Accounting Today

SEPTEMBER 26, 2024

2024 has so far not produced significant tax legislation impacting year-end tax planning, but it continues to be impacted by legislation from prior years,

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RogerRossmeisl

APRIL 17, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. April 15 If you’re a calendar-year corporation, file a 2023 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004) and pay any tax due.

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RogerRossmeisl

OCTOBER 13, 2024

The IRS understands the vital importance of Employee Retention Tax Credits payments for struggling small businesses, and we are continuing to make important progress on one of the most complex tax. The post IRS Accelerates Work on Employee Retention Tax Credit Claims appeared first on Roger Rossmeisl, CPA.

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TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

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CPA Practice

SEPTEMBER 10, 2024

The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. Pay now, save later.

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Withum

FEBRUARY 20, 2024

The goal of minimizing tax liability likely drives a desire to discover new advantages in the tax law. If this sounds familiar to you, when planning for the upcoming tax year, a great place to start is with the basics. Let’s Chat The post 2024 Tax Pocket Guide appeared first on Withum. We can help.

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TaxConnex

FEBRUARY 29, 2024

While not at all related to sales tax, we thought that as we spend a day to align our seasons and the Earth’s orbit of the sun, we should also discuss how to ensure your processes align with maintaining sales tax compliance in 2024! Tax Rates change. L: Liability. L: Liability. E: Expect Changes.

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CPA Practice

SEPTEMBER 19, 2024

The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. By Isaac Bock.

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CPA Practice

OCTOBER 8, 2024

In response to Hurricane Helene’s recent devastation and Hurricane Milton’s impending landfall, Wolters Kluwer Tax & Accounting is highlighting tax relief opportunities available to those affected by natural disasters in 2024. They can choose to claim these losses in the year they were incurred (i.e.,

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CPA Practice

MAY 3, 2024

Sales tax holidays are all the rage right now. There were about 45 sales tax holidays in 24 states in 2023 and could be even more than that in 2024. If you’re in retail, hang on to your hats and read our sales tax holiday FAQ to learn: What is a sales tax holiday? Do all states have a tax holiday?

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CPA Practice

AUGUST 8, 2024

The Tax Blotter is a round-up of recent tax legislation and rulings. Under recent tax legislation, individuals who inherit IRAs must take annual required minimum distributions (RMDs) over ten years. When the tax law change was enacted, it caused a lot of confusion among taxpayers and tax professionals alike.

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TaxConnex

AUGUST 22, 2024

There’s always something changing in the world of tax, especially sales tax. Two states have changed their sourcing rules for the application of sales tax obligations. Two states are reportedly considering using higher sales tax to fund cuts in property taxes. Two-thirds of the tax would help reduce property tax.

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RogerRossmeisl

SEPTEMBER 29, 2024

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. The post Make Year-End Tax Planning Moves Before It’s Too Late!

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CPA Practice

SEPTEMBER 14, 2023

Bloomberg Tax & Accounting released its 2024 Projected U.S. Tax Rates, which indicates inflation adjusted amounts in the tax code will increase 5.4% See projected tax bracket tables below.] Bloomberg Tax’s annual Projected U.S. Act that affect tax planning for corporate taxpayers in certain industries.

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RogerRossmeisl

OCTOBER 27, 2024

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. The exclusion amount is adjusted for inflation annually, and in 2024 is $18,000.

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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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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% In 2024 for those age 65 or older or blind, the. higher than for 2023. That means that you can generally have about 5.4%

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Insightful Accountant

MAY 1, 2024

In 2024, tax tech is evolving rapidly with AI, data analytics, and blockchain. Tax pros need to adapt to these innovations for effective use.

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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

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ThomsonReuters

JULY 10, 2024

It’s back to business fundamentals for many tax and accounting firms as 2024 shapes up to be a year of re-assessment and re-building, according to the Thomson Reuters Institute 2024 State of Tax Professionals Report.

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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

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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LSLCPAs

NOVEMBER 21, 2024

As we approach the end of the year, we want to provide you with essential tax planning figures for 2024 and a preview for 2025. We are always happy to help you with your tax needs. Download PDF: 2024 – 2025. The post Key Figures 2024 & 2025 appeared first on LSL CPAs.

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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. corporation in these transactions, helping to prevent double taxation or loss of basis.

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Withum

NOVEMBER 14, 2023

The IRS has recently published the inflation adjustments for the 2024 tax year. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes. Key Figures – Estate and Gift Taxes Below is a summary of key figures related to Estate and Gift Taxes.

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Withum

OCTOBER 21, 2024

Shift into high gear for the Fall 2024 issue of Dealer Vision ! Discover how to navigate the uncertainties of today’s tax landscape, address common accounting and parts inventory discrepancies, and take steps to enhance your automotive retail marketing strategy. Read Full Article Parts Reconciliation to the Rescue!

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Insightful Accountant

NOVEMBER 7, 2024

Ignition has just released its 2024 U.S. Accounting and Tax Pricing Benchmark report. The report contains valuable information on the industry's current fees and pricing intentions for 2024.

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CPA Practice

NOVEMBER 7, 2024

7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report. During fiscal year 2024, the IRS collected more than $5.1 The IRS on Nov. This year’s report presents the IRS’s current financial position and discusses key financial topics.

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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. Reporting and documenting QCDs For 2024, QCDs should be reported on the 2024 tax return.

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Dent Moses

OCTOBER 10, 2024

Dent Moses is committed to keeping you informed of the latest tax-saving strategies. We are sharing our AG-YE_YR Tax Planning Guide-2024_DM. We look forward to working with you to review the details of your tax situation. The post 2024 Business Tax Planning Guide appeared first on Dent Moses, LLP.

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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). That’s without an expensive “tax refund loan” or other similar product.

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

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CPA Practice

FEBRUARY 21, 2024

The interest rate for tax overpayments and underpayments for individuals will be 8% per year and 7% for corporations, compounded daily. Here is a complete list of the Q2 2024 rates: 8% for overpayments (payments made in excess of the amount owed), 7% for corporations. 8% for underpayments (taxes owed but not fully paid).

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CPA Practice

OCTOBER 28, 2024

Conference activities centered around small business practices, advisory services, professional tax services, and accounting firm management will be held from October 28-30. Intuit is the maker of QuickBooks, several professional tax solutions, TurboTax, Credit Karma and Mailchimp, and has more than 100,000 customers worldwide.

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CPA Practice

AUGUST 28, 2024

CPA Practice Advisor has announced the 2024 Tax and Technology Innovation Award winners and finalists. After voting by the awards committee panel each year, the top five products are presented as winners of the Tax and Accounting Technology Innovation Awards. Award winners and finalists are presented alphabetically.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. For the 2023 taxable year, a 179 expense of $1.16

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CPA Practice

OCTOBER 22, 2024

22 released updated tax brackets and standard deductions for 2025. While the actual percentages of the tax brackets will remain the same until next year because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. The IRS on Oct.

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