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
The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
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 ...
Don’t wait on action on tax bill to file returns, IRS tells taxpayers
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 ...
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 ...
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 ...
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.
The ERC: Practitioners’ responsibilities to amend income tax returns
Feb 20, 2024 · With an IRS moratorium in place as of this writing limiting processing of claims, income tax returns will need to be amended before claimed ERC refunds are paid by the IRS to an employer (see IRS News Release IR-2023-169; see also Waggoner, "Moratorium Imposed on New ERC Claim Processing to Curb Abuse," The Tax Adviser, Sept. 15, 2023).
Individual income taxation - Journal of Accountancy
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.