Cherry Bekaert

JANUARY 18, 2024

This was to address instances where taxpayers may have been required to amend a tax return that was filed before or shortly after Notice 2023-63 was issued. Taxpayers may not be able to change certain positions on the return that were inconsistent with various sections. statement included with the 2022 tax return).

tax return 89

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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. If the beneficiary is in a lower tax bracket than the trust, this would result in overall tax savings.

tax planning 52

tax planning Tax income tax tax return 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

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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xendoo

JANUARY 16, 2023

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. Shareholders still must file their personal income tax returns and report the corporate dividends and capital gains they get as part of their taxable income.

business tax 52

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Withum

NOVEMBER 17, 2022

Expansion of small businesses that are able to use the cash (as opposed to accrual) method of tax accounting. Other cost segregation services include: Look-back studies to recapture depreciation deductions from prior tax years without amending your tax return. Repair and maintenance studies.

tax planning 98

tax planning Tax Construction income tax 98

CPA Practice

AUGUST 19, 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 52

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ThomsonReuters

SEPTEMBER 7, 2023

The child and dependent care tax credit provides financial relief for families who pay for child or dependent care expenses. To claim the child and dependent care tax credit, taxpayers must file their Form 1040 federal income tax return using Form 2441.

Tax 52

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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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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. Do the math and claim the credit.

Tax 53

Tax income tax Government tax return 53