ThomsonReuters

MARCH 7, 2024

Any property that is subject to the rules of QIP and is leased by a single tenant now falls under the rules for QIP for tax accounting purposes. This means that deductible amounts will be reduced to 80% in 2023, 60% in 2024, 40% in 2025, 20% in 2026, and finally 0% in 2027. By 2026, the bonus depreciation decreases to 20%.

accounting principles 98

accounting principles Tax tax planning accountant 98

Cherry Bekaert

MAY 6, 2024

By reinvesting the proceeds from a property sale into a Qualified Opportunity Fund (QOF) within 180 days, investors can defer tax on the original gain until December 31, 2026, or until the investment is sold, whichever comes first.

Real Estate 96

Real Estate Delaware Tax tax return 96

Withum

DECEMBER 4, 2024

Consider asking your employer to increase withholding of state and local taxes (or you can pay estimated state and local tax payments) before year-end to pull the deduction of those taxes into 2024. Consider relocating your residency and domicile for the purpose of reducing or eliminating your state income tax.

tax planning 52

tax planning Tax income tax tax return 52

CPA Practice

AUGUST 28, 2024

However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026. Previously, employer matches had to be allocated to an employee’s pre-tax account. Required Roth Catch-up Contributions When originally passed, SECURE 2.0

Tax 115

Tax Illinois CPA income tax 115

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.

income tax 80

income tax Tax accounting standards accounting and finance 80

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. SECURE Act 2.0 that plan sponsors should evaluate thoroughly to ensure compliance with its guidelines. SECURE Act 2.0

Education 52

Education audit Tax income tax 52

CPA Practice

AUGUST 19, 2024

However, IRS Notice 2023-62 established a two-year extension, delaying implementation until January 1, 2026. Previously, employer matches had to be allocated to an employee’s pre-tax account. Required Roth Catch-up Contributions When originally passed, SECURE 2.0

Tax 52

Tax CPA Illinois income tax 52