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

CPA Practice

NOVEMBER 10, 2024

As healthcare enrollment and renewal season continues, the Internal Revenue Service is reminding taxpayers that if they use flexible spending accounts (FSAs), they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. If the plan allows, the employer may also contribute to an employee’s FSA.

Healthcare 116

Healthcare income tax payroll Tax 116

CPA Practice

NOVEMBER 26, 2024

TPSOs that have performed backup withholding for a payee during calendar-year 2024 must file a Form 945, Annual Return of Withheld Federal Income Tax , and a Form 1099-K with the IRS and provide a copy to the payee, according to the IRS. The IRS announced on Nov.

E-commerce 135

E-commerce income tax Tax 135

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

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

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

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

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

NOVEMBER 25, 2024

The impending expiration of the Tax Cuts and Jobs Act (TCJA) on December 31, 2025, marks a significant turning point for individual taxpayers. Enacted in 2017, the TCJA introduced lower tax rates and broader tax brackets, providing substantial relief to many. The 2025 exemption amount is $14 million.

Tax 105

Tax income tax Real Estate tax return 105

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.

Account 98

Account accountant accounted 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

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

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 income tax 98

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

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

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

JANUARY 9, 2025

Everybody hates the IRS, but many of us love getting a tax refund! Find out when you can expect to get your refund if you file early. Even without a refund loan, you can usually get your refund in 2-3 weeks.

Tax 105

Tax income tax 105

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

CPA Practice

JUNE 16, 2023

By Martin Schamis, CFP, Kiplinger Consumer News Service (TNS) The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers. 31, 2025—at which point they will revert to pre-TCJA levels. the top tax bracket increasing to 39.6%

Tax 119

Tax income tax Non-Profits Education 119

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

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

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

DECEMBER 23, 2024

Depending on when taxpayers file their returns, they can often receive their federal tax refund payment (check or direct deposit) within 10-21 days.

Tax 105

Tax income tax 105

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

NOVEMBER 16, 2024

For that reason, the annual QCD limit will rise to $108,000 in 2025. Reporting and documenting QCDs For 2024, QCDs should be reported on the 2024 tax return. in early 2025 documenting IRA distributions. Individual Income Tax Return , or Form 1040-SR, U.S. Tax Return for Seniors.

tax return 114

tax return income tax Tax 114

CPA Practice

FEBRUARY 6, 2024

We expect this trend to continue in 2024 in the small number of jurisdictions that have considered the issue but have not yet acted, even though the TCJA’s SALT deduction limitation is currently scheduled to expire at the end of 2025. Conformity to new P.L. 86-272 to reflect the modern economy and internet business activities.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

SEPTEMBER 12, 2024

They also include rules regarding various statutory and regulatory adjustments in determining AFSI; determining if a corporation is subject to the CAMT, including rules for members of a foreign parented multinational group (FPMG) and the determination of the CAMT foreign tax credit. 1, 2025. 31, 2023, and before Jan.

Tax 106

Tax income tax tax return financial statements 106

Anders CPA

APRIL 23, 2024

Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. In the meantime, taxpayers should be aware of the potential tax implications of the sunset and plan accordingly with an advisor. This will happen unless Congress acts to extend these provisions or make them permanent.

Tax 52

Tax income tax tax planning CPA 52

CPA Practice

OCTOBER 5, 2023

Beach, EA, CFP, AWMA, Kiplinger Consumer News Service (TNS) For me, the dread of tax season truly arrives when I start receiving 1099s, W-2s, 1098s, etc., It’s time to gather everything, fill out a painful spreadsheet and write a check to my CPA. A tax puzzle emerges with, sometimes, very favorable, or very unfavorable, results.

Tax 111

Tax income tax tax planning accounting and finance 111

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

Withum

SEPTEMBER 12, 2024

The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, indeed stands as one of the most significant overhauls of the U.S. tax code in the last 30+ years. Many of the tax changes in the 2017 TCJA, however, may not be here to stay and are scheduled to sunset between 2025 and 2028, if not extended by Congress.

Tax 96

Tax income tax Legal CPA 96

CPA Practice

JANUARY 7, 2025

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

Tax 85

Tax income tax 85

CPA Practice

SEPTEMBER 11, 2024

By Nick Coltrain The Denver Post (TNS) Coloradans will soon be able to file their federal income taxes directly online for free under a program created by the Inflation Reduction Act.

Colorado 91

Colorado income tax Tax 91

CPA Practice

JULY 1, 2024

The regulations require brokers to report certain sale and exchange transactions that take place beginning in calendar-year 2025 on the soon-to-be released Form 1099-DA. This information will give taxpayers confidence in reporting income from digital assets while improving compliance efforts,” the agency said.

Tax 114

Tax Real Estate tax return Sales 114

CPA Practice

JUNE 13, 2024

Rahill, CPA/PFS, JD, LL.M., The Tax Cuts and Jobs Act of 2017 (TCJA) brought about substantial changes to the tax landscape, significantly increasing the lifetime estate and gift tax exemption amounts ($13.61 Rahill, CPA/PFS, JD, LL.M., Rahill, CPA/PFS, JD, LL.M., By Daniel F. million for married couples).

Real Estate 124

Real Estate Tax income tax Illinois 124