CTP

NOVEMBER 16, 2022

What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that can come into play. And according to the same research firm, the use of AI in the accounting and tax industry will likely grow more than 50 percent by the year 2030.

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CPA Practice

JUNE 5, 2023

But the NBA Finals—and other sporting events—are connected to taxes in a big way. That’s partly due to a lucrative income tax imposed by all but five states known as the “jock tax.” And professional athletes aren’t the only ones affected by the tax. What is the jock tax? The tax has an interesting history.

income tax 118

income tax Tax Sports Nevada 118

Withum

DECEMBER 2, 2022

Set Your Company up for Success in 2022. Join Withum’s tax experts for a timely overview on year-end tax planning and how you can minimize your tax bill this year. Learn what steps you can take now to set your company up for success in 2022. View our on-demand webinar to : Review new tax legislation.

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tax planning income tax Tax 64

Withum

MARCH 29, 2023

On December 2nd, 2022, long-time Met’s pitcher Jacob deGrom signed a 5-year contract worth $185 million with the Texas Rangers. The ace of the Mets pitching staff, who had been a lifelong Met, had decided to head to Texas for what he called a “winning culture” and likely tax savings. Texas, on the other hand, has no state income taxes.

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Texas New York income tax Sports 122

MyIRSRelief

OCTOBER 3, 2022

Our Los Angeles tax services can become an essential part of the taxing process. According to the IRS, in 2019, Los Angeles county residents had 4,806,030 total 1040 tax returns. The minimum combined 2022 sales tax rate for Los Angeles County, California is 10.25%. The Los Angeles County sales tax rate is 0.25%.

tax services 147

tax services California Tax tax preparation 147

Cherry Bekaert

NOVEMBER 28, 2023

From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year. The notice is applicable for tax years ending after September 8, 2023.

tax planning 64

tax planning Tax income tax tax return 64

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.

New York 112

New York income tax New Jersey Tax 112

CPA Practice

JUNE 16, 2023

In addition, the death benefit paid out to your beneficiaries is income that’s also considered tax-free. Income and capital gains tax considerations Since income tax brackets are also slated to revert back to pre-TCJA levels (e.g., the top tax bracket increasing to 39.6% million to $11.2

Tax 119

Tax income tax Non-Profits Education 119

Withum

MAY 16, 2022

However, the resulting forgiveness of a portion of the debt does not automatically result in federal taxable income. Taxable income is closely linked to when a taxpayer receives economic benefit. This allows each partner to weigh their unique individual income tax circumstances and come to their own conclusion.

Real Estate 131

Real Estate Tax income tax tax return 131

Withum

NOVEMBER 17, 2022

For 2022, Donors may claim a tax deduction limit for contributions of cash of 60% (for non-cash gifts up to 30%) of one’s AGI. Donation amounts in excess of these limits may be carried over for up to five tax years. 2022 Year-End Tax Planning Resources. 2022 Year-End Tax Planning Resources.

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tax planning tax return income tax Tax 52

Withum

NOVEMBER 17, 2022

The Wayfair case validated economic nexus for sales tax purposes and amplified economic nexus for income tax purposes, signaling to all states that economic nexus is sound law. Although many businesses might be subject to nexus, with proper planning, income tax burdens can be alleviated or reduced with sales-sourcing analysis.

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Withum

DECEMBER 4, 2024

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. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits.

Tax 105

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CTP

SEPTEMBER 22, 2022

There are thousands of court-tested, law-abiding strategies that help the 1% avoid paying billions of dollars in taxes year after year, like the ProPublica article “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax.” To find a Certified Tax Planner near you, click here.

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Withum

JUNE 1, 2022

It is not uncommon for businesses to utilize First-In-First-Out (“FIFO”) for internal reporting purposes but use the Last-In-First-Out (“LIFO”) method for external reporting purposes, such as for US GAAP and federal income tax. This could be a surprise to many taxpayers and may only get worse through the 2022 taxable year.

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business tax Tax income tax tax return 119

inDinero Tax Tips

DECEMBER 22, 2023

Introduction As 2023 draws to a close, it’s pivotal for small businesses to scrutinize their financial status and strategize effectively for tax reduction and a robust financial future. Despite a static tax legislative landscape, the looming possibility of future amendments necessitates proactive tax planning.

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SkagitCountyTaxServices

MARCH 17, 2023

Getting into planning mode is going to require you actively carving out some time in your busy business owner schedule… whether you’re facing doing taxes on your own (not recommended) or meeting up with your favorite tax pro (wink, wink). The first-year bonus depreciation deduction was 100% through the end of 2022.

tax planning 52

tax planning business tax Tax tax return 52

Anders CPA

AUGUST 30, 2022

The interim Name, Image and Likeness (NIL) Policy has opened many doors for college athletes – including the door that requires annual income tax filings for NIL deals. A self-employed individual, or an athlete in this case, may make contributions up to the lesser of $20,500 or 100% of compensation for 2022. CONTACT ANDERS.

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Entertainment income tax Sports tax return 98

Inform Accounting

APRIL 26, 2022

So as we enter the new tax year, what is the most tax efficient way for a director to draw money 2022/23? Key tax changes for 2022/23. National Insurance Contributions (NICs) and dividend tax rates are increasing by 1.25% to support the NHS, health and social care. Minimising Employee’s NIC.

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Tax income tax payroll tax return 52

LyfeAccounting

JUNE 7, 2021

Did you know that some countries have zero income taxes? If you use places like Dubai, Monaco, or the Bahamas as your primary residence then you don’t have to pay any taxes. Well, there are other states that give you great tax benefits as well. So how do you get passive income? Not into changing your citizenship?

Legal 59

Legal Tax income tax Real Estate 59

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

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Cherry Bekaert

AUGUST 10, 2023

It is crucial that there is a cross-functional approach to supply chain decisions, incorporating tax advisers and legal experts to identify any potential tax liabilities and ensure they are mitigated. Contact Us The post Supply Chain Nearshoring: Finance and Tax Considerations appeared first on Cherry Bekaert.

Finance 98

Finance Tax Manufacturing Legal 98

CPA Practice

NOVEMBER 2, 2023

The Inflation Reduction Act of 2022 (Act) was visioned to encourage clean energy solutions, manufacturing, and innovation. Tax savings and credits provide an even better package to align your ideals and principles with like-minded companies. Legislation is playing a role in this.

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Tax North Carolina Agriculture cpas 115

SkagitCountyTaxServices

AUGUST 19, 2022

With increased funding to the IRS and increased chatter about “tax dodging,” small businesses truly are in the crosshairs during this cultural moment. Tax planning in your business needs to become a priority. The rest of this year features a couple of revamped tax breaks for businesses. Ironic, huh?

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business tax Tax Real Estate CPA 89

ThomsonReuters

JANUARY 16, 2024

The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. The earned income tax credit (EITC) is determined based on a taxpayer’s earned income from wages and other sources. Act (the “Act”) was passed on December 29, 2022.

Tax 52

Tax income tax tax planning payroll 52

Withum

OCTOBER 18, 2023

Then in 2023, interest rates began to climb and continue to do so, inventories started to get stale, manufacturers tinkered with floor plan assistance programs, and profitability dropped at stores. In 2022, the interest limitation is based on adjusted taxable income after depreciation and amortization.

Tax 59

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Withum

DECEMBER 11, 2024

Payroll tax offset: Beginning in 2016, qualified small businesses (defined as those with less than $5 million in gross receipts and those in their first 5 years of existence) can elect to use the R&D tax credit to offset their quarterly payroll taxes, which can provide a significant cash flow benefit.

E-commerce 52

E-commerce Tax payroll tax income tax 52

Inform Accounting

JUNE 29, 2022

In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. This could be done in 2022/23 or in the 2023/24 transitional year.

Account 52

Account accountant accounted tax return 52

Basis 365

APRIL 28, 2022

The income and expenses get reported on your individual return on Schedule C and thus are subject to ordinary income tax rates and self-employment taxes. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners. What are Common Strategies Based on My Entity Type?

income tax 52

income tax tax return tax planning Legal 52

Menzies

JUNE 5, 2022

The purpose of this article is to set out some fundamental principles, not least when one is subject to income tax instead of capital gains tax. HM Revenue and Customs outline the 9 badges of trade which will be considered when determining if an activity is treated as ‘trading’ and therefore subject to Income Tax.

Tax 52

Tax income tax chartered accountant Non-Profits 52

Withum

DECEMBER 17, 2024

It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate. As an example, owners of S Corporations and Partnerships currently have the potential to pay taxes up to a 37% federal income tax rate. Take that deduction away, their taxes could be as high as $37,000 on that income.

Tax 52

Tax tax planning income tax tax return 52

Shay CPA

DECEMBER 2, 2022

Founders – check out our tips below that can save your Startup thousands of dollars in Income Taxes, Payroll Taxes, Sales Taxes, and foreign taxes. . R&D Tax Credits: Did you know that if your startup conducts R&D activities it can qualify for up to $500,000 in Payroll Tax Credits?

Tax 59

Tax Technology CPA tax planning 59

Withum

FEBRUARY 28, 2023

One is the business arrangement agreed to by the parties involved, and the other is the tax planning designed to minimize taxes while allowing the business arrangement to be fulfilled. The majority of corporate transactions typically reflect at least two separate elements.

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Wellers Accounting

MARCH 24, 2022

Tom Biggs ACA CTA , summarises Chancellor, Rishi Sunak's key announcements from the Spring Statement.

Tax 52

Tax income tax tax planning corporation tax 52

SkagitCountyTaxServices

APRIL 6, 2022

The first months of 2022 have been somewhat of a whirlwind. Tax planning. Business partnerships do file an annual information return to report the income, deductions, gains, losses, and so on from operations but they do not pay income tax. You know, while we’re all in the mood.

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CPA Tax income tax tax return 79

KROST

FEBRUARY 14, 2022

On February 9, 2022, the California Governor signed Senate Bill 113 (SB113). SB113 addresses numerous tax provisions, including correction to issues related to Assembly Bill 150 (AB150). SB113 addresses most of these including: Repeal of the Tentative Minimum Tax limitation of the Passthrough Entity Elective Tax Credit.

Tax 52

Tax California Real Estate CPA 52

xendoo

OCTOBER 25, 2021

Income is recorded only when you receive payment, which means that you’ll pay taxes on the cash your business receives. . In other words, with cash basis accounting, your company will only pay tax on the cash you receive, rather than on future transactions.

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accrual accounting Account accountant accounted 59

CPA Practice

JANUARY 11, 2024

The boost follows the hire of public accounting veteran Jay Trumbower as CEO in late 2022. Jeff will work alongside the professional team at LGA to provide a more holistic service offering to their individual tax planning and compliance clients. BWK) recently expanded its staff by 20%.

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