CTP

JANUARY 16, 2024

Existing businesses have until January 1, 2025 to file their BOI report. However, businesses that are created on or after January 1, 2024 but before January 1, 2025 will have to report their BOI within 90 days of registering the new entity.

business tax 105

business tax Tax Legal Government 105

RogerRossmeisl

MARCH 25, 2021

The pass-through deduction To the extent your business generates qualified business income (QBI), you’re eligible to claim the pass-through or QBI deduction, subject to limitations. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI.

Tax 213

Tax tax return CPA Start-ups 213

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?

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

RogerRossmeisl

DECEMBER 29, 2024

SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income. rate for the Social Security tax component plus the 2.9% rate for the Medicare tax component. For 2025, the maximum 15.3% SE tax rate will hit the first $176,100 of your net SE income. rate is comprised of the 12.4%

Tax 191

Tax CPA business tax 191

RogerRossmeisl

JULY 16, 2023

Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025.

tax return 180

tax return CPA Tax business tax 180

Withum

AUGUST 14, 2024

The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.

South Carolina 126

South Carolina North Carolina Georgia Tax 126

RogerRossmeisl

DECEMBER 29, 2024

HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. Its a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025. Employees cant be enrolled in Medicare or claimed on someone elses tax return.

Tax 187

Tax tax return CPA accounted 187

RogerRossmeisl

JANUARY 14, 2024

Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Penalties are steep This is part of the federal government’s anti-money laundering and anti-tax evasion efforts and is an attempt to look beyond shell companies that are set up to hide money.

CPA 205

CPA Start-ups Government Tax 205

RogerRossmeisl

AUGUST 28, 2022

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is available to eligible individuals, trusts and estates. Here are some examples.

Tax 198

Tax income tax CPA business tax 198

RogerRossmeisl

FEBRUARY 28, 2022

In 2021 California passed AB 150, which provides that, in the taxable years 2021-2025, a so-called “qualified entity” (a S corporation, partnership, or LLC taxed as a partnership or S corporation) to make an election to pay a new pass-through entity (PTE) elective tax equal to 9.3%

California 198

California CPA Tax Start-ups 198

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. In all of these states, the relief period ends on May 1, 2025 (postponement period).

South Carolina 130

South Carolina North Carolina Tax Alabama 130

ThomsonReuters

JANUARY 22, 2024

Key provisions include: Increased Refundable Portion : The refundable portion of the child tax credit will gradually increase over the years 2023-2025, offering more financiaTax assistance to families. Inflation Adjustment : Starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.

Tax 105

Tax business tax accounting and finance payroll 105

RogerRossmeisl

APRIL 17, 2024

The qualified business income (QBI) deduction is available to eligible businesses through 2025. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. After that, it’s scheduled to disappear.

CPA 168

CPA Tax cpa firm business tax 168

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.

California 125

California income tax Tax business tax 125

CTP

JANUARY 16, 2024

Companies formed in 2025 and onward will likely have only 30 days to get everything in order to file their BOI report. To orient yourself to these new regulations and stay up-to-date on compliance requirements for 2024, become a Certified Tax Planner today. The IRS estimates that this process takes six to eight weeks.

business tax 100

business tax Tax Legal Government 100

RogerRossmeisl

FEBRUARY 18, 2024

Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA. You report income and expenses.

Tax 159

Tax CPA business tax 159

Withum

FEBRUARY 1, 2024

The refundable child tax credit would continue to increase by $100 per year through Dec. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.-Taiwan Taiwan tax provisions. This article was originally published by Lynn Mucenski Keck in Forbes on February 1, 2024.

Tax 124

Tax Finance tax services business tax 124

inDinero Tax Tips

OCTOBER 22, 2024

Table of Contents LLCs Are “Pass-Through” Entities LLC Taxes in Nevada Nevada Commerce Tax Frequently Asked Questions Conclusion The Entrepreneur’s Guide to Tax Saving Strategies Fill out the form to download your guide to find out how you can pay less in taxes Click Here LLCs Are “Pass-Through” Entities LLCs aren’t taxed directly.

Nevada 105

Nevada Tax income tax payroll tax 105

Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

income tax 127

income tax Tax corporation tax Non-Profits 127

RogerRossmeisl

SEPTEMBER 9, 2024

Do you expect to be in a higher tax bracket next year? For example, you could pull income into 2024 to be taxed at lower rates, and defer deductible expenses until 2025, when they can be claimed to offset higher-taxed income. Here are some other ideas that may help you save tax dollars if you.

tax planning 148

tax planning Tax CPA business tax 148

CPA Practice

SEPTEMBER 13, 2024

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business tax returns and make tax payments. 3, 2025 (postponement period).

Louisiana 104

Louisiana Tax tax return income tax 104

Withum

JANUARY 24, 2023

The penalty can be reduced to 10% for IRA owners who take the RMD within a specified time period and submit a corrected tax return. Catch-up Contributions Starting January 1, 2025, taxpayers 60 – 63 years old will be able to make catch-up contributions of up to $10,000 per year, indexed for inflation. appeared first on Withum.

Start-ups 26

Start-ups tax return Tax Education 26

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?

New Hampshire 52

New Hampshire business tax Tax income tax 52

CPA Practice

OCTOBER 7, 2024

4—Federal officials have announced tax relief for people and businesses in the Yakama Nation affected by summer wildfires that began June 22. 3, 2025, to file various federal individual and business tax returns and make tax payments, according to a news release from the IRS. (TNS) Oct. 16, and Jan.

Washington 97

Washington Tax tax return payroll 97

Withum

JANUARY 16, 2024

Framework Highlights Highlights of the framework include: Research and Experimental (R&E) Expenditures Capitalization (Section 174): The framework would allow for immediate R&E expensing incurred in tax years beginning after December 31, 2021.Instead, Potential ERC claims should be submitted as soon as possible.

Tax 118

Tax Tennessee New Jersey Massachusetts 118

CPA Practice

FEBRUARY 7, 2024

Any business or accounting firm that filed using paper methods but should have filed electronically may receive fines, so it is essential to contact the IRS , their accountant, or their 1099 service provider. Users can also easily make corrections update values, save it, and Avalara will re-file the information forms with the IRS.

Technology 123

Technology accounts payable accounting firms income tax 123

Going Concern

JANUARY 17, 2025

The post Top Remote Accountants of the Week | January 17, 2025 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 52

Real Estate Account accounted accountant 52

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

business tax 52

business tax Tax income tax payroll tax 52

Withum

NOVEMBER 29, 2023

Entities created before January 1, 2024 have until January 1, 2025, to file the report. Entities created on or after January 1, 2024 and before January 1, 2025 have 90 days after creation or registration to file a report (note the 90-day period replaces a 30-day period and was finalized on November 29, 2023).

Legal 115

Legal Non-Profits income tax Government 115

inDinero Tax Tips

SEPTEMBER 13, 2023

For example, by 2025, employers are required to offer automatic enrollment in their retirement plans, whereas the increase in the age for Required Minimum Distributions (RMDs) from 72 to 73 took effect on January 1, 2023. The implementation of the SECURE 2.0

business tax 74

business tax Tax Start-ups accounting and finance 74

Cherry Bekaert

AUGUST 20, 2024

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. What Does This Mean for California Business Tax Credits? This bill is reminiscent of A.B

California 59

California Tax income tax business tax 59

Withum

DECEMBER 4, 2024

Real property trades or businesses can elect out of the provision, but they must use ADS to depreciate nonresidential real property, residential rental property, and qualified improvement property (and ADS generally has longer recovery periods than MACRS). 179D Expensing: The energy-efficient commercial buildings deduction under Sec.

Tax 105

Tax income tax Construction Non-Profits 105

Cherry Bekaert

JUNE 12, 2023

Single-Sales Factor (SFS) Apportionment Tennessee aligns itself with more than 30 states by adopting the SSF apportionment for franchise and excise tax purposes, to be implemented over a three-year transition period. property, payroll, three times receipts with a denominator of five) that applied to tax years ending before December 31, 2023.

Tennessee 93

Tennessee Tax Sales payroll 93

CPA Practice

OCTOBER 10, 2024

The tax relief is for all individuals and businesses in the entire states of Alabama, Georgia, North Carolina, and South Carolina, and parts of Florida, Tennessee, and Virginia. Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments.

North Carolina 116

North Carolina South Carolina Tennessee Georgia 116

CPA Practice

MARCH 8, 2023

This percentage is scheduled to drop to 80% in 2023, 60% in 2024, 40% in 2025, until its wholly phased out in 2027.  Prior to Bloomberg Tax & Accounting, Ryan was a CPA at KPMG’s Washington D.C. Metro office in the Business Tax Services practice.

income tax 111

income tax Tax financial statements corporation tax 111

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. With that, the expiration for filing new ERC claims for 2021 expires on April 15, 2025.

Tax 59

Tax business tax tax planning tax services 59

CTP

JANUARY 16, 2024

Companies formed in 2025 and onward will likely have only 30 days to get everything in order to file their BOI report. To orient yourself to these new regulations and stay up-to-date on compliance requirements for 2024, become a Certified Tax Planner today. The IRS estimates that this process takes six to eight weeks.

business tax 52

business tax Tax Legal Government 52