CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Upon sunset, changes to PTET depend on how each state initially enacted its PTE tax.

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CPA Practice

DECEMBER 19, 2023

As a first step, the IRS has adjusted eligible individual accounts and will make adjustments to business accounts later this month or in early January, followed by trusts, estates, and tax-exempt organizations in late February to early March 2024. 5, 2022, and Dec.

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ThomsonReuters

JANUARY 22, 2024

This legislation is designed to provide crucial support to American job creators, small businesses, and working families. Flexible Income Lookback : Taxpayers can choose to use either current or prior-year income to calculate the child tax credit in 2024 and 2025, providing flexibility in determining eligibility.

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RogerRossmeisl

JUNE 19, 2023

The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This annual contribution limitation and the annual deductible and out-of-pocket expenses under the tax code are adjusted annually for inflation. Inflation adjustments for.

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Canopy Accounting

DECEMBER 20, 2023

Tax season is approaching, so make sure you stay informed about crucial business tax updates to stay ahead of the upcoming 2024 tax season chaos!

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RogerRossmeisl

JANUARY 1, 2024

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. January 16 (The usual deadline of January 15 is a federal holiday) Pay the final installment of 2023 estimated tax. Farmers and fishermen: Pay estimated tax for 2023.

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Cherry Bekaert

AUGUST 20, 2024

California Senate Bill 167 was signed into law on June 27, 2024, and is intended to address the state’s budget $27.6 billion shortfall for 2024 and 2025, as well as the projected 2025 and 2026 deficit of $28.4 85, which limited the application of business tax credits to $5 million per taxpayer for years 2020-2022.

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Menzies

NOVEMBER 10, 2024

Budget impact on care homes The Budget 2024 has introduced a raft of policies and financial measures aimed at addressing economic instability and promoting growth. As the government seeks to finance its ambitious social welfare programs and public sector salaries, care homes may be subjected to higher business taxes and payroll taxes.

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CPA Practice

JULY 8, 2024

Jenni Fleck Jones Receives University of Delaware Mentor Award Belfint Lyons & Shuman, CPAs (BLS)’s marketing & college recruiting manager, Jenni Fleck Jones , is the recipient of the 2024 Brad Scott Excellence in Mentoring Award from the University of Delaware Lerner College of Business!

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Menzies

SEPTEMBER 19, 2024

With the new Labour Government’s first budget approaching on 30 th October 2024, our Hospitality & Leisure team are looking ahead to what Keir Starmer could do to alleviate the ongoing challenges faced by the sector. in April 2024. Menzies LLP - A leading chartered accountancy firm.

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inDinero Accounting

OCTOBER 17, 2024

As we delve into the specifics, remember that tax laws are as dynamic as the business world itself. What applied last year might not hold true for 2024. Table of Contents What Is a Small Business Tax Deduction and How Does It Work? In other words, deductions lower taxable income before taxes are applied, not after.

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RogerRossmeisl

NOVEMBER 12, 2023

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax. For 2024, the FICA tax rate for employers will be 7.65% — 6.2%

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inDinero Tax Tips

JANUARY 16, 2024

Due dates for business taxes can change from year to year based on a variety of factors, including weekends and federal holidays. So, if you’re wondering when are taxes due in 2024, you’re asking the right question at the right time. All Organizations January 16th, 2024: Fourth Quarter Estimated Tax Payments.

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RogerRossmeisl

NOVEMBER 25, 2023

You then pay the individual federal income tax rates on that income. Here are the 2024 inflation adjusted bracket thresholds. The post Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and their Owners appeared first on Roger Rossmeisl, CPA.

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SkagitCountyTaxServices

FEBRUARY 8, 2024

Before I get to those things, let me make a quick plug for getting on my calendar because business tax deadlines are coming and last-minute action is NOT a good strategy for keeping your Mount Vernon business compliant and tax-light. Most businesses formed before 2024 have until Jan. Now you know.

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CPA Practice

NOVEMBER 20, 2023

TNS) The new business tax account from the IRS , unveiled in late October, is expected to expand next year with a slate of new features that should make tax time a little smoother for entrepreneurs. The IRS previously indicated that small business owners should be able to respond to dozens of online notices by 2024.

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CPA Practice

FEBRUARY 7, 2024

Every year, millions of businesses and other entities have a mini tax season before the real tax season, and many turn to their accounting firm advisors or tax professionals for help. Due to changes in reporting requirements, the 2024 filings became a little more challenging: The years ahead may be even more so.

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RogerRossmeisl

JANUARY 1, 2024

The optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up by 1.5 cents per mile in 2024. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will be 67 cents (up from 65.5 cents for 2023).

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Going Concern

NOVEMBER 7, 2024

The post Top Remote Accountants of the Week | November 7, 2024 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

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RogerRossmeisl

OCTOBER 13, 2024

As Reported via IR-2024-263 on 10/10/2024 The Internal Revenue Service announced on 10/10/2024 continued progress on Employee Retention Tax Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims. Work on the claims for small businesses and others is ongoing as the agency continues to navigate (..)

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CTP

JANUARY 16, 2024

As 2024 kicks off, so do new legal requirements for small businesses. The Corporate Transparency Act took effect on January 1st, which means that many businesses will need to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Network (FinCEN). These new regulations are intended to help the U.S.

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Menzies

OCTOBER 30, 2024

Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years.

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Withum

JANUARY 16, 2024

This adjustment would allow the child tax credit to be applied on a per-child basis as opposed to per taxpayer basis.In addition, the maximum refundable child tax credit would increase from the current $1,600 for the 2023 taxable year to $1,800.Lastly, Potential ERC claims should be submitted as soon as possible.

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Accounting Today

OCTOBER 17, 2024

With the November election mere weeks away, there is still time for tax pros to ponder the strategies available to meet the proposals of each candidate.

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CTP

JANUARY 16, 2024

In the rush to finish last year strong, small business owners may now find themselves caught off guard by the legal requirements awaiting them in 2024. This is where you can provide additional value to your tax clients, just by familiarizing them with the new beneficial ownership information requirement.

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LSLCPAs

FEBRUARY 22, 2024

The Tax Relief for American Families and Workers Act of 2024 was passed by the US House of Representatives on January 31, 2024.

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ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum.

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CPA Practice

FEBRUARY 6, 2024

PTE taxes States have continued to follow the trend of adopting PTE tax regimes as a workaround to the federal $10,000 SALT deduction limitation adopted under the Tax Cuts and Jobs Act (TCJA), with seven states doing so in 2023.

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CPA Practice

SEPTEMBER 17, 2024

Nathan Wechsler & Company Announces Key Promotions in Concord Office Concord, NH – August 29, 2024 – Nathan Wechsler & Company recently announced several key promotions within the Concord office, recognizing the outstanding performance and dedication of Kaitlin Morin, Brianna Sawyer, James Shokal, and Nathan Bulluck.

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CPA Practice

OCTOBER 11, 2024

Because of hurricanes Debby, Helene, and, most recently, Milton, all taxpayers in Florida now have until May 2025 to file individual and business tax returns and make tax payments, the IRS announced on Friday. 10—individuals and businesses in 51 counties will receive disaster tax relief. 31, 2024, Jan.

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Withum

AUGUST 14, 2024

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby.

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Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan.

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inDinero Tax Tips

SEPTEMBER 13, 2023

The act allows unrelated small businesses to join together to offer retirement plans, reducing administrative and fiduciary responsibilities for participating employers. The act increases the tax credit for small businesses that start a new retirement plan. Overview of the SECURE Act 2.0 The SECURE Act 2.0, The SECURE 2.0

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RogerRossmeisl

SEPTEMBER 29, 2024

As reported via IR-2024-240 on 9/18/2024 The Department of Treasury and Internal Revenue Service issued proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit (the tax credit related to the installation of EV chargers).

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Withum

OCTOBER 3, 2024

The tax relief postpones certain tax filing and payment deadlines that started as early as September 22, 2024, to May 1, 2025. May 1, 2025 2024 Form 1065 March 15, 2025 *Postponement date would allow a proper extension until October 30, 2025. What does the filing and payment relief apply to?

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Steve Feinberg

MARCH 28, 2022

New Hampshire is generally considered to be a business-friendly state when it comes to taxes—the state was ranked 6th in terms of state business tax climate—but there are a few things to know about what to expect when taxes are due. What is the Small Business Tax Rate in New Hampshire?

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CPA Practice

OCTOBER 23, 2024

The Inflation Reduction Act of 2022 created an alternative minimum tax for corporations – a 15% minimum tax on the adjusted financial statement income (AFSI) of corporations that have average annual AFSI greater than $1 billion, beginning in 2023. In Notice 2023-7 and in the proposed regulations published on Sept.

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