of approximately 30%, as opposed to 37%. However, the C Corporation 21% tax rate was a permanent tax provision, while the 199A deduction is set to expire as of December 31, 2026.

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CPA Practice

JUNE 25, 2025

OBannon Leave a Reply Cancel reply Δ CPA Practice Advisor is the definitive technology and practice management resource for accounting and tax professionals. Customers U.S. businesses can now use Remitly to send international payments to employees, freelancers, vendors, and partners in over 100 countries. © 2025 Firmworks, LLC.

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Going Concern

NOVEMBER 8, 2024

PwC accused of interfering in Australian tax leaks probe [ Financial Times ] PwC has been accused of interfering in Australia’s political and regulatory affairs after documents revealed the Big Four accounting group warned its local firm against co-operating with investigations into a damaging tax leaks scandal without permission.

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MyIRSRelief

OCTOBER 11, 2024

Enrolled Agent: Comprehensive Tax Services for Individuals and Businesses When it comes to managing your taxes, finding a qualified and reliable tax professional is crucial. An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S.

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CPA Practice

JUNE 5, 2025

Today, the firm’s team of over 85 professionals delivers comprehensive services including audit, tax, business advisory, business valuation, fraud and forensic accounting, outsourced accounting, and wealth management consulting. © 2025 Firmworks, LLC.

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