LSLCPAs

JUNE 15, 2023

The Lifetime Gift Tax Exemption is scheduled to be cut in half in 2026. The post Estate Tax Law Changes in 2026 May Impact Your Taxes A LOT—Gift Now! The post Estate Tax Law Changes in 2026 May Impact Your Taxes A LOT—Gift Now! million but also those in the $6–$13 million range, as these.

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Withum

JUNE 12, 2024

S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. A dramatic increase to the effective tax rate may catch many pass-through entity businesses by surprise.

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RogerRossmeisl

NOVEMBER 9, 2022

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. It’s generally limited to eligible employees who begin work for the employer before January 1, 2026. The post Work Opportunity Tax Credit Provides Help to Employers appeared first on Roger Rossmeisl, CPA.

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CPA Practice

JULY 1, 2024

The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. These regulations are an important part of the larger effort on high-income individual tax compliance. Our research and experience demonstrate that third-party reporting improves compliance. “Our

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CPA Practice

MARCH 18, 2024

By Ken Berry The monumental Tax Cuts and Jobs Act—signed on December 22, 2017—featured a slew of provisions affecting individuals and business entities. Conversely, most changes for businesses are permanent, such as the flat 21% tax rate for corporations, but others are temporary. Notably, it reduced the top income tax rate from 39.6%

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TaxConnex

AUGUST 22, 2024

There’s always something changing in the world of tax, especially sales tax. Analysis reveals that a fee in Washington of 30 cents per order could generate between $45 and $112 million in revenues in 2026, growing to between $59 and $160 million by 2030,” reads a recent report by the Washington State Joint Transportation Committee.

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CPA Practice

SEPTEMBER 10, 2024

The Tax Blotter is a collection of briefs of recent tax legislation and tax court decisions. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. In contrast to a regular 401(k), however, deferrals are made to your account on an after-tax basis. Pay now, save later.

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TaxConnex

JUNE 27, 2024

There’s always something changing in the world of tax, especially sales tax. Two Penn State University students are using artificial intelligence to automate sales tax refunds for businesses, news reports said. The state assessed tax of more than $600,000 plus interest and $82,000 in penalties on the company, Ecocrete Inc.,

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RogerRossmeisl

JULY 16, 2022

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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Accounting Today

SEPTEMBER 11, 2024

The OZ program allows investors to defer their capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.

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CPA Practice

OCTOBER 22, 2024

22 released updated tax brackets and standard deductions for 2025. While the actual percentages of the tax brackets will remain the same until next year because of the Tax Cuts and Jobs Act of 2017, the income levels of each bracket change annually to adjust to inflation. The IRS on Oct.

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Shay CPA

NOVEMBER 13, 2024

In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to U.S. tax law — but not all of them were permanent. 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. Income tax rate changes. SALT deduction cap expiration.

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RogerRossmeisl

OCTOBER 24, 2023

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. law made changes that will allow more people to be eligible for these accounts, beginning in 2026. The SECURE 2.0

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CPA Practice

AUGUST 12, 2024

Generally, these forms will be sent separately to taxpayers and the IRS in early 2026, the agency said. Digital assets greatly increase the complexity of our tax system, and the IRS continues to work to make improvements in this area as part of our larger efforts to transform the agency,” he added. The IRS on Aug.

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Withum

JANUARY 16, 2024

We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need.

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Cherry Bekaert

AUGUST 20, 2024

billion shortfall for 2024 and 2025, as well as the projected 2025 and 2026 deficit of $28.4 85, which limited the application of business tax credits to $5 million per taxpayer for years 2020-2022. 85, which limited the application of business tax credits to $5 million per taxpayer for years 2020-2022.

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CPA Practice

JUNE 6, 2024

A new academic study found that companies increase their tax risk profile—thus more tax aggression and a higher likelihood of tax fraud—when they believe IRS scrutiny will be lower due to budget cuts. They also collected data on IRS budgets from the Treasury Department. “We

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Xero

OCTOBER 30, 2024

As outlined in the autumn Budget, the UK government is committed to delivering Making Tax Digital (MTD) for income tax Self Assessment, which will be mandated in April 2026. Plus, Xero Tax can support your clients with their current self-assessment needs, and is available to Xero partners at no additional cost.

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RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

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Withum

SEPTEMBER 12, 2024

The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, indeed stands as one of the most significant overhauls of the U.S. tax code in the last 30+ years. Many of the tax changes in the 2017 TCJA, however, may not be here to stay and are scheduled to sunset between 2025 and 2028, if not extended by Congress.

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CPA Practice

OCTOBER 30, 2024

Aprio , a top 25 business advisory and accounting firm, has released its 2024 End of Year Tax Update , highlighting 2024 tax updates and factors that will significantly impact tax planning for 2025 and beyond. Notably, the guide hones in on the planned sunset of provisions made to the 2017 Tax Cuts and Jobs Act (TCJA).

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Cherry Bekaert

MAY 6, 2024

Whether you own residential or commercial property(s), selling your real estate can be a complex process, especially when it comes to tax implications and deferral options. By deferring capital gains taxes, sellers can potentially reduce their tax burden and reinvest in new opportunities.

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Withum

OCTOBER 17, 2024

In a letter to the French scientist Jean-Baptiste Leroy in 1789, Benjamin Franklin wrote, “Our new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain, except death and taxes.” Still, the fact remains the only certainties we have are death and taxes.

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Dent Moses

OCTOBER 16, 2024

A number of federal tax provisions included in the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire after December 31, 2025. Many of these provisions were designed to reduce taxes in order to stimulate economic growth but included sunset clauses that will automatically revert back to the pre-TCJA rules unless Congress takes action.

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Cherry Bekaert

JUNE 15, 2023

Upcoming Changes to Estate Planning Laws: Start Preparing Now Elevated Gift Tax Exclusions Will Sunset after 2025 The 2017 Tax Cuts and Jobs Act (TCJA) nearly doubled the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, indexed for inflation after 2018. million ($25.84

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Anders CPA

OCTOBER 28, 2024

The Internal Revenue Service (IRS) has released its annual inflation adjustments for tax year 2025. Detailed information about the adjustments and changes to the over 60 tax provisions impacting taxpayers can be found in Revenue Procedure 2024-40.

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CPA Practice

SEPTEMBER 11, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

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CPA Practice

AUGUST 1, 2024

In January, the state’s Commonwealth Court ruled that the 3% tax requiring visiting athletes like the Cleveland Browns’ Myles Garrett and entertainers like Taylor Swift to pay for the use of public facilities set different rules for residents and nonresidents and thereby violated the state constitution. million in revenue from the tax.

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CPA Practice

MARCH 22, 2023

Thanks to a little-noticed law passed in 2014—the Achieving a Better Life Experience Act (ABLE) Act—a family can set up a tax-favored savings account for a disabled individual. After you establish the account and contribute to it, any earnings inside the account are exempt from current tax. Contributions are not tax-deductible).

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CPA Practice

SEPTEMBER 12, 2023

He filed a refund claim alleging that token rewards he got from staking cryptocurrency are created property that is not taxed on receipt but on disposition. In other cryptocurrency tax news, brokers get guidance on how to comply with reporting rules on digital assets. A federal appeals court tosses his case. 2023-14).

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LSLCPAs

JULY 22, 2024

significant changes to the estate tax law are on the horizon, which could greatly affect your tax planning strategies. Currently, the estate tax exemption stands at approximately $14 million, but on January 1st, 2026, it is scheduled to be slashed. As we approach the end of 2025 (which will be here before we know it!),

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CTP

DECEMBER 21, 2023

Often misunderstood and underutilized, QOFs provide a tremendous opportunity for long-term tax-free growth of wealth, similar to a ROTH IRA. They are as follows: Any capital gain rolled into a Qualified Opportunity Fund within 180 days of the transaction would be deferred and realized on December 31, 2026.

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Xero

DECEMBER 1, 2023

Following the Autumn Statement, you might be curious about the specific measures that impact Making Tax Digital (MTD). Especially since digital transformation is already underway, with Making Tax Digital for Income Tax on the horizon. Here’s a guide outlining what the announcement means for your practice and clients.

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CPA Practice

JULY 28, 2023

But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Now we’ll get to the tax consequences. First, let’s start with federal income taxes. Notably, it provides the following tax breaks. No income tax when you acquire the policy.

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Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2025, and prior to Jan 1, 2026.

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TaxConnex

AUGUST 9, 2022

There’s always something changing in the world of tax, especially sales tax. State sales tax holidays fail to live up to the hype. in favor of conveniently popular yet ultimately ineffective sales tax holidays.”. Several states tinkered with their sales tax exemptions this summer. Holiday hucksterism? Free for all.

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CTP

OCTOBER 30, 2024

This type of specialized company has been gaining popularity—and many of them have been on the lookout for a tax planner to complete their financial advisory teams. However, a family office is an expensive setup—which is one of the reasons a tax planner can be a value-add to this team. What exactly is a family office?

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