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10M more 1040s by 2031

Accounting Today

The number of taxpayers filing Forms 1040 and 1040-SR are projected to increase by about 10,000,000 over the next eight years.

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What's new in state sales and use taxes

TaxConnex

There’s always something changing in the world of tax, especially sales tax. The fee will apply when at least one item is subject to sales or use tax and the delivery is mailed, shipped or delivered by motor vehicle. its Sales Tax Bulletin No. Here’s a review of some of the recent changes and updates. Indiana modified?its

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Inherited Retirement Account Owners Granted Distribution Relief Through Latest IRS Postponement

Withum

The account must still be depleted by the end of the tenth year – December 31, 2031. Should tax rates increase or the taxpayer expects more income in future years compared to 2024, a distribution in 2024 will need to be considered.

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CPAs to Clients: The IRS is Coming for Cryptocurrency

CPA Practice

Crypto mining operations—the process of creating new digital coins—have unique tax issues because the rules aren’t clear if miners are taxed as cryptocurrency investors or business owners. There’s different tax implications depending on the answer to that,” Ms. Connolly said. And that’s just the beginning.

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House Ways and Means Committee Introduces Potential Tax Extender Bill

Withum

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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