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

CPA Practice

NOVEMBER 11, 2024

The Social Security Administration (SSA) recently announced several key changes to the program for 2025, including its annual cost of living adjustment (COLA). Maximum taxable earnings going up In 2024, the maximum earnings subject to Social Security taxes was $168,600. In 2024, the threshold was $4,960 per month ($59,520 per year).

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Tax 122

CPA Practice

NOVEMBER 1, 2024

The contribution limit for 401(k) retirement plans is going up in 2025 — but not for individual retirement accounts, the IRS announced on Nov. The amount individuals can contribute to their 401(k) plan in 2025 will increase to $23,500, up from $23,000 in 2024 , according to the tax agency. Under a change made in SECURE 2.0,

accounted 135

accounted Account accountant Tax 135

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

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.

cost accounting 114

cost accounting accounting firms accounted Account 114

CPA Practice

OCTOBER 21, 2024

The 2025 preparer tax identification number (PTIN) renewal period for the nation’s paid tax return preparers is now underway, the IRS announced on Oct. The fee to renew or obtain a PTIN for 2025 is $19.75 Paid tax return preparers with a PTIN expiring on Dec. All current PTINs expire on Dec.

tax return 122

tax return Tax 122

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

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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accounted Account accountant CPA 197

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 accounted Account accountant 116

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

TaxConnex

AUGUST 1, 2024

If it seems like jurisdictions just ceaselessly add additional sales tax laws, statutes and restrictions, recent news out of three states should be refreshing. New Jersey , in a move seemingly counter to a nationwide trend, has repealed its annual sales tax holiday for certain school supplies and sport or recreational equipment.

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North Carolina Sales South Dakota North Dakota 229

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.

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Sales Tax Alaska Nebraska 147

RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). Are you a business owner thinking about hiring?

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Tax CPA business tax 130

Dent Moses

OCTOBER 16, 2024

A number of federal tax provisions included in the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire after December 31, 2025. Tax Brackets : The TCJA reduced the marginal tax rates by 2% to 4% in most tax brackets. Beginning in 2026, tax rates will revert to the higher pre-2017 levels.

tax preparation 52

tax preparation Tax Construction accounted 52

Cherry Bekaert

SEPTEMBER 10, 2024

The federal estate and gift tax exemption is scheduled to sunset by the end of 2025, and it is imperative to begin planning today in order to protect your assets and minimize tax burdens in your estate plan. Contact Us The post Federal Estate and Gift Tax Exemption Will Sunset After 2025 appeared first on Cherry Bekaert.

Tax 52

Tax Finance 52

Accounting Today

NOVEMBER 1, 2024

The amount individuals can contribute to their 401(k) plans in 2025 has increased by $500 to $23,500, up from $23,000 for 2024, but the IRA limit remains $7,000.

Tax 122

Tax 122

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 214

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.

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Tax tax return Technology income tax 98

CPA Practice

OCTOBER 1, 2024

Average public accounting salaries in audit/assurance are expected to range from $80,000 for an associate to $140,550 for a manager in 2025, while the average salaries for roles in tax are projected to range from $79,800 for an associate to $172,200 for a senior manager next year, according to LHH Recruitment Solutions.

accountant salary 105

accountant salary public accounting accounted Account 105

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

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.

income tax 161

income tax Tax CPA 161

Accounting Today

NOVEMBER 4, 2024

Act and the Tax Cuts and Jobs Act. The adjustments reflect how inflation is slowing down and upcoming changes to the rules based on the Secure 2.0

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Tax 89

Accounting Today

AUGUST 29, 2023

New Zealand will introduce legislation this week that enables a digital services tax on large multinational companies, though the levy won't be imposed until 2025.

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Tax corporation tax 98

Cherry Bekaert

JUNE 15, 2023

Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. million ($25.84

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Tax cpas 111

Accounting Today

OCTOBER 28, 2024

Tax season is about providing superior, high-value services to clients. That means doing everything necessary to make the experience working with you pleasant.

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Tax accounted Account accountant 78

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

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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South Carolina North Carolina Tax Alabama 130

Accounting Today

SEPTEMBER 11, 2024

Bloomberg Tax & Accounting projects that inflation-adjusted amounts in the Tax Code will increase 2.8% in 2025 — roughly half the increase in 2024 and down from 7.1% in 2023.

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Tax accounted Account accountant 123

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 203

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.

tax planning 130

tax planning Tax CPA business tax 130

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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accounted Account accountant Tax 128

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

LSLCPAs

JULY 22, 2024

As we approach the end of 2025 (which will be here before we know it!), significant changes to the estate tax law are on the horizon, which could greatly affect your tax planning strategies. Currently, the estate tax exemption stands at approximately $14 million, but on January 1st, 2026, it is scheduled to be slashed.

Tax 52

Tax cpas tax planning 52

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

Accounting Today

OCTOBER 25, 2024

Artificial intelligence is transforming how firms manage tax returns, communicate with clients and handle administrative tasks.

Tax 69

Tax tax return tax preparation accounting firms 69

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

Anders CPA

SEPTEMBER 16, 2024

As we prepare to thrive in 2025, here’s what my clients and I look at: Taxes: In an asset-heavy industry, staying on top of taxes is make-or-break. Proper tax planning involves not just meeting estimated payments but also strategically managing depreciation schedules and asset valuations. Here’s to thriving in 2025.

Transportation 64

Transportation Tax accounting and finance tax planning 64