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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CPA Practice

APRIL 17, 2023

But with the increasing complexity of modern business and regulations, and a worsening shortage of CPAs, the truth is that small business accountants rarely help clients optimize their tax strategies. It’s understandable that business owners haven’t thought of ways to get more out of their accountant.

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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.

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Withum

JUNE 29, 2023

Withum is proud to announce its 2023 New Partner Class. This group is comprised of dedicated individuals who have a deep understanding of what it takes to succeed and thrive in business and life. Tom Girone has individual and business tax expertise across multiple industries and co-founded the Firm’s Tax Controversy Team.

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Withum

MAY 4, 2022

New York’s fiscal year 2023 budget bill that was enacted into law significantly expands the benefits of the state’s pass-through entity tax (“PTET”) for many businesses. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax. PTET Income Tax Addback.

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CPA Practice

JUNE 21, 2023

By structuring life insurance policies appropriately, individuals can create a tax-efficient vehicle to pass on substantial assets to future generations. Strategic estate and tax planning are paramount to preserving wealth across generations. ©2023 The Kansas City Star. Visit kansascity.com.

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Wellers Accounting

JANUARY 22, 2024

Tom Biggs explains the various end of tax year considerations, and strategies, that form effective tax planning to potentially reduce your liability.

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Cherry Bekaert

MAY 3, 2024

Therefore, a well-thought-out global tax management strategy will be imperative to the success of your global business activities. With proper tax planning a company is able to reduce its worldwide effective tax rate as it expands overseas. Many countries do not have a tax treaty with the U.S.,

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ThomsonReuters

MARCH 7, 2024

QIP and bonus depreciation While the CARES Act brought significant changes to the depreciable life of assets categorized QIP, the landscape of bonus depreciation is evolving, and it’s important to note the bonus depreciation changes that began in 2023. In 2025, the bonus depreciation reduces to 40% for eligible assets placed in service.

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Snyder

NOVEMBER 14, 2022

What is tax season like for accountants? What months are busy season for accountant? How many hours do accountants work during busy season? Will tax filing season be easier in 2023? 5 tax busy season survival tips for CPAs. What is tax season like for accountants? Busy season tip #5.

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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. But these will not go into effect until 2023.

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Withum

JULY 12, 2023

Phil Murphy signed into law A5323 on July 3, 2023, which includes wide-ranging provisions that will considerably impact businesses. As SSF/MBS is effective January 1, 2023, the provision includes estimated tax penalty and interest relief for qualifying taxpayers. New Jersey Gov. As the Legislature did not extend the 2.5%

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ThomsonReuters

FEBRUARY 9, 2024

Addressing income equality: The Tax Excessive CEO Pay Act targets corporations with high CEO-to-worker pay ratios to narrow income disparities. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

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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. Business Tax Services. Contact Us.

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CPA Practice

DECEMBER 10, 2024

Lavine, Lofgren, Morris & Engelberg, LLPPromotes Three to Tax Manager The accounting firm of Lavine, Lofgren, Morris & Engelberg, LLP (LLME), San Diegos largest independent certified public accounting firm, recently announced the promotions of Alex Austin, Sean Nelson and Vanessa Reyes to the position of tax manager.

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ThomsonReuters

JANUARY 18, 2024

While the number of college accounting graduates has been on the decline , projections for the 2023–24 academic year proved more favorable, according to the AICPA’s 2023 Trends report. Furthermore, accountants are increasingly focusing on a particular vertical or niche to further boost their competitive edge.

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Withum

APRIL 5, 2023

A C corporation that qualifies as QSBS can implement certain tax planning that would allow for the QSBS status to remain in effect for their beneficiaries (i.e., The more entities that can avail themselves to 1202 provides a higher likely hood for small business growth. sons, daughters, and granddaughters).

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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.

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ThomsonReuters

OCTOBER 19, 2022

FTC coverage begins at A-8900 Corporate alternative (book) minimum tax. Client Letter: 2150 Corporate Alternative Minimum Tax for Tax Years beginning on or after Jan 1.2023. PPC Tax Planning and Advisory Guide: Closely-Held C Corporations, Section 600 Introduction to the Corporate Alternative Minimum Tax (AMT).

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CPA Practice

NOVEMBER 29, 2023

FTI Consulting Announces New Real Estate Business Tax Advisory Leadership FTI Consulting, Inc. NYSE: FCN) recently announced the appointment of McRae Thompson as a Senior Managing Director and Leader of the Real Estate Tax Advisory Services offering within the firm’s Corporate Finance & Restructuring segment.

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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. Ronika Khanna is a Montreal Accountant who helps small businesses achieve their financial goals.

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CPA Practice

AUGUST 3, 2023

And given that, seeing business owners working harder to keep more of their company’s earnings is likely to become more common. ABOUT THE AUTHOR Bruce Willey, JD, CPA, is founder of American Tax and Business Planning. _ All contents copyright 2023 The Kiplinger Washington Editors Inc.

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Withum

DECEMBER 4, 2024

The IRS released Notice 2023-63, as modified by Notice 2024-12, to provide additional guidance surrounding section 174 expenditures. It is effective for tax years ending after September 8, 2023. C corporation pays to add $0.94

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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. For the 2023 taxable year, up to $1,160,000 of expensing may be available under Section 179.

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Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. In 2023, a married filing jointly taxpayer would not have AMT provided AMT tax did not exceed the exemption amount of $126,500, and their AMT income was less than $1,156,300.

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