Going Concern

JANUARY 22, 2025

A federal indictment unsealed today charges Jason Alexander Jerkins, 36, of Franklin, Tennessee, with wire fraud, money laundering and tax fraud, announced Acting United States Attorney for the Middle District of Tennessee Robert E. It is currently active until 2026. Credit, People, Assist (or is it Attest?),

Tennessee 59

Tennessee CPA bookkeeping payroll 59

Cherry Bekaert

APRIL 21, 2023

The Internal Revenue Service (IRS) recently released Notice 2023-21 clarifying how the postponed tax return filing deadlines in 2020 and 2021 affect amended return filings. In April 2020, the IRS issued Notice 2020-23 , which postponed certain 2019 federal tax return filing and payment deadlines until July 15, 2020.

tax return 63

tax return Tax 63

CPA Practice

JANUARY 23, 2024

Part of the larger transformation work taking place at the IRS with Inflation Reduction Act funding, the Simple Notice Initiative will build off redesigned notice efforts in place for the 2024 tax season and expand on a recent successful pilot involving identity theft letters.

tax return 122

tax return Tax 122

CPA Practice

OCTOBER 4, 2024

The Internal Revenue Service says its Direct File program has added 12 new states and will be available for the 2025 tax filing season. For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania and Wisconsin.

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Alaska South Dakota North Carolina tax return 126

CPA Practice

MARCH 10, 2023

Recent tax legislation has tightened up the rules, but qualified borrowers may still be entitled to generous write-offs. Under the Tax Cuts and Jobs Act (TCJA), the interest is deductible on acquisition debt up to a $750,000 threshold for 2018 through 2025, down from $1 million. Tax outcome : The Tax Court sided with the IRS.

Tax 98

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Dent Moses

MAY 30, 2023

How Long Does the IRS Have to Assess Additional Tax? In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. The IRS has until April 18, 2026, to assess a deficiency. What Should I Keep Indefinitely?

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tax return Tax audit Sales 52

Cherry Bekaert

NOVEMBER 14, 2023

Contributor: Chelsea Payne , Senior Manager, Tax Services As the end of the year approaches, strategic planning remains crucial for taxpayers looking to optimize their financial positions and set the stage for a strong start in the upcoming fiscal year. Generally, taxpayers must reinvest the gains realized within 180 days of the transaction.

Real Estate 109

Real Estate tax planning Construction Tax 109

Withum

OCTOBER 3, 2024

The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Key Hurricane Helene Tax Relief Information Who qualifies for this relief? Provide the FEMA Disaster Number of the area where your tax preparer is located.

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Inform Accounting

JANUARY 9, 2023

The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. This will replace the need for a Self-Assessment tax return.

income tax 52

income tax Tax tax return Government 52

Cherry Bekaert

AUGUST 9, 2023

However, foregoing some tax-preferred employee benefits may be worth the trade-off for an ownership stake. Here, we break down two alternatives for equity compensation, their practical implications and their tax considerations. In most cases, the purchaser will require that the target indemnify them for the risk of tax assessments.

Technology 97

Technology tax return Education Tax 97

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

KROST

AUGUST 6, 2021

The Tax Cuts and Jobs Act passed in December 2017 limited the state and local tax (SALT) deduction for individuals to $10,000. The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The tax for electing owners is 9.3%

California 52

California Tax tax return Real Estate 52

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. The return and payment deadlines are extended to May 17, 2021. Tax Filing and Deadline Extended. April 29, 2022.

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Nebraska Tax income tax corporation tax 52

CPA Practice

JUNE 26, 2024

In addition to answering telephone calls, AM employees process identity theft victims’ assistance cases, taxpayer correspondence, and amended tax returns. We need to keep in mind that backlogs in processing tax returns and taxpayer correspondence drive much of the phone volume,” Collins wrote.

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tax return Technology Tax account management 105

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

New Hampshire Tax income tax tax return 45

Cherry Bekaert

JANUARY 22, 2024

Newly proposed legislation, the Tax Relief for American Families and Workers Act of 2024 (the Act) , could potentially move the deadline for the Employee Retention Credit (ERC) claim submissions to the end of January 2024. tax returns for the 2022 tax year. tax returns for the 2022 tax year.

Tax 52

Tax tax return Oregon Missouri 52

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. trillion over ten years.

Tax 52

Tax income tax Manufacturing accounting and finance 52

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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tax planning Tax income tax tax return 64

CTP

OCTOBER 30, 2024

However, a family office is an expensive setup—even more so since a tax break that used to be available for family offices disappeared. Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers with a family office could write off certain items like investment expenses and tax return preparation fees under “ miscellaneous itemized deductions.”

Tax 52

Tax tax return Real Estate cpa firm 52

Going Concern

MAY 24, 2024

Law & Order Firm fined for anti-money laundering rules breach [ BBC ] A company at the centre of a tax rebate scandal owes tens of thousands of pounds after being fined for not complying with money laundering regulations. The IRS’s overall audit rate for 2019 individual returns was 0.3%.

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audit auditor accounting and finance accounting firms 102

Anders CPA

JANUARY 7, 2025

In 2025, there are several updates to various payroll tax withholding limits, including Social Security tax and 401(k) elective deferrals. Below, we highlight any payroll tax and withholding updates or consistencies for 2025 that employers and employees should be aware of. on wages up to $176,100.

payroll tax 52

payroll tax payroll Missouri Tax 52

inDinero Tax Tips

SEPTEMBER 13, 2023

Understanding these new provisions is critical for maximizing potential tax benefits as a small business owner. It provides tax incentives for small businesses that start a new retirement plan. The act increases the tax credit for small businesses that start a new retirement plan. The SECURE Act 2.0 Overview of the SECURE Act 2.0

business tax 71

business tax Tax Start-ups accounting and finance 71

CPA Practice

APRIL 19, 2024

The IRS on Friday posted on its website the highly anticipated draft Form 1099-DA , a new tax form that cryptocurrency brokers will begin using next year to report digital asset transactions. 1, 2026, on these information returns and statements, so that customers have the information they need to prepare their tax returns.”

tax return 69

tax return Sales Tax CPA 69

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.

tax planning 52

tax planning Tax Real Estate Education 52

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.

tax planning 52

tax planning Tax Real Estate Education 52

Withum

OCTOBER 5, 2023

This will help streamline the reporting process, ensuring digital transactions align with conventional tax standards. With a clearer understanding of the reporting and tax requirements, individuals and businesses can optimize their digital asset investments and transactions, ensuring compliance while maximizing returns.

Real Estate 59

Real Estate tax return Maine Tax 59

Inform Accounting

NOVEMBER 14, 2022

Reports over the weekend have, as expected, suggested tax rises by stealth and spending cuts. 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%.

income tax 52

income tax tax return Tax Government 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

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. However, this would cause an increase in tax for many.

income tax 52

income tax chartered accountant tax return Tax 52

Inform Accounting

MARCH 15, 2023

Increasing the pensions lifetime allowance from £1.07m to £2m Increasing the amount people can pay into a pension tax free, i.e. from £40k per year to £60k per year. What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits.

Non-Profits 52

Non-Profits Tax tax return Government 52

Dent Moses

SEPTEMBER 11, 2023

The remaining 20% is depreciated using normal tax depreciation methods based on the type and life of the asset. Under current law, the 80% limitation decreases by 20% each year through 2026. This means the Section 179 deduction could be disallowed or limited based on other items on the owner’s tax return.

Non-Profits 52

Non-Profits Real Estate tax return Tax 52

Inform Accounting

NOVEMBER 18, 2022

We already knew that he was going to raise taxes and reverse most, if not all of the Truss Budget. The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%.

Tax 52

Tax income tax tax return corporation tax 52

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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cpas Tax Start-ups Sales 52

Menzies

OCTOBER 4, 2022

In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year. In addition to paying tax up front on these transition profits, taxpayers will also pay tax on more than 12 months profit unless their accounting year end is 31 March.

income tax 52

income tax Tax chartered accountant tax return 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

Going Concern

APRIL 8, 2022

EY aims to double consulting business to 10,000 people by 2026 [ Consultancy.uk ] EY has launched ambitious growth plans within its consulting practice. The precious-metals miner said the board has begun the search for a replacement auditor and will update shareholders in due course. China Weighs Giving U.S.

Iowa 52

Iowa auditor cpa firm CPA 52

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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