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
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.
Journal of Accountancy - Accounting, tax, auditing news
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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 ...
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."
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 ...
Taxpayer advocate: IRS again fails tax pros with PPS call answer rate
Jan 10, 2024 · Hold times were 13 minutes and 16 minutes, respectively. The PPS line metrics were still better than what Collins provided in her 2022 report, when she said the telephone service for tax professionals reached an all-time low. Of the 12.7 million calls to the PPS line, the IRS answered 2 million — or 16% — with an average hold time of 25 ...
Don’t wait on action on tax bill to file returns, IRS tells taxpayers
Jan 29, 2024 · A major change would occur if Congress approved a more expansive child tax credit, as is included in a tax bill that the House Ways and Means Committee approved in a 40–3 vote last week. For the Sec. 24 child tax credit, the proposal would increase the maximum refundable amount per child to $1,800 in tax year 2023, up from the current $1,600 ...
Individual income taxation - Journal of Accountancy
Sep 23, 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 11, 2024.
Audit & assurance news and resources -- Journal of Accountancy
Oct 14, 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. October 31, 2024.