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
5 days ago · 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 ...
CRFB leader: Tax policy may not be a Trump administration high …
6 days ago · Tax policy may not rank as high a priority for the incoming presidential administration as once thought, the president of the nonpartisan Committee for a Responsible Federal Budget said Monday at the opening of the 2024 AICPA & CIMA National Tax Conference. "I will tell you that from where the Trump administration is starting to look at things ...
Taxpayer advocate: Unprocessed ERC claims could total 1 million …
5 days ago · The IRS could have about 1 million employee retention credit (ERC) claims remaining to process by the end of the year, the national taxpayer advocate said Tuesday at the AICPA & CIMA National Tax Conference. "That is a huge lift," Erin Collins said. "This is not a five-minute exercise." And the number likely will increase until April 15, the ...
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 announces penalty relief, resumption of collection notices
Dec 20, 2023 · The IRS estimates that 5 million tax returns, filed by 4.7 million individuals, businesses, trusts, estates, and tax-exempt organizations, will be eligible for the penalty relief. The penalty relief will automatically apply to taxpayers that received an initial notice of taxes owed but were not sent automated collection reminder notices during ...
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.
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.