Intuit has been sending reminders to its QuickBooks Desktop users that the last date you can purchase a QuickBooks Desktop product is September 30, 2024. After September 30, 2024, Intuit will no longer sell new subscriptions of the following Desktop products in the US: QuickBooks Desktop Pro Plus QuickBooks Desktop Premier Plus QuickBooks Desktop Mac…
2023 Year-End Tax Planning for Businesses U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2023. Inflation and rising interest rates have made the cost of debt, goods and services…
2023 Year-End Tax Planning for Individuals 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. As we approach year end, now is the time for individuals, business owners and family offices…
Significant Changes to Electronic Filing Requirements for 2023 Tax and Information Returns (Major impact for 1099’s) The Internal Revenue Service issued new regulations significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on…
Research and Experimental Expenses – Major Changes WHAT BUSINESSES NEED TO KNOW Businesses that invest in research and development should be aware of a major change to the tax treatment of research and experimental (R&E) expenses. The amendment to Internal Revenue Code (IRC) Section 174 made by the 2017 tax reform legislation known as the…
2022 Year-End Tax Planning for Individuals 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. As we approach year end, now is the time for individuals, business owners and family…
2022 Year-End Tax Planning for Businesses U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and…
Individual tax planning highlights Taxpayers should consider whether they can minimize their tax bills by shifting income or deductions between 2021 and 2022. Ideally, income should be received in the year with the lower marginal tax rate, and deductible expenses should be paid in the year with the higher marginal tax rate. If the marginal…
Year-end tax planning for businesses is especially difficult for 2021 because the Build Back Better Act has the potential to impact broad areas of taxation. Congress continues to negotiate a compromise. Unfortunately, it is difficult to know what is likely to emerge as the final version. In addition, although the effective date for most of…
For tax years beginning on or after January 1, 2021, eligible partnerships and S corporations may annually elect to pay the “pass-through entity tax” (PTET). This is an optional election. The benefit of doing so is that NYS income taxes normally limited to the state and local tax deduction of $10,000 on Schedule A can,…