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. At the end of the year, they can add any non-business information and finalise their tax affairs.

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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. Under the Tax Cuts and Jobs Act (TCJA), the 100% write-off of eligible property expired Dec. What is Form 4562?

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Withum

NOVEMBER 17, 2022

2022 Tax Brackets and Rates. 2022 Long-Term Capital Gains Tax Bracket. 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. General Income Tax Planning. DEDUCTION AMOUNT: $19,400. Taxable Income Over.

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Withum

APRIL 25, 2024

Many clients tell me that a problem they have with tax season is getting everything together and they wish they were better organized. Here are some easy ways to become better organized and also become more aware of your tax and financial situation. This reduces the “paperwork” and tax reporting forms.

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

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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

APRIL 19, 2024

Online marketplace sales are expected to exceed $603 billion in the United States in 2027, or nearly 35% of all U.S. By 2027, marketplaces may account for 59% of ecommerce globally. But running a marketplace also brings unique tax and compliance challenges. They all face different tax compliance obligations and challenges.

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Anders CPA

NOVEMBER 21, 2023

Year-end is approaching fast, which means this is the perfect time for businesses to make some final adjustments to their tax planning strategies. Exploring options such as a de minimis safe harbor election or purchasing assets to take advantage of 2023’s bonus depreciation of 80% could have a big impact on a business’s tax burden come April.

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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. The Act would restore the 12.5%

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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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Dent Moses

NOVEMBER 20, 2024

Beginning now through January 15, Dent Moses has extra shred bins on-site to help our clients dispose of old financial and tax records. link] How Long Does the IRS Have to Assess Additional Tax? For example, assume your 2023 individual tax return was filed on April 11, 2024, a few days before the due date of April 15, 2024.

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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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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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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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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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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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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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Ronika Khanna CPA,CA

NOVEMBER 26, 2024

In the fall of 2018, the federal government decided to introduce a tax incentive called the Accelerated Investment Incentive (AII). In layman’s terms, it means you could claim a higher amount of depreciation on assets such as computer, equipment, furniture etc, in the year of purchase, thereby reducing your taxes in the short term.

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CPA Practice

DECEMBER 29, 2023

If you’re in the Thomson world, the path is a little more convoluted with Ultra tax being their their major bet. And then having pulled the plug on the on the on vo tax platform. And, of course, we’ve seen the transition from prosystem tax into excess tax and so forth. But I think that also has risk of being commoditized.

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DMCL

APRIL 11, 2022

While previous years’ tax-and-spend budgets have been peppered with some more constraint and long-term plans for containing Canada’s growing deficit, this year’s budget takes aim at several of the Liberal campaign promises and was undoubtedly influenced by the recent announcement of a coalition with the NDP.

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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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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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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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CPA Practice

OCTOBER 17, 2024

By Caitlin Reilly CQ-Roll Call (TNS) While 2025 is being hailed as “Tax Super Bowl”—or, in some corners, “Tax Armageddon”—the growing possibility of divided government in Washington next year has some predicting the tax fight could stretch into 2026 and beyond. Politically, if you’re a member of Congress, that’s toxic.”

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CPA Practice

OCTOBER 15, 2024

While 2025 is being hailed as “Tax Super Bowl”—or, in some corners, “Tax Armageddon”—the growing possibility of divided government in Washington next year has some predicting the tax fight could stretch into 2026 and beyond. Seeing it go all the way to the absolute filing deadline just seems unlikely to me,” Gimigliano said.

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