TaxConnex

APRIL 30, 2024

Q: Is this a “tax” or a “fee”? As with many taxes, this was created as one way to generate revenue. A: For fiscal year 2023-2024, 28 cents per package. A: States always think a tax-revenue avenue is a good idea. A: A retail delivery to a purchaser who is exempt from sales and use tax is likewise exempt.

Minnesota 264

Minnesota Retail Colorado Tax 264

CPA Practice

MARCH 1, 2023

By Joy Taylor, Kiplinger Consumer News Service (TNS) Benjamin Franklin coined the famous saying that “in this world, nothing is certain but death and taxes.” But what about when death and taxes coincide, such as when someone dies during the year and has a tax filing obligation? 31, 2022, you can file a joint 2022 return.

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Accounting Today

AUGUST 26, 2024

Millionaires only accounted for 0.22% of total returns filed this year for the 2023 tax season.

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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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Going Concern

AUGUST 14, 2024

We have no way of knowing if Heier Weisbrot & Bernstein, LLC has a tax return backlog. In this case, an unauthorized someone or someones got into HW&B’s tax software and attempted to file fraudulent tax returns. The fraudulent returns were identified and reported to the IRS to be remedied.

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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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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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Tax tax return income tax Massachusetts 111

RogerRossmeisl

APRIL 28, 2024

You may have filed your tax return by the due date (4/15/2024), or you may have filed an extension until 10/15/2024. In either case, once your 2023 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. Waiting for your refund?

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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

MARCH 21, 2024

By Dave Eisenstadter, masslive.com (TNS) A 17-year veteran of the IRS was arrested on Wednesday and charged with filing false personal tax returns for three years and underreporting about $90,000 worth of income, according to Acting U.S. ©2024 Advance Local Media LLC. ©2024 Advance Local Media LLC. Visit masslive.com.

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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

AUGUST 30, 2024

29—FARMINGTON — An accountant pleaded guilty in Bridgeport Thursday to filing fraudulent tax returns for multiple years after failing to report $1.4 Legowski prepared tax returns for between 400 and 500 individual clients, 50-60 businesses, the U.S. million in income, federal officials said. Attorney’s Office said.

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CPA Practice

OCTOBER 17, 2023

Thirteen states have agreed to participate in a trial run of the IRS’s free online return filing system, called Direct File, during the 2024 tax season, the agency said on Tuesday. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.

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CPA Practice

FEBRUARY 28, 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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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.

Sales 147

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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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Insightful Accountant

APRIL 8, 2024

The deadline for most taxpayers to file and pay their 2023 federal tax is April 15, 2024 The IRS has some important reminders for taxpayers who haven’t filed yet.

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Accounting Today

JANUARY 8, 2024

million individual tax returns by the April 15, 2024, tax deadline. The agency is anticipating over 128.7

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CPA Practice

NOVEMBER 26, 2024

26, 2024 Thanksgiving and Christmas are here, and that means the end of the year is coming up soon, and tax season will follow soon after. Although Americans dislike the IRS and bemoan taxes, many millions actually look forward to getting a tax refund, and start thinking of how they will spend it. Updated: Nov.

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CPA Practice

OCTOBER 24, 2023

The 2024 preparer tax identification number (PTIN) renewal period for the nation’s nearly 800,000 active federal tax return preparers is now underway. The fee to renew or obtain a PTIN for 2024 is $19.75 , down from $30.75 Paid tax return preparers with a PTIN expiring on Dec.

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tax return Tax 126

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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CPA Practice

DECEMBER 19, 2023

million individuals, businesses, and tax-exempt organizations that weren’t sent collection reminders about their overdue taxes during the pandemic. While the collection notices stopped, failure-to-pay penalties didn’t—and continued to accrue for taxpayers who had overdue taxes after receiving the initial balance due notice.

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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).

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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.

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Tax tax return income tax Massachusetts 98

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

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tax return Tax income tax Massachusetts 105

CPA Practice

FEBRUARY 12, 2024

TNS) This tax season, some entrepreneurs may want to hold off on filing their returns. The bipartisan tax agreement , which was first unveiled last month, is now making its way through Capitol Hill. With the tax code in limbo, you’ll will have to weigh that uncertainty against the amount of money your business stands to save.

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Withum

MARCH 7, 2024

The VDP allow taxpayers to keep 20% of the ERC claimed, tax free, as well as the interest received, but taxpayers must apply to the program by March 22, 2024, and agree to extend the statute of limitations. Should I File a Protective Income Tax Refund Claim?

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Tax income tax tax return audit 126

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

JANUARY 29, 2024

The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual tax returns, and announcing that it expects more than 146 million individual tax returns for 2023 to be filed this filing season. The Where’s My Refund? Paperless processing.

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CPA Practice

OCTOBER 1, 2024

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 22, 2024, in Alabama; Sept. 22, 2024, in Alabama; Sept. 31, 2024, and Jan.

South Carolina 130

South Carolina North Carolina Tax Alabama 130

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

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tax return Tax income tax Massachusetts 97

CPA Practice

FEBRUARY 2, 2024

By Katelyn Washington, Kiplinger Consumer News Service (TNS) The IRS has granted federal tax relief for taxpayers impacted by severe storms in parts of Rhode Island. The relief includes extensions for various tax payment and filing deadlines. 2023 quarterly estimated income tax payments normally due on Jan. 10 to Sept.

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Rhode Island Tax income tax tax return 113

CPA Practice

APRIL 22, 2024

The list serves as a reminder to remain vigilant about tax scams not only during tax season, but all year long. Taxpayers should take note, given the uptick in problems seen in recent years: The IRS received 294,138 cases of tax-related identity theft during fiscal year 2023, up from the 92,631 cases seen in FY 2019.

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CPA Practice

JANUARY 8, 2024

With the 2024 tax filing season starting later this month, the IRS is launching a special Tax Professional Awareness Week , from Jan. 8-14, 2024, to assist tax professionals on what to expect during the filing season and start the year on the right foot.

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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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