inDinero Tax Tips

OCTOBER 22, 2024

LLC Taxes in Nevada Here are the primary reasons Nevada is an attractive place to start a business: While the average American pays 8.9% in state income tax, Nevada is one of a handful of states that doesn’t have personal income tax. That said, the state isn’t tax-free.

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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.

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Accounting Today

AUGUST 30, 2023

The Financial Accounting Standards Board voted to require companies to tell the public more about the taxes they pay, starting as early as 2025.

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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.

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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.

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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.

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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

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.

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Reckon

JANUARY 22, 2025

With 2025 looking like the year of change and adjustment, you need to control what you can manage, like preparing for recurring annual events, and be flexible about goals and projects. What does your small business roadmap look like for 2025? Here is a breakdown of how the SMART framework is used: S: Specific goal.

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Cherry Bekaert

FEBRUARY 12, 2024

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued final guidance concerning income tax disclosures, labeled Accounting Standards Update No. For businesses surpassing specified quantitative thresholds, further disaggregation by taxing jurisdictions may be required. 2023-09 (ASU 2023-09).

income tax 105

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Cherry Bekaert

MAY 16, 2023

S corporations are corporations that elect to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed at their individual income tax rates.

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CPA Practice

FEBRUARY 15, 2025

The CPA Practice Advisor Weekly Tax News Roundup is a weekly recap of tax-related news from the past week. From IRS news and tax court cases, to state, SALT, legislation and other related areas, the roundup can help you catch-up on recent changes. Let us know if you like this new feature using the. Read more »

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Accounting Today

DECEMBER 23, 2024

From those with no individual income tax at all, to those with complex tax structures a guide to most and least competitive states when it comes to individual income taxes.

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income tax Tax 126

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. What If You Can’t File Your Income Taxes By April 15? 14)** Feb.

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Accounting Today

OCTOBER 22, 2024

The Internal Revenue Service issued its annual inflation adjustments for tax year 2025, including changes in the standard deduction, marginal rates, tax credits and more.

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Tax income tax 126

Cherry Bekaert

FEBRUARY 12, 2024

The Financial Accounting Standards Board (FASB) released final guidance regarding income tax disclosures on December 14, 2023. 2023-09 (ASU 2023-09) applies to all entities subject to income taxes and is intended to enhance the transparency and usefulness of income tax disclosures.

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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?

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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.

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Withum

FEBRUARY 14, 2024

Before the 2023 calendar year ended, a new Accounting Standards Update (ASU) was issued by the Financial Standards Account Board (FASB) to update the requirements for income tax disclosures under US GAAP. ASU 2023-09 applies to all entities that are subject to income taxes, but some disclosures are only required for public entities.

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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.

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Going Concern

NOVEMBER 8, 2024

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.

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TaxConnex

APRIL 12, 2022

The legislation wouldn’t alter local city or county sales tax. Sales tax relief isn’t being proposed everywhere though. Kentucky is considering gradually eliminating its individual income tax in favor of a broader sales tax. South Dakota has rejected a proposal to cut the state sales tax by a half a percent.

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Withum

FEBRUARY 27, 2025

IRS-CI is the law enforcement arm of the IRS tasked with investigating violations of income tax, money laundering, and Bank Secrecy Act laws. Its the only federal agency that dedicates 100% of investigative time to financial investigations and has sole authority to investigate violations of US income tax laws.

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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.

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

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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.

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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.

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Pennsylvania income tax Tax tax return 78

Withum

DECEMBER 4, 2024

Employers must withhold the additional Medicare tax from wages in excess of $200,000, regardless of filing status or other income. Thus, you can minimize the additional Medicare tax by deferring income to 2025.

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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.

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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. The threshold for this year and onward will look like – Tax year 2024 (reporting in 2025): 5K threshold.

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Insightful Accountant

FEBRUARY 12, 2025

Your 2025 IRS tax refund may arrive sooner than you think. Heres a schedule for when you can expect your check or direct deposit.

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income tax Tax 52

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.

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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.

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Tax tax return income 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%

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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).

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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.

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Tax income tax 104

Dent Moses

AUGUST 24, 2023

In June, we reported that the Alabama Legislature passed HB217, which eliminates the 5% withholding tax on overtime from January 2024 through June 2025. Employers are subject to reporting for 2023, 2024 and 2025. The post Guidance Provided for Overtime Pay Exempt from Alabama Income Tax appeared first on Dent Moses, LLP.

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