Withum

MAY 16, 2022

In our example, Julia would have to include the $10,000 of cancellation of debt income in her 2021 tax return and adjust her basis in her real property by $50,000 as of January 1, 2022. This article was originally published by Lynn Mucenski Keck in Forbes on May 11, 2022. Business Tax Services. Contact Us.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. Contact Us.

New York 112

New York income tax New Jersey Tax 112

Wellers Accounting

MARCH 2, 2023

Tom Biggs ACA CTA , highlights the different considerations and strategies that need to be reviewed for effective end of year tax planning.

Tax 52

Tax tax planning income tax corporation tax 52

ThomsonReuters

MARCH 7, 2024

Starting from tax years beginning after December 31, 2022, the 100% bonus depreciation deduction will gradually decrease by 20% each year until it reaches a complete phase-out by the end of the 2026 calendar year. These changes in bonus depreciation rates underscore the importance of proactive tax planning for QIP.

accounting principles 98

accounting principles Tax tax planning Account 98

ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? • What’s new?

Tax 59

Tax Account accountant accounted 59

Withum

MAY 2, 2022

The Biden Administration FY 2023 Budget and Treasury Green Book, released on March 28, 2022, includes various proposals to modernize the United States’ current compliance and reporting structure surrounding digital assets. The proposal would be effective for returns required to be filed after December 31, 2022. Contact Us.

Tax 64

Tax tax return tax planning tax services 64

LyfeAccounting

MARCH 16, 2021

According to a recent KPMG report , you can take a full deduction for business meals provided by a restaurant. Now, these expenses must be paid or incurred during 2021 or 2022. So for those of you filing your business taxes for 2020 , you will not be able to take a full deduction on your tax return.

Tax 52

Tax Entertainment tax return tax preparation 52

Withum

DECEMBER 4, 2024

Consider making expenditures that qualify for the liberalized business property expensing option. Bonus Depreciation For property placed in service during 2024, the bonus depreciation percentage has decreased from 100% (in 2022) to 60%. Planning should occur with your tax advisor on how to optimize bonus depreciation.

Tax 59

Tax income tax Construction Non-Profits 59

KROST

JANUARY 25, 2021

The bipartisan agreement allows a temporary increase of such deductions to 100% for two years for business meals provided by restaurants. This provision is applicable to expenses incurred from January 1, 2021 through December 31, 2022. PPP Loan Income Exclusion and Deductibility of Expenses.

Real Estate 92

Real Estate CPA Tax public accounting 92

SkagitCountyTaxServices

APRIL 6, 2022

The first months of 2022 have been somewhat of a whirlwind. And while people everywhere are breaking out the deep cleaning sprays and scrub brushes to get a little springtime sparkle, you might want to be thinking about a similar process for your business. Tax planning. You know, while we’re all in the mood.

CPA 78

CPA Tax income tax tax return 78

Snyder

NOVEMBER 14, 2022

Will tax filing season be easier in 2023? According to Mark Steber , senior vice president and chief tax officer at Jackson Hewitt, the 2022 tax filing season was supposed to be harsh, but surprisingly the process has gone pretty smoothly. But it’s not everything that a modern business needs from an accounting system.

Account 98

Account accountant accounted E-commerce 98

CPA Practice

JANUARY 24, 2024

Choosing Retirement Plans Opening a corporate retirement plan is a great option to lower business taxes. Qualified, profit-sharing plans allow employees to contribute a portion of their wages to individual accounts, while also allowing the employer to make a tax-deductible contribution.

Tax 52

Tax Non-Profits business tax tax return 52

Basis 365

APRIL 28, 2022

Most business owners pick a type and never look back. You really should review this periodically as laws and tax code do change. The Statistics Surrounding Business Types Your business type determines more than just what business tax return you will file. What are Common Strategies Based on My Entity Type?

income tax 52

income tax tax return tax planning Legal 52

Nancy McClelland, LLC

DECEMBER 23, 2022

For 2022, reporting in early 2023, the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect. It already was, it continues to be, and starting next year, it will be much harder for those trying to shirk their reporting responsibilities to do so. Time will tell.

bookkeeping 52

bookkeeping Non-Profits tax preparation Tax 52

LyfeAccounting

APRIL 22, 2021

Business Energy Tax Investment Credit. Here’s a full list of business tax credits from the IRS website. Amazon makes business decisions that will provide them with the biggest tax benefit. How to Write Off Taxes Takeaways. How to write off taxes and pay $0.00 Let us explain. like Amazon!

Tax 52

Tax Virginia Georgia income tax 52

ThomsonReuters

OCTOBER 19, 2022

Corporate Alternative (Book) Minimum Tax. The Inflation Reduction Act of 2022 imposes a new 15% corporate alternative (book) minimum tax on the adjusted financial statement income of applicable corporations (those with 3-year average financial statement income of at least $1 billion). Not yet a subscriber?

Kansas 64

Kansas income tax Kentucky Missouri 64

Ronika Khanna CPA,CA

DECEMBER 2, 2022

Note that the T5 slips for calendar year (ended December 31st) 2022 are due by February 28, 2023. Alternatively, some shareholders also take dividends in addition to a salary depending on their tax planning strategy. and dividend tax credit of 9.0301% are the same for the years from 2019 to 2022.

tax return 95

tax return Non-Profits income tax Tax 95

ThomsonReuters

FEBRUARY 20, 2024

International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR.

income tax 52

income tax corporation tax Tax tax planning 52

SkagitCountyTaxServices

OCTOBER 21, 2020

That means that if (again, in this example) Biden wins, AND he follows that particular pattern, then his new tax policies — whatever they might be — will likely impact your 2021 or 2022 tax returns. And, of course, if new tax legislation is passed in 2021, it probably won’t be effective until 2022.

Tax 82

Tax CPA tax preparation tax return 82

CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

tax planning 116

tax planning Tax New Jersey Ohio 116

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses.

Tax 81

Tax income tax Real Estate Start-ups 81