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

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. Lucie counties.

Florida 137

Florida Tax tax return payroll 137

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

CPA Practice

NOVEMBER 16, 2024

For that reason, the annual QCD limit will rise to $108,000 in 2025. Reporting and documenting QCDs For 2024, QCDs should be reported on the 2024 tax return. in early 2025 documenting IRA distributions. Individual Income Tax Return , or Form 1040-SR, U.S. Tax Return for Seniors.

tax return 64

tax return income tax Tax 64

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).

South Carolina 130

South Carolina North Carolina Tax Alabama 130

Withum

AUGUST 14, 2024

The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning on August 1, 2024, in Florida, August 4, 2024, in Georgia and South Carolina, and August 5, 2024, in North Carolina – the postponement period.

South Carolina 126

South Carolina North Carolina Georgia Tax 126

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. The grantor’s payment of income taxes on trust income is effectively a tax-free gift to the trust.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

Alaska 126

Alaska South Dakota North Carolina tax return 126

RogerRossmeisl

JULY 16, 2023

Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025.

tax return 174

tax return CPA Tax business tax 174

CPA Practice

SEPTEMBER 13, 2024

The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business tax returns and make tax payments. 3, 2025 (postponement period).

Louisiana 104

Louisiana Tax tax return income tax 104

Withum

OCTOBER 3, 2024

The tax relief postpones certain tax filing and payment deadlines that started as early as September 22, 2024, to May 1, 2025. May 1, 2025 2024 Form 1065 March 15, 2025 *Postponement date would allow a proper extension until October 30, 2025. What does the filing and payment relief apply to?

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

RogerRossmeisl

JULY 30, 2021

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. That’s because unreimbursed employee business expenses are “miscellaneous itemized deductions” that aren’t deductible through 2025.

tax return 241

tax return Transportation CPA Tax 241

CPA Practice

NOVEMBER 9, 2023

While the actual percentages of the tax brackets will remain the same until 2025 because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. These tax rates are for the 2024 tax year covering tax returns that will be filed in 2025.

Tax 130

Tax tax return income tax 130

CPA Practice

OCTOBER 8, 2024

Several key tax provisions impacted businesses and individuals should consider include: IRS filing and payment extensions The IRS has granted extensions for various tax filing and payment deadlines until May 1, 2025, for taxpayers affected by the Hurricane Helene disaster.

South Carolina 116

South Carolina North Carolina Tax tax return 116

CPA Practice

OCTOBER 7, 2024

4—Federal officials have announced tax relief for people and businesses in the Yakama Nation affected by summer wildfires that began June 22. 3, 2025, to file various federal individual and business tax returns and make tax payments, according to a news release from the IRS. (TNS) Oct. 16, and Jan. 31 and Jan.

Washington 97

Washington Tax tax return payroll 97

RogerRossmeisl

NOVEMBER 9, 2023

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. What’s considered a casualty for tax purposes? Note: The post Casualty Loss Tax Deductions May Help Disaster Victims in Certain Cases appeared first on Roger Rossmeisl, CPA.

Tax 136

Tax tax return CPA 136

CPA Practice

OCTOBER 30, 2023

The IRS said on Monday that it will allow electronic signatures to be used on certain tax forms “indefinitely until more robust technical solutions are deployed.” 31, 2025, the ability to use encrypted email when working directly with IRS employees to clear up tax-related issues or concerns.

tax return 132

tax return income tax Real Estate Tax 132

RogerRossmeisl

JULY 17, 2022

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances. Individuals also can deduct them in certain circumstances.

tax return 195

tax return CPA Tax 195

CPA Practice

SEPTEMBER 9, 2024

As a general rule, taxpayers should make estimated tax payments if they expect: To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits. Late and skipped estimated tax payments can incur penalties even if a refund is due when a tax return is filed. 15, 2025.

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

CPA Practice

SEPTEMBER 10, 2024

3, 2025, to submit a variety of tax filings and payments, the Internal Revenue Service announced on Tuesday. 3, 2025 will be extended to that latter date. That will cover people, businesses or tax-exempt organizations that already have extensions to file their 2023 returns. 18 and Feb.

Connecticut 110

Connecticut New York Tax tax return 110

CPA Practice

JULY 1, 2024

The regulations require brokers to report certain sale and exchange transactions that take place beginning in calendar-year 2025 on the soon-to-be released Form 1099-DA. The final regulations announced today will require brokers to report gross proceeds on the sale of digital assets beginning in 2026 for all sales in 2025.

Tax 114

Tax Real Estate tax return Sales 114

RogerRossmeisl

MARCH 25, 2021

For tax years through 2025, the deduction can be up to 20% of a pass-through entity owner’s QBI. You can take the deduction even if you don’t itemize deductions on your tax return and instead claim the standard deduction. Reporting responsibilities As a sole proprietor, you’ll file Schedule C with your Form 1040.

Tax 206

Tax tax return CPA Start-ups 206

CPA Practice

OCTOBER 24, 2024

Beginning in 2025, for each item of specified property placed in service, no credit will be allowed unless the item was produced by a QM and the taxpayer includes the PIN for the item on the taxpayer’s tax return. . $600 in total for exterior doors. Home energy audits are limited to $150.

Manufacturing 105

Manufacturing tax return audit Tax 105

CPA Practice

JANUARY 23, 2024

The redesign work will accelerate during the 2025 and 2026 filing seasons, improving common IRS letters going out to individual taxpayers and then expanding into notices going to businesses. The IRS will be actively engaging with taxpayers and the tax professional community to gather feedback on how these notices should be redesigned.

tax return 122

tax return Tax 122

SMBAccountant

MAY 17, 2024

Per the Small Entity Compliance Guide published by the Financial Crimes Enforcement Network, companies created or registered to do business before January 1, 2024, will have until January 1, 2025 to file their initial BOI reports. Establish a system for collecting and remitting sales tax if required.

accounting software 130

accounting software Legal tax return financial statements 130

RogerRossmeisl

SEPTEMBER 6, 2021

Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these casualty loss tax deductions harder to take. What’s considered a casualty for tax purposes?

Tax 155

Tax tax return CPA 155

Cherry Bekaert

MAY 28, 2024

508 clarifies the computation of the upcoming C-Corporation 2025 franchise tax base cap. Starting January 1, 2025, the franchise tax for C-Corporations will be $1.50 per $1,000 of its tax base. However, the maximum for the first $1,000,000 of a corporation’s tax base is $500. Additionally, S.B.

North Carolina 104

North Carolina Tax income tax tax return 104

CPA Practice

SEPTEMBER 12, 2024

They also include rules regarding various statutory and regulatory adjustments in determining AFSI; determining if a corporation is subject to the CAMT, including rules for members of a foreign parented multinational group (FPMG) and the determination of the CAMT foreign tax credit. 1, 2025. 31, 2023, and before Jan.

Tax 69

Tax income tax tax return financial statements 69

CPA Practice

AUGUST 19, 2024

The purpose of the CASST, according to the IRS, is “to better protect taxpayers from falling prey to unscrupulous actors by leveraging multilateral relationships across the tax ecosystem to minimize the filing of fraudulent tax returns.”

Tax 105

Tax tax return Education Government 105

CPA Practice

MARCH 5, 2024

But you have to file a tax return to claim the credit, even if your income was minimal or non-existent, according to the IRS. If you’re looking to claim the rebate credit for 2020, you have until May 17, 2024 to file a return. For the 2021 credit, you have until April 15, 2025.

tax return 111

tax return Legal Tax 111

CPA Practice

DECEMBER 18, 2023

It is used to open bank accounts, apply for business licenses, register with government agencies and submit many other applications, including paying and filing tax returns. An EIN is required for entities to obtain when starting a business or engaging in transactions in the U.S.

cpas 105

cpas tax return Tax Government 105

Going Concern

MAY 31, 2024

And added: The IRS noted that an early decision on 2025 was critical for planning and programming both for the IRS and for additional states to join the program. So, starting with the 2025 filing season, the IRS will make Direct File a permanent option for filing federal tax returns.

tax return 64

tax return Tax 64

CPA Practice

DECEMBER 19, 2023

How do you file and remit the New York firearms and ammunition tax? Tax returns and payments for the gun and ammunitions tax will be due quarterly. If enacted as written, New York will tax gross receipts from retail sales of guns and ammunition starting January 1, 2025. This could be every two years or more.

New York 133

New York Tax Manufacturing tax return 133

Ronika Khanna CPA,CA

JUNE 7, 2024

Year end Tax Slips Federal You must prepare a summary of the salaries paid for the year via a T4 slips for which the due date is February 28th of the year following the salary payment E.g. February 28, 2025 for the year ended December 31, 2024. If you are registered in Quebec, you are also required to file QST Returns.

Tax 84

Tax corporation tax tax return payroll 84

Menzies

AUGUST 15, 2024

HMRC’s latest nudge letter to dog and cat breeders In August 2024 HMRC began a One to Many or ‘nudge’ letter campaign directed specifically at dog and cat breeders where they believe individuals have either not declared income on their self assessment tax returns, or they have not registered for self assessment at all.

tax return 52

tax return chartered accountant Tax Sales 52

CPA Practice

AUGUST 19, 2024

3 to file Form 2290 , Heavy Highway Vehicle Use Tax Return , for vehicles used in July 2024, the IRS said last Thursday. The tax applies to highway vehicles with a gross weight of 55,000 pounds or more that are registered or are required to be registered under law. Taxpayers who operate large trucks and buses have until Sept.

Tax 115

Tax tax return accounted Account 115

Withum

OCTOBER 17, 2024

Key Tax Provisions Set to Expire in 2025 Let us focus on what we do know with absolute certainty today about taxes. Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025). Should I implement my succession plan?

Tax 52

Tax tax planning Real Estate Non-Profits 52