Xero

OCTOBER 30, 2024

As outlined in the autumn Budget, the UK government is committed to delivering Making Tax Digital (MTD) for income tax Self Assessment, which will be mandated in April 2026. At Xero, we’re ready for MTD for IT and will be participating in HMRC’s public testing phase from April 2025. What happens next?

income tax 55

income tax Tax bookkeeping Government 55

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 111

Healthcare income tax payroll Tax 111

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

Anders CPA

OCTOBER 28, 2024

The Internal Revenue Service (IRS) has released its annual inflation adjustments for tax year 2025. Detailed information about the adjustments and changes to the over 60 tax provisions impacting taxpayers can be found in Revenue Procedure 2024-40.

Tax 64

Tax income tax tax return Transportation 64

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.

income tax 140

income tax Tax accounting standards financial accounting 140

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

income tax Tax accounting standards financial statements 105

Cherry Bekaert

MAY 16, 2023

Contributors: John Ford | Senior Consultant, Government Contracting Industry Practice Tony Konkol | Manager, State & Local Tax Practice As a general rule, corporations are responsible for paying Federal and state taxes on the income they earn. This allows S corporations to avoid double taxation on the corporate income.

income tax 88

income tax Tax tax return Connecticut 88

TaxConnex

OCTOBER 22, 2024

There’s always something changing in the world of sales tax. Alaska’s Remote Seller Sales Tax Commission confirms that the state will join the growing number of jurisdictions to repeal the transaction count requirement for determining economic nexus, effective next year. Here’s a review of some of the recent updates. Another one down.

Sales 147

Sales Tax Alaska Nebraska 147

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.

income tax 72

income tax Tax accounting standards Account 72

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.

income tax 97

income tax Tax accounting standards financial statements 97

CPA Practice

NOVEMBER 4, 2024

2—A trend is forming in the Boston sports scene: if a team struggles, state taxes are blamed for the poor performance. The Florida Panthers, the 2024 Stanley Cup winners, lead the division, playing in a state without income taxes. Bruins fans can also blame an unexpected culprit: State taxes.”

Massachusetts 111

Massachusetts income tax Tax Sports 111

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

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

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 191

Tax income tax CPA business tax 191

CPA Practice

OCTOBER 11, 2024

Because of hurricanes Debby, Helene, and, most recently, Milton, all taxpayers in Florida now have until May 2025 to file individual and business tax returns and make tax payments, the IRS announced on Friday. 10—individuals and businesses in 51 counties will receive disaster tax relief. 5 and concludes on May 1, 2025.

Florida 137

Florida Tax tax return payroll 137

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

AUGUST 14, 2024

On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby. Quarterly estimated income tax payments normally due on September 16, 2024, and January 15, 2025.

South Carolina 126

South Carolina North Carolina Georgia Tax 126

inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

Nevada 59

Nevada Tax income tax payroll tax 59

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.

Alabama 52

Alabama income tax Tax Construction 52

Anders CPA

APRIL 23, 2024

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2

Tax 52

Tax income tax tax planning CPA 52

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). 25, 2024.

Louisiana 104

Louisiana Tax tax return income tax 104

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

CPA Practice

AUGUST 2, 2023

Treasury Secretary Janet Yellen announced on Wednesday that the IRS has set a goal to go paperless by 2025. Today, we are announcing that, by the next filing season, taxpayers will be able to digitally submit all correspondence, non-tax forms, and notice responses to the IRS.” That has generated about $38 million in recoveries.

Tax 98

Tax tax return Technology income tax 98

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

Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. This will replace the need for a Self-Assessment tax return.

income tax 52

income tax Tax tax return Government 52

CPA Practice

NOVEMBER 9, 2023

By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. 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.

Tax 130

Tax tax return income tax 130

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

Dent Moses

JUNE 14, 2023

The bill eliminates the 5% tax on overtime pay for a fixed period of time. Key Provisions: The bill exempts Alabama state tax withholding on overtime from January 2024 through June of 2025 – extension will require a renewal by lawmakers. The Alabama Legislature recently passed HB217 which was signed into law by Governor Ivy.

income tax 52

income tax Alabama Tax payroll 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 are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. 1, 2026.

Tax 114

Tax Real Estate tax return Sales 114

CPA Practice

SEPTEMBER 9, 2024

The deadline for taxpayers to submit their third quarter estimated tax payment is one week from today. However, individuals and businesses affected by disasters in 17 states, Puerto Rico, and the Virgin Islands may automatically qualify for a delayed tax-payment deadline, the IRS said last week.

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

Shay CPA

NOVEMBER 13, 2024

In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to U.S. tax law — but not all of them were permanent. Some of the provisions from the TCJA are set to expire at the end of 2025. After December 31, 2025, those deduction amounts adjust to 21.875% of FDII and 37.5% Income tax rate changes.

Tax 52

Tax corporation tax income tax CPA 52

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

CPA Practice

OCTOBER 9, 2024

Maine governor Janet Mills wanted to get rid of the red tape that separates many Down East nonprofits from sales tax exemptions. She succeeded: As of January 1, 2025, thousands of nonprofits in Maine will be eligible for a blanket exemption. Which nonprofits are currently exempt from Maine sales tax? What is a blanket exemption?

Maine 115

Maine Sales Tax Texas 115

CPA Practice

NOVEMBER 16, 2024

The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. For that reason, the annual QCD limit will rise to $108,000 in 2025. Tax Return for Seniors.

tax return 64

tax return income tax Tax 64

CPA Practice

FEBRUARY 6, 2024

State and local taxes, also often referred to as SALT, are one of the most dynamic areas of tax practice, with thousands of jurisdictions across the U.S. imposing increases or newly-created taxes on real or other property. In response to the dismissal of the earlier state lawsuit, Apple Inc.

South Dakota 124

South Dakota Tax Maryland income tax 124

CPA Practice

AUGUST 1, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution. million in revenue from the tax.

Pennsylvania 104

Pennsylvania Tax Real Estate income tax 104

Cherry Bekaert

MAY 28, 2024

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. per $1,000 of its tax base. House Bill No.

North Carolina 104

North Carolina Tax income tax tax return 104