As you’ve probably heard, the One Big Beautiful Bill Act (the “Bill”) was signed into law on Friday, July 4th. This bill changes many aspects of the current tax law. It will likely be several months for the IRS to issue final regulations and for tax professionals to fully unpack and analyze the changes and…
Three Important Notices for QuickBooks Users Confirm to Continue using Automated Payroll Taxes by December 31, 2024 Beginning January 1, 2025, automated payroll tax withdrawals will be changing. Instead of withdrawing payroll taxes when due, QuickBooks will withdraw them every time payroll is processed and when there is an increase in taxes owed. Here…
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire soon, some form…
U.S. businesses continue to face the pressures to drive revenue, manage costs and increase shareholder value, all while surrounded by various uncertainties. Disruptions to supply chains brought about by the pandemic, as well as geopolitical unrest, severe weather, climate change, and trade tensions have continued into 2024. Although at a lower level than previously, inflation…
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…