Cherry Bekaert

NOVEMBER 28, 2023

There are several key tax considerations and tactical approaches for businesses to address while closing out 2023 and moving into 2024. From leveraging tax incentives to optimizing deductions, this guide offers insights into tax planning to help businesses make informed decisions and set a solid foundation for the upcoming year.

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ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

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Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

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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). 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).

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Withum

NOVEMBER 29, 2022

The real estate industry has gotten very comfortable with the luxury of having 100 percent bonus depreciation on certain asset classes since it was re-enacted by the Tax Cuts and Jobs Act on September 27, 2017. These are all items eligible for bonus depreciation and can result in tax savings and increased cash flow. Contact Us.

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Withum

FEBRUARY 29, 2024

While, baseball does not have a salary cap, this payment would have counted towards 30% of Major League Baseball’s (“MLB”) Competitive Balance Tax (CBT) threshold. The CBT, often called a luxury tax, was designed by baseball to discourage teams from accumulating player salaries more than the luxury tax thresholds.

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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.

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CTP

SEPTEMBER 16, 2022

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. Tax credits are also available, resulting in an end-of-year refund.

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CTP

SEPTEMBER 16, 2022

We are continuing to bust the myth that significant tax savings are only applicable to the rich and wealthy. Countless moderate-income earners are utilizing the same strategies to reduce their adjusted gross income (AGI) and overall tax liability. Tax credits are also available, resulting in an end-of-year refund.

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ThomsonReuters

DECEMBER 19, 2024

In addition, brokers will be required to report gross proceeds from digital asset sales starting in 2026 for transactions occurring in 2025; and report tax basis information for certain digital asset sales made in 2026, beginning in 2027. They are now tasked with guiding clients through the complexities of these rules.

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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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Menzies

JUNE 5, 2024

The UK’s adoption of the OECD Pillar 2 rules, in particular the Multinational Top-Up Tax (MTT) and Domestic Top-up Tax (DTT), will apply to companies with accounting periods beginning on or after 31 December 2023, where the consolidated group annual turnover is greater than €750m in 2 of the previous 4 accounting periods.

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Withum

OCTOBER 18, 2023

“Those who fail to plan, plan to fail.” These words apply to all sorts of things in life and, of course, when it comes to taxes. With some economic upheaval and various provisions of the Tax Cuts and Jobs Act (“TCJA”) nearing their end, here are a few things to be mindful of as we cruise into the 4th quarter of 2023.

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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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Menzies

OCTOBER 6, 2023

This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings. As a result, potentially seeing significant tax savings.

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ThomsonReuters

MARCH 9, 2023

Tax and Accounting professionals, listen up! Aren’t you tired of spending countless hours pouring through textbooks and internet searches trying to find the latest tax laws? Enter: Thomson Reuters Tax Season Toolkit. Breeze through tax season easily with our comprehensive year-end tax season toolkit.

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Anders CPA

APRIL 23, 2024

The Tax Cuts and Jobs Act (TCJA) of 2017 was a major tax reform law that overhauled the US tax code, affecting both businesses and individuals. Most of the tax changes made by the TCJA are set to sunset or revert to their previous state at the end of 2025. million to $11.2 million to $11.2 million to $11.2 million to $11.2

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ThomsonReuters

DECEMBER 27, 2024

This marks a pivotal shift for tax and accounting professionals, fundamentally altering how digital asset transactions, including cryptocurrency , are tracked and reported for tax purposes. Digital asset tax planning Clients engaging in digital asset transactions often need guidance on tax-efficient strategies.

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Anders CPA

APRIL 14, 2022

Good news came for taxpayers with large estates when the Tax Cuts and Jobs Act (TCJA) was passed. The TCJA doubled the estate and gift tax lifetime exemption, from $5.49 On top of this generous amount, the IRS also allows for portability of the exemption between spouses – an important consideration in estate planning.

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Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments. What is Full Expensing? What is Full Expensing?

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Anders CPA

SEPTEMBER 20, 2023

Before making any changes to your retirement savings plan, consult with a tax or financial advisor to ensure you’re selecting the best possible options for your specific situation and retirement strategy. The IRS delayed the effective date for this policy, which was originally due to start in 2024 and has now been pushed back to 2026.

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KROST

FEBRUARY 23, 2021

Created by the Tax Cuts and Jobs Act (TCJA) in December 2017, taxpayers who meet the requirements for investing in an Opportunity Zone can potentially defer taxable gain on their current year gain and eliminate any gain on the new Opportunity Zone investment. Opportunity Zones are garnering increased interest across the country.

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Menzies

MAY 11, 2023

. – You have identified the new piece of equipment your business needs, it’s worth pausing to consider the best way to structure the purchase and tax can play an important role in the determining the best option for your business. – The tax treatment of capital expenditure can vary depending on the timing and type of purchase.

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CPA Practice

DECEMBER 13, 2023

The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. The in person-live class will cover the ChatGPT benefits and features and identify practical applications for the application in accounting, finance, and tax. investments and U.S.

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Withum

FEBRUARY 26, 2024

Journal entry approval Tax Updates for Dealers Always a well-attended session is the tax update, where accountants and CFOs alike look to kick tax planning into gear for the upcoming year. Included in the newest tax package are the following: Employee Retention Credit Elimination: With every tax relief bill comes costs.

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ThomsonReuters

JULY 7, 2022

Once you’ve had a chance to catch your breath following the spring busy season, it’s time to remind your clients that tax planning is where you can really add value. Here are 10 midyear tax planning moves that shouldn’t be overlooked this summer. #1—Adjust Clients who owed taxes for 2021 may want to revise their Form W-4.

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KROST

NOVEMBER 24, 2020

As year-end approaches, it is wise to think of planning moves that will help lower your tax obligations and provide financial relief. Year-end planning for 2020 takes place against the backdrop of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 CARES ACT. The TCJA had major changes in the tax rules for individuals.

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KROST

NOVEMBER 24, 2020

In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. Whether it be refining past plans, developing new ones, or a combination of both, our office is ready to assist you. 179 small business expensing provision.

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CPA Practice

OCTOBER 18, 2023

Now, I’m thinking that that 2029 date is late, I’m thinking we’re gonna see some of this first breakage occurring in 2025 and 2026. And you know, when I think about tax strategies, and tax planning, we can optimize tax strategies by analyzing large data sets. But now, think about quantum powered AI doing that.

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Menzies

NOVEMBER 25, 2024

FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT). The tax saving amounted to a maximum of 40%. Previously these assets qualified for 100% relief.

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Menzies

OCTOBER 30, 2024

No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. Capital gains The increase in tax we all expected to see was lower than we predicted but it is increasing, and it is effective immediately.

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Accounting Today

JANUARY 15, 2025

The Internal Revenue Service ended 2024 with new regulations on reporting cryptocurrency transactions, amendments for outdated provisions and more.

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CPA Practice

OCTOBER 15, 2024

By Caitlin Reilly CQ-Roll Call (TNS) Former President Donald Trump doubled down on his plan to impose heavy tariffs on imports in a meandering interview at The Economic Club of Chicago on Tuesday, when asked about how he would pay for trillions of dollars in proposed tax cuts. The CRFB estimated Trump’s tariff plans would raise $2.7

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Cherry Bekaert

OCTOBER 3, 2024

The looming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) enacted during the Trump administration has become an important issue in the presidential campaign. Scheduled to sunset in 2025, the TCJA implemented significant changes to the tax code, including the reduction of personal income taxes and a simplified tax filing process.

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KROST

FEBRUARY 15, 2021

With the advent of the Tax Cuts and Jobs Act of 2017 , the estate, gift, and generation skipping tax exemptions increased dramatically, but these changes were only temporary. Million (per person), review their estate planning now to avoid the chaos we saw last fall. Starting January 1, 2026, the exemption will return to $5.49

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ThomsonReuters

DECEMBER 30, 2024

presidential election , the tax and accounting profession is bracing for the potential tax law changes that now lie ahead as President-elect Donald Trump returns to the White House. Meanwhile, the IRS has outlined several of its planned adjustments for 2025. From my perspective, the tax landscape is very uncertain.

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Withum

OCTOBER 17, 2024

With the Presidential election less than one month away, private and family-owned businesses are in limbo when dealing with 2024 year-end tax planning. However, the individual income tax policies that could increase pass-through owners’ federal income tax by over 30% are still uncertain.

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