Cherry Bekaert

NOVEMBER 14, 2023

Generally, taxpayers must identify the replacement property within 45 days of selling the relinquished property, and then acquire the replacement property within 180 days of the sale transaction or by the due date of the tax return. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

Real Estate 109

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Withum

JANUARY 7, 2025

Per these regulations, Form 1099DA will be used to report digital asset sales to the IRS and to assist taxpayers with reporting on their income tax returns. The IRS requires that these forms be sent to taxpayers in early 2026 for use on taxpayers tax returns for the 2025 tax year.

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Withum

APRIL 28, 2022

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. However, the extension does not apply to estimated tax payments. Tax Filing and Deadline Extended.

Nebraska 52

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Menzies

FEBRUARY 13, 2024

Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.

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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.

Tax 115

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Steve Feinberg

FEBRUARY 3, 2022

At first glance, you wouldn’t think this news matters that much as most small businesses don’t pay Interest/Dividends tax. In 2022 the rate is 5%, and then 4% in 2023, 3% in 2024, 2% in 2025, 1% in 2026, and then completely repealed after 2026. So, what’s changing?

New Hampshire 45

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Cherry Bekaert

JANUARY 22, 2024

Research & Development (R&D) Deductibility The current deductibility of domestic specified research expenditures beginning after December 31, 2021, and before January 1, 2026 (instead of requiring amortization over five years). tax returns for the 2022 tax year.

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KROST

AUGUST 6, 2021

The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The electing owners are then granted a credit against their California personal income tax for the full amount of the tax paid by the entity on their allocable share of California taxable income.

California 52

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Anders CPA

JANUARY 7, 2025

The 2025 Form 1099-NEC must be given to the recipient and sent to the IRS, using either paper or electronic filing procedures, by January 31, 2026. For form 1099-MISC, the due dates to the IRS are February 28, 2026, if you file on paper or March 31, 2026, if you file electronically, but the due date to the recipient remains January 31, 2026.

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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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Cherry Bekaert

NOVEMBER 28, 2023

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. and foreign taxes should review their strategies annually.

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Withum

OCTOBER 11, 2023

Even though the Notice only provides a short window to adjust a 2022 tax return, it could be worth the time and effort if the cash tax savings are significant. If the capitalization of IRC §174 research and experimental expenditures is also pushed to 2026, the stage will be set for significant federal income tax reform.

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Inform Accounting

NOVEMBER 14, 2022

We have put together below a quick summary of what could be announced on Thursday: The freezing of all personal allowances and income tax thresholds, potentially until 2028. This will mean more people paying tax at 40%. Read more of Inform's tax blogs : Struggling to pay tax – What should you do?

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Withum

OCTOBER 17, 2024

Tax planning and determining the timing of estimated tax payments will be essential to manage cash flow as there will likely be significant shifts in income taxes even when book income might remain in line with previous years. In 2026, it reverted to roughly $6,000,000, adjusted for inflation per spouse.

Tax 52

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Going Concern

AUGUST 28, 2023

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” My return, by the way, was sent electronically on April 3, the same day my cpa firm sent my federal income tax return in electronically. state workers.

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Menzies

OCTOBER 4, 2022

However, they have advised that taxpayers will either need to go back and amend the earlier years on completion of the accounts or that an adjustment may be included in the following tax year. Transition period. Remember it is only the profits in the transitional period that can be spread, not the total profits.

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Inform Accounting

NOVEMBER 18, 2022

Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%. Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Still support for energy bills.

Tax 52

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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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CPA Practice

FEBRUARY 21, 2024

By Matt Durr, mlive.com (TNS) IRS Commissioner Daniel Werfel says millions of parents in America don’t need to wait to file their 2024 tax return due to a possible increase in refundable value of the Child Tax Credit. citizen, U.S. national or U.S.

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Going Concern

FEBRUARY 26, 2024

PwC Australia emergency CEO Kevin Burrowes will stay on to 2026 : Kevin Burrowes, the senior partner brought in by PwC global to take control of the scandal-hit Australian firm, has had his leadership term extended until 2026. Price and his tax return preparation business, Price’s Accounting Firm Inc.,

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KROST

NOVEMBER 24, 2020

Accelerating income and postponing deductions. Under Biden’s proposed tax plan, the corporate income tax rate would increase from a flat rate of 21% to 28%, the halfway mark between the current rate and the former 35% rate under President Obama. A 15% minimum tax on book income may also be imposed.

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Withum

JULY 26, 2023

The Build It In America Act (HR 3938) addresses business taxpayer concerns regarding rising interest expense rates and deduction limitations on research and experimental expenditures, which could lead to drastically increased cash federal income tax payments. And what happens in 2026?

Tax 52

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CPA Practice

NOVEMBER 26, 2024

Filing the Final Income Tax Return By Ken Berry Losing a loved one is never easy. Which begs the question: Does a tax return have to be filed on behalf of the relative? someone appointed by the court) generally is required to file a federal income tax return for the year of death.

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Anders CPA

OCTOBER 28, 2024

Detailed information about the adjustments and changes to the over 60 tax provisions impacting taxpayers can be found in Revenue Procedure 2024-40. The adjustments described below generally apply to income tax returns that will be filed in 2026 for tax year 2025.

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Nancy McClelland, LLC

JANUARY 11, 2025

Keep in mind that estimated quarterly tax payments for business owners (including sole proprietors) are due January 15 (4Q 2024), April 15 (1Q 2025), June 16 (2Q 2025), September 15, 2025 (3Q 2025) and January 15, 2026 (4Q 2025). Once you have submitted your return, you can use the agencys Wheres My Refund tool to check the status.

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Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

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Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

Tax 52

Tax income tax Manufacturing tax return 52

Ronika Khanna CPA,CA

DECEMBER 27, 2024

Since interest charged on late QST payments is higher than interest charged on income tax, it is better to prioritize payment of QST. GST/HST Instalments are due on April 30th, 2025, July 31st, 2025, October 31, 2025 and January 31st, 2026. If tax returns are filed on time, but the balance due is not paid, only interest applies.

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