Tax news and information - Journal of Accountancy
Nov 1, 2024 · Annual inflation adjustments announced for tax year 2025. The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals. October 17, 2024.
Tax, accounting, auditing news - Journal of Accountancy
Nov 4, 2024 · Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds. Next 20. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Annual inflation adjustments announced for tax year 2025
Oct 22, 2024 · The standard deduction for married couples filing jointly for tax year 2025 increases to $30,000, up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $15,000 for tax year 2025, up $400. For heads of household, the standard deduction will be $22,500 for tax year 2025, up ...
Journal of Accountancy - Accounting, tax, auditing news
The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
IRS processing 400K ERC claims with about $10 billion in eligibility
October 11, 2024. TOPICS. The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263). "In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible ...
What’s new for 2022 in federal taxes - Journal of Accountancy
Jan 6, 2022 · Former Sec. 174 (b) (1), which applies to tax years beginning before Jan. 1, 2022, allowed a taxpayer that did not currently expense these costs to defer their recognition to a pro rata period of at least 60 months that the taxpayer could select, "beginning with the month in which the taxpayer first realizes benefits from such expenditures."
BOI reporting deadlines extended for certain victims of 5 hurricanes
Oct 30, 2024 · BOI reporting deadlines extended for certain victims of 5 hurricanes. Certain businesses affected by recent hurricanes will have an extra six months to submit beneficial ownership information (BOI) reports, including updates or corrections to previous reports, the Financial Crimes Enforcement Network (FinCEN) said in five notices issued Tuesday ...
The data-driven audit: Technology and the future of auditing
Nov 1, 2024 · The data-driven audit: Technology and the future of auditing. Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting North America, discusses how data-driven insights combined with analysis and guidance can make audits more thorough and help firms make better decisions.
Tax, accounting, auditing news - Journal of Accountancy
Jul 3, 2024 · Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning ...
Tax planning for the SALT cap - Journal of Accountancy
Oct 1, 2024 · The Tax Cuts and Jobs Act (TCJA), P.L. 115-97, limited itemizers’ state and local tax (SALT) deductions to $10,000 for tax years 2018 through 2025 (the SALT cap). However, federal policymakers have continued to battle each other and state policymakers over the limit. Although increasing the limit and extending its time frame were part of the ...