Social Security wage base announced for 2025 - Journal of …
Oct 11, 2024 · The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.
Injunction lifted; FinCEN extends most BOI deadlines to Jan. 13
Dec 23, 2024 · The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.
Journal of Accountancy - Accounting, tax, auditing news
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Court halts BOI reporting; AICPA urges preparedness
Dec 5, 2024 · Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.
IRS again delays effective date of $600 threshold for Form 1099-K …
Nov 26, 2024 · The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.
Extension to BOI reporting deadline removed from budget bill
Dec 18, 2024 · The bill passed Friday night to avert a federal government shutdown didn't include a one-year extension to the deadline for companies to file beneficial ownership information (BOI) reports. The extension had been included in an initial version of the bill. Meanwhile, a nationwide court injunction preventing enforcement of the BOI reporting requirement remains in effect pending appeal. The ...
Auto depreciation limitations increase - Journal of Accountancy
The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
FinCEN: Companies can voluntarily file BOI reports during injunction
Dec 11, 2024 · The Financial Crimes Enforcement Network said in an alert, however, that reporting companies do not have to file beneficial ownership information reports while a preliminary injunction is in effect.
The ERC: Practitioners’ responsibilities to amend income tax …
Feb 20, 2024 · Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.
A new top 10 firm? Two top 15 firms band together - Journal of …
Nov 7, 2024 · Two of the nation's top 15 accounting firms have joined forces with the completion of CBIZ's acquisition of Marcum LLP. According to a news release, CBIZ has acquired the nonattest business of Marcum, and CBIZ CPAs has acquired Marcum's attest business. CBIZ CPAs (formerly Mayer Hoffman McCann) is a national independent CPA firm with a long-standing administrative service agreement with CBIZ ...