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

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.

Tax 98

Tax tax return Technology income tax 98

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

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

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

CPA Practice

OCTOBER 8, 2024

In response to Hurricane Helene’s recent devastation and Hurricane Milton’s impending landfall, Wolters Kluwer Tax & Accounting is highlighting tax relief opportunities available to those affected by natural disasters in 2024. They can choose to claim these losses in the year they were incurred (i.e.,

South Carolina 116

South Carolina North Carolina Tax tax return 116

CPA Practice

NOVEMBER 9, 2023

By Karin Price Mueller, nj.com (TNS) The IRS on Thursday released updated tax brackets and standard deductions for 2024. 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.

Tax 130

Tax tax return income tax 130

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. Taxpayers now have until Feb.

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

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.

Pennsylvania 78

Pennsylvania income tax Tax tax return 78

CPA Practice

SEPTEMBER 9, 2024

The deadline for taxpayers to submit their third quarter estimated tax payment is one week from today. However, individuals and businesses affected by disasters in 17 states, Puerto Rico, and the Virgin Islands may automatically qualify for a delayed tax-payment deadline, the IRS said last week.

West Virginia 95

West Virginia South Dakota South Carolina Tax 95

CPA Practice

NOVEMBER 16, 2024

The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable distributions. For that reason, the annual QCD limit will rise to $108,000 in 2025. Tax Return for Seniors.

tax return 64

tax return income tax Tax 64

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

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

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 are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. 1, 2026.

Tax 114

Tax Real Estate tax return Sales 114

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.

Tax 206

Tax tax return CPA Start-ups 206

RogerRossmeisl

JULY 16, 2023

Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United States. Note: Under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses on their own tax returns through 2025.

tax return 174

tax return CPA Tax business tax 174

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

CPA Practice

AUGUST 19, 2024

A new coalition comprised of the IRS, state tax agencies, and representatives from the tax profession was introduced on Aug. 16, tasked with combating the ever-growing scams that continue to threaten taxpayers, practitioners, and tax systems.

Tax 105

Tax tax return Education Government 105

inDinero Tax Tips

OCTOBER 22, 2024

You may have heard that Nevada LLC taxes are favorable to business owners. This is true if you plan to do business there, but keep in mind it’s rarely advantageous for out-of-state businesses to incorporate somewhere other than their home state; taxes accrue where you do business, not where you incorporate.

Nevada 59

Nevada Tax income tax payroll tax 59

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

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

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.

tax return 241

tax return Transportation CPA Tax 241

CPA Practice

DECEMBER 19, 2023

Firearms and ammunition are already subject to New York sales tax. If New York State Senate Bill 7733 is enacted, it will place an additional excise tax on the sale of firearms and ammunition in the Empire State. SB 7733 would impose an excise tax on licensed dealers in firearms, firearms manufacturers, and sellers of ammunition.

New York 133

New York Tax Manufacturing tax return 133

Cherry Bekaert

MAY 28, 2024

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. per $1,000 of its tax base. House Bill No.

North Carolina 104

North Carolina Tax income tax tax return 104

CPA Practice

SEPTEMBER 12, 2024

The Internal Revenue Service has issued proposed regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 1, 2025.

Tax 69

Tax income tax tax return financial statements 69

Ronika Khanna CPA,CA

JUNE 7, 2024

Table of Contents When starting a business, it can be confusing and a little overwhelming to keep on top of the different types of tax filings that need to be submitted and ensuring that these tax deadlines are met. If you do not have any payroll in a month or period, you can simply file a $0 or nil return, online with both CRA and RQ.

Tax 84

Tax corporation tax tax return payroll 84

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. For 2018 through 2025, business and moving miles are deductible only in much more limited circumstances.

tax return 195

tax return CPA Tax 195

Withum

OCTOBER 17, 2024

In a letter to the French scientist Jean-Baptiste Leroy in 1789, Benjamin Franklin wrote, “Our new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain, except death and taxes.” Still, the fact remains the only certainties we have are death and taxes.

Tax 52

Tax tax planning Real Estate Non-Profits 52

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

ThomsonReuters

FEBRUARY 9, 2024

As we step into a new year, the taxation realm is abuzz with discussions surrounding the Tax Relief for American Families and Workers Act of 2024. However, amidst this spotlight, there are other tax proposals quietly gaining momentum. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

Cherry Bekaert

OCTOBER 28, 2024

Understanding the available tax relief options is crucial. IRS Disaster Relief The Internal Revenue Service (IRS) offers comprehensive tax relief to those affected by Hurricane Helene and Hurricane Milton across several states. Tennessee : Tax relief measures are detailed on the Tennessee Department of Revenue website.

South Carolina 52

South Carolina North Carolina Tax Alabama 52

CPA Practice

JUNE 19, 2023

By Michael Aloi, CFP, Kiplinger Consumer News Service (TNS) I never recommend an investment solely for the tax benefits. If an investment makes sense as part of a diversified portfolio and can provide tax benefits, then it is a win-win. But it’s the tax advantages of real estate investment trusts that I want to focus on here.

Tax 111

Tax Real Estate income tax Legal 111

SkagitCountyTaxServices

SEPTEMBER 19, 2024

Here’s how you know (as quoted directly from the BOI reporting FAQ page ): “A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.” These last two Q3 and Q4 tax payment deadlines seem to always be trickier for business owners, for whatever reason.

Tax 70

Tax income tax CPA tax preparation 70

SMBAccountant

MAY 17, 2024

It will also have tax implications and different regulatory compliances the business will have to follow. In a lot of cases, you will need to complete tax registration to obtain an Employer Identification Number (EIN) from the IRS. Establish a system for collecting and remitting sales tax if required.

accounting software 130

accounting software Legal tax return financial statements 130

CPA Practice

MARCH 20, 2023

The Tax Blotter is a round-up of recent tax rulings and legislation. Many of the changes for individuals in the Tax Cuts and Jobs Act (TCJA) are temporary and are scheduled to expire after 2025. But some are permanent provisions of the tax code. The withdrawals are exempt from tax. Use 529 plan for kids.

Tax 85

Tax tax return Education Account 85