Accounting Insight

DECEMBER 20, 2022

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Those with an income of between £30,000 and £50,000 will need to do this from April 2027.

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Government Tax income tax Account 83

Xero

DECEMBER 20, 2022

HMRC has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been delayed until April 2026. Those earning income over £30,000 will come into MTD from April 2027. Apr 2026: MTD for ITSA – businesses, self-employed individuals, and landlords with income over £50,000.

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Withum

OCTOBER 3, 2023

If a business timely filed its original 941s and no fraud is involved, then the IRS has until April 15, 2024 to deny 2020 claims, it has until April 15, 2025 to deny Q1 and Q2 2021 claims, and it has until April 15, 2027 to deny Q3 and Q4 (for recovery startup businesses) 2021 claims.

income tax 122

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TaxConnex

SEPTEMBER 22, 2022

Georgia has updated its sales and use tax exemption for admissions to some fine arts performances and exhibitions through Dec. Indiana has updated a sales tax information bulletin to reflect changes to the treatment of sales by nonprofits according to legislation enacted in March. Pennsylvania has ruled in Online Merchants Guild v.

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Sales Tax Indiana Colorado 130

ThomsonReuters

AUGUST 25, 2023

According to a recent report by the Institute on Taxation and Economic Policy , the TCJA expanded tax breaks for “accelerated depreciation” have reduced taxes by nearly $67 billion for “the 25 profitable corporations that benefited the most, based on information disclosed by the companies themselves.” 27, 2017, and before Jan.

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Withum

JUNE 13, 2023

One of the most effective methods of accomplishing this is by reducing their income tax liability on the investment properties they own; this can be accomplished by conducting a cost segregation study. Starting in 2023, 100% bonus depreciation begins a five-year phase-out until it is set to be eliminated in 2027.

Real Estate 69

Real Estate income tax Tax 69

Cherry Bekaert

MAY 10, 2023

HB 241 extends the sunset date for the AJA from July 31, 2023, to July 31, 2028, and increases the annual funding cap by $25 million each year from $375 million in 2023 to $475 million in 2027. The tax credits can offset up to 50% of tax liability and excess credits may be carried forward five years.

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CPA Practice

JULY 1, 2024

“The final regulations ensure that taxpayers will receive statements that include information reported to the IRS on Form 1099-DA, Digital Asset Proceeds from Broker Transactions , that will help them file their income tax returns and determine their tax obligations.

Tax 114

Tax Real Estate tax return Sales 114

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. However, the extension does not apply to estimated tax payments. Tax Filing and Deadline Extended.

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Nebraska Tax income tax corporation tax 52

Cherry Bekaert

AUGUST 20, 2024

The new California legislation restricts the use of net operating losses (NOLs) and limits the application of tax credits to $5 million, offsetting California state taxes against corporation and personal income taxes per taxpayer or combined reporting group for tax years 2024, 2025 and 2026.

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California Tax income tax business tax 59

CPA Practice

NOVEMBER 7, 2024

QuickBooks Sole Trader allows customers to manage receipts, mileage, expenses, bank transactions and invoices in one place, or via the mobile App, for a holistic view of their finances, whilst simplifying income tax preparation. million sole traders and landlords are set to be affected by MTD for Income Tax.

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quickbooks income tax Construction Technology 52

CPA Practice

MARCH 31, 2023

Similarly, this tax break may be available to someone else in the family, such as an adult child. completely revamps the retirement saver’s credit, beginning in 2027. Thus, now is a good time to review the “old rules” and the “new rules” regarding this tax law provision. changes don’t kick in until 2027. The SECURE Act 2.0

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Tax Government Account accountant 69

ThomsonReuters

JUNE 14, 2021

The Iowa legislature passed a significant tax bill modifying the state’s income tax laws. The bill would reduce the number of tax brackets to four (currently, there are nine tax brackets) with new rates, effective beginning in 2023. This credit is in effect for tax years 2022 through 2027.

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payroll Missouri Virginia Delaware 98

Menzies

NOVEMBER 22, 2022

Salary from directorships and employment income is subject to both employee’s and employer’s Class 1 NICs. The rates for 2022/23, and then 2023/24 to 2027/28 are set out below: * Primary NIC threshold is £184 per week for 2021/22 and £190 per week for 2022/23. Directors and employees.

income tax 52

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ThomsonReuters

DECEMBER 1, 2023

Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. Any depreciation on a corporate income tax return (other than Form 1120-S). Amortization of costs that begins during the 2022 tax year. 31, 2022, and before Jan.  In 2023, the special depreciation allowance is 80%.

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tax return Tax Transportation Non-Profits 97

Accounting Insight

APRIL 23, 2024

The first pilot for the Making Tax Digital (MTD), Income Tax Self-Assessment (ITSA), begins on 22 April 2024. In the coming years, we’ll be stepping into a new era of tax filing, one marked by a shift from traditional paper-based processes to a digital-first approach.

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Tax income tax bookkeeping Account 64

Inform Accounting

NOVEMBER 18, 2022

Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%. Income tax and National Insurance contributions thresholds are staying the same until April 2028. The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023. Still support for energy bills.

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Tax income tax tax return corporation tax 52

Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Postpone income until 2023 and accelerate deductions into 2022. Cost segregation is recognized as an engineering-based tax study accepted by the IRS.

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KROST

MARCH 16, 2021

The 100% bonus depreciation is also allowed for specified plants planted or grafted after September 27, 2017 and extended to before January 1, 2027. The 100% bonus depreciation will decrease by 20% per each taxable year beginning after 2022 and expires January 1, 2027. Technical Correction on QIP Under Cares Act.

Real Estate 52

Real Estate tax return Delaware Tax 52

Cherry Bekaert

NOVEMBER 28, 2023

Other states allow the pass-through entity owners to reduce their state taxable income by the amount of income previously reported and taxed by the pass-through entity. The IRA incentives can provide financial advantages for businesses investing in clean energy solutions.

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tax planning Tax income tax tax return 64

Accounting Insight

MARCH 26, 2025

Both rules are met two years early, meaning from 2027-28 the government is only borrowing for investment and net financial debt is falling. of GDP by April 2027, and with an ambition to reach 3% in the next Parliament subject to economic and fiscal conditions. Around 4 million businesses have an income below the 20,000 threshold.

Construction 52

Construction Technology Government Tax 52

Cherry Bekaert

JANUARY 22, 2024

The Act retains 20% bonus depreciation for property placed in service after December 31, 2025, and before January 1, 2027. Final Thoughts The time to implement the Act as a standalone bill or part of a stopgap spending bill is short and many of the retroactive provisions would require taxpayers to file amended income tax returns.

Tax 52

Tax tax return Oregon Missouri 52

Withum

OCTOBER 17, 2024

This does not account for the impact of expiring bonus depreciation and interest expense limitations that will drive up the taxable income. Bonus depreciation has been declining by 20% each year and will be zero for property placed in service in 2027 (60% in 2024 and 40% in 2025). For 2024, it is $13,610,000 per spouse.

Tax 52

Tax tax planning Real Estate Non-Profits 52

Menzies

OCTOBER 4, 2022

This may be preferred where the future tax rates are uncertain, and the individual would rather have more profits taxed at the current rates than risk a rise in future income tax rates. Remember it is only the profits in the transitional period that can be spread, not the total profits. Transitional period is a loss.

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Withum

OCTOBER 18, 2023

The step-down of the bonus amount continues annually at 20% until it is completely phased out to 0% in 2027. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

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CPA Practice

MARCH 6, 2023

Beginning in 2027, for calendar year taxpayers, a public company’s covered employees will include Current Law Covered Employees as well as the next five highest paid employees (the “ARPA 5”).

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cpas Tax income tax payroll 52

Menzies

MARCH 26, 2025

Inflation / Growth The OBR predicts inflation is expected to stabilise at 2% per annum from 2027 onwards which is good news for the sector. in 2027, 1.7% In the meantime, the OBR predicts households will have an extra annual 500 of disposable income which is unlikely to significantly benefit the sector! in 2026, 1.8%

Hospitality 52

Hospitality chartered accountant income tax Maine 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.

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Tax income tax Manufacturing accounting and finance 52

Accounting Insight

MARCH 27, 2025

Making Tax Digital for Income Tax (MTD IT) will be implemented from April 2026. Can I outsource other personal tax work? HMRC expects around 2 million taxpayers will use the MTD IT service by 2027. An outsource partner can help prepare returns and supporting records and calculate tax due.

income tax 52

income tax Tax bookkeeping tax return 52

Withum

DECEMBER 4, 2024

The depreciation percentage will continue to decrease 20% each year until bonus depreciation is no longer available for property placed in service in 2027. Planning should occur with your tax advisor on how to optimize bonus depreciation. Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits.

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Tax income tax Construction Non-Profits 105

Accounting Insight

JANUARY 31, 2025

MTD for Income Tax Self Assessment (MTD for ITSA) is set to become mandatory for businesses, self-employed people, and landlords earning over 50,000 in April 2026. Those with an income over 30,000 will be mandated from 2027.

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Tax accountant accounted Account 59

Shay CPA

NOVEMBER 13, 2024

That Act capped the deduction of state and local taxes (SALT) at $10,000. With its expiration, that cap goes away, meaning you can take an unlimited deduction on property taxes and income taxes (or sales taxes, if you live in a state that doesn’t have income tax). Income tax rate changes.

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Tax corporation tax income tax CPA 52

Withum

DECEMBER 17, 2024

It is important to note the TCJA sunsetting will not eliminate the 21% corporate tax rate. As an example, owners of S Corporations and Partnerships currently have the potential to pay taxes up to a 37% federal income tax rate. Take that deduction away, their taxes could be as high as $37,000 on that income.

Tax 52

Tax tax planning income tax tax return 52

CPA Practice

JANUARY 16, 2024

The deduction dropped to 80 percent of those purchases last year and will phase out entirely by 2027, absent congressional action. Tax writers plan to end the pandemic-era employee retention tax credit program early to cover the cost of the deal. The deal would also allow small businesses to deduct up to $1.29

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Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

Tax 124

Tax income tax Manufacturing tax return 124

Withum

AUGUST 17, 2022

Depending on the auto dealership that is chosen, an individual may not have to wait until the filing of their income tax return to benefit from the credit. Alternatively, auto dealers can decrease their federal income tax payments based on the transferred credits. Transfer of Clean Vehicle Credit to a Dealer.

Tax 52

Tax income tax Manufacturing tax return 52

Withum

JANUARY 25, 2023

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was passed.

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