CPA Practice

AUGUST 28, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.

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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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Withum

DECEMBER 4, 2024

Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2024 that are phased out over varying levels of adjusted gross income (AGI). Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

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Anders CPA

MAY 25, 2023

Emergency Savings Accounts   Plan sponsors have been granted permission to add an emergency savings account to their retirement plan, which must be designated as an after-tax account. The withdrawn amount can be repaid over three years and the income taxes on the repaid amount would be refunded upon repayment.

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CPA Practice

AUGUST 19, 2024

The deadline for making a nondeductible IRA contribution typically aligns with the federal income tax return filing deadline for that tax year, usually April 15 of the following year. However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026.

Tax 52

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ThomsonReuters

JUNE 10, 2021

Among the book’s provisions include: (1) increasing the employer provided childcare tax credit for businesses, (2) creating a new general business credit equal to 10% of the eligible expenses paid or incurred in connection with onshoring a U.S. toward health or other benefits including paid leave starting in 2026. in 2023, $15.00

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Shay CPA

NOVEMBER 13, 2024

What’s changing If nothing changes and the TCJA expires on January 1, 2026, taxation across the country will change in a number of ways. If the TCJA expires, experts estimate that the single filer deduction will be $8,300 and the joint filer deduction will be $16,600 in 2026. Income tax rate changes.

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