CPA Practice

AUGUST 16, 2024

The IRS on Thursday announced the opening of the application period for the 2025 Compliance Assurance Process (CAP) program on Sept. 31, and the IRS will inform applicants if they’re accepted into the program in February 2025. Launched in 2005, CAP helps large corporations improve federal tax compliance.

Tax 105

Tax accounting principles tax return financial statements 105

CPA Practice

NOVEMBER 20, 2024

Accounting and Tax Pricing Benchmark report from Ignition, which surveyed 345 owners and decision-makers in accounting firms, adds that most firms are planning to increase fees across services by 5% or 10% in 2025. 90% plan to increase fees for individual tax returns. 87% plan to increase fees for business tax returns.

accounting firms 116

accounting firms accountant Account accounted 116

RogerRossmeisl

SEPTEMBER 6, 2021

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these casualty loss tax deductions harder to take. What’s considered a casualty for tax purposes?

Tax 159

Tax tax return CPA 159

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

DECEMBER 26, 2024

As the end of the year approaches, nows the time to start preparing for filing your 2024 tax return in 2025. Here are tips and strategies to prepare now for the 2025 tax-filing deadline.

Tax 119

Tax tax return 119

RogerRossmeisl

NOVEMBER 9, 2023

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. What’s considered a casualty for tax purposes? Note: The post Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases appeared first on Roger Rossmeisl, CPA.

Tax 137

Tax tax return CPA 137

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 IRS processed more than 213 million electronically-filed tax returns earlier this year, which accounted for more than 81% of all individual tax returns. That has generated about $38 million in recoveries.

Tax 98

Tax tax return Technology income tax 98

CPA Practice

JANUARY 8, 2025

The early availability of the IRS Free File online systems will allow taxpayers to prepare and file their returns before the IRS officially starts accepting them, but they will then be already electronically in line when processing begins.

tax return 131

tax return Tax income tax 131

CPA Practice

SEPTEMBER 19, 2024

Note : The spring 2025 tax filing season is when taxpayers report their 2024 income and related matters to the IRS, so it’s important to keep up with the laws as they applied during the previous calendar year. Cybersecurity In this day and age, cybersecurity has become a valuable component of every tax practice.

Tax 132

Tax tax preparation tax return Education 132

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

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

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

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

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

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. This change may bring new tax planning opportunities, and your Withum tax advisor is available to explain how these changes impact you.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

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

JANUARY 23, 2024

The redesign work will accelerate during the 2025 and 2026 filing seasons, improving common IRS letters going out to individual taxpayers and then expanding into notices going to businesses. The IRS will be actively engaging with taxpayers and the tax professional community to gather feedback on how these notices should be redesigned.

tax return 122

tax return Tax 122

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

OCTOBER 8, 2024

Several key tax provisions impacted businesses and individuals should consider include: IRS filing and payment extensions The IRS has granted extensions for various tax filing and payment deadlines until May 1, 2025, for taxpayers affected by the Hurricane Helene disaster.

South Carolina 116

South Carolina North Carolina Tax tax return 116

Going Concern

JANUARY 17, 2025

TAX CANDIDATES FTE Tax | Candidate ID #23772188 Certifications: CPA in process, EA Education: BBA Accounting and Finance Experience (years): 8+ years experience in tax accounting. With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs.

Real Estate 52

Real Estate accountant Account accounted 52

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. The final regulations announced today will require brokers to report gross proceeds on the sale of digital assets beginning in 2026 for all sales in 2025.

Tax 114

Tax Real Estate tax return Sales 114

Going Concern

JANUARY 9, 2025

TAX CANDIDATES FTE Tax Senior | Candidate ID #23616387 Certifications: EA Education: BS Accounting, MS Taxation Experience (years): 10+ tax and accounting Work experience (detail): 6+ in public accounting 3 in healthcare industry Full cycle accounting and financial reporting Prepared tax filings for individuals, SMBs, partnerships, nonprofits 30% review (..)

Real Estate 52

Real Estate accountant Account accounted 52

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

APRIL 17, 2023

If a business incurs a substantial loss in the current year, it may be able to offset subsequent tax liability by carrying forward a net operating loss (NOL). However, as shown in a new case, Amos, TC Memo 2022-109, 11/10/22 , even a highly successful CPA may fail to properly substantiate the claims. But those tax breaks have expired.

CPA 52

CPA tax return income tax Tax 52

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. What inspired you to start this business?

income tax 130

income tax tax return Sales Tax 130

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

CPA Practice

DECEMBER 19, 2023

How do you file and remit the New York firearms and ammunition tax? Tax returns and payments for the gun and ammunitions tax will be due quarterly. If enacted as written, New York will tax gross receipts from retail sales of guns and ammunition starting January 1, 2025. This could be every two years or more.

New York 133

New York Tax Manufacturing tax return 133

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. 31 and Jan.

Washington 97

Washington Tax tax return payroll 97

CPA Practice

MARCH 5, 2024

But you have to file a tax return to claim the credit, even if your income was minimal or non-existent, according to the IRS. If you’re looking to claim the rebate credit for 2020, you have until May 17, 2024 to file a return. For the 2021 credit, you have until April 15, 2025.

tax return 111

tax return Legal Tax 111

CPA Practice

SEPTEMBER 10, 2024

3, 2025, to submit a variety of tax filings and payments, the Internal Revenue Service announced on Tuesday. 3, 2025 will be extended to that latter date. That will cover people, businesses or tax-exempt organizations that already have extensions to file their 2023 returns. 18 and Feb.

Connecticut 110

Connecticut New York Tax tax return 110

CPA Practice

OCTOBER 10, 2024

CPA Practice Advisor wants to highlight those in the accounting and tax communities who have begun or are in the process of mobilizing efforts to help those impacted by Hurricane Helene. Florida Institute of CPAs FICPA hosted a webinar on Oct. [Updated on Oct. 10; originally posted on Oct. The webpage can be found here.

North Carolina 116

North Carolina South Carolina Tennessee Georgia 116

CPA Practice

SEPTEMBER 9, 2024

As a general rule, taxpayers should make estimated tax payments if they expect: To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits. Late and skipped estimated tax payments can incur penalties even if a refund is due when a tax return is filed. 15, 2025.

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

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

Nancy McClelland, LLC

JANUARY 12, 2025

For example, if you’re trying to prepare a tax return for a prior-year and need a list of all the informational documents filed with the IRS that are associated with your SSN, you’d want a Wage & Income Transcript. Tax nerds unite!) “ What About State Information? It puts both you and your CPA at risk.

Tax 52

Tax tax return accountant Account 52

Going Concern

JANUARY 2, 2025

TAX CANDIDATES FTE Tax Senior / Manager | Candidate ID #23674176 Certifications: EA Education: BS Accounting, MS Accounting and Finance Experience (years): 20+ years accounting and tax Work experience (detail): 10+ years in public accounting Remote team management experience Tax planning and compliance, advisory 70% review during 2024 tax season Preparation (..)

Real Estate 52

Real Estate accountant Account accounted 52

CPA Practice

DECEMBER 18, 2023

It is used to open bank accounts, apply for business licenses, register with government agencies and submit many other applications, including paying and filing tax returns. An EIN is required for entities to obtain when starting a business or engaging in transactions in the U.S.

cpas 105

cpas tax return Tax Government 105