TaxConnex

OCTOBER 22, 2024

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. Kansas will cut its state sales tax on food to 0% by Jan. 1, 2025, part of a gradual reduction that began last year.

Sales 147

Sales Tax Alaska Nebraska 147

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

CPA Practice

OCTOBER 5, 2023

As in the strategy above, you may have a tax valley in your retirement years that allows you to sell some of those winners without paying taxes. Most people understand that we have different income tax brackets. Most people don’t know that we have different capital gains tax brackets.

Tax 111

Tax income tax tax planning accounting and finance 111

Shay CPA

OCTOBER 21, 2024

By certifying as a QETC, your business income tax rate is 0.04875 versus 0.0725, which is a considerable saving. At the earliest stages, most tech companies usually run into net operating losses, meaning their business income tax base calculation is likely 0. Say you have a team of eight in 2023.

New York 52

New York Technology income tax corporation tax 52

CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. No Mandatory RMDs from Roth Accounts SECURE Act 2.0 Previously, employer matches had to be allocated to an employee’s pre-tax account.

Tax 115

Tax Illinois CPA income tax 115

xendoo

JANUARY 16, 2023

The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal income tax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate.

business tax 52

business tax Tax income tax payroll tax 52

Withum

OCTOBER 11, 2023

The Internal Revenue Service (“IRS”) released Notice 2023-63 , on September 8, 2023, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year.While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal.

income tax 80

income tax Tax accounting standards accounting and finance 80