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.

Kansas 104

Kansas Pennsylvania audit accounting and finance 104

Menzies

SEPTEMBER 20, 2024

See our Autumn Budget 2024 Predictions and Wish List below. Capital Gains Tax It is widely expected that we will see an increase to capital gains tax rates, particularly on residential property. We may see the removal of the capital gains tax annual allowance and this being combined with the personal allowance for income tax.

tax services 59

tax services Tax income tax Agriculture 59

CPA Practice

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting has released its 2025 Projected U.S. Tax Rates, which indicate inflation-adjusted amounts in the tax code will increase 2.8% This is about half the increase in 2024, and a significant drop from the 7.1% Bloomberg Tax’s annual Projected U.S. increase in 2023.

Tax 127

Tax income tax corporation tax tax planning 127

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. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

Withum

SEPTEMBER 6, 2024

The landscape of estate and tax planning has undergone a substantial transformation due to the Tax Cuts and Jobs Act of 2017 (TCJA), which effectively doubled the federal estate exemption to over $11 million (indexed for inflation to $13,610,000 in 2024) and is not scheduled to sunset until the end of the 2025 tax year.

New Jersey 59

New Jersey income tax Tax New York 59

Withum

FEBRUARY 29, 2024

Like most employees, Ohtani’s gross salary is subject to social security tax and Medicare tax withholding. The Social Security tax withholding is 6.2% on a maximum gross salary of $168,600 for 2024 (the maximum is subject to annual increases). Next, let’s review his State tax liability.

income tax 105

income tax Tax Sports payroll 105

CPA Practice

MAY 10, 2024

He provided technical leadership on multistate tax issues and focused on developing new service offerings, thought leadership, training, quality control, and risk management. Bar, and Ohio Bar, and is authorized to present in front of the Supreme Court of the United States and the United States Tax Court.

Tennessee 64

Tennessee New York audit income tax 64

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). Hiring family members can save on taxes if you follow IRS income tax thresholds.

tax planning 52

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Withum

FEBRUARY 29, 2024

Like most employees, Ohtani’s gross salary is subject to social security tax and Medicare tax withholding. The Social Security tax withholding is 6.2% on a maximum gross salary of $168,600 for 2024 (the maximum is subject to annual increases). Next, let’s review his State tax liability.

Tax 97

Tax income tax Sports payroll 97

CPA Practice

JANUARY 11, 2024

Jeff will work alongside the professional team at LGA to provide a more holistic service offering to their individual tax planning and compliance clients. Whisman Giordano & Associates, LLC Names New Managing Director Whisman Giordano & Associates, LLC (WGA) recently announced Lisa K.

Delaware 59

Delaware Georgia CPA bookkeeping 59

Wellers Accounting

MARCH 25, 2024

Find out how the Non-Dom status and tax regime is going to change, it's impact, and top tax planning tips for the new rules.

tax planning 52

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Xero

MARCH 18, 2024

From April 2024, your sole trader and partnership clients will need to follow a tax year basis for Income Tax as part of HMRC’s Basis Period Reform. As outlined above, Basis Period Reform is a change to the reporting period used for Income Tax purposes. Why is the new basis period coming into place?

income tax 67

income tax Non-Profits tax return bookkeeping 67

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. How is the EITC changing?

Tax 52

Tax income tax tax planning payroll 52

CPA Practice

JUNE 12, 2024

While more strategic tax leaders are most concerned that the 2024 election will result in changes to certain Inflation Reduction Act renewable energy credits, tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey from top six accounting firm BDO USA.

Tax 64

Tax income tax corporation tax tax planning 64

Withum

OCTOBER 17, 2024

This does not account for the impact of expiring bonus depreciation and interest expense limitations that will drive up the taxable income. Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025). For 2024, it is $13,610,000 per spouse.

Tax 52

Tax tax planning Real Estate Non-Profits 52

Cherry Bekaert

JANUARY 19, 2024

With the Federal Reserve’s recent signaling in December of expected rate cuts starting in 2024, now may be the best time to lock in the benefits of a CRAT before rates drop. The January 2024 Section 7520 rate is 5.2%, down from December 2023’s 5.8% Example Jane is in the 37% federal income tax bracket. How Do CRATs Work?

income tax 52

income tax tax return Tax tax planning 52

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 31, 2021.

Tax 119

Tax income tax Non-Profits Education 119

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. Under the current year basis they only need the accounts to 30 June 2024.

Account 52

Account accountant accounted tax return 52

Anders CPA

APRIL 23, 2024

In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. TCJA Changes to Individual Income Taxes The TCJA provisions affected various aspects of individuals’ taxable income, deductions, credits and tax liabilities. million to $11.2

Tax 52

Tax income tax tax planning CPA 52

ThomsonReuters

MARCH 1, 2024

To the IRS, S corporations (S corps) are considered “ pass-through entities ”, which means any deductions, losses, income, credits, and profits pass through directly to shareholders, who report their share of the business’s performance on their own personal tax returns. For 2024, S corp taxes are due on March 15, 2024.

corporation tax 52

corporation tax Tax tax return income tax 52

ThomsonReuters

MARCH 5, 2024

As such, employers may need to research multiple tax plan approaches to forecast for the best possible outcome, and while the sunset date for these measures is more than one and a half years away, answers may come late in the game, leaving employers to scramble for solutions regarding this far-reaching law.

Tax 98

Tax payroll Expense Reimbursements Gaming 98

CPA Practice

JUNE 13, 2024

This strategy balances the benefits of current tax law with the need for financial flexibility and security. Core Estate Tax Planning Techniques Regardless of estate value, there are numerous techniques and account structures available to help your clients minimize estate tax consequences—here’s a summary of the most common ones.

Tax 124

Tax Real Estate income tax Illinois 124

ThomsonReuters

FEBRUARY 8, 2024

How are LLCs taxed? LLCs are considered “pass-through entities,” which means the LLC itself does not pay federal income taxes on business income. Instead, income “passes through” to individual members of the LLC, who pay federal income tax earned from the LLC via their own individual tax returns.

Tax 52

Tax income tax payroll tax Healthcare 52

ThomsonReuters

OCTOBER 12, 2023

Jump to: What is foreign income? How to report foreign income What is Form 1099-DIV? Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. citizens living abroad or earning income from foreign sources, questions often arise on how the U.S.

Tax 40

Tax tax return income tax Real Estate 40

Nancy McClelland, LLC

APRIL 9, 2024

For one, the immense number of changes to our tax code since the Tax Cuts & Jobs Act (TCJA) took effect in 2018 has made tax planning substantially more complex than it used to be. Or, at the very least, having to pay us at tax-time to fill out the complicated annualization schedule on the tax return.

Illinois 52

Illinois Tax tax preparation tax return 52

Withum

MARCH 3, 2022

on the top individual bracket, plus a phase-out of the 20% Qualified Business Income (“QBI”) Deduction for high-earners and adding the Net Investment Income tax to flow through earnings, you’d potentially be locking yourself in to be taxed on this recapture at Federal rates of 43.4%

Tax 52

Tax income tax Start-ups Manufacturing 52

Menzies

OCTOBER 30, 2024

The 2024 Autumn Budget introduces rising costs for tech employers through increased National Insurance and wage requirements, while offering targeted relief for smaller tech businesses and investing in digital infrastructure to support sector growth. Menzies LLP - A leading chartered accountancy firm. Nor has the Chancellor increased VAT.

Technology 59

Technology chartered accountant income tax Tax 59

CPA Practice

MARCH 16, 2023

This strategy can not only lower gross income but also enhance retirement savings for those who are eligible. However, a restriction for high-income individuals comes into play. In 2024, all catch-up contributions for those earning at least $145,000 must be made to a Roth IRA account.

Tax 103

Tax Non-Profits tax planning income tax 103

Accounting Today

OCTOBER 10, 2024

His pledge could simplify the tax obligations for U.S. citizens who live overseas.

income tax 119

income tax Tax tax planning 119

Accounting Today

APRIL 18, 2024

Donald Trump is under pressure from economists in his circle to embrace a flat tax rate, softer trade stance and to hold the line on the state and local tax deduction.

income tax 78

income tax Tax tax planning 78

Accounting Today

MAY 13, 2024

Whichever candidate wins the White House in November will have to contend with tax negotiations in 2025 with the personal income tax cuts in Trump's 2017 law set to expire unless Congress acts.

Tax 111

Tax income tax tax planning 111

CPA Practice

OCTOBER 15, 2024

Trump proffered no other possible pay-fors for his tax proposals, which include extending expiring provisions from the 2017 tax law, lowering the corporate tax rate to 15 percent for domestic manufacturers and exempting tips and overtime wages from income tax. ©2024 CQ-Roll Call Inc., trillion of that. “As

income tax 59

income tax Tax corporation tax Manufacturing 59

CPA Practice

JANUARY 16, 2024

The deal’s expansion of the child tax credit would allow low-income families with more than one kid to qualify for more of the credit more quickly. Other changes to the credit would include making more of the credit available as a refund and indexing the total credit to inflation starting in 2024. ©2024 CQ-Roll Call, Inc.,

tax planning 116

tax planning Tax New Jersey Ohio 116

Accounting Today

JUNE 10, 2024

Donald Trump said he'd scrap taxes on tipped earnings for hospitality workers if he wins the White House, calibrating his message for swing-state voters in Nevada as he fights back after his felony conviction.

Nevada 119

Nevada Tax Hospitality income tax 119

Accounting Today

JUNE 21, 2024

The senator dismissed concerns from budget watchdogs that it could increase the deficit by $250 billion or even more over a decade.

Tax 75

Tax income tax tax planning 75

Accounting Today

JUNE 17, 2024

Donald Trump's new proposal to exempt tips from taxation would add between $150 billion to $250 billion to the federal budget deficit over 10 years, a budget watchdog group forecast on Monday.

Tax 78

Tax income tax tax planning 78

Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

Tax 105

Tax income tax tax preparation corporation tax 105