CPA Practice

MARCH 31, 2023

tax data, however, suggests at least one super-wealthy individual flew under the radar until the very end. 28, 2023: The deposit of $7 billion in the category of “estate and gift” taxes. It was the highest collection of that kind of tax since at least 2005. How do estate and gift taxes work?

Tax 132

Tax tax return income tax Pennsylvania 132

CPA Practice

DECEMBER 22, 2023

Taylor, Kiplinger Consumer News Service (TNS) Just in time for the holidays, the IRS has announced a move to help individuals, businesses, and tax-exempt organizations that owe back taxes. The agency will waive nearly $1 billion in penalties for taxes owed by more than 4.7 By Kelley R. Here’s what else you should know.

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Tax tax return Washington Maine 131

Cherry Bekaert

APRIL 18, 2024

Each year, as the tax filing deadline nears, it is important to identify your projected tax payments and when to pay them [LJ1] so you can avoid submitting inaccurate tax returns. This podcast focuses on estimated tax payments, withholding and related cash flow planning.

Tax 52

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CPA Practice

MAY 3, 2023

Fernandez, Kiplinger Consumer News Service (TNS) For investors looking for a way to defer capital gains taxes when selling a real estate investment property, there are a variety of strategies to leverage depending on circumstances. Most real estate properties will be like-kind to other properties. By Edward E.

Real Estate 124

Real Estate Tax Delaware Washington 124

MyIRSRelief

NOVEMBER 17, 2023

S Corporations are a popular choice for many business owners due to their unique tax benefits. This article will answer some of the most frequently asked questions about S Corporation tax savings. An S Corporation is a type of corporation that meets specific Internal Revenue Service (IRS) tax code requirements.

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Cherry Bekaert

MARCH 27, 2024

A Delaware Statutory Trust (DST) is a real estate investment vehicle structured as a separate legal entity. They are treated like direct property ownership for tax purposes, which meet the requirements of like-kind property and qualify as replacement property for a Sec. 1031 exchange. 3801 et seq. (the

Delaware 110

Delaware Real Estate accounting standards Legal 110

CPA Practice

FEBRUARY 14, 2024

The CPA Practice Advisor Readers’ Choice Awards give our readers the opportunity to spotlight the technologies they most rely on and trust to manage their firms, provide client services, and help those clients run their businesses. Readers vote for their favorites in more than 25 categories. Vote Today!

Technology 126

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MyIRSRelief

JUNE 23, 2023

Tax matters can be complex and daunting, and navigating the ever-changing tax landscape can be a challenge. In such a scenario, having a qualified tax professional on your side is invaluable. The Enrolled Agent (EA) – a tax specialist authorized by the U.S. Contact us for professional tax help today!

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CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns. In addition, the agency extended until Oct.

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tax return income tax Real Estate Tax 132

Cherry Bekaert

MARCH 27, 2024

A Delaware Statutory Trust (DST) is a real estate investment vehicle structured as a separate legal entity. They are treated like direct property ownership for tax purposes, which meet the requirements of like-kind property and qualify as replacement property for a Sec. 1031 exchange. 3801 et seq. (the

Delaware 98

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CPA Practice

SEPTEMBER 19, 2023

By Paula Nangle, CFP, Kiplinger Consumer News Service (TNS) Does the thought of estate planning trigger a surge of anxiety? Estate planning can be one of the most intimidating, complex and emotionally charged financial necessities a family takes on together. One important change happened via the Tax Cut and Jobs Act of 2017.

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ThomsonReuters

DECEMBER 7, 2022

Fiduciary tax comes with unique challenge s. For starters, wealth management requires extra care, trust investments are becoming more complex, and distribution rules are ever changing. This also extends to the income an individual receives after their death, which is subject to income tax. What is fiduciary tax?

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ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Tax 52

Tax Account accountant accounted 52

Ronika Khanna CPA,CA

APRIL 19, 2024

Residents of Canada are required to reflect all sources of worldwide income on their personal tax returns. not TFSA, RRSPs or FHSAs), to ensure that you have received all tax documents and report them. If you do make a withdrawal during the year, you will receive a T4RSP slip which is to be reported on your tax return.

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CPA Practice

FEBRUARY 29, 2024

The Internal Revenue Service has given tax relief for individuals and businesses in parts of Washington state affected by wildfires that began on Aug. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. 15, 2023, and Jan. 31, 2023, and Jan.

Washington 98

Washington Tax tax return income tax 98

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Tax 98

Tax tax return income tax audit 98

Anders CPA

FEBRUARY 27, 2024

Filing taxes for a deceased person, whether it’s a parent, spouse or other loved one, may seem like an overwhelming task amidst your grief, but it doesn’t have to be. With the right information on hand, filing taxes for the deceased can be done with minimal stress and effort.

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Withum

JANUARY 19, 2024

As tax accountants, their specialties include business tax , private client services , and estate planning and trusts. Joel, Partner, and Billy, Senior Manager, were chosen for the directory because of their industry expertise, community involvement and trustworthy reputations in the DC business world.

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Withum

OCTOBER 9, 2023

On October 4, 2023, Massachusetts enacted tax legislation (H.4104), Furthermore, the legislation reduces the short-term capital gains tax rate for individuals, estates, and trusts from 12% to 8.5%, which is retroactive for 2023. 4104), which will dramatically affect how businesses calculate their Massachusetts income.

Massachusetts 72

Massachusetts Sales Tax tax return 72

CPA Practice

NOVEMBER 29, 2023

The hustle and bustle of the holiday season is upon us, and while you’re likely busy hunting for the perfect gifts for your loved ones, don’t forget that you can gift yourself something too—a tax break. Here are five tax-savvy money moves to make now. You may also want to consider investing in a future tax break.

Tax 108

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CPA Practice

APRIL 1, 2024

Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) “I just want to make sure I don’t go broke and that I leave as much behind as I can.” Most retirees focus on the number at the bottom of the balance sheet, not necessarily what that number will be after taxes. Leave behind real estate. Some don’t care.

Tax 52

Tax Real Estate income tax Washington 52

CPA Practice

JANUARY 25, 2023

PKF O’Connor Davies, one of the nation’s largest accounting, tax and advisory practices, has announced that Archambault & Associates has joined the organization, effective January 1, 2023. In addition, the firm has experience consulting with law firms, executors and trustees on estate, trust and gift tax matters impacting clients.

Massachusetts 105

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Withum

JANUARY 8, 2024

Christopher Passmore , CPA, MBA, specializes in assurance and business consulting services to emerging and middle-market companies and leads Withum’s Los Angeles office as the Partner in Charge. Aza Ghazaryan CPA, MBA, is a tax partner with over 15 years of experience in helping businesses minimize their tax liability.

Real Estate 111

Real Estate CPA Manufacturing Tax 111

KROST

MAY 11, 2022

In the last article in our series , we covered the benefits a trust offers for creators and beneficiaries. In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Types of Trusts. Revocable Trusts. Trust can be amended or revoked during a lifetime.

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income tax tax return Tax Maine 85

CPA Practice

MARCH 30, 2023

tax data, however, suggests at least one super-wealthy individual flew under the radar until the very end. 28, 2023: The deposit of $7 billion in the category of “estate and gift” taxes. It was the highest collection of that kind of tax since at least 2005. How do estate and gift taxes work?

tax return 111

tax return income tax Tax Pennsylvania 111

Withum

FEBRUARY 22, 2024

The act expands existing clean energy tax credits and enhances tax deductions to further incentivize the development and use of clean energy products and technologies. 179D allows an alternative method for immediate tax deductions. The modified legislation also allows specified tax-exempt entities to allocate any Sec.

Real Estate 52

Real Estate Tax Construction CPA 52

CPA Practice

AUGUST 3, 2023

Taylor, Kiplinger Consumer News Service (TNS) It can be frustrating when your children complain about having nothing to do — especially during the summer. Doing so can keep them productive and teach valuable skills while potentially lowering your tax bill. So, why not hire your child or your children to work for your business?

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CPA Practice

OCTOBER 4, 2023

By Bruce Willey, JD, CPA, Kiplinger Consumer News Service (TNS) Now that the U.S. Supreme Court has agreed to take up a lower court decision on taxation ( Moore v United States ) that could open or slam the door on a federal wealth tax, it’s worth a deep dive into just how terrible a wealth tax would be for American taxpayers.

Tax 105

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CPA Practice

MARCH 11, 2024

The American Institute of CPAs has sent a letter to the Internal Revenue Service requesting guidance on section 461(l), also known as the limitation on excess business losses (EBLs) of noncorporate taxpayers, enacted under the Tax Cuts and Jobs Act (TCJA).

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cpas Tax 69

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

Snyder

FEBRUARY 7, 2023

Tax liability is an inevitable part of running a business. Every year business owners have to bear the burden of the tax season, paying taxes for income, payroll, property, sales, and so on. In total, nearly 30% of a business’ income is needed to cover all tax payments. What exactly are tax deductions? Contents: 1.

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ThomsonReuters

FEBRUARY 15, 2023

property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live.

Tax 52

Tax Real Estate Kansas South Dakota 52

Cherry Bekaert

JANUARY 19, 2024

Charitable trusts have long been a powerful tool for estate planning, but some tend to be more effective at tax savings than others in certain interest rate environments. The Charitable Remainder Annuity Trust (CRAT) is one that tends to perform better in relatively high interest rate environments.

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ThomsonReuters

JANUARY 28, 2022

Tax season is a critically busy time of the year for accountants, and we all know the stress that can come with such a high demand for services during that part of the year. But for some tax and accounting firms, the high volume of clients from January to April represents the majority of their business for the year.

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CPA Practice

FEBRUARY 27, 2024

Whether you’ve been self-employed for ages or are one of many entrepreneurs to have launched a business recently, lowering your taxes is always a savvy business strategy. Not all costs are eligible for immediate expensing, so it’s important to consult a CPA to determine the appropriate tax treatment for each expenditure.

Real Estate 116

Real Estate Illinois CPA Non-Profits 116

xendoo

FEBRUARY 15, 2022

If you own a business or earn a significant income, you may be wondering how to manage your tax situation and how much a tax consultant costs. There is a lot to consider when weighing the costs and benefits of hiring a tax consultant. A tax consultant can help with any of these issues. Complexity of Services .

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CPA Practice

JUNE 13, 2023

“Baird, Cotter & Bishop has vast experience serving government entities, which will deepen our bench as a trusted service provider to the public sector.” The firm concentrates heavily in government audits in Michigan—it has audited more than 100 local units of government over the past two years.

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