ThomsonReuters

APRIL 17, 2024

The emergence of g enerative artificial intelligence ( GenAI ) has sparked both excitement and apprehension in the tax industry, with professionals divided on its potential impact. The report highlights these contrasting perceptions, shedding light on the complex relationship between tax professionals and this emerging technology.

Technology 98

Technology Data Analysis Compliance 98

ThomsonReuters

FEBRUARY 6, 2024

Jump to: When to consider an automated tax software solution Benefits of sales tax automation software What if you don’t have a complex business model? Amidst a rapidly changing regulatory landscape, it can seem more challenging than ever to understand your sales tax obligations in every jurisdiction in which you do business.

Compliance 98

Compliance 98

LaPorte

APRIL 29, 2024

(authored by RSM US LLP) House Ways & Means Committee Chairman Jason Smith (R-MO) and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 "Committee Tax Teams". The post The journey to 2025 tax reform begins first appeared on LaPorte.

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Trout CPA

FEBRUARY 8, 2024

House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. would revive or extend certain business tax incentives and enhance the child tax credit. 7024) by a vote of 357 to 70. The $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.)

Finance 69

Finance 69

ThomsonReuters

FEBRUARY 16, 2024

Pillar, or the ongoing tax industry talent shortage, tax departments are under stress like never before. The proper utilization and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organizations.

Technology 96

Technology Compliance Start-ups Finance 96

Machen McChesney

FEBRUARY 15, 2024

House Passes Bipartisan Tax Bill to Provide Business Tax Breaks, Extend Child Tax Credit Enhancements The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. would revive or extend certain business tax incentives and enhance the child tax credit.

Finance 80

Finance 80

Machen McChesney

APRIL 3, 2024

Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation.

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ThomsonReuters

APRIL 25, 2024

Jump to: Unravel tax law complexity with AI-powered tax research Alleviate workload pressures with AI-powered workflows Prioritize well-being and renewal Strengthen client relationships by shifting to an advisory model Has a stressful tax season left you reeling? But amidst the struggle, there is good news.

Technology 52

Technology Compliance 52

ThomsonReuters

JULY 10, 2023

Jump to: What is use tax? Sales tax vs. use tax Summary Sales tax and use tax are important sources of revenue for the government but properly calculating, collecting, and reporting these taxes can quickly get complicated. What is use tax? How does use tax work? What is nexus?

Compliance 98

Compliance Marketability 98

ThomsonReuters

JULY 6, 2023

If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. Whether it’s advising on residential energy tax credits or restructuring a partnership, your knowledge and expertise beyond the tax return are valuable.

Accounting Firms 98

Accounting Firms Start-ups Finance Mergers & Acquisitions 98

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Compliance 98

Compliance 98

Redpath

JANUARY 24, 2024

January 24, 2024 - The House Ways and Means Committee, by a vote of 40-3, recently approved the Tax Relief for Working Families and Workers Act of 2024. The tax framework would restore certain 2017 tax reform business provisions, as well as boost the child tax credit.

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ThomsonReuters

APRIL 25, 2024

Navigating state taxes on retirement income is a critical aspect of financial planning for retirees. While federal tax rules apply uniformly across the country, state tax rules can vary widely. Jump to: • State tax on retirement income • Which states do not tax retirement income?

Dividends 52

Dividends 52

ThomsonReuters

DECEMBER 19, 2023

Jump to: How do renewable energy tax credits work? What renewable energy tax incentives does the IRS offer for individuals vs. businesses? To encourage this shift, the IRS offers a range of renewable energy tax credits for alternative energy sources like solar, wind, and geothermal power.

Start-ups 110

Start-ups Compliance Technology Finance 110

ThomsonReuters

AUGUST 24, 2023

Jump to: What is tax depreciation? How to calculate tax depreciation What are the tax depreciation methods? But depreciation can quickly become complex and cumbersome as tax professionals navigate which asset s can be depreciated for tax purposes, how to calculate tax depreciation, and any state-level nuances that may arise.

Start-ups 87

Start-ups Marketability 87

ThomsonReuters

JANUARY 22, 2024

By accelerating the end of the COVID-era Employee Retention Tax Credit and implementing proven tax policies from the 2017 GOP tax reform, this act aims to save taxpayers over $70 billion while promoting American competitiveness and supporting working families.

Start-ups 105

Start-ups Finance Technology 105

ThomsonReuters

APRIL 25, 2024

As an accountant, advising your clients on retirement income taxes and related strategies can help them to optimize their financial planning in their golden years. Let’s take a look at some commonly asked questions on retirement income taxes and how your firm can best advise clients as they approach their retirement years.

Dividends 52

Dividends Start-ups Compliance 52

Machen McChesney

DECEMBER 6, 2023

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow.

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LaPorte

JANUARY 25, 2024

(authored by RSM US LLP) As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance. The post Remote workforces are complicating state tax nexus and withholding first appeared on LaPorte.

Compliance 98

Compliance 98

ThomsonReuters

MARCH 5, 2024

tax system, including provisions affecting both individuals and businesses. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D., Director of Federal Tax Quality Control at Aprio, began. “The TCJA, like most big tax laws, is like the spokes of a wheel,” John Rose, J.D.,

Compliance 98

Compliance Start-ups 98

ThomsonReuters

JANUARY 8, 2024

Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks. Automation of routine tasks One of the most significant ways AI has revolutionized the tax and accounting profession is through the automation of routine tasks.

Data Analysis 101

Data Analysis Compliance Technology Banking 101

Redpath

SEPTEMBER 28, 2023

September 28, 2023 - A recent change in Ohio’s tax law, passed by the 135 th Ohio General Assembly, will affect businesses with taxable gross receipts of $3 million or less.

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Cooley M&A

MAY 1, 2024

On April 12, 2024, the US Department of the Treasury and the IRS published proposed regulations ( 89 FR 25980 and 89 FR 25829 , the “Proposed Regulations”) on the application of Section 4501, 1 which imposes a 1% excise tax 2 on certain repurchases of stock of publicly traded US corporations (the “Excise Tax”).

Treasury 52

Treasury 52

Redpath

JANUARY 11, 2024

Buyers and sellers have always taken taxes and tax law into account when evaluating a potential transaction. Sellers want to make sure that the proceeds they receive, net of their tax liability, are appropriate for what they think the company is worth.

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ThomsonReuters

NOVEMBER 15, 2023

Jump to: Which donations are tax deductible? Charitable contributions from IRAs How much of a donation is tax deductible? In addition to helping our communities, these donations can also lead to significant tax benefits. Which donations are tax deductible? Stock or securities donations.

Fair Market Value 94

Fair Market Value Banking Marketability Compliance 94

Machen McChesney

NOVEMBER 22, 2023

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time.

Marketability 90

Marketability 90

ThomsonReuters

APRIL 5, 2024

Businesses that do not have sound tax provision processes are at an elevated risk of damaging their company’s financial health. That’s because interim tax reporting plays a pivotal role in providing valuable financial information between annual reporting periods. Next is the quarterly effective tax rate method.

Start-ups 68

Start-ups Compliance Technology Finance 68

ThomsonReuters

DECEMBER 19, 2023

Jump to: What environmental tax breaks are available? Helping your clients with claiming environmental tax credits As sustainability initiatives gain momentum, the IRS continues to encourage environmentally conscious actions through a range of tax incentives. What environmental tax breaks are available? 

Compliance 52

Compliance Finance Technology 52

Reynolds Holding

SEPTEMBER 26, 2023

Currently, there is a relatively small tax base and a small number of taxable transactions within the metaverse. Taxation of the metaverse can also untap a significant revenue source and help avoid the risk of the metaverse’s becoming a tax haven. The next step would be to determine the tax base. One is size.

Marketability 105

Marketability Compliance 105

ThomsonReuters

APRIL 8, 2024

The mounting stress experienced by tax professionals related to the tax provision process is a double-edged sword. The tax profession, overall, is facing some significant changes,” says Kelley Lear , Vice President, Partnerships & Alliances, Thomson Reuters, pointing to data complexities and changing regulatory relationships. “The

Compliance 52

Compliance Technology Finance 52

Peak Business Valuation

MARCH 2, 2024

Who likes overpaying for taxes? Most individuals want to pay exactly what they owe in taxes—no more, no less. Equipment appraisals play a crucial role in tax reporting. These valuations provide businesses with the understanding necessary for tax compliance and optimization. To this day, we have not met anyone who does.

Appraisal 52

Appraisal Business Valuation Compliance Fair Market Value 52

LaPorte

FEBRUARY 12, 2024

(authored by RSM US LLP) Banks and insurance companies would see a simplification of their tax reporting of credit losses under proposed regulations. The post Bad debt tax deduction method proposed for financial institutions first appeared on LaPorte.

Banking 97

Banking 97

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.

Treasury 98

Treasury 98

ThomsonReuters

JULY 25, 2023

Jump to: What is an overpayment on taxes? Overpayments and repayments in the current year Overpayments and repayments in subsequent years Preventing tax overpayments What is an overpayment on taxes? In simple terms, an overpayment on taxes is paying more than what is owed.

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ThomsonReuters

MARCH 6, 2024

In the corporate tax space, just as the regulatory compliance landscape becomes more challenging and reporting requirements become more demanding, technology is advancing rapidly to crunch vast amounts of data in no time and streamline labor-intensive processes. AI is adept at supporting both.

Compliance 88

Compliance Technology 88

Machen McChesney

APRIL 1, 2024

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Biz Equity

MARCH 17, 2023

Advisors and business owners should be aware of current policies that could impact their exit strategies, including upcoming changes to policies involving annual gift tax exclusions and lifetime gift and estate tax exemptions. What it is? The current lifetime limit is set at $12.92 million per individual or $25.84 million today).

Business Valuation 98

Business Valuation 98