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‘It’s BS’: IRS Will Tax Minnesotans’ ‘Walz Check’ Rebate

CPA Practice

Taylor, Kiplinger Consumer News Service (TNS) According to Minnesota Gov. Tim Walz, the IRS will tax state rebates sent to many Minnesota residents in 2023. These rebates, commonly known as “Walz checks,” were worth up to $1,300 in some cases and were a result of a $3 billion Minnesota tax relief bill passed earlier this year.

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House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

That’s because, as the bill is worded, federal taxes on Social Security income would be eliminated beginning in 2025 (tax returns filed in early 2026). The You Earned It, You Keep It Act is referred to as a “win-win” by its sponsor, Minnesota Rep. Missouri and Nebraska stopped taxing Social Security this year).

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IRS Launches Tax Professional Awareness Week

CPA Practice

The special week is the IRS’ latest effort in support of taxpayers and the tax community. Each year, millions of taxpayers seek the help of tax professionals to prepare their federal tax returns and other filings. “As For available more information and locations, see free tax return preparation for qualifying taxpayers.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. Super Bowl 2024 is on Sunday, Feb. Usually, the payer (e.g.,

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What’s trailing nexus? And why should you cancel your sales tax registration?

TaxConnex

Nexus continues even after a person stops activities that originally established nexus … This one-year trailing nexus concept applies to all taxes you report on the excise tax return, including retail sales tax.” In many states where it applies, trailing nexus lasts about a year, as in Minnesota , Wisconsin and Texas.

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Is Tax Relief on the Horizon for Marijuana Businesses?

CPA Practice

They are taxed on their income but can’t write off most of their business expenses. Section 280E of the federal tax code bars marijuana firms from claiming business expenses on their federal tax return other than for their cost of goods sold. Look for more states to follow suit. _

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Here Are the 2024 Amounts for Three Family Tax Credits

CPA Practice

So, while you might already know about the 2023 child tax credit and other family tax breaks for the current year, here is what you can expect for the 2024 tax year ( for income tax returns normally filed in early 2025 ). How much is the 2024 child tax credit? resident alien during the tax year.

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