Cherry Bekaert

JUNE 9, 2023

Contributors : Chris Grimes, Senior Manager, State & Local Tax | Peter Baisch, Senior Manager, State & Local Tax Georgia IRC Conformity and Section 174 On May 2, 2023, Georgia Senate Bill 56 was signed into law, which updated Georgia’s Internal Revenue Code (IRC) conformity date from January 1, 2022, to January 1, 2023.

Georgia 97

Georgia Tax Wisconsin Kentucky 97

ThomsonReuters

FEBRUARY 9, 2024

In this blog, we will dive into the details of four notable tax laws that have been introduced into legislation and deserve our attention. Tax planning shift s: If passed, this legislation necessitates advising clients on restructuring executive compensation and exploring alternative tax strategies.

Tax 110

Tax tax return Technology income tax 110

Cherry Bekaert

OCTOBER 10, 2023

Related Guidance Notice 2023-63: IRS Guidance on SRE Amortization under Section 174 Explained Importance of R&D Tax Credit Documentation: Lessons from Recent Court Cases Recent Legislation and Section 174 Updates Questions?

Tax 115

Tax Start-ups Sales 115

CPA Practice

MAY 12, 2023

The IRS NTA expressed the need to amend section 7502(c) so that electronically submitted tax payments and documents will be treated as submitted on the day they are transmitted, even if the IRS processes them at a later date.

Tax 111

Tax tax return cpas income tax 111

CPA Practice

FEBRUARY 8, 2023

27); reasonable cause exceptions to the section 6707A and 6662A penalties for all reportable transactions (pg. Many of these proposals are the types of enhancements lawmakers should consider as they continue to debate and update tax legislation. 130); and repeal of the Last-In, First-Out (LIFO) conformity rule (pg.

Tax 105

Tax income tax cpas accounting and finance 105

CPA Practice

JUNE 9, 2023

The American Institute of CPAs (AICPA) is expressing strong support of bipartisan legislation introduced in both the House and the Senate which would modify the rules for postponing certain deadlines in the event of a disaster. The Filing Relief for Natural Disasters Act – H.R. 3861 & S. The Filing Relief for Natural Disasters Act – H.R.

Tax 111

Tax cpas income tax 111

CPA Practice

NOVEMBER 22, 2023

174 Research and Expenses To pay for the tax cuts in the Tax Cuts and Jobs Act, beginning in 2022, Section 174 Expenses need to be amortized over 5 years (15 years for international), increasing many businesses’ taxable income. This impacts the Sec. This impacts the Sec. Many still believe there will be a repeal of the amortization.

Tax 110

Tax cpas tax services audit 110

RogerRossmeisl

APRIL 17, 2021

The California Department of Tax and Fee Administration (CDTFA) has updated Publication 34 (Motor Vehicle Dealers), to include 2020 legislation that, effective 1/1/2021, imposes new reporting and payments requirements on certain used vehicle dealers.

California 147

California CPA Tax Sales 147

CPA Practice

APRIL 17, 2024

Legislation has changed retirement plan rules over the past few years. To the extent a taxpayer did not take a specified RMD (as defined in section IV.C The SECURE Act of 2019 prohibited beneficiaries from stretching distributions over their lifetime. Instead, many non-spouse beneficiaries who inherited IRAs on or after Jan.

Tax 111

Tax Account accountant accounted 111

CPA Practice

MAY 10, 2023

More Flexibility for Section 529 Plans A Section 529 plan is a popular way to save for a child’s higher education. Now new legislation, called the SECURE 2.0 Now new legislation, called the SECURE 2.0 For starters, there are two main types of Section 529 plans.

income tax 85

income tax Education Tax Maine 85

CPA Practice

MARCH 7, 2023

There will be a new infrastructure, new discipline sections, and a greater emphasis on technology throughout. A fourth core section, Business Environment and Concepts (BEC), will be reallocated across the three remaining core sections and the three new discipline sections. Gail Cole is a Senior Writer at Avalara.

Technology 137

Technology CPA cpas audit 137

ThomsonReuters

JANUARY 5, 2023

The legislation extends the exceptions by providing that telehealth and other remote care services will be considered disregarded coverage—and thus will not cause a loss of HSA eligibility—during plan years beginning after December 31, 2022, and before January 1, 2025. Mental Health Parity. 1 (“NQTL Comparative Analysis”).

Government 88

Government Tax Account accountant 88

Cherry Bekaert

JANUARY 18, 2024

2024-9 providing taxpayers with timely information concerning accounting method changes and the treatment of specified research and experimental (SRE) expenditures under Section 174 and Section 460. Taxpayers may not be able to change certain positions on the return that were inconsistent with various sections.

tax return 89

tax return Tax Account accountant 89

Withum

JANUARY 8, 2024

The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures.

tax return 78

tax return audit Tax income tax 78

CPA Practice

JUNE 14, 2023

Background : The tax law provides the following three depreciation-related tax breaks for business owners: the Section 179 expensing deduction, the first-year bonus depreciation deduction and regular depreciation deductions under the Modified Cost Accelerated Cost Recovery System (MACRS).

Tax 111

Tax income tax business tax 111

PYMNTS

FEBRUARY 21, 2020

legislation will reportedly be introduced in the weeks to come that could hamper the capacity of tech firms to provide end-to-end encryption, Reuters reported. . It accomplishes that by threatening a critical immunity named Section 230 that firms have with federal law.

Technology 83

Technology Washington Government 83

Going Concern

AUGUST 30, 2023

After you have passed all sections of the CPA Exam you are required to submit transcripts showing that you completed at least 150 semester credit hours and completed a three-semester hour, Board-approved ethics course that meet Board Rules to apply for the CPA certificate and license.

Texas 123

Texas CPA cpas Education 123

ThomsonReuters

JUNE 15, 2023

For more information, see EBIA’s Group Health Plan Mandates manual at Sections IV.F (“Governmental Employers”) and IX.A (“What Is Mental Health Parity and Who Must Comply?”), and EBIA’s Self-Insured Health Plans manual at Section III.D.3 3 (“Plans Sponsored by Certain Governmental Entities”). Contributing Editors: EBIA Staff.

Tax 96

Tax Account accountant accounted 96

Going Concern

FEBRUARY 17, 2023

Some points provided by MNCPA to clarify concerns about the change: The MNCPA does not believe that legislation to broaden the licensing requirements is a magic solution and candidates will flock to the CPA exam. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 2022, section 326A.03,

Minnesota 102

Minnesota CPA Education cpas 102

CTP

MAY 10, 2023

This blog will review the two main ways to leverage a business vehicle tax deduction: Section 179 and bonus depreciation. Section 179 This part of the US internal revenue code allows business owners to immediately deduct the cost of depreciable business expenses, such as a vehicle, instead of depreciating the asset over time.

Tax 91

Tax tax return Start-ups Education 91

Cherry Bekaert

AUGUST 10, 2023

Second, the legislation authorizes electing PTEs to automatically terminate their election. Prior to the legislation, PTEs had to apply to the Secretary of the Department of Revenue to terminate the election via a private letter ruling request. Under this legislation, Ohio Rev. Code Section 5747.05 House Bill No.

Alabama 98

Alabama Ohio Iowa Louisiana 98

CPA Practice

OCTOBER 2, 2023

174 Research and Expenses To pay for the tax cuts in the Tax Cuts and Jobs Act, beginning in 2022, Section 174 Expenses need to be amortized over 5 years (15 years for international), increasing many businesses’ taxable income. This impacts the Sec. This impacts the Sec. Many still believe there will be a repeal of the amortization.

Tax 106

Tax cpas audit tax services 106

Going Concern

MARCH 10, 2023

Written into the mobility legislation that NASBA, AICPA, and state societies pushed to enact over about a 20 year period is a substantial equivalency clause. For example, Section 5.2 For example, Section 5.2 NASBA’s power can be stripped by a change to Board rules; no legislation seems to be necessary.

cpas 100

cpas Illinois Minnesota CPA 100

CPA Practice

OCTOBER 3, 2023

174 Research and Expenses To pay for the tax cuts in the Tax Cuts and Jobs Act, beginning in 2022, Section 174 Expenses need to be amortized over 5 years (15 years for international), increasing many businesses’ taxable income. This impacts the Sec. This impacts the Sec. Many still believe there will be a repeal of the amortization.

Tax 103

Tax cpas audit tax services 103

Menzies

NOVEMBER 21, 2023

The key areas in the CIOT’s recommendations where amendments and clarifications are required in respect of Cryptoassets is set out below: Classification of Cryptoassets There is a need for and importance that the legislation to be amended to expressively cover and confirm the tax treatment of Cryptoassets.

chartered accountant 52

chartered accountant income tax corporation tax Tax 52

Withum

MARCH 27, 2024

Even though the House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 , including the reinstitution of immediate expensing for domestic research expenditures, in a staggering bipartisan vote of 357 to 70, it still remains unclear if the Senate can pass this crucial legislation.

Finance 59

Finance Manufacturing income tax Idaho 59

VJM Global

SEPTEMBER 20, 2022

Therefore, in a CIF contract, a separate levy on the Indian importer for the ‘supply of services by the shipping line would be in violation of Section 8 of the CGST Act. As per Section 2(93) of the CGST Act, The importer of goods on a CIF basis is not the recipient of transport services. at the time of customs clearance.

Transportation 52

Transportation Tax Government Legal 52

CPA Practice

APRIL 5, 2023

Section 473 of the Internal Revenue Code authorizes the Department of the Treasury and the Internal Revenue Service (IRS) to permit taxpayers to reduce the unanticipated income from a qualified liquidation of LIFO inventories by replacing the inventory over a three-year period.

cpas 64

cpas Tax Government Sales 64

Withum

APRIL 5, 2023

tax legislation ensuring businesses could continue to fully deduct their research and experimental (“R&E”) expenditures in the 2022 taxable year. Senator Margaret Hassan (D-NH) introduced a bill as recently as March 16, 2023, to provide an immediate deduction related to Section 174 expenditures. Many were hopeful for U.S.

Tax 78

Tax income tax tax return Account 78

CPA Practice

APRIL 27, 2023

Section 174 of the Internal Revenue Code underwent significant changes in recent years, with the Tax Cuts and Jobs Act (TCJA) requiring mandatory capitalization and amortization of Section 174 “research and expenditure” costs for tax years beginning on or after Jan. By Scott Ibbotson. In 2017, Congress passed the TCJA.

Tax 98

Tax income tax Manufacturing Finance 98

CTP

JUNE 21, 2023

The implications of recent changes to section 174 and no movement from Congress have left many business owners unsure of how to move forward with R&E (Research & Experimentation) expenses for the 2022 tax year and beyond. Learn more about the uncertainties regarding Section 174 and how companies might be impacted.

payroll tax 75

payroll tax Tax payroll Government 75

ThomsonReuters

JANUARY 22, 2024

This legislation is designed to provide crucial support to American job creators, small businesses, and working families. Increased Section 179 Deduction: The act raises the deduction limit for qualifying property, providing businesses with greater flexibility in deducting investment costs.

Tax 105

Tax business tax accounting and finance payroll 105

Insightful Accountant

FEBRUARY 19, 2023

The American Institute of CPAs asks Congress for legislation extending the Section 174 R&E expensing and expired tax provisions.

Tax 52

Tax cpas 52

Withum

DECEMBER 6, 2022

With legislation that breathes new life into expiring tax incentives and the beginning of planned sunsets for others, changes to existing tax incentive programs are a hot topic. Changes to the business interest limitation under Code Section 163J. Energy-efficient commercial buildings tax deduction under Code Section 179D.

tax planning 59

tax planning Real Estate Tax 59

ThomsonReuters

FEBRUARY 17, 2022

ANSWER: Year-end legislation passed in 2020 requires group health plans and insurers to annually report prescription drug and health care spending, premiums, and enrollment information to the government (see our Checkpoint article ). See also EBIA’s Self-Insured Health Plans manual at Section XXIX.D.4

Hospitality 98

Hospitality Government Tax Account 98

CPA Practice

JANUARY 27, 2023

The long-awaited upgrade to the initial legislation known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019, was signed into law on December 29, 2022. 529 account-to-IRA rollovers : You may fund a Section 529 plan for a child that pays qualified expenses for a child’s higher education.

income tax 128

income tax Tax Start-ups Education 128

ThomsonReuters

JANUARY 20, 2022

As background, legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year (see our Checkpoint article ). See also EBIA’s 401(k) Plans manual at Sections VIII.D.2 See also EBIA’s 401(k) Plans manual at Sections VIII.D.2 See also EBIA’s 401(k) Plans manual at Sections VIII.D.2

Tax 98

Tax Account accountant accounted 98