TaxConnex

MAY 7, 2024

There’s always something changing in the world of tax, especially sales tax. A bill that would raise the online sales tax in Alabama is progressing with state lawmakers. The current Alabama sales tax is 8% for online purchases, the same as for purchases at the state’s brick-and-mortar stores. Leveling the field.

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Rhode Island Sales Tax South Carolina 264

TaxConnex

JANUARY 16, 2025

Finding qualified tax professionals is tough across all industries for a number of reasons. Whats working for and against your company as you work to find the folks to help with your sales tax compliance? Another survey indicated that 83% of financial hiring managers believe the talent crisis will continue through 2025, if not longer.

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accounting and finance Tax Sales public accounting 147

RogerRossmeisl

JUNE 24, 2024

The IRS recently released guidance providing the 2025 inflation-adjusted amounts for Health Savings Accounts (HSAs). The post Inflation Enhances the 2025 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA. Within specified dollar limits, an above-the-line.

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RogerRossmeisl

DECEMBER 15, 2024

In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. 401(k) plans The 2025 contribution limit for employees who participate in 401(k) plans will increase to $23,500 (up from $23,000 in 2024).

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TaxConnex

MARCH 21, 2024

There’s always something changing in the world of tax, especially sales tax. The Court of Appeals of South Carolina has affirmed a state Administrative Law Court (ALC) finding that the online retail giant remains liable for eight figures in unpaid sales tax on third-party sales from 2016, interest and penalties. The ol’ one-two.

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South Carolina Sales Tax Alabama 264

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. Act that affect tax planning for corporate taxpayers in certain industries. increase in 2023.

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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

RogerRossmeisl

JULY 17, 2024

Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025.

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Tax corporation tax Washington CPA 221

RogerRossmeisl

DECEMBER 29, 2024

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. SE tax basics The maximum 15.3% SE tax rate hits the first $168,600 of your 2024 net SE income.

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Tax CPA business tax 191

RogerRossmeisl

MARCH 25, 2021

Here are some tax rules and considerations involved in operating with that entity. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. Your business expenses are.

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Tax tax return CPA Start-ups 213

TaxConnex

APRIL 12, 2022

There’s always something changing in the world of tax, especially sales tax. Inflation and other spiraling prices have driven states’ lawmakers to consider relief via sales and other taxes. Florida seems to be leading the way, proposing sales tax holidays and other short- and long-term tax relief on a broad range of products.

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South Dakota Sales Tax North Carolina 246

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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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.

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Tax accounting principles tax return financial statements 105

Insightful Accountant

JANUARY 9, 2025

Starting January 1, 2025, the implementation of Form 1099-DA and finalized crypto reporting regulations will significantly impact your tax preparation practice.

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Tax tax preparation 98

RogerRossmeisl

JUNE 19, 2023

If so, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may contend with when you retire: Taking required minimum distributions. Are you getting ready to retire? You can withdraw more than.

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TaxConnex

JANUARY 2, 2025

Every new year brings a ton of developments in all varieties of tax. Sales tax driven by burgeoning eCommerce, dynamic kinds of nexus and a steam of new tech and products that jurisdictions see as lush sources of revenue again has more than its share of trends on tap for 2025. More tax in more states.

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Sales Tax South Dakota North Dakota 147

RogerRossmeisl

JULY 16, 2022

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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income tax tax planning Tax CPA 198

RogerRossmeisl

DECEMBER 29, 2024

HSAs offer a range of benefits that can help you save on health care expenses while providing valuable tax advantages. Its a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025. Employees cant be enrolled in Medicare or claimed on someone elses tax return.

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Tax tax return CPA accounted 187

Going Concern

NOVEMBER 7, 2024

Ignition has released its 2024 US Accounting and Tax Pricing Benchmark report and it reveals that the 325 Ignition customers surveyed are going all-in on fee increases in 2025. 57% of accounting firms plan to increase fees across all services in 2025. 57% of accounting firms plan to increase fees across all services in 2025.

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cost accounting accounting firms Account accounted 115

RogerRossmeisl

JULY 21, 2024

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.

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income tax Tax CPA 166

CPA Practice

NOVEMBER 26, 2024

26, 2024 Thanksgiving and Christmas are here, and that means the end of the year is coming up soon, and tax season will follow soon after. Although Americans dislike the IRS and bemoan taxes, many millions actually look forward to getting a tax refund, and start thinking of how they will spend it. Updated: Nov. Vacation time?

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Tax tax return income tax CPA 105

CPA Practice

SEPTEMBER 19, 2024

The new tax season of 2024 brings multiple changes and updates, which makes it a rather challenging time for all tax professionals. At a minimum, tax professionals need to stay sharp and up to date with the laws and regulatory requirements that change from year to year. By Isaac Bock.

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Tax tax preparation tax return Education 132

RogerRossmeisl

JULY 30, 2021

Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. Note that under the Tax Cuts and Jobs Act (TCJA) , employees can’t deduct their unreimbursed travel expenses through 2025 on their own tax returns. Here are some of the rules that come into play.

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tax return Transportation CPA Tax 244

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

Canopy Accounting

DECEMBER 20, 2024

Identify and comprehend the latest updates and changes in tax laws for the upcoming 2025 tax year.

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Tax 98

Accounting Today

DECEMBER 2, 2024

States that do not assess the major taxes are more competitive than states with complex taxes with high rates.

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Tax 137

Accounting Today

JANUARY 7, 2025

Every state levies property taxes, but some states have high or complex property tax structures, making them less competitive.

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Tax 119

CPA Practice

OCTOBER 8, 2024

next year, with roles in tax services expected to see an average increase of 8.4% in 2025 and roles in audit and assurance expected to rise by an average of 9.5%, according to a CPA Practice Advisor analysis of public accounting pay data provided by specialized staffing firm Robert Half. Senior tax associate: 8.5% Manager: 5.5%

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public accounting Account accounted accountant 116

Accounting Today

MAY 9, 2024

The Internal Revenue Service issued the annual inflation adjustments for health savings accounts in 2025 as prices continue to rise.

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Account accountant accounted Tax 128

RogerRossmeisl

FEBRUARY 18, 2024

If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Be aware that this deduction is only available through 2025, unless Congress acts to extend it. The post 9 Tax Considerations if you’re Starting a Business as a Sole Proprietor appeared first on Roger Rossmeisl, CPA.

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Tax CPA business tax 159

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.

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Tax tax return 119

Accounting Today

JANUARY 9, 2025

Data from the Tax Foundation's 2025 State Tax Competitiveness Index ranked which states compete on sales and excise taxes, and which don't.

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Sales Tax 119

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.

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Tax income tax 105

Accounting Today

NOVEMBER 27, 2024

The IRS introduced changes to certain contribution limits to 401(k) and retirement plans for 2025, while some limits will remain the same.

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Tax 128

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.

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accounting firms Account accounted accountant 116

RogerRossmeisl

SEPTEMBER 9, 2024

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. Do you expect to be in a higher tax bracket next year? Here are some other ideas that may help you save tax dollars if you. If so, then opposite strategies may produce better results.

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tax planning Tax CPA business tax 148