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.

Real Estate 96

Real Estate Delaware Tax tax return 96

ThomsonReuters

MARCH 7, 2024

Reassessment of lease terms As businesses strive to enhance their properties, the tax implications of Qualified Improvement Property (QIP) and its associated depreciation methods can be substantial. Let’s explore the definition of QIP, the tax benefits it offers, and the various depreciation methods available to optimize tax strategy.

accounting principles 98

accounting principles Tax tax planning Account 98

CPA Practice

AUGUST 28, 2024

The Tax Increase Prevention and Reconciliation Act of 2005 repealed the MAGI limitations for IRA conversions to Roth IRAs, effective for tax years beginning after 2009. However, the Tax Cuts and Jobs Act of 2017 repealed this ability, reflecting shifting governmental attitudes toward IRAs.

Tax 115

Tax Illinois CPA income tax 115

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). 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).

tax planning 52

tax planning Tax income tax tax return 52

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

Provisions Effective January 1, 2024 Aged-Based Catch-Up Contributions   Update Currently, catch-up contributions can be made on either a pretax basis or an after-tax basis if they are permitted by the plan. requires their catch-up contributions to be treated as after-tax contributions. SECURE Act 2.0

Education 52

Education audit Tax income tax 52

CPA Practice

AUGUST 19, 2024

The Tax Increase Prevention and Reconciliation Act of 2005 repealed the MAGI limitations for IRA conversions to Roth IRAs, effective for tax years beginning after 2009. However, the Tax Cuts and Jobs Act of 2017 repealed this ability, reflecting shifting governmental attitudes toward IRAs.

Tax 52

Tax CPA Illinois income tax 52