ThomsonReuters

JANUARY 22, 2024

Flexible Income Lookback : Taxpayers can choose to use either current or prior-year income to calculate the child tax credit in 2024 and 2025, providing flexibility in determining eligibility. Inflation Adjustment : Starting in 2024, the child tax credit will be adjusted for inflation to keep up with the rising cost of living.

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inDinero Tax Tips

SEPTEMBER 13, 2023

brought is modified catch-up contributions for retirement accounts. This expansion allows individuals aged 50 or older to stash more in their retirement accounts. Starting from 2024, these catch-up contributions must be deposited into Roth accounts. Modified Catch-Up Contributions Another change the SECURE Act 2.0

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ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. And then having to decipher them into easy-to-understand nuggets that work for your clients?

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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.

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Inform Accounting

NOVEMBER 18, 2022

The R&D tax relief is changing from 130% to 86% and the SME credit rate will decrease from 14.5% This takes effect from the Autumn Finance Bill 2022. From April 1st 2023 business rates will be reevaluated to take account of a rise in property values since 2017. Do you need to: Increase your prices?

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PYMNTS

FEBRUARY 10, 2020

Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. The tax, technically known as “Tax Deducted at Source” (TDS), is sent directly to an account held by the central government.

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KROST

NOVEMBER 24, 2020

These two incentives can provide significant tax relief in 2020 if financed and placed in service by midnight, December 31, 2020. A “designated census tract” is a census tract determined by the Department of Finance to be in the top 25% of California census tracts in terms of civilian unemployment and poverty rates.

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