Withum

OCTOBER 3, 2024

Does disaster relief apply to a taxpayer that is not in a disaster area, but the tax preparer is? Per the IRS website , disaster relief applies to the clients of tax preparers who are unable to file returns or make payments on behalf of the client because of a federally declared disaster.

South Carolina 130

South Carolina North Carolina tax preparation income tax 130

Withum

OCTOBER 18, 2023

The QBI deduction was adopted primarily to keep pass-through business owners on a level playing field with large corporations that are enjoying a permanent flat 21% federal tax rate. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

Tax 59

Tax tax planning tax preparation income tax 59

Accounting Insight

MARCH 3, 2023

These trends will lead to an increased interest among tax and accounting firms to outsource tax preparation services to free up staff time to focus on higher-value work. The EU will require green energy and carbon footprint financial reporting in 2023, and the US will require it by 2026.

Tax 52

Tax accountant Account accounted 52

Cherry Bekaert

OCTOBER 3, 2024

Personal Exemptions Personal exemptions would return in 2026 if the TCJA were to sunset. The TCJA also eliminated the miscellaneous itemized deduction, which typically includes investment management and tax preparation fees. It is anticipated that the deduction would be $5,300 per taxpayer and each dependent.

Tax 105

Tax income tax tax preparation corporation tax 105