RogerRossmeisl

JULY 16, 2022

Beginning on January 1, 2026, the amount is due to be reduced to $5 million, adjusted for inflation. The post Your Estate Plan: Don’t Forget About Income Tax Planning appeared first on Roger Rossmeisl, CPA. Note: The federal estate tax exclusion amount is scheduled to sunset at the end of 2025.

income tax 205

income tax tax planning Tax CPA 205

Anders CPA

JANUARY 16, 2024

The looming sunset of the expanded lifetime estate and gift tax exemption will arrive on January 1, 2026. As of January 1, 2026, the current lifetime estate and gift tax exemption will be cut in half and adjusted for inflation. Key Takeaways: As of 2024, the lifetime estate and gift tax exemption stands at $13.61

Tax 113

Tax income tax Legal CPA 113

CPA Practice

APRIL 3, 2023

The Illinois CPA Society (ICPAS)—one of the largest state CPA societies in the nation—is proud to formally announce its new board of directors for the April 1, 2023, to March 31, 2024, fiscal year. The board welcomes three new directors serving through March 2026, including Lindy R. Rodrigo, CPA, CGMA, partner at Roth & Co.

Illinois 108

Illinois CPA cpas financial accounting 108

RogerRossmeisl

JULY 21, 2024

Beginning on January 1, 2026, the amount is due to be reduced to $5 million, adjusted for inflation. Don’t Overlook Income Taxes appeared first on Roger Rossmeisl, CPA. Important: Keep in mind that the federal estate tax exclusion amount is scheduled to sunset at the end of 2025. The post Planning Your Estate?

income tax 171

income tax Tax CPA 171

CPA Practice

JANUARY 30, 2025

For those living on a fixed income such asSocial Security, a key part of financial planning may include keeping tabs on next years cost of living adjustment, and right now theyre looking pretty low.

121

121

CPA Practice

JULY 1, 2024

office space will be vacant by early 2026, according to a new report from Moody’s and first reported by Bloomberg. By Sarah Lynch, Inc. TNS) The office is getting emptier—and will soon reflect the new world of work. Twenty-four percent of U.S. That’s up from the 19.8 percent reported in in the fourth quarter of 2023.

Real Estate 93

Real Estate 93

CPA Practice

SEPTEMBER 11, 2024

Beginning with tax year 2025—filing for which happens in early 2026—Coloradans will be able to use the IRS’s free Direct File program to submit their state and federal taxes online for free.

Colorado 78

Colorado income tax Tax 78

RogerRossmeisl

APRIL 13, 2021

That’s generous by historical standards but in 2026, the exemption is set to fall to about $6 million ($12 million for married couples) after inflation adjustments — unless Congress changes the law. The post How to Ensure Life Insurance Isn’t Part of Your Taxable Estate appeared first on Roger Rossmeisl, CPA. million ($23.4

CPA 131

CPA Tax cpa firm 131

RogerRossmeisl

MARCH 14, 2021

The credit is generally limited to eligible employees who began work for the employer before January 1, 2026. The post Work Opportunity Tax Credit Extended Through 2025 appeared first on Roger Rossmeisl, CPA. Generally, an employer is eligible for the credit only for qualified wages paid to members of a targeted group.

Tax 131

Tax CPA business tax 131

Withum

JULY 10, 2024

1, 2025, and prior to Jan 1, 2026. Senate Bills 167 and 175 will significantly change the impact of credits and NOLs that Taxpayers had been planning to use in 2024 or later, and 2024 estimates must be reevaluated to consider the impact of these changes for the 2024 – 2026 tax years. 1, 2024, and prior to Jan. 1, 2024, and before Jan.

California 125

California income tax Tax business tax 125

Withum

SEPTEMBER 12, 2024

For tax years beginning in 2026, individual taxpayers who itemize their deductions will once again be able to deduct miscellaneous expenses to the extent that those expenses together exceed 2% of their AGI. The Section 199A deduction is set to expire after 2025, for Tax years beginning in 2026, the 199A deduction will no longer be available.

Tax 96

Tax income tax Legal CPA 96

RogerRossmeisl

NOVEMBER 19, 2023

Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend. appeared first on Roger Rossmeisl, CPA. The post Choosing a Business Entity: Which Way to Go?

income tax 100

income tax CPA Tax Start-ups 100

CPA Practice

MARCH 18, 2024

In 2026, the standard deduction will return to pre-TCJA levels. The TCJA suspended the Pease rule, but it is scheduled to return in 2026. The rules are set to revert to the pre-TCJA structure in 2026 with a $1,000 credit. Now the previous rules will be reinstated in 2026. It is now set to be in reinstated in 2026.

Tax 101

Tax Expense Reimbursements income tax 101

Withum

NOVEMBER 25, 2024

These changes are set to revert to pre-TCJA levels beginning in tax year 2026 without direct intervention by Congress and knowing the changes allows for better planning to defer itemized deductions in favor of the higher standard deduction today or maximize the deductions now under the present ruleset.

Tax 105

Tax income tax Real Estate tax return 105

CPA Practice

MARCH 4, 2024

For reporting on Scope 1 and 2, data from FY 2025 will be used to report in 2026. Reporting on Scope 3 will be effective as of FY 2027, reporting on FY 2026 data. Reporting for SB-261 will be required on or before January 1, 2026 which will be before SB-253. Reporting is required annually using a digital reporting platform.

California 118

California accounting and finance Government Finance 118

CPA Practice

JULY 1, 2024

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. Brokers will be required to also report information on the tax basis for certain digital assets beginning in 2027 for sales in 2026,” the Treasury Department said in a news release.

Tax 111

Tax Real Estate tax return Sales 111

Anders CPA

OCTOBER 31, 2023

Banks will need to prepare for these finalized CRA requirements, which will go into effect in stages beginning on April 1, 2024 , and continuing on January 1, 2026 and January 1, 2027. These new thresholds do not go into effect until January 1, 2026 : Small banks will be those with total assets of less than $600 million.

Retail 103

Retail Finance CPA 103

Going Concern

JANUARY 22, 2025

According to a license lookup, Jerkins (we can’t stop laughing at that name given the context) received his Tennessee CPA license in 2015. It is currently active until 2026. JBS had office locations in Fairview and Nashville, Tennessee.

Tennessee 59

Tennessee CPA bookkeeping payroll 59

CPA Practice

FEBRUARY 5, 2025

For the 2024 tax year, the threshold is $5,000, though reductions are expected in 2025 and 2026 The IRS initially planned to lower the reporting threshold to $600, but implementation has been delayed.

Tax 84

Tax income tax 84

CPA Practice

OCTOBER 5, 2023

The IRS decided on the $11 fee by estimating that the cost of providing PTINs for fiscal year 2024 through fiscal year 2026 was $27,432,969, including labor and benefits; travel, training, and supplies; and overhead. contractor fee may change in 2026 when the current contract expires and will be recomputed, according to the IRS.

tax preparation 105

tax preparation tax return Tax 105

Going Concern

JANUARY 10, 2025

The Ohio Society of CPAs announced yesterday that their state is leading the way in alternative pathways to CPA licensure, officially. 8, which includes OSCPA-backed legislation that will position Ohio as a national leader in addressing the dire CPA shortage. This is exactly what the AICPA was afraid of.

Ohio 65

Ohio Minnesota cpas CPA 65

CPA Practice

AUGUST 28, 2023

Over 200 entities made up of Fortune 500 companies, firms, and public employers, including the American Retirement Association, Chipotle Mexican Grill, Fidelity Investments, Charles Schwab, Microsoft Corporation, and Delta Airlines, asked Congress for a two-year delay to the Roth catch-up rule to 2026.

Tax 98

Tax Washington payroll Start-ups 98

CPA Practice

SEPTEMBER 10, 2024

This requirement was scheduled to take effect in 2024, but the IRS has postponed it until 2026 to accommodate administrative needs of employers (Notice 2023-62, 8/23/23).

Tax 110

Tax Account accountant accounted 110

CPA Practice

JULY 31, 2024

Revenue projections vary by scenario, ranging from $45 million to $112 million for 2026, to between $59 million and $160 million for 2030. The state estimates each Washington resident could make between 42 and 46 online retail orders for delivery in 2026. The state anticipates administrative costs will increase by 1.5%

Washington 110

Washington Retail Minnesota Colorado 110

CPA Practice

AUGUST 12, 2024

Generally, these forms will be sent separately to taxpayers and the IRS in early 2026, the agency said. The IRS on Aug. 9 unveiled an updated draft version of Form 1099-DA , which cryptocurrency brokers will use to report certain sale and exchange transactions of digital assets that take place beginning in calendar year 2025.

Tax 121

Tax Sales Finance 121

CPA Practice

MARCH 13, 2024

Here are just a few examples of country-to-country changes (from Avalara’s 2024 Tax Changes Report): In Belgium, e-invoicing for B2B transactions is not currently mandatory, but proposals have recently been approved to introduce mandatory e-invoicing for domestic B2B transactions commencing January 1, 2026.

double entry bookkeeping 110

double entry bookkeeping Account accountant accounted 110

Going Concern

FEBRUARY 19, 2025

Artifact of PwC’s Women’s Consulting Experience landing page from Google search The five entry-level PwC programs listed right now are Career Preview, Start Internship, Destination CPA, Advance Internship, and While You Work – CPA Acceleration Program. Preferred major GPA: 3.3

CPA 59

CPA accounting and finance California Maine 59

CPA Practice

DECEMBER 13, 2023

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. The Kentucky Society Certified Public Accountants (KYCPA) announced their newest board members, whose terms began in July 2023 and will continue through 2026.

West Virginia 40

West Virginia CPA Kentucky Virginia 40

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 121

tax return Tax 121

Withum

MARCH 17, 2023

Starting April 2025 these rates will reduce to 30% and 35%, before returning to their original rates of 20% and 25% in April 2026. For orchestras, the rate will remain at 50% until April 2025, then reducing to 35% before returning to the original rate of 25% in April 2026.

Tax 64

Tax Entertainment CPA Government 64

CPA Practice

OCTOBER 8, 2024

Notice 2024-73 also announces that the final regulations the Treasury Department and the IRS plan to issue for 401(k) plans on long-term, part-time employees will apply no earlier than to plan years beginning on or after Jan. A proposed regulation related to the rules for long-term, part-time employees in 401(k) plans was issued on Nov.

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94

CPA Practice

MAY 4, 2023

The increase in 2024 will be followed by 50 cent hikes in 2025 and 2026. For Upstate New York, that’s an increase of 5.6% over the current minimum wage in the region of $14.20. It translates into an extra $32 a week for an employee working full time in a minimum wage job. from the current level in the region.

New York 118

New York payroll 118

CPA Practice

JUNE 6, 2024

In an update to its strategic operating plan, the IRS said last month it’s planning to triple audit rates on corporations with assets over $250 million by 2026.

Tax 115

Tax forensic accounting audit corporation tax 115

Going Concern

JANUARY 12, 2024

Dunckley’s decision to step down came as a surprise to many, as he was expected to remain in his role until the end of 2026. Jack Fisher, a certified public accountant (CPA) who began selling units in his abusive tax shelters at least as early as 2008, was sentenced to 25 years in prison. Illinois CPA Society Announces Mary T.

audit 111

audit auditor Illinois CPA 111

CPA Practice

MARCH 22, 2023

The change takes effect in 2026. This limitation often shut out deserving people who could benefit from ABLE accounts. New law change : SECURE Act 2.0 boosts the age threshold from age 26 by two decades to age 46.

Tax 124

Tax Account accounted accountant 124

CPA Practice

AUGUST 28, 2024

However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026. Rahill, CPA/PFS, JD, LL.M., He is also a former chair of the Illinois CPA Society Board of Directors and is a current officer and board member of the American Academy of Attorney-CPAs.

Tax 114

Tax Illinois CPA income tax 114

CTP

OCTOBER 30, 2024

A family office focuses on managing the wealth and the personal affairs of a family, typically through the services of a large CPA firm. With the implementation of TCJA, that deduction has been suspended until 2026. What exactly is a family office?

Tax 97

Tax Real Estate cpa firm tax return 97