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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MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. Call us today at 1-877-788-2937.

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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.

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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. Start Planning. Contact Us.

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CTP

SEPTEMBER 22, 2022

IRAs: Even if you do not have a retirement plan through your employer, you may be eligible to contribute to a traditional IRA or Roth IRA. Traditional IRA contributions can be deductible on your tax return , depending on your income and eligibility for employer coverage. To find a Certified Tax Planner near you, click here.

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SkagitCountyTaxServices

MARCH 17, 2023

While we’ll probably file an extension for you if you’re in this category and just now looking at your taxes, you’ll want to dial in VERY soon. But also, there’s little more than a month before personal tax returns are due. The first-year bonus depreciation deduction was 100% through the end of 2022. Check with us.

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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

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Withum

JUNE 1, 2022

This could be a surprise to many taxpayers and may only get worse through the 2022 taxable year. billion in taxes for the industry in 2022. Under the various safe harbor proposals, the amendment of a prior return would not be necessary. This article was originally published by Lynn Mucenski Keck in Forbes on May 24, 2022.

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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. Therefore, if you are planning any type of real estate transaction, the time to pull the trigger is now!

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Withum

NOVEMBER 17, 2022

Several states responded by enacting pass-through entity taxes (PTETs) as a workaround to mitigate the impact of the SALT deduction limitation for the owners of pass-through entities. As of the end of 2022, over half the states have enacted PTETs, making the availability of PTETs more commonplace rather than the exception.

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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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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. To deduct some of their expenses against this new form of income, many college athletes have set up LLC’s making their income reportable on Schedule C on their tax return.

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CTP

SEPTEMBER 16, 2022

Due to the TCJA cap, the SALT deduction cannot be more than $10,000 for joint filers and $5,000 for separate filers on the federal tax return. The Jobs Growth and Tax Relief Reconciliation Act (enacted in 2008) introduced a 0% tax rate on capital gains for those in lower income brackets. You might be pleasantly surprised!

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CTP

SEPTEMBER 16, 2022

Due to the TCJA cap, the SALT deduction cannot be more than $10,000 for joint filers and $5,000 for separate filers on the federal tax return. The Jobs Growth and Tax Relief Reconciliation Act (enacted in 2008) introduced a 0% tax rate on capital gains for those in lower income brackets. You might be pleasantly surprised!

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Withum

JANUARY 22, 2024

A pivotal change emerged on January 1, 2022. Research and Experimentation (R&E) expenditures, once directly deductible, now must be capitalized for tax purposes. Section 382 will also affect other tax attributes like interest expense, capital losses, and general business credits under Section 383.

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Anders CPA

APRIL 14, 2022

Good news came for taxpayers with large estates when the Tax Cuts and Jobs Act (TCJA) was passed. The TCJA doubled the estate and gift tax lifetime exemption, from $5.49 For 2022, the exemption has been adjusted for inflation to $12.06 There are some tax planning strategies that can be used to protect the first DSUE.

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LyfeAccounting

MAY 24, 2021

Now, these are tax credits. Let us repeat, tax credits, which means this is not a stimulus check. You can think of this more as an advance on your 2021 tax return. This could have some ramifications on your tax refund in 2022, which we will explore a little bit later. How Does It Affect Your Tax Planning?

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Inform Accounting

MAY 3, 2022

Where a property is within the scope of the ATED on 1 April, an ATED return must be made online by 30 April and the tax for the period from 1 April to the following 31 March must be paid by the same date. The table below shows the rates of ATED that applies for the period from 1 April 2022 to 31 March 2023. ATED (2022/23).

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Inform Accounting

APRIL 28, 2022

Rate of ‘Section 455’ tax. Section 455 tax is aligned with the dividend upper rate. From 6 April 2016 to 5 April 2022 the rate is 32.5%. As part of a package of measures to raise funds for health and adult social care, the dividend tax rates are increased by 1.25% from 6 April 2022. Need tax planning support?

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Inform Accounting

JUNE 29, 2022

This means that the profits which are taxed for a particular tax year are those for the accounting period that ends in that tax year. However, from 2024/25 a business will be taxed on its profits for the tax year, i.e. the profits from 6 April and the start of the tax year to 5 April at the end of the tax year.

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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.

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Basis 365

APRIL 28, 2022

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. A separate tax return is required to be filed as a partnership is a separate legal entity from the partners.

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Inform Accounting

AUGUST 2, 2022

During the Covid-19 pandemic, the conditions were relaxed and employees who were required to work from home during the pandemic were able to make a claim of £6 per week for 2020/21 and 2021/22 for the full tax year (even if they returned to the office for some of the year). However, this easement ended on 5 April 2022.

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Withum

DECEMBER 17, 2024

Take that deduction away, their taxes could be as high as $37,000 on that income. One item we have seen as a significant issue for many businesses with significant capital expenditures is the drop in bonus depreciation from 100% in 2022 to 0% in 2027.

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Shay CPA

DECEMBER 2, 2022

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? The R&D credit application (form 6765) filed with a timely filed tax return can provide your startup with additional runway to either invest back into the company for a key hire.

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LyfeAccounting

MARCH 16, 2021

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. So if you’re planning on taking your clients golfing or something, we wouldn’t plan on using those expenses as a tax write-off.

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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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CTP

MAY 10, 2023

Starting in 2022, the maximum deduction for all assets combined is $1,080,000. In 2022, taxpayers can potentially deduct up to 100% of an asset’s cost in the year of purchase, though not all assets will be eligible. This can unfortunately affect tax planning down the road. If you have more than $2.7

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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.

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ThomsonReuters

AUGUST 16, 2022

Checkpoint’s Tax Planning and Advisory Guides help practitioners navigate Schedule K-2 and K-3 filing requirements, exceptions, and relief opportunities [See Partnerships ¶1201 and Limited Liability Companies ¶1301 ]. Will the IRS Provide Additional K-2 and K-3 Relief?

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Inform Accounting

APRIL 28, 2022

The balance of the loss (£13,000) is carried forward to 2022/23. Need tax planning support? Knowing when to repay a director’s loan, and understanding the tax implications for both the company and yourself can be tricky. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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ThomsonReuters

NOVEMBER 15, 2023

IRS rules for charitable contributions How much do charitable donations reduce taxes? Helping clients with charitable contribution deductions on their tax return Giving generously to causes we support not only enriches our communities, but it can also come with potential tax benefits. Itemized deductions.

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ThomsonReuters

JANUARY 16, 2024

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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CPA Practice

JANUARY 24, 2024

Tax Incentives with SECURE 2.0 Regardless of the retirement plan best suited for the company, the tax incentives can be lucrative, especially with SECURE 2.0. The law, passed by Congress near the end of 2022, is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019.

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KROST

JANUARY 13, 2021

Hence, taxpayers in those states will have to report depreciation recapture on their state tax returns and will not be able to take bonus depreciation on the incidental personal property received in the exchange to offset the state tax burden. Federal vs. State. New Provision to the Proposed Regulations.

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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. . For example, if your company sells a product to a customer in December of 2021 and receives payment in January of 2022, this transaction would not be recorded on your business income tax return until the following year.

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Going Concern

JUNE 26, 2023

PricewaterhouseCoopers (PwC) Australia is under fire after a former partner leaked confidential government tax plans between 2014 and 2017 which were then used to drum up work with multinational companies hoping to sidestep new rules. In total, 34% of Americans said they worked at least partly at home in 2022, down from 38% in 2021.

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