Going Concern

JANUARY 17, 2025

TAX CANDIDATES FTE Tax | Candidate ID #23772188 Certifications: CPA in process, EA Education: BBA Accounting and Finance Experience (years): 8+ years experience in tax accounting. The post Top Remote Accountants of the Week | January 17, 2025 appeared first on Going Concern.

Real Estate 52

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Going Concern

JANUARY 9, 2025

The post Top Remote Accountants of the Week | January 9, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 52

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Going Concern

JANUARY 2, 2025

The post Top Remote Accountants of the Week | January 2, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 52

Real Estate Account accounted accountant 52

Withum

DECEMBER 4, 2024

Any asset with a class life of less than 15-years can still be depreciated using MACRS and take advantage of bonus depreciation (60% in 2024 and 40% in 2025). Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting.

Tax 105

Tax income tax Construction Non-Profits 105

Going Concern

JANUARY 30, 2025

The post Top Remote Accountants of the Week | January 30, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 52

Real Estate Account accounted accountant 52

ThomsonReuters

MARCH 7, 2024

Any property that is subject to the rules of QIP and is leased by a single tenant now falls under the rules for QIP for tax accounting purposes. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027. By 2026, the bonus depreciation decreases to 20%.

accounting principles 98

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Going Concern

FEBRUARY 13, 2025

The post Top Remote Accountants of the Week | February 13, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Account 52

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Going Concern

JANUARY 23, 2025

The post Top Remote Accountants of the Week | January 23, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Real Estate 52

Real Estate Account accounted accountant 52

CPA Practice

OCTOBER 5, 2023

So, as we evaluate our client planning for year-end, we are thinking about 2025 premiums. Funding retirement accounts is something you can do. Ironically, you can both take money out of and put it in the same account in the same year. The premium is derived from your gross (not taxable) income two years prior.

Tax 111

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Going Concern

SEPTEMBER 22, 2023

We’re seeing more of a ripple than a tsunami this year and could be in for a massive drought in 2024 and 2025. ” Said the sole practitioner, who graduated in 2019, “There are good things about the profession. So that’s where we’re at.

Account 116

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CPA Practice

AUGUST 28, 2024

Beginning in 2025, individuals aged 60 to 63 will be able to contribute an additional catch-up contribution of $10,000 to 401(k)s and similar plans each 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

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. million in 2025). The current lifetime exemption is $13.61 million per person (and increasing to $13.99

tax planning 52

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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

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Anders CPA

MAY 25, 2023

Emergency Savings Accounts   Plan sponsors have been granted permission to add an emergency savings account to their retirement plan, which must be designated as an after-tax account. Roth accounts are exempt from the required minimum distribution requirement. SECURE Act 2.0

Education 52

Education audit Tax income tax 52

ThomsonReuters

OCTOBER 29, 2024

They must undergo a digital transformation of their tools, processes, skillsets, and the way their entire organization approaches indirect tax. The tax, accounts receivable, and accounts payable teams must be aligned with other functions throughout the organization, from finance and procurement to operations, IT and beyond.

Technology 52

Technology accounting and finance Tax accounts payable 52

Cherry Bekaert

JANUARY 18, 2024

Furthermore, taxpayers should evaluate their current tax accounting methods for SRE expenditures considering the guidance provided in Notice 2024-12, Rev. This will allow taxpayers to determine whether an automatic accounting method change should be filed with the 2023 tax return. 2024-9 and Notice 2023-63.

tax return 89

tax return Tax accounted Account 89

Going Concern

DECEMBER 27, 2024

Friday Footnotes will return on January 3, 2025. Instead of a wrap up of the week’s accounting news (there is none), here are a few items for your consideration. Comments are open if you’d like to share your opinion on anything here, or any other relevant happenings in and around the accounting profession.

Technology 59

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CPA Practice

NOVEMBER 9, 2023

Thomson Reuters, a global content and technology company, has added several updates to its suite of tax, accounting and audit products, it announced at its annual customer event, SYNERGY. ONESOURCE E-Invoicing provides customers with a single access point to manage electronic invoicing compliance.

Technology 52

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Shay CPA

OCTOBER 21, 2024

Those five employees over your base number of three would give you a $5,000 tax credit (5 * $1,000). If you start taking the credit in 2023, you could take it in 2024 and 2025, too. Capital Tax Credit for Investors This credit goes to individuals or businesses that make a qualified investment in a QETC.

New York 52

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Withum

DECEMBER 23, 2023

Accountants are left scratching their heads in the realization that many of their clients are faced with devastating options, including severe cutbacks on their R&E expenditures, relocating research activities out of the United States, or even closing their business altogether.

Pharmaceutical 52

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CPA Practice

AUGUST 19, 2024

Beginning in 2025, individuals aged 60 to 63 will be able to contribute an additional catch-up contribution of $10,000 to 401(k)s and similar plans each 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 52

Tax CPA Illinois income tax 52

Withum

NOVEMBER 17, 2022

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Energy Tax Credit (Modified): The credit was extended to energy projects that begin construction before January 1, 2025, and the list of energy projects that qualify was expanded.

tax planning 98

tax planning Tax Construction income tax 98

Shay CPA

NOVEMBER 14, 2023

Those five employees over your base number of three would give you a $5,000 tax credit (5 * $1,000). If you start taking the credit in 2023, you could take it in 2024 and 2025, too. Capital tax credit for investors This credit goes to individuals or businesses that make a qualified investment in a QETC.

New York 52

New York Technology Delaware corporation tax 52

xendoo

FEBRUARY 13, 2023

If you’re wondering how to pay less in taxes, you’re not alone. Everyone—from individuals to business owners—wants to know how to lower their taxes. Tax laws are complicated and they can change each year. Our tax accountants know all the tax breaks for business owners and how to leverage them.

Tax 59

Tax income tax Non-Profits Legal 59

xendoo

JANUARY 16, 2023

A total of 23 individual and business tax TCJA provisions are set to expire on December 31, 2025. A tax professional can help you understand these changes and their impact on your business. Inflation Reduction Act (IRA) The Inflation Reduction Act (IRA) also influences how much you could pay in taxes.

business tax 52

business tax Tax income tax payroll tax 52

ThomsonReuters

SEPTEMBER 7, 2023

In addition, it may also be beneficial to utilize pre-tax accounts by encouraging clients to contribute to dependent care assistance programs or health savings accounts, if available. However, due to tax law changes, dependency exemptions were suspended for tax years 2018 through 2025.

Tax 52

Tax income tax tax preparation tax return 52

ThomsonReuters

JUNE 10, 2021

in 2025, and a base rate of $16.00 However, for persons who live out of state, but previously commuted to Vermont and now live and work outside of Vermont, the income earned while at home is not Vermont income (even though the employer is still located in Vermont), and is not subject to Vermont income tax. in 2023, $15.00

payroll 98

payroll Vermont Tax Connecticut 98

CPA Practice

OCTOBER 28, 2024

During this brief remaining period before the holiday seasons begin, we accountants set our sights on preparing for 2025 and those things we need to think about incorporating into next year’s strategic plans. In that light, I present my Top 10 Technology Predictions for your consideration while you fire up your 2025 planning.

accounting firms 128

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CPA Practice

JULY 25, 2024

Complete the Pending Installment Agreement process within Online Account without having to be re-routed to a separate application. View a comprehensive overview of their account information, including the status of their tax refund as it’s being processed. What’s up next?

online accounting 119

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Menzies

SEPTEMBER 27, 2024

Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account. This Roadmap will set out HMRC’s vision to be a digital-first organisation.

chartered accountant 52

chartered accountant Government Tax tax accountant 52

Menzies

SEPTEMBER 27, 2024

Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account. This Roadmap will set out HMRC’s vision to be a digital-first organisation.

chartered accountant 52

chartered accountant Government Tax tax accountant 52

Menzies

SEPTEMBER 27, 2024

Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account. – potential for greater visibility and understanding of VAT obligations.

chartered accountant 52

chartered accountant Government Tax tax accountant 52

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

JANUARY 8, 2025

Important Deadline for 1099-NEC for 2025: Filing Copy: 1099-NEC 2025 Due Date Recipient Copy January 31st, 2025 IRS eFile January 31st, 2025 IRS Paper Copy January 31st, 2025 Below is a copy and link to the 1099-NEC form for 2024.

accounting and finance 52

accounting and finance Tax payroll CPA 52

Going Concern

FEBRUARY 20, 2025

The post Top Remote Accountants of the Week | February 20, 2025 appeared first on Going Concern. About the Author: Liz Branch is the COO of Accountingfly. Don’t hesitate to reach out to liz@accountingfly.com.

Account 52

Account accounted accountant Real Estate 52

SkagitCountyTaxServices

DECEMBER 19, 2024

owner=19530343 Or, if you prefer more of a hands-on approach, you might look into the IRSs Business Tax Account (BTA). Its a handy digital service meant to help you keep your tax obligations met you can look at your balances due, your payment history, make electronic payments, and a lot more. and many others.

Tax 54

Tax income tax Government tax return 54

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%

Tax 52

Tax corporation tax income tax CPA 52