CPA Practice

JULY 1, 2024

The final regulations are viewed by proponents as critical to policing a largely unregulated sector plagued by tax avoidance. These regulations are an important part of the larger effort on high-income individual tax compliance. Our research and experience demonstrate that third-party reporting improves compliance. “Our

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ThomsonReuters

AUGUST 25, 2023

Jump to: How does depreciation affect corporation taxes? What is the depreciation guidance for corporate alternative minimum tax? With tax obligations on the rise, your role as a trusted advisor is bound to grow in importance. Furthermore, 73% said they expected their total tax liability to increase over the next 12 months.

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CPA Practice

JULY 10, 2024

The Inflation Reduction Act of 2022 added a new income tax credit for clean fuel production, available beginning Jan. The Section 45Z tax credit under the Inflation Reduction Act is available for clean fuel produced by a taxpayer at a qualified facility from 2025 through 2027.

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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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Cherry Bekaert

MAY 10, 2023

Alabama and Mississippi are two of the latest states to create new state tax credits and extend existing state tax credits. These state tax credits were implemented to reward taxpayers who invest and contribute funds toward economic development initiatives in these states.

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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.

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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. This means the property’s depreciation deduction is calculated by dividing the tax basis by 27.5. years ($5,000,000 / 27.5

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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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Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. Taxable Income Over. 2022 Long-Term Capital Gains Tax Bracket. Taxable Income (Including Capital Gains) Over. Year-End Tax Strategies for Individuals. Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA.

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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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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. Eliminating duplicate efforts.

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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

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

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ThomsonReuters

DECEMBER 1, 2023

Therefore, helping business clients save money and reduce their tax burden by expensing property they’ve purchased for their company and claiming deductions for  depreciation  or  amortization  of assets is critical. Section 179 deductions are limited to annual taxable business income. Let’s take a closer look at the form and its uses.

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Withum

DECEMBER 17, 2024

The Tax Cuts and Jobs Act (TCJA) enacted several tax rate cuts when it was enacted in 2017. This included a reduction of the C Corporation rate to 21% and a temporary provision that allowed owners of S Corporations and Partnerships a reduction of their taxes by deducting an additional 20% of the taxable profit from their businesses.

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CPA Practice

MARCH 31, 2023

Thanks to a special tax law provision, you can reduce your current tax bill by as much as $1,000 for single filers or $2,000 for joint filers when you make a contribution to qualified retirement plan, like a 401(k) at your first job. Similarly, this tax break may be available to someone else in the family, such as an adult child.

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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. If passed, the Act would bar additional claims after January 31, 2024.

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CPA Practice

NOVEMBER 7, 2024

the maker of TurboTax , Credit Karma , QuickBooks , and Mailchimp , has launched QuickBooks Sole Trader, a cloud-based tax and accounts solution, with built-in AI automation, for UK sole trader businesses, including landlords with single property income and those in construction, with annual income under £90,000. Intuit Inc. ,

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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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Withum

OCTOBER 18, 2023

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. “Those who fail to plan, plan to fail.” That depends.

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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.

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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%.

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KROST

MARCH 16, 2021

citizens and business to get over this devastating pandemic, the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) was enacted in March 2020, providing many tax provisions that favor taxpayers. The 100% bonus depreciation will decrease by 20% per each taxable year beginning after 2022 and expires January 1, 2027.

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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.

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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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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.

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Shay CPA

NOVEMBER 13, 2024

In 2017, the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to U.S. tax law — but not all of them were permanent. If you’re in your pre-seed stage and still operating as a sole proprietorship or a partnership — or you’ve founded an S-corp — the TCJA offered a qualified business income deduction. Income tax rate changes.

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CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

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Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. 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. Contact Us.

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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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Withum

AUGUST 17, 2022

The Inflation Reduction Act of 2022 signed into law by President Biden on August 16, 2022 includes significant changes related to electric vehicle tax credits. 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. Contact Us.

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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CPA Practice

MARCH 2, 2023

The $80 billion in funding the IRS will receive over the next 10 years will be used to hire more personnel—including tax agents and customer service representatives —and to update the agency’s antiquated technology. If approved, Werfel would succeed Charles Rettig, whose term ended in November 2022. Werfel’s term would last until Nov.

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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. Now that he has secured a second term in office, the direction of the tax landscape begins to take shape. With the Republican win in the U.S.

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CPA Practice

AUGUST 15, 2024

By David Lightman McClatchy Washington Bureau (TNS) Kamala Harris has long urged lower federal income taxes for lower and middle class taxpayers, while supporting higher taxes for corporations and wealthier people—positions she’s reiterated since becoming the Democratic Party’s presidential nominee, without further details.

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Cherry Bekaert

OCTOBER 21, 2024

tax policies. The balance of power in Congress will play a vital role in determining the direction of tax legislation, regardless of whether former President Donald Trump or Vice President Kamala Harris take office. For a comprehensive overview of each candidate’s tax policies and priorities, read our previous insights here.

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