CPA Practice

JANUARY 2, 2025

Seven of the states that are lowering their individual income taxes in 2025 have legislatures that are controlled by Republicans, as well as Republican governors.

income tax 119

income tax Tax 119

CPA Practice

OCTOBER 8, 2024

Corporations or LLCs that are owned entirely by Indian Tribal governments and formed under the laws of the Tribes that own them wouldn’t be recognized as separate entities for federal tax purposes and wouldn’t be subject to federal income tax, according to regulations proposed by the Treasury Department and the IRS on Oct.

income tax 119

income tax Tax Washington Government 119

CPA Practice

DECEMBER 14, 2023

The Financial Accounting Standards Board ( FASB ) has issued an Accounting Standards Update (ASU) that addresses requests for improved income tax disclosures from investors, lenders, creditors, and other allocators of capital (collectively, “investors”) that use the financial statements to make capital allocation decisions.

income tax 110

income tax Tax accounting standards financial statements 110

CPA Practice

OCTOBER 23, 2024

With the 2025 income tax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). IP PIN users should share their number only with the IRS and their tax preparation provider.

tax return 105

tax return Tax online accounting tax preparation 105

Nancy McClelland, LLC

APRIL 8, 2025

So, first things first: go to MyTax Illinois and log in under your business Username and Password: It will prompt you to verify your security code, usually sent to your business email address, and once you enter the two-factor authentication, you should see your IL business tax dashboard. Go to the “Summary” tab.

Illinois 52

Illinois business tax Tax income tax 52

CPA Practice

NOVEMBER 26, 2024

First, keep in mind that 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 sometimes varies based on weekends or state holidays). 27, 2025 Feb. Jump to the estimated refund date chart below or just scroll down.] 14)** Feb.

Tax 105

Tax tax return income tax CPA 105

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% Bloomberg Tax’s annual Projected U.S. This is about half the increase in 2024, and a significant drop from the 7.1% increase in 2023.

Tax 128

Tax income tax corporation tax tax planning 128

Going Concern

NOVEMBER 8, 2024

They don’t even have time to sit for their CPA exam because they’re working so many hours.” Tax Steps companies should take now to prepare for major tax legislation in 2025 [ EY ] Whether you call it the “Super Bowl of Tax” or “Taxmageddon,” one thing is clear: Congress is all but certain to consider major tax legislation in 2025.

Florida 98

Florida Mississippi audit auditor 98

CPA Practice

MARCH 29, 2025

A component of the Tax Reduction Act, the EITC was signed into law by President Gerald Ford on March 29, 1975, and has become one of the federal government's largest anti-poverty programs.

income tax 104

income tax Tax Government 104

CPA Practice

FEBRUARY 28, 2025

Most farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2024 federal income tax return and pay all taxes due by March 3, 2025.

income tax 116

income tax tax return Tax 116

Withum

JANUARY 2, 2024

Pennsylvania Senate Bill 815, signed into law on December 14, 2023, amended the Pennsylvania tax code to recognize irrevocable grantor trusts for tax years beginning after January 1, 2025. These transactions will now be disregarded for Pennsylvania income tax purposes as well.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

SkagitCountyTaxServices

MARCH 6, 2025

Tuesday, April 15 : – The widely anticipated tax filing deadline for individuals, as well as calendar-year C-corporations. – First quarter estimated tax payments for 2025 are due. Gallagher If tax legislation can change, it will change. – Tax year 2025 (reporting in 2026): 2.5K

tax return 66

tax return Tax CPA income tax 66

CPA Practice

DECEMBER 10, 2024

2 awarded $53 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants for 2025 to organizations that provide free federal tax return preparation. 30, 2025, the IRS awarded grants to 41 TCE and 315 VITA applicants. The IRS on Dec. For the period from Oct.

tax return 82

tax return income tax Tax 82

Going Concern

FEBRUARY 10, 2025

pic.twitter.com/BuMGHJuKx9 — Jessica Smith, EA , not a CPA (@Taxsavvyjessica) February 9, 2025 Something to chew on as both sides argue about fraud and waste: My dad was an auditor with The Indiana Department of Revenue. You’d think it paid a lot in taxes, right? He mostly audited businesses mostly.

Indiana 52

Indiana Tax Account accountant 52

CPA Practice

JULY 26, 2024

“By cutting costly, for-profit tax filing software out of the equation with the free Direct File tool, we are saving individuals and families in our state time and money.” Eligible taxpayers will be able to use Direct File, which is offered in English and Spanish, for their 2024 tax returns, which have a deadline of April 15, 2025.

New Jersey 105

New Jersey tax return income tax Tax 105

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns.

tax return 132

tax return income tax Real Estate Tax 132

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

Withum

JULY 10, 2024

To the extent that any NOL is denied as a result of the suspension, carryforward periods are extended three years for losses incurred in tax years prior to Jan. 1, 2024, two years for losses incurred in tax years beginning on or after Jan. 1, 2025, and one year for losses incurred in tax years beginning on or after Jan.

California 125

California income tax Tax business tax 125

Withum

FEBRUARY 19, 2025

Implications for misclassification can include: Back Taxes and Penalties: Employers may be required to pay back taxes, including federal income tax on behalf of the employee, Social Security, and Medicare taxes that should have been withheld for the employee and employer, along with penalties and interest.

Tax 52

Tax Hospitality Expense Reimbursements income tax 52

Withum

MAY 7, 2024

The announcement delays mandatory distributions for these taxpayers that were previously expected to begin in 2024 and continue until 2025. The first year that the taxpayer is required to take a distribution from the account is 2025 and assuming no distributions are taken in 2024, the taxpayer only has 7 years to deplete the account fully.

accounted 98

accounted Account accountant income tax 98

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

Alaska 126

Alaska South Dakota North Carolina tax return 126

Withum

SEPTEMBER 16, 2024

Participants may spread income recognition over a 3-year period for Federal income tax purposes. Effective starting December 29, 2025. Plan Sponsors may submit for a determination letter based on the last number in the Plan EIN between 2023 (1,2,3), 2024 (4,5,6,7) and 2025 (8,9,0). Other Notable SECURE 2.0

CPA 124

CPA audit Real Estate income tax 124

CPA Practice

AUGUST 2, 2023

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. The new initiative “marks a significant step in our efforts to digitalize IRS operations,” Yellen said. She added that taxpayers will still be able to submit forms and documents by paper, if they wish.

Tax 98

Tax tax return Technology Account 98

Nancy McClelland, LLC

JANUARY 12, 2025

It puts both you and your CPA at risk. Let the tax return preparation (or extension payment calculation) begin! Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA. ” Seriously? Please do not ever email sensitive documents.

Tax 52

Tax tax return Account accountant 52

CPA Practice

MARCH 27, 2025

With capital gains, dividends and interest income soaring, many taxpayers are seeing the flip sidebigger tax bills and smaller refunds.

Tax 109

Tax income tax 109

CPA Practice

NOVEMBER 9, 2023

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. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.

Tax 130

Tax tax return income tax 130

TaxConnex

NOVEMBER 10, 2022

I graduated in 1985 with a Masters in Tax. I was trained in income tax and expected to have a career in public accounting, but I only lasted a few years in a couple of different large CPA firms. I then went to the BellSouth Corporation tax department and had various roles.

income tax 130

income tax tax return Sales Tax 130

Withum

MAY 4, 2022

The budget bill, which was signed into law on April 9, 2022, also accelerates individual income tax rate reductions, adds new or modifies some existing tax credits, among other provision changes. A full credit similar to the New York PTET is available on the owner level to offset against their personal income tax.

New York 112

New York income tax New Jersey Tax 112

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

CPA Practice

JULY 10, 2024

The Inflation Reduction Act of 2022 added a new income tax credit for clean fuel production, available beginning Jan. The Section 45Z tax credit under the Inflation Reduction Act is available for clean fuel produced by a taxpayer at a qualified facility from 2025 through 2027.

Transportation 107

Transportation income tax Tax 107

CPA Practice

MARCH 18, 2024

By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Although there are exceptions, many of the provisions for individuals are scheduled to expire after 2025. Notably, it reduced the top income tax rate from 39.6%

Tax 106

Tax Expense Reimbursements income tax 106

CPA Practice

DECEMBER 11, 2023

The account can be used to pay for medical expenses not covered by other health plans—including copays, deductibles and a variety of medical products, as well as eye and dental care—and contributions are not subject to federal income tax, Social Security tax or Medicare tax. Self-employed individuals are not eligible.

income tax 116

income tax payroll Start-ups Tax 116

CPA Practice

APRIL 1, 2025

Residents of Hawaii are burdened by taxes the most, while Alaska residents have the lowest tax burden, a new WalletHub study found.

Hawaii 119

Hawaii Alaska Tax income tax 119

CPA Practice

JANUARY 10, 2025

The IRS expects more than 140 million individual tax returns to be filed ahead of the April 15 federal deadline, with more than half of all tax returns filed this year with the assistance of a tax professional.

tax return 105

tax return Tax income tax 105

CPA Practice

MARCH 19, 2025

Cryptocurrencygains, remote work tax implications, and NFT reporting rules are among the many topics taxpayers are asking accountants questions about this tax season, according to new data from expert platform JustAnswer.

Tax 100

Tax accounted Account accountant 100

Anders CPA

JANUARY 7, 2025

In 2025, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below, we highlight any payroll tax and withholding updates or consistencies for 2025 that employers and employees should be aware of. on wages up to $176,100.

payroll tax 52

payroll tax payroll Missouri Tax 52

CPA Practice

FEBRUARY 21, 2025

The Tax Blotter is a round-up of recent tax news briefs and tax court rulings.

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Tax income tax 103