Accounting Today

JANUARY 18, 2024

The IRS reviews all income tax brackets annually, making adjustments as necessary to balance for inflation.

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income tax Tax 103

Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required. 2023-09 (ASU 2023-09).

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CPA Practice

MARCH 1, 2023

Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final tax returns for the deceased person. That includes federal income tax returns, that the decedent would have been required to file for the year of his or her death. 31, 2022, you can file a joint 2022 return.

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TaxConnex

OCTOBER 22, 2024

Policymakers should explore sales tax base broadening to certain excluded goods and services (including newly arising digital products), particularly as an offset for other tax relief, the report says. Massachusetts will hold a tax amnesty from Nov. Amnesty requests are due Nov.

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CPA Practice

FEBRUARY 1, 2024

The IRS started accepting and processing income tax returns on January 29, 2024. The deadline to file returns in 2024 is April 15 (this sometimes varies based on weekends or state holidays). This article includes a handy reference chart taxpayers can use to estimate how soon they may get their income tax refund.

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CPA Practice

MARCH 29, 2024

7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. The previous federal tax relief, announced shortly after the fires, mainly lasted through Feb. 15 , which did not cover federal income tax filings for tax year 2023. 8, 2023, wildfires in Hawaii.

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RogerRossmeisl

NOVEMBER 25, 2023

The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% more income next year without owing more to the federal government. In 2024 for those age 65 or older or blind, the.

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CPA Practice

NOVEMBER 16, 2024

The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. Each eligible IRA owner can exclude up to $105,000 in QCDs from taxable income.

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Withum

FEBRUARY 14, 2024

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. ASU 2023-09 applies to all entities that are subject to income taxes, but some disclosures are only required for public entities.

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CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing tax returns on Monday, Jan. million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing tax returns until Jan. The agency expects more than 128.7 Beginning Jan.

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RogerRossmeisl

NOVEMBER 25, 2023

The IRS recently announced various inflation-adjusted federal income tax amounts. Rates and brackets If you run your business as a sole proprietorship or pass-through business entity (LLC, partnership or S corporation), the business’s net ordinary income from operations is passed through to you and reported on your personal Form 1040.

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Anders CPA

OCTOBER 18, 2022

New legislation signed on October 5, 2022, exempts taxpayers’ first $1,000 of income from taxation and will reduce the top rate of individual income tax. This law will be applicable to tax years beginning on or after January 1, 2023. to 4.95% in 2023, with another possible reduction scheduled for 2024.

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Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures.

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CPA Practice

DECEMBER 11, 2023

By Leada Gore, al.com (TNS) The maximum contribution amount for employees participating in a flexible spending account will increase in 2024, according to the IRS. Starting in 2024, employees can contribute up to $3,200 tax-free to an FSA through payroll deduction, an increase of $150 from this year.

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Accounting Today

FEBRUARY 7, 2024

Taxpayers will benefit from a reduced top marginal rate in 13 states, but in two states the rate has increased.

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income tax Tax 133

CPA Practice

MARCH 20, 2024

The Securities and Exchange Commission has accepted the 2024 GAAP Financial Reporting Taxonomy (GRT) and the 2024 SEC Reporting Taxonomy (SRT), collectively known as the “ GAAP Taxonomy ,” the Financial Accounting Standards Board (FASB) said on March 19. In addition, the FASB finalized the 2024 DQC Rules Taxonomy (DQCRT).

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CPA Practice

NOVEMBER 22, 2023

December is here, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline being April 15 (which can vary based on weekends or state holidays). 22, 2024. * Jan 22, 2024 Feb. 29, 2024 Feb.

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CPA Practice

NOVEMBER 9, 2023

By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation.

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CPA Practice

FEBRUARY 6, 2024

We expect this trend to continue in 2024 in the small number of jurisdictions that have considered the issue but have not yet acted, even though the TCJA’s SALT deduction limitation is currently scheduled to expire at the end of 2025. Conformity to new P.L. 86-272 to reflect the modern economy and internet business activities.

South Dakota 124

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CPA Practice

DECEMBER 19, 2023

18 released the following taxonomies for 2024: GAAP Financial Reporting Taxonomy (GRT), SEC Reporting Taxonomy (SRT), and DQC Rules Taxonomy (DQCRT). The 2024 GRT contains updates for accounting standards and other recommended improvements, including those required for Securities and Exchange Commission Release Nos.

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SkagitCountyTaxServices

NOVEMBER 8, 2023

The IRS will be focused less on working-class taxpayers and increasingly toward high-income individuals and corporations. Specifically, that means high-income earners, partnership income tax returns, large corporations, and promoters “aggressively peddling abusive schemes.” in those accounts.

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CPA Practice

DECEMBER 26, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. 22, 2024. * Jan 22, 2024 Feb. 29, 2024 Feb.

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Cherry Bekaert

JANUARY 29, 2024

Reconciling items are required to be presented on a gross basis with two exceptions (unrecognized tax benefits and effects of certain cross-border tax laws).

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Accounting Today

JANUARY 3, 2024

Fifteen states are reducing either individual or corporate income taxes this year, with some states trimming both individual and corporate taxes, among 34 states starting the year with significant tax changes.

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CPA Practice

JANUARY 8, 2024

The IRS has announced that it will start accepting and processing income tax returns on January 29, 2024. The deadline to file returns in 2024 is April 15 (this sometimes varies based on weekends or state holidays). That’s without an expensive “tax refund loan” or other similar product. 29, 2024 Feb.

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CPA Practice

NOVEMBER 20, 2023

It’s almost December, which means the 2024 tax filing season is coming soon. The IRS usually starts accepting e-filed income tax returns in the last week of January each year, with the deadline to file returns being April 15 (which can vary based on weekends or state holidays). 22, 2024. * Jan 22, 2024 Feb.

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Dent Moses

AUGUST 24, 2023

In June, we reported that the Alabama Legislature passed HB217, which eliminates the 5% withholding tax on overtime from January 2024 through June 2025. Employers are subject to reporting for 2023, 2024 and 2025. Historical 2023 overtime data must be submitted by January 31, 2024.

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CPA Practice

DECEMBER 15, 2023

It’s almost January, which means the 2024 income tax filing season is coming soon. Although last minute tax law changes can have an impact, the IRS usually starts accepting e-filed income tax returns in the last week of January each year. 22, 2024. * Jan 22, 2024 Feb. 29, 2024 Feb.

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Going Concern

AUGUST 29, 2024

The post Top Remote Accountants of the Week | August 29, 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.

Real Estate 106

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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.

California 59

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CPA Practice

AUGUST 9, 2024

The Financial Accounting Standards Board ( FASB ) has issued its 2024 Investor Outreach Report. Those priorities include projects that address disaggregation of financial reporting information; income tax disclosures; accounting for environmental, social, and governance (ESG)-related transactions (e.g.,

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CPA Practice

APRIL 15, 2024

It’s Tax Day, so there’s no better time for the IRS to pat itself on the back for a job well done as filing season for most Americans comes to a close. Danny Werfel “Taxpayers continued to see major improvements from the IRS during the 2024 tax season,” he said. “A From the start of tax season on Jan.

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CPA Practice

SEPTEMBER 12, 2024

He was previously affiliated with LPL Financial where he had approximately $60 million in client assets under administration as of April 2024*. Hight steps into his new role on November 1, 2024, following his tenure as member-in-charge of the KraftCPAs assurance services department and nearly 20 years of distinguished service.

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CPA Practice

NOVEMBER 4, 2024

The Massachusetts Opportunity Alliance , a business coalition focused on improving economic competitiveness, has released an analysis pinpointing how the Bruins are losing out on top talent to teams in states without income taxes. It looks like we might have to wait if Massachusetts income taxes remain at their high rate.”

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Accounting Today

APRIL 30, 2024

The number of individual income tax returns received rose by 16.34% in the final week of tax season.

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Cherry Bekaert

APRIL 26, 2024

The Financial Accounting Standards Board (FASB) issued two Accounting Standard Updates (ASUs) in the first quarter of 2024. The Government Accounting Standards Board (GASB) did not issue any new GASB Statements in the first quarter of 2024. For summaries of standards issued in previous periods, view our previous rundowns here.

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Accounting Insight

NOVEMBER 4, 2024

On carried interest, the Government is moving this from capital gains into income tax, but taxing it at a lower rate, broadly equivalent to 34%. The post EY comments on the Autumn Budget 2024 appeared first on Accounting Insight News.

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